As you’re working your way through the busy season of year-end processes and annual tax activities, it’s a good to have a reminder of related steps you can take to prevent problems and save time. We share a number of these annually—and Number 7 is an important new addition to the list.

  1. Lock your January 2022 fiscal period. This is a step in the General Ledger module via <Housekeeping><Posting Period Restrictions>. Lock at least your January 2022 fiscal period to ensure no one typos the year and restates financials from a year ago.
  2. Make a backup of your live company. You WILL later want reports that are difficult to create after transactions have occurred, so at least make the backup now and then we can restore it for access later. Contact iSOFT if you or your IT person has questions.
  3. Check your AccountMate database maintenance plan backup directory! Your AccountMate should have a database maintenance plan implemented to optimize system performance and, ideally, to automatically backup your database as a “rolling week” of nightly snapshots. While not a complete backup solution, this has saved a lot of heartache on numerous occasions, so please confirm the files are being created and confirm with your IT department these files are being copied offsite.
  4. Photocopy your wallet. It’s valuable to have a backup of your personal portable accounting information “just in case.”
  5. Order your tax reporting forms. Details for forms for AccountMate are below and some reports DO require special preprinted forms, so don’t delay.
  6. Refer to last month’s iSOFT newsletter for information on year-end closing for the accounting and payroll modules. Available here and, confirm with your CPA about increasing 401(k) withholding limits to $22,500 or $29,000, based on the age of the employee.
  7. Vow to make 2023 the year you document procedures. Many clients have struggled with the loss of a key employee and their knowledge of the company’s business systems and procedures. It’s always a good idea to systematize your processes in writing.

Let us know how we can support you in 2023!