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 1st, since the payroll year follows the calendar. Until the payroll year end 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 can wait until you are positive you have no further transactions to record in the previous year.

Payroll/Calendar Year-end Tasks

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

  1. Create backup of the company file
  2. Start a New Payroll Year in the company file (File > Start a New Year > Start a New Payroll Year)
  3. Load latest Payroll Tax Tables into the company file (if applicable) (Setup > Load Payroll Tax Tables)
  4. Run normal (2017) payroll with updated Tax Tables
  5. When you're ready, run your 2017 payroll reports, generate W-2s, and 1099s
    • W-2 Checklist - To see a video on preparing W-2s on Mac click here. To see a video preparing W-2s on Windows click here.
    • 1099 Vendors - To see a video on preparing 1099s click here.
  6. When you're ready, install AccountEdge Pro 2018 upgrade.
  7. When you're ready, upgrade the company file with AccountEdge Pro 2018 (see Upgrade Company File).


Fiscal Year-end Tasks

  1. Generate reports (see Accountant Reports)
  2. Enter year-end journal entries
  3. Create a backup of the company file, and optionally create (and rename) a copy of the company file for reports (see Making AccountEdge Backups)
  4. Mark this duplicate file Read-only to prevent entering new transactions (see Read-only Company File)
  5. Start a New Fiscal Year in the current company file (see New Fiscal Year)
  6. Optionally, purge additional old data from the current company file (see Purge Information)