NAYear-End Closing (YEC)for 2017– Stage 1 (12/18/2017)

Prepared By: Steve L. Seawall, CPA

Copyright 2017 Custom Micro Works. All Rights Reserved.

Overview

This is the first of numerous documents you will receive related to the Year-End Closing (YEC) processfor 2017. In these documents you will be provided with step by step instructions on how to close the books at year-end in NA. Weekly documents will be available for download beginning January 8, 2018. If you need to move faster for whatever reason, let us know, we can help you.

Important: I cannot emphasize enough the importance that you make every attempt to get the YEC tasks done in the order and time frame that are suggested.

Suggestion: Perform the YEC tasks ASAP. If you have a problem, that will give all of us plenty of time to sort out the problem and not get stressed out. The problem comes when you wait until the last minute to get something done. If you do not understand a task, contact us.

Getting Started

  • Install the latest version of NA.
  • Print a hard copy of the NA download document Year-End Closing.
  • Get a file folder and label it Year-End Closing 2017. Start putting all of your YEC related documents in the folder where you can get to them quickly.

Note: During the year-end closing process you will print a lot of reports and create a lot of paperwork. These documents can be put into three categories: 1) should be saved as an audit trail or backup information, 2) definitely only scratch paper type information that can be discarded immediately, and 3) not sure. If you are “Not Sure”, throw the document into a folder labeled “If Needed.” Don’t be afraid to use your judgment to discard documents. Too many documents will only make things more confusing for you!

  • Optional: Create a folder on your computer’s hard drive and name it NAYEC2017. Use this folder to save electronic files to.
  • Work with pencils, not pens. Also, a highlighter and ruler will be useful.
  • Browse through the Year-End Closing document to familiarize yourself with the topics.

Note that there is a “Chronological Capsule” that summarizes the year-end closing procedures, followed by detailed information on specific procedures.

  • Prior to Year-End. Verify beginning cash and beginning unencumbered cash balances (as of 1/1/2017). Refer to Year-End Closing document, “Before the Year-End Closing Process Can Begin.” (Refer to the detailed discussion)
  • Last Business Day of 2017. Refer to Year-End Closing document, “Last Business Day of the Prior (Old) Year.” (Refer to the detailed discussion)
  • First Business Day of 2018. Refer to Year-End Closing document, “First Business Day of the New Year.” (Refer to the detailed discussion)