Close year

When you select 'Close year' under 'Accounting' on the main menu, you'll see a screen that lists the companies you have defined and the current accounting year and period for each company. To close the year, select the company name or names whose accounting year you want to close then click "OK" and specify when you would like to run the year close (click here for details on options for running updates). (QuickFill always warns you to back up your database before you begin. Make sure that you have an up-to-date backup.)

When to close the year

Close the year at the end of your fiscal year. It is not necessary to close the period for the last period of the year—closing the year does that for you. Before closing the year you should have:

Steps to take when closing the accounting year in QuickFill

  1. Make sure that you have entered all transactions for the final period of the fiscal year.

  2. Make sure that there are no unposted batches and that there are no items on your job lists that should have been run.

  3. Run the general ledger report twice. Once using the cash accounting method and once using the accrual accounting method.

  4. Backup your database files. Use the QuickFill backup command which you will find on the File menu.

  5. Close the accounting year. (Select 'Yes' to the message that asks if you have a backup.)

  6. Archive your database backup and the report files created by the 'Year close'. It is important to store a copy of your year-end backup and report files. Doing so will help to ensure the ability to go back and research them as necessary.

What 'Close year' does

When you run 'Close year', QuickFill first extracts the remaining journal entries (click here for details on the 'Journal extract'.) and then produces either four or six reports, depending on whether you have enabled detailed sales tax reporting or not.

  1. A 'Year End Closing' report which summarizes, by general ledger account, the total changes to each account for the entire year and for the last period of the year.

  2. A  'Period Close Detail' report which lists the accounting effects of every transaction performed during the last period of the year. This report will be quite lengthy. You do not need to print this report, but you should preserve it in case you need to determine why QuickFill reported the amounts listed in the 'Period End Closing' report.

  3. A 'Journal Extraction' report. This lists the changes to the general ledger accounts that have occurred since the last time you ran a 'Journal Extract' or 'Close Period'. The report includes the name of the journal file that was created in case you want to use that file to post the journal changes to your accounting system. Please note that if you ran a 'Journal Extract' immediately before closing the year and did not enter any transactions since that time then you will not get a second 'Journal Extraction' report when you close the year. The report that you already obtained when you ran the 'Journal Extract' will contain everything you need.

  4. A 'Transaction Counts' report. This report lists the number of transactions entered for each publication and company during the last period of the year, broken down by transaction type.

    If you collect sales taxes and you have defined a sales tax jurisdiction table to enable detailed reporting of sales taxes collected by jurisdiction then QuickFill will produce two additional reports. Click here for information on defining a tax jurisdiction table.

  5. A summary 'Sales Tax Report' which lists the sales tax amounts that were collected during the last period of the year. It also lists the uncollected sales tax amounts, which are sales taxes that are owed for unpaid orders. The report is broken down by state and then by jurisdiction within the state.

  6. A detailed 'Sales Tax Report' which is similar to the summary report but includes a detailed breakdown by order number. Like the 'Period Close Detail' report, you don't need to print this report, but you should preserve it in case you are audited.

When the year has been closed  QuickFill deletes all of the batch log entries for the period and enters zeroes in the "Period-to-date" and "Year-to-date" columns of the 'Account codes' screen (click here for more information on account codes). Finally, it also automatically increments the year and resets the period number back to one on the 'Companies' definition screen.