1. Run Indexall, Rebuild All Accumulators including time & billing, trust and general ledger.
2. Checks, time cost, consolidated costs, general ledger, trust transactions, receipts and payroll must be posted for accurate reporting. Run the appropriate auditing and posting routines.
3. Run Working Trial Balance Report for the current period. Debits and credits must match. (if running consolidated divisions please make sure to include the appropriate divisions)
4. Run Income Statement report for the current period VS year to date. (if running consolidated divisions please make sure to include the appropriate divisions)
5. Run Balance Sheet Report for the current period. The year to date income on the balance sheet must match the year to date income on the income statement. (if running consolidated divisions please make sure the include to appropriate divisions)
6. If client cost advances/WIP/AR are being booked to the general ledger you must make sure the balances in these accounts match the time and billing reports. (most clients use different reports, if you need suggestions please call support)
7. Trust cash account(s) and trust liability account(s) must balance. Verify this on the working trial balance report.
8. Trust cash account(s) (if balanced with liability account(s)) must balance to the trust summary report. Make sure to include closed cases in your report selection. If you have trust balances on closed cases, please review further
9. Month End Closing – there is no month end closing function for time and billing or general ledger.
10. Year End Closing for General Ledger Only – There is a year end closing function in the System Set up/Utilities|Utilities|General Ledger|End of Year Close/Reopen. Select the appropriate division, Action, verify beginning date and ending date and then select the check mark Close/Reopen. This function is typically done once a year after receiving year-end journal entries from your accountant.
11. If balances are off on any of the above you must rebuild all accumulators for time and billing, trust and general ledger. Re-run the above reports for accuracy. If balances are still incorrect, please call us for assistance or email email@example.com
Year End Procedures for Payroll Users Only
You will need the new Circular “E” from the I.R.S. to make these changes. ADC Legal Systems, Inc. does not supply your Circular “E”.
Just prior to running payroll for the first time in the New Year you must adjust the following items:
1. Payroll Codes – Change FICA cap according to the Circular “E”. These codes will vary for each site.
2. Payroll Codes – All levels for tax tables according to the Circular “E” will need to be updated.
3. Payroll Codes – Change the tax year to the current year for all your codes.
4. Payroll Codes – You must change amount per exemption according to the Circular “E”. These codes will vary for each site.
5. Adjustment Codes – Change Social Security Wages cap according to the Circular “E”. These codes will vary for each site.
6. ADC does not provide W-2 forms or 1099 forms. Forms can be purchased from your local office supply store. – See more at: https://perfectpractice.com/?q=content/accounting-procedures-completing-month-endyear-end#sthash.8pQWQ6wy.dpuf