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Tips for a Smooth Year-end Closing Process

Year-end is fast approaching. Having all your accounts reconciled prior to the close can save time and headaches down the road. To get you started, here are some tips for a successful year-end closing using Deltek Vision®:

Download Deltek’s Year-End Guide
The guide is a must-have for anyone new to accounting and a great refresher for everyone else. It provides:

  • Federal tax changes like withholding rates and 401(k) contribution limits.
  • A chronological year-end checklist, starting with a step that may end up saving your job: make a complete backup.
  • How to order year-end forms.
  • How to open a new fiscal year and manage two fiscal years open at once.

The 2015 guide is now available in the Deltek Year-End Info Center. To access the center, log in to the Customer Care Connect portal. 

Benefit Accrual Tip
Check carryover limits for vacation or paid time off (PTO), then make sure appropriate employee accruals are up to date. If your firm has a “use it or lose it” policy, now’s the time to remind employees of any remaining vacation they may want to use up in the last few weeks of the year.

Payroll Tip
One often-overlooked issue is discrepancies in employee rates. If an employee’s payroll rate is different than his/her job cost rate, you need to create a labor adjustment transaction to reconcile the two.

Accounts Payable Tip
After you’ve posted all 2015 vendor payments, make sure you initialize for a new 1099 year before you cut any vendor checks in 2016. This will reset all vendors’ “Paid This Year” amounts to zero. If you get any late vendor invoices after you’ve already initialized a new year, simply back-date the invoices so they’re accounted for in 2015.

If you have questions about year-end planning, contact your CCG consultant or get in touch with me at 651-470-8370 or deette.krogh@centralconsultinggroup.com.

Additional Resources

 Deltek Year-End Info Center (requires log in)

CCG Go In-depth with the Experts Webinar: Year-End Closing Tips (PDF)

About the Author: DeEtte Krogh, CPA
DeEtte is a Principal Consultant at CCG. Her 20+ years of accounting and financial management experience include working in an architecture and engineering firm that used Deltek Vision, so she understands all facets of Vision accounting.

 

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