AccountEdge Knowledge Base

US Year End Procedure

In AccountEdge, the end-of-year procedure involves the following tasks. The tasks are divided into two groups: payroll/calendar and fiscal.

The payroll/calendar tasks should be performed on or just after January 1^st, since the payroll year follows the calendar. Until the year-end payroll tasks are completed, you are not going to be able to run payroll for the new year.

The Fiscal year-end tasks can be performed after the end of your fiscal year, when your journal adjustment entries are completed. This process does not need to happen immediately after the close of the year - you should wait until you are positive you have no further transactions/adjustments to record in the previous year.

Payroll/Calendar Year-End Tasks ***W-2/W-3***

These tasks are required if you are processing payroll in AccountEdge Pro, or if you report expenses paid to 1099 vendors.

1. *UPGRADE - If you own the latest version of AccountEdge, install the AccountEdge upgrade and upgrade your company file.
   • Click here for information on Upgrading Your Company File.
2. Create backup of the company file.
   • Click here for information on making a backup of your company file.
3. Start a New Payroll Year in the company file.
   • Go to your top menu bar and select File > Start a New Year > Start a New Payroll Year.
   • Click here for information on the Start a New Payroll Year Process.
4. Check for product updates. Product updates include updated payroll tax tables.***
   • Mac OS - Go to your top menu bar and select AccountEdge Pro/NE > Check for Updates.
   • Windows OS - Go to your top menu bar and select Help > Check for Updates.
5. Load the latest Payroll Tax Tables into the company file (if applicable)
   • Go to your top menu bar and select Setup > Load Payroll Tax Tables/Payroll Updates.
6. When you're ready, run your payroll reports, generate W-2s, and 1099s.
   • Click here for information on preparing your W-2s and W-3.
   • Click here for information on preparing forms 1099 and 1096.

Fiscal Year-End Tasks/Checklist

1. Generate reports.
• Click here for information on Accountant Reports.
2. Enter year-end journal entries.
• You won’t be able to make any entries in the year once it is closed so this is your last opportunity for adjustments and year-end entries.
3. Create a backup of the company file, and optionally create (and rename) a copy of the company file for reports.
• Click here for information on how to make a backup of your company file.
4. Mark this duplicate file Read-only to prevent entering new transactions.
• Click here for information about a Read-only Company File.
5. Start a New Fiscal Year in the current company file.
• Click here for information on the Start a New Fiscal Year Process.
6. Optionally, purge additional old data from the current company file.
• Click here for information on Purging.