It’s a good time to look over year-end procedures for the accounting system you use. You may need a refresher since you likely haven’t thought of these procedures in a while. It is also not unusual for accounting software packages to change their required year-end procedures or have a year-end software update. Looking into these possibilities now can save you a headache down the road. Such basic year-end activities include:
- Year-end reporting – Often, year-end reports differ from regular monthly reporting. Begin thinking about the reporting differences you will need at the end of the year. There may be new reports that need to be created or years changed within report setup so the proper data pulls onto reports.
- Document Archiving – Although many of us are storing more and more of our files electronically, it is difficult to completely abandon paper filing. Make sure the entire staff takes inventory for storage boxes, hanging files, file folders, etc. that will be needed when shifting 2016 into the prior year and setting up files for the new 2017 year.
- Tax forms – Now is a good time to assess the volume of 1099, 1096, W-2 and W-3 forms that will be necessary to complete your 2016 filings.
You would be surprised how a little up-front preparation can go a long way when your year-end closing is at hand. Your particular year-end requirements may have a few more items than what is mentioned here, but the idea is to put on your year-end hat a bit early so you can rest assured that you are well-prepared.
For information on how SKYLINE Property Management Software can help you make your year-end procedures more manageable, please request more information or download a brochure that highlights the features and benefits of SKYLINE.