Your Year End Accounting Checklist

Stacy Zak
By Stacy Zak

There’s no better time to start planning for the new year than right now.  So, before another day goes by, consider the following checklist to help you prepare for the new year, and successfully close out the old one.

Your Clubessential Office Year End Checklist

  • Create future accounting periods.   Ensure 2019 is ready for business.

  • Open the new periods.  Future periods will be closed upon creation.  Ensure to open them to allow transactions to flow through.

  • As you finalize the year end, restrict access to current period(s) to ensure that only you (and those with Administrative access) can access and post to the final period of the year.

  • Once year end entries and all postings are complete, run the Year End Wizard to post earnings to retained earnings accounts.  (Note: You can run this as many times as needed!  Each time, only new net changes will post to your retained earnings account.)

  • Say goodbye to 2018.  Close your year by closing the final period.  Note: If you need to post something to a closed period, remember to Open the period, make the posting, re-run the Year End Wizard (if impacting Retained Earnings) and close the period again to ensure clean cutoff.

  • Prepare supporting reports/documentation for the auditors.  Use Data Genie and other Interactive Reporting tools to quickly generate meaningful reports for your auditors.  Below, please find our user favorites.

Data Genie

  • Ledger Transactions View (Examine Ledger Activity for a Period of Time)

  • Sales with Line Item Detail (Review Member Spending Across the Year)

  • Vendor Purchases View (Analyze Vendor Spending)

Traditional Interactive Reports

  • Agings - (Run and Print as of your fiscal year end)

    • Vendor - Aged Open Invoice (A/P)

    • Membership - A/R Aging

  • Inventory Transaction Summary Export (Inventory Roll-forward)

  • Accounting - General Ledger Transaction

  • Vendor - Vendor Activity Report, Vendor Invoice Activity

Financial Report Writer - Use for additional reporting needs (Cash Flow, etc).  Need access, contact your Account Manager or Support.

  • Remember to utilize the multi-edit feature to help clean up your data.

  • Edit Invoices already paid to be included in 1099 generation.


Happy Year End, and New Year to all!