This webinar includes:
- End of year processes
- Reconciling AP, AR, and inventory
- Running utilities
- Processing final payrolls and opening the new payroll year
- Tax form prep
- Financial reporting prep for the Accountant
Positions that may find this session helpful include:
Skill Level: Intermediate/Advanced
Q&A Recorded:
What types of errors might be encountered when opening the new year and what are the ramifications? If an error occurs, will the system be unusable until some action is taken? Or will users be able to log on and use the system until we try again?
We would not expect any errors to be encountered when opening the new year, however it is important to schedule a time to open the new year when no other users are in the system.
Is there a tax update for 2021 available now?
Yes, it is available here.
The year end checklist says steps 4 onward should be done in early January. Why not run maintenance utilities right after opening the new year rather than waiting until January?
The steps in December are focused on making sure the system is ready for January 1st. You are definitely welcome to run the Utilities in December as well.
How do I fix an inventory with a zero amount but the value shows a negative?
This can be a result of incorrect linking in Expenses and Sales documents so an adjustment of a value only will not fix the incorrect value. If it is not a linking issue, an Inventory journal can be done to adjust the value only. This may need to be answered by a support representative.
Feel free to reach out to us with questions.
The Eagle Support Team
support@eaglebusinesssoftware.com
717-442-3247 x2