Handle Your 2023 Year End Close in Acumatica with Confidence after Watching This In-Depth Guide from SWK’s Experts
Make the year end close for 2023 a stunning success by watching this in-depth, step-by-step webinar from the gold-certified, leading Acumatica consultants at SWK Technologies. Find out why we have been repeatedly named Acumatica’s Partner of the Year.
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Before You Begin: Handy Tips for a Successful Year End Close
Helpful tips are sprinkled throughout this webinar. To save you time, we have collected all the shortcut tips together right here. Use this section to discover how you can:
- Find screens and tools you will need to complete your close process (7:50)
- Add a screen / tool to your Favorites list (8:03)
- Multitask in Acumatica using different tabs (9:00)
- Change default filters and parameters for a report (15:19)
- Export an Acumatica report to Excel to handle the math (23:21)
- Find modules that are not displayed in your main workspace (27:23)
- Add items / modules to your main workspace (27:35)
- Understand the meaning behind Acumatica’s red asterisks (33:04)
- Save an action as a Favorite to reduce clicks (40:01)
- Request this webinar’s slide deck for additional documentation
First: Close Accounts Payable
- Start from the beginning of the section (3:17)
- Step 1: Release any unreleased transactions (3:40)
- Use the Close Financial Period screen
- Step 2: Revalue multicurrency vendors (6:53)
- Use the Revalue AP Accounts screen
- Step 3: Reconcile AP accounts with the General Ledger (7:17)
- Balances should match
- Use the AP Balance by GL Account report (8:21)
- Use the Trial Balance Detailed report (9:12)
- Step 4: Close the Accounts Payable financial period (10:05)
- Note: If you have company-specific checklists to complete, do them BEFORE you complete this step
- Use the Close Financial Period screen
Second: Close Accounts Receivable
- Start from the beginning of the section (11:44)
- Step 1: Calculate overdue charges, depending on the statement cycle (11:54)
- Use the Calculate Overdue Charges screen
- View additional documentation in the slide deck
- Step 2: Auto-apply any payments / prepayments to open documents, such as open balances, credits, etc. (12:22)
- Use the Auto Apply Payments screen
- Step 3: Prepare and release dunning letters (12:45)
- View additional documentation in the slide deck
- Step 4: Release any unreleased transactions (13:10)
- Use the Close Financial Period screen
- Step 5: Revalue multicurrency customers (14:02)
- Use the Revalue AR Accounts screen
- Step 6: Reconcile AR accounts with the General Ledger (14:15)
- Balances should match
- Use the AR Balance by GL Account report (15:03)
- Use the Trial Balance Detailed report (15:56)
- Step 7: Prepare and process customer statements (16:20)
- View additional documentation in the slide deck
- Step 8: Calculate and process commissions (16:46)
- View additional documentation in the slide deck
- Step 9: Close the Accounts Receivable financial period (17:13)
- Note: If you have company-specific checklists to complete, do them BEFORE you complete this step
- Use the Close Financial Period screen
Third: Close Banking (Cash Accounts)
Note: Everyone hates bank reconciliations. This is likely to be a time-consuming part of your year end close process. As a tip: if your company is still manually handling the reconciliation process, Acumatica’s Bank Feeds are likely to make this process much faster and smoother for you. Learn more at 18:42.
- Start from the beginning of the section (17:58)
- Step 1: Release any unreleased transactions (18:04)
- Use the Close Financial Period screen
- Step 2: Reconcile cash accounts and bank statements (19:17)
- View additional documentation in the slide deck
- Step 3: Close the Cash Accounts (CA) financial period (19:30)
- Note: If you have company-specific checklists to complete, do them BEFORE you complete this step
- Use the Close Financial Period screen
Fourth: Close Inventory
- Start from the beginning of the section (19:57)
- Step 1: Release any unreleased transactions (20:05)
- Use the Close Financial Period screen
- Tip: Use this Inventory report to help you (20:09)
- Step 2: Validate actual inventory with GL records (21:39)
- Compare the balances in your Historical Inventory Valuation report (22:11) with your Trial Balance Summary report
- Balances should match
- Tip: If the balances do NOT match, here is what to do (24:02)
- Step 3: Close the Inventory financial period (24:58)
- Note: If you have company-specific checklists to complete (such as cycle counts), do them BEFORE you complete this step
- Use the Inventory Close Financial Period screen
Fifth: Close Fixed Assets
NOTE: this year end close webinar does not show this section in as much detail as the other sections, since the data featured in the demo does not contain any examples of fixed asset workflows in Acumatica. However, this handy walkthrough will help you understand how you can easily handle your own real-life fixed assets with confidence.
- Start from the beginning of the section (25:43)
- Step 1: Ensure transactions have been converted to fixed assets (25:52)
- Use the Unreconciled Transactions for Period report
- Step 2: Make sure purchases have been converted to fixed assets (26:07)
- Use the Convert Purchases to Assets processing screen
- Step 3: Release any unreleased transactions (26:19)
- Use the Release FA Transactions inquiry
- Step 4: Calculate depreciation (26:36)
- Run Calculate Depreciation
- Step 5: Reconcile Fixed Assets and Accumulated Depreciation accounts with the General Ledger (26:55)
- Balances should match
- Use the FA Balance by GL Account report
- Use the Trial Balance Detailed report
- Step 6: Close the Fixed Assets financial period (27:09)
- Note: If you have company-specific checklists to complete, do them BEFORE you complete this step
- Use the Close Financial Period screen
Sixth (and Final): Close the General Ledger
NOTE: Since this is such a critical area, closing the General Ledger takes a few extra steps before you can officially check that year end close task off your list. Fortunately, after completing the previous stages, everything should be posted properly to your GL now.
- Start from the beginning of the section (28:21)
- Step 1: Release any unreleased GL transactions (28:48)
- Use the Release Transactions screen
- Tip: Understand when and how to use the Release Transactions screen (29:00)
- Step 2: Post “released” but not posted transactions (29:36)
- Use the Post Transactions screen
- Tip: Understand when and how to use the Post Transactions screen (29:53)
- Step 3: Revalue multicurrency GL accounts (30:38)
- Use the Revalue GL Accounts screen
- Step 4: Review further account details (30:59)
- Use the Account Details inquiry
- Tip: Understand what the Account Details inquiry offers (32:13)
- Tip: Understand the filters are available for the Account Details inquiry (33:23)
- Step 5: Close the General Ledger financial period (34:48)
- Note: Make sure ALL subledgers are closed before you close the GL
- Note: If you have company-specific checklists to complete, do them BEFORE you complete this step
- Tip: Understand the Master Financial Calendar (35:34)
- Tip: Navigate additional functions of the Master Financial Calendar (36:37)
- Tip: An important caveat Financial Supervisors should pay attention to (38:24)
- Run the Close Periods action (40:27)
- Use the Manage Financial Period screen
Additional Helpful Tips
Get background information on what is happening automatically inside Acumatica when you close the last period of the year. Also, learn helpful tips to better manage your financial periods better going forward.
- Watch the full tips section (41:13)
- Tip: Seeing imbalances? It might be due to your permissions (42:48)
Q&A
Wondering what various roles can do and whether you should lock or close periods for your year end close? This section has the answers.
- Can a Financial Supervisor role post to closed periods? (45:25)
- What are troubleshooting tips for closing vs. locking periods? (46:11)
- Should you lock the subledger when you close the period to avoid accidental changes to it? (47:45)
Extend Your Learning
We hope you learned a lot from this webinar all about completing your year end close in Acumatica. Not sure where to go from here? Request personalized assistance from our friendly team of experts. Whatever you are looking for, we are here to help you fulfill your vision of a smarter and easier way to run your business.
If you liked this video and you want to watch more in-depth webinars that will empower you to make confident decisions about your business, check out our upcoming events and webinars.
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