General Ledger - Year End Close Steps

The steps below need to be done for each company code.

The following example is of CMiC's Internal Demo System.

  Company Code 10 Company Code 20 Company Code 30
Payroll - Processing (All Pay Runs) (US PY) (US PY) Intn'l PY
Post all timesheets: Forms, E-Time, Crew Timesheet, etc. for each pay run. Y Y Y
Process all open payrolls for final pay period. Y Y Y
- Pay Runs SM,WK, BON SM,WK SM,WK
- Pay Periods Y Y Y
Generate checks for final pay period. Y Y Y
Generate AP vouchers for final pay period (ie. Q4) if required. Y Y Y
Post payroll for final pay period. Y Y Y

Produce W2s (US companies) / T4s (Canadian companies)

--> Periods need to be closed and pay calendars set up for new year.

Y Y  
PY > Utilties > Leave Carry Forward Utility (all pay runs) - replaces (a) below - US PY only Y Y N/A

(a)- PY > Utilities > Move Carry Forwards to Next Year (all pay runs) - Intn'l PY only

(final periods needs to be closed and pay calendars set up for new year)

--> Note: This can be run more than once.

 N/A N/A  
HR > Utilities > Year End Update - not required if you run the PY utilities above. N/A N/A N/A
Payroll – Setup (All Pay Runs)      
- Set up new pay periods for new calendar year (2021)

SM: Y

WK: Y

BON: Y

SM:

WK:

SM:

WK:

Equipment Costing      
Process all required transactions – Location Transfers, Adjustments, Auto Charge, etc. Y Y  
Post all required transactions. Y Y  
Preventative Maintenance      
Process or Close Out work orders if applicable. Y Y  
Fixed Assets      
Post depreciation for final period of current year if applicable. Y Y  
Run CCA Report for final period (Canadian company codes only). N/A N/A Y
Equipment Costing      
Change Control File setting to new fiscal year and period (after PRM & FA). Y    
Set up working calendar for 2021 with Holidays. Y Y Y
Subcontract      

Review and post any unposted Subcontracts & SC Request for Payments (SC RFP) as required.

--> Check Img Mgr and PM.

Y Y  
Requisitions      
Review and process requisitions and POs from Reqs as required. Y Y  
Purchase Order      
Review and post any open Purchase Orders, Change Orders or close Purchase Orders as required. Y Y  
Review and post any unposted receipts for PO items. Y Y  
Change Control File setting to new fiscal year and period. Y Y  
Inventory      
Review and post any unposted transactions under the Processing Menu Y Y  
Change Control File setting to new fiscal year and period. Y Y  
Change Management      

Review and post any unposted PCIs / Change Orders as required.

--> Check PM.

Y Y  
Accounts Payable      
Check Adjust Voucher Status - update vouchers. Y Y  
Review and post any unposted vouchers. Y Y  
Review AP Aging report. Y Y  
Review and post any cash requirement lists or any payment selections. Y Y  
Print and post any outstanding checks. Y Y  
Period End Close to new fiscal year and period. Y Y  
Job Costing      
Review and post any unposted transactions. Y Y  
Job Billing      
Review and post any unposted invoices. Y Y  
Job Costing      
Forecast any jobs requiring a forecast to be stored for the final period. Y Y  
Post all WIP adjustments for all jobs required for the final period. Y Y  
Change Control File setting to new fiscal year and period in the Accounting, Forecasting and WIP tabs. Y Y  
Accounts Receivable      
Run AR Aging and do cash receipts as required. Y Y  
Post all unposted transactions. Y Y  
Period End Close to new fiscal year and period. Y Y  
General Ledger      
Make sure current period is Period 12 of current year. Y Y  
Fixed Assets      
Update Capital Cost for final period (Company Code needs to be in Period 12). Y Y  
General Ledger      
Set up new period calendar for next fiscal year. (Code = CHART) --> usually five years into the future. You can control posting to future periods here.   Y  
Review and post any unposted transactions. Y Y  
Assumption for below commentary: the current fiscal year you are about to close is 2020.      

1. Run Trial Balance Report for period 1 through final period of the prior year (Example: fiscal 2019). “Grand Total” and “Profit/Loss From Unclosed Years” opening and closing balance columns should be $0.

 Y Y  
2. Run Trial Balance Report for period 1 through final period of the current year (Example: fiscal 2020) you are about to close. “Grand Total” and “Profit/Loss From Unclosed Years” opening and closing balance columns should be $0. Y Y  
3. Run Trial Balance Report for period 1 through period 1 of the new fiscal year (Example: 2021). “Grand Total” opening and closing balance columns should be $0 (if you have run "Prepare New Year Accounts"). “Profit/Loss From Unclosed Years” opening and closing balance columns should have a value since you have not yet closed 2020. Y Y  
Start Y/E Procedure:      
5. Prepare New Year Accounts for 2021 under Period > Perform Year End > Train = Roll Balances Forward Y Y  
6. Close final period of current year (i.e. Per 12/2020) under Period > Final Period Close. Y Y  
- Print unposted transactions report first. Y Y  
- Process Y Y  
7. Run Trial Balance Report for period 1 through final period of the current year (i.e. Per 01-12/2020). Y Y  

- Review to ensure Profit/Loss From Unclosed Years for current year (i.e. 2020) is still $0.00.

 Y Y  

8. Run Year End Procedure and print posting report under Period > Year End > Perform Year End > Train = Close P&L Accounts.

 Y Y  
9. Run Trial Balance Report for period 1 through final period of the current year (i.e. Per 01 - 13/2020). Y Y  

- Review to ensure all P&L accounts and Profit/Loss From Unclosed Years for current year (i.e. 2020) and Grand Total is $0.00.

 Y Y  
10. Run Trial Balance Report for period 1 through 1 of the new fiscal year (i.e. 2021). Y Y  
- Check to ensure the opening balances are correct, the closing balances are correct and the Profit Loss from unclosed years is zero. Y Y  
General Ledger      
11. Close all periods for all past years (2020 and prior) under: GL > Setup > Local Tables > Period Dates once the last company code has been closed.