Articles
End of Fiscal Year
Overview Before ending the fiscal year, it is best to deposit as many of the outstanding entries in the Make a Deposit screen as possible. Ideally, the window would be empty for the start of the new year. If outstanding items remain, Agvance br...
EOY G/L Budget Options
No Budget Options
If nothing is checked, then all budget options – Current Budget , Forecast , Next Year Budget – will transfer to the new year unchanged.
New year’s budget numbers will be as follows:
Current Budget = prior ...
End of Year FAQs
Q: Should I delete products / customers / vendors before or after ending the year? A: If you are not paying Patronage, they may be deleted after ending the year. This allows the old data to retain these data elements in case they need to be ref...
Fiscal Year Ended with Incorrect Amount on Hand
The customer’s accountant should at least be made aware of the situation, and may want to be involved in this process. Look at the Average Cost of that product in both fiscal years. If the Amount On Hand was wrong, it is possible that the cost was...
End of Year 1099-PATR Box 3 Considerations
If the company will be reporting Per-Unit Retain Allocations (1099-PATR Box 3), below are some items that should be discussed with the auditor and suggestions for options on the Domestic Product Report found in Agvance at Grain / Grain Reports / ...
1099-PATR Box 6 Considerations
If the company will be reporting Domestic Production Activities Deduction (DPAD) (1099-PATR box 6), below are some items that should be discussed with the auditor and suggestions for options on the Domestic Product Report found in Agvance at Grain\...
Archiving Vendor 1099s when Fiscal Year does not End December 31
If the fiscal year does not end on December 31st, when ending the fiscal month that corresponds to December, all vendor 1099 information is erased. In most cases, it is recommended to run the 1099s before ending December. However, there is a way to...
Patronage Fiscal Year End Preparation
* * * Route to Person Responsible for Patronage * * *
Before Capturing Patronage Activity
Patronage should be captured from the current year since customer Invoices and Settlements are not archived with the fiscal year data. For this reaso...
End of Calendar Year
Grain
The following considerations apply when a company is ending the December fiscal month.
Companies who pay interest ...
End of Fiscal Year Checklist
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 a...
Bank Deposit at End of Fiscal Year
Before ending the fiscal year, it is best to deposit as many of the outstanding entries in the Make a Deposit screen as possible. Ideally, the window would be empty for the start of the new year. If outstanding items remain, Agvance brings entries...
Ending the Fiscal Year with Profit Centers
If using Profit Centers to code financial statements, review the following items before ending the year. Do all general ledger accounts have a profit center assigned to them? To verify, run the Chart of Accounts report from Accounting Reports / G...
End of Year Accounting Cheat Sheet
Ending the Fiscal Year of a business is an important step. Several data files are archived, purged, and/or reset for the new year. The dataset that held the closing year's data is archived and a new year's dataset is created. The starting balances...
