Canada 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 1st, since the payroll year follows the calendar. The fiscal year-end tasks can be performed after the end of your fiscal year, when your journal adjustment entries are completed.
Payroll/Calendar Year-end Tasks/Checklist
These tasks are required if you are processing payroll in AccountEdge Pro.
- If you haven't yet, install AccountEdge Pro 2017 upgrade.
- If you haven't yet, upgrade the company file with AccountEdge Pro 2017 (see Upgrade Company File).
- Create backup of the company file
- Start a New Payroll Year in the company file (File > Start a New Year > Start a New Payroll Year)
- Load latest Payroll Tax Tables into the company file (if applicable) (Setup > Load Payroll Tax Tables)
- Run normal (2017) payroll with updated Tax Tables
- When you're ready, run your 2017 payroll reports and generate T-4s and RL-1s.
Fiscal Year-end Tasks
- Generate reports (see Accountant Reports)
- Enter year-end journal entries
- Create a backup of the company file, and optionally create (and rename) a copy of the company file for reports (see Making AccountEdge Backups)
- Mark this duplicate file Read-only to prevent entering new transactions (see Read-only Company File)
- Start a New Fiscal Year in the current company file (see New Fiscal Year)
- Optionally, purge additional old data from the current company file (see Purge Information)