Tips and Tricks End of Year Tasks in EPASSNov 17, 2023
Originally posted on Dec. 8, 2022
As the year begins to draw to a close, we felt this was a good time to remind you about completing some essential end of year tasks. We already talked about getting your call count calendar ready for next year, and in this post we’re going to show you how to perform your Year End Roll for you Serial Inventory, Item Inventory, Accounts Receivable, and Accounts Payable. These Year End Rolls are done at the end of the calendar year, rather than the fiscal year. You need to run these after all of December transactions have been entered and posted, but before January transactions are posted. Ideally, you would want to run these at the end of day on December 31st.
Let’s start with the Serial Inventory Year End Roll…
When the Serial Inventory Year End Roll is completed, EPASS updates the “at-a-glance” sales history (YTD, Last Year, and Previous Last Year) which is located on each model record’s Model Cont. tab.
It’s important to note that even though only the last three years of sales numbers are shown here, EPASS retains your entire sales history.
To run the Serial Inventory Year End Roll, in EPASS, go to Serial Inventory > Utilities > Year End Roll. Click OK at the prompt.
If your business sells parts and accessories, you’ll need to run a Year End Roll for your item inventory as well. Like the Serial Inventory Year End Roll utility, EPASS updates the YTD, Last Year, and Previous Last Year sales numbers in each item’s details and retains your complete sales history.
In EPASS, go to Item Inventory > Utilities > Year End Roll. Click OK at the prompt.
The Year End Roll utility for Accounts Receivable rolls the YTD purchases for each customer to the last year-to-date purchase
Go to AR > Utilities > Year End Roll. Click OK at the prompt.
And finally, let’s finish with the AP Year End Roll. This utility rolls the YTD purchases for all your suppliers to the previous year.
Go to AP > Utilities > Year End Roll. Click OK at the prompt.
Once that’s completed, you’ve finished all of your calendar Year End Rolls.
General Ledger Year End Close
We’re going to end our post by also mentioning the General Ledger Year End Close. Unlike the Year End Rolls above, the GL Year End Close is run at the end of your FISCAL year. All month end journal entries and postings must have been completed for the year. Although you can print financials and other GL reports from previous financial years, you cannot make entries into a previous financial year. For this reason the month end close for MONTH 12 is directly linked to year end close. As part of closing MONTH 12, EPASS automatically launches the Year End Close.
We hope this post was a helpful reminder of the end of year tasks that need to be performed in EPASS. From all the staff, we want to wish you the best of the season and a prosperous New Year!