Is your business in the 80% of companies where your fiscal year matches the calendar year? If so, please review the checklist below for info to start 2024 off smoothly, keeping in mind that iSOFT is available to answer questions.

1.
Until you close the fiscal year you won’t have beginning balances on the Balance Sheet for the next fiscal year. And, since there’s only a three-year posting window, if you get a whole year behind then you won’t be able to enter ANY transactionswhich we see regularly from clients who aren’t actively using General Ledger in their installations. Yes, it’s true that once you’ve closed a fiscal period then the source transactions aren’t editable, but you can always post back. So don’t confuse “closing” the period with “Posting Period Restrictions.” And the final reason to close is so that you can then post back into The Magic 13th Period of the prior fiscal year and not obscure the operational financial performance of your actual 12th period.
 
2.
By far the best advice we can give is: MAKE A BACKUP OF THE COMPANY DATABASE AT THE END OF YOUR FISCAL YEAR!!!
 
Even if you’re not closing the fiscal year, it’s invaluable to have that snapshot for validating the Balance Sheet since the “as of” reports in the system can be adversely affected by back-dated transactions. A backup is easy for your inhouse geek to do from inside the Microsoft SQL Server Management Console, or please contact iSOFT if you have questions.
 
3.
For the actual nuts and bolts of the closing process here are links to detailed written instructions and videos from AccountMate—with all information applicable to AccountMate SQL and LAN from Version 8 up to the current release: 
4.
Here are the special considerations if you run AccountMate Payroll in-house: 
  • Regardless of when your fiscal year ends, or if you’re closing the fiscal year on/about December 31st, you’ll need to run <Housekeeping><W-2/1099 Year-End Closing> very near that date. This is usually done as part of the payroll tax update process.
  • Video: Closing the Payroll Tax Year in AccountMate discusses the steps to close the Payroll tax year and identifies the reports affected by the tax year closing process.
  • The IRS has increased the individual contribution limits for 401(k), 403(b) and most 457 plans in 2024 to $23,000. The “catch-up contribution limit” for individuals age 50 and over has increased to $7,500. Please update your employee-specific deduction limits appropriately after closing 2023 after checking with your CPA.
  • Release of the 2024 Payroll Tax Update is expected in late December and we’ll be in touch to discuss scheduling this important and required update to your system.