Year End Closing

Yahoo Archive
1
The balance sheet accounts for the new year are not updated until you
close the final G/L period in 2005. When you close the final period,
Vantage will ask you what G/L account that you want the income to post
to. Once you have posted, all balance sheet accounts will roll forward.

Randall Lunsford
Excel Machinery, Ltd.
e-mail: rlunsf@...
Phone: (806) 335-4565 ext. 531
Fax: (806) 335-9017


-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Michelle de la Vega
Sent: Wednesday, January 04, 2006 9:39 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Year End Closing

We have a new CFO and are unclear as to what we need to do to start
moving on into the new year. The Vantage help utility indicates there
are no special year end procedures required. Right now we don't have
any balances in our G/L for balance sheet accounts for the new year.
What process is needed, if any, to cross from the prior fiscal year to
the new fiscal year? Also, we are not done with closing our year, so
should we wait to run this process until we completed with 2005?

Any advise would be greatly appreciated.

Thanks,

Michelle de la Vega
Business Applications Manager
Cold Jet, LLC
513-831-3211 ext 400
513-831-1209 fax
www.ColdJet.com




[Non-text portions of this message have been removed]



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2
I need some help from the Vantage-experience bean counters! The CFO asked
me a hypothetical question that I haven't been able to adequately answer for
him and I'm hoping that someone else has run across this and has a good
solution (so I can look good!).

The Problem:
Say we close Dec 2001. This automatically closes the fiscal year and
generates the retained earnings. So far, so good. A couple of months down
the road, the independent auditors determine that we have an additional
$5,000 tax liability for FY 2001. How do we get Vantage to recognize that
and make everything balance the way it should?

What I tried:
I logged into our training database (copied from live weekly so that
everything is pretty current), closed FY 2001 and ran a balance sheet
report. Then I went back into the Fiscal Period master file maintenance and
reopened Dec 2001, posted a GJ entry to CR Accrued Franchise Taxes Payable
and DR State Income Taxes for $5,000. I went back to close December 2001
again but Vantage knew that it had already been closed, so I went back to
Fiscal Period maint and forced the period closed. Finally, I ran another
balance sheet report. It showed the Accrued Expenses Payable had increased
by $5,000 but had not reduced Shareholders' Equity by the same amount.

My Question:
Is there a better way to do this? The only other solution I can come up
with is not to close the year until the audit is complete, but that won't
happen until sometime in April and that doesn't seem to be a good solution.
This situation can't be that unusual; What suggestions do you great and
powerful number-crunchers have for this lowly techie?

======================
Steve Sanders
Delta Centrifugal Corp
3
Steve, I would do a post closing JE to retained earnings and not
attempt to re-open the year with this type of entry. ( JE in 2002 current
period )
DR - Retained Earnings / CR - Taxes Payable

This is quite common, although we accountants don't like to
have too many adjustments from the auditors, makes us look/feel bad.


[ I suppose if you must have the entry in 2001 you could use your method
and then do a one sided entry in 2002 to retained earnings to get things
to balance out. I wouldn't recommend it. Mark Pladson might shoot me
for even suggesting it. ]



-----Original Message-----
From: Steve Sanders [mailto:ssanders@...]
Sent: Thursday, February 21, 2002 3:31 PM
To: Vantage List (E-mail)
Subject: [Vantage] Year End Closing


I need some help from the Vantage-experience bean counters! The CFO asked
me a hypothetical question that I haven't been able to adequately answer for
him and I'm hoping that someone else has run across this and has a good
solution (so I can look good!).

The Problem:
Say we close Dec 2001. This automatically closes the fiscal year and
generates the retained earnings. So far, so good. A couple of months down
the road, the independent auditors determine that we have an additional
$5,000 tax liability for FY 2001. How do we get Vantage to recognize that
and make everything balance the way it should?

What I tried:
I logged into our training database (copied from live weekly so that
everything is pretty current), closed FY 2001 and ran a balance sheet
report. Then I went back into the Fiscal Period master file maintenance and
reopened Dec 2001, posted a GJ entry to CR Accrued Franchise Taxes Payable
and DR State Income Taxes for $5,000. I went back to close December 2001
again but Vantage knew that it had already been closed, so I went back to
Fiscal Period maint and forced the period closed. Finally, I ran another
balance sheet report. It showed the Accrued Expenses Payable had increased
by $5,000 but had not reduced Shareholders' Equity by the same amount.

My Question:
Is there a better way to do this? The only other solution I can come up
with is not to close the year until the audit is complete, but that won't
happen until sometime in April and that doesn't seem to be a good solution.
This situation can't be that unusual; What suggestions do you great and
powerful number-crunchers have for this lowly techie?

======================
Steve Sanders
Delta Centrifugal Corp
4
We have done what you did to a closed year every year since 1997 and it has
worked fine. Was your balance sheet out of balance ? If your current
liabilities were increased by 5,000 something else had to be changed by
5,000 or it would not be in balance. What other account was changed ?

Jerry Boyle
Sipco Molding Technologies
Meadville, Pa. 16335-6725
814.724.2243
vantage 5.00.334

-----Original Message-----
From: Steve Sanders [mailto:ssanders@...]
Sent: Thursday, February 21, 2002 4:31 PM
To: Vantage List (E-mail)
Subject: [Vantage] Year End Closing


I need some help from the Vantage-experience bean counters! The CFO asked
me a hypothetical question that I haven't been able to adequately answer for
him and I'm hoping that someone else has run across this and has a good
solution (so I can look good!).

The Problem:
Say we close Dec 2001. This automatically closes the fiscal year and
generates the retained earnings. So far, so good. A couple of months down
the road, the independent auditors determine that we have an additional
$5,000 tax liability for FY 2001. How do we get Vantage to recognize that
and make everything balance the way it should?

What I tried:
I logged into our training database (copied from live weekly so that
everything is pretty current), closed FY 2001 and ran a balance sheet
report. Then I went back into the Fiscal Period master file maintenance and
reopened Dec 2001, posted a GJ entry to CR Accrued Franchise Taxes Payable
and DR State Income Taxes for $5,000. I went back to close December 2001
again but Vantage knew that it had already been closed, so I went back to
Fiscal Period maint and forced the period closed. Finally, I ran another
balance sheet report. It showed the Accrued Expenses Payable had increased
by $5,000 but had not reduced Shareholders' Equity by the same amount.

My Question:
Is there a better way to do this? The only other solution I can come up
with is not to close the year until the audit is complete, but that won't
happen until sometime in April and that doesn't seem to be a good solution.
This situation can't be that unusual; What suggestions do you great and
powerful number-crunchers have for this lowly techie?
5
We have a new CFO and are unclear as to what we need to do to start
moving on into the new year. The Vantage help utility indicates there
are no special year end procedures required. Right now we don't have
any balances in our G/L for balance sheet accounts for the new year.
What process is needed, if any, to cross from the prior fiscal year to
the new fiscal year? Also, we are not done with closing our year, so
should we wait to run this process until we completed with 2005?

Any advise would be greatly appreciated.

Thanks,

Michelle de la Vega
Business Applications Manager
Cold Jet, LLC
513-831-3211 ext 400
513-831-1209 fax
www.ColdJet.com




[Non-text portions of this message have been removed]