Grain
___ Using the GL Posting Reports - The Create Reversing JE in New Year preference creates reversing journal entries for Open and Priced Assemblies, In-Transits, and Grain Bank In-Transits in the new year and prevents the need to manually add reversing journal entries. This preference is found at Grain / Setup / Preferences on the Posting tab.
___ Perform the Grain End of Year found at Grain / End of Periods / End of Year. This process clears Units Received, Units Shipped, Local Sales, and Adjustments totals in the Year column on the Commodities screen and tests for G/L transactions that have not yet been posted.
___ If the Use Cost of Sales Override option is marked on the Merchandise tab at Grain / Setup / Grain Ledger Accounts:
- Uncheck the Use Cost of Sales Override option.
- Enter the actual physical count for Units and Value in the Current Period fields.
___ Beginning year balances may be updated in the current year. To update these values, log into the archived database and preview the Grain Inventory Report found at Grain / GL Posting Reports / Grain G/L Posting Reports. When the previewed report is closed, a question appears about setting the beginning of year balances in the current database with the current values in the archived database. Choosing Yes updates the values.
Inventory
___ Review unprocessed transactions for loaded Blend Tickets, loaded Delivery Tickets, and Purchase Receipts. These tickets carry over to the new year, but this is a good time to address any lingering tickets that will not be invoiced later.
___ If inventory quantities need adjusted, two options are available. The first option is to take Physical inventory counts and then record the counts at Accounting / Inventory / Physical Inventory Management. In this area, products are selected for a physical inventory count and then counted. Once the counting process is completed, transactions may resume while the counts are entered on the Physical Counts tab. The Variances tab shows the Variance information used when posting the Inventory Adjustment. A second option to correct the quantities to the physical counts would be using the Inventory Adjustments function found at Accounting / Inventory / Inventory Adjustments, dating the adjustment the last day of the fiscal year.
___ Scrutinize cost figures. Edit any incorrect costs using the Edit Product Pricing utility at Hub / Utilities.
___ Run the Company Owned Inventory Statement report found at Accounting Reports / Inventory / Inventory Status to review the cost and value of the inventory. Once the inventory quantities and costs are correct, use the Post Inventory to GL function found at Accounting / G/L / Post Inventory to G/L to adjust the inventory asset account figures on the Balance Sheet to the values shown on this report.
General Ledger
___ Enter all transactions for the year being closed.
___ If the Checkbook Reconciliation area of the program is used, refresh this area prior to ending the month. This is done by navigating to Accounting / G/L / Checkbook Reconciliation, selecting the account, choosing Reconcile, and then selecting Refresh.
___ Follow the End of Month procedures at Full Accounting End of Month Checklist. The program archives the year’s data and ends the fiscal year as it closes the 12th month.
Patronage
___ Make any necessary changes to the active/inactive patron status.
___ Review and make changes to reassignments.
___ Verify all patrons have a valid Tax ID number.
___ Review Patronage categories, including setup on Inventory Departments, Grain commodities, and Settlement deductions.
