- Make sure you have blank forms for all IRS needed filings. NELCO has what you need. Click Here to order forms
- Deadline for filings is January 31,
20 20 ,for most reports
- Check all sub-ledgers for unposted 2019 transactions
- Check Journal Entry to make sure all journals have been posted to the ledger
- Check your year-end Statement of Financial Position for year-end updates
- Reclassifying any capital expenses
- Verify and update Payroll activity
- Check and take needed action on donations with restrictions
- Enter any year-end accruals needed
- Modify chart of accounts for the new year if needed
- Set a time to change default year to 2020
- Run Year-end Closing procedure
- (Accrual based) Make sure all invoices to be accrued in the old year are posted
- (Cash-based) Make sure all expense checks that should be recorded in 2019 are printed and posted.
- Verify that all 1099 vendors’ invoices have been coded correctly.
- Review all unpaid invoices and write-off all that probably will never be paid
- Verify that all Unapplied payments have been handled properly
- If you have a Day Care then print statements for parents to use in filing their income tax report
- Verify all 2019 invoices and payments have been posted
- New Year tax table updates are handled for you. No action necessary
- May need to update individuals time-off hours
- Use Manual Check feature to:
- Add non-cash compensation for taxable benefits, such as insurance
- Add Employer Paid Health Care Value for each employee
- Run test reports for Form W-2 and ACA reports and correct any omissions/errors observed
- Review and clean up outstanding Purchase orders that are old and no longer viable
- Review partially fulfilled Purchase Orders and clean up as needed
- Inventory all items and adjust for retired, sold, or missing items. Make adjustments as needed.
- Run depreciation for month, or for year if appropriate
- Run the Year-End Closing procedure if you are on a calendar year. Remember, you can run the year-end closing procedure as many times as needed.