Fiscal Year-End Procedures

During the last End-of-Month process of your fiscal year, the End-of-Year will automatically run.  In addition, your Accounts Receivable will automatically close during the end of year process.   

Prior to running the End-of-Month/End-of-Year combination, complete the following steps to successfully close your fiscal year.   

1. Clean the tape drive with a tape cleaning kit.
   
2. Use a new tape for the End-of-Month / End-of-Year backup.  Mark the tape clearly as the EOY Tape for the Fiscal Year.  This tape should be archived and not used in your regular tape rotation.
   
3. The Year-End process will run the LIFO Link Chain Report and update all pertinent sales history files (Sales.2 - Sales.7).
• To set the parameter to run the LIFO report, go to m-35.6, screen two, option #12 - Print year-end LIFO report.
• Set to "Y" to print the LIFO Report.  This report is extremely long, it is recommended that a new printer ribbon is installed and a full-box of paper is loaded into the printer. 
• Set to "N", the LIFO report will not be created.
  
4. To print a LIFO report with only the warehouse totals
• Go to m-35.6, screen two, option #12 - Print year-end LIFO report. Set the parameter to "Y" to create the LIFO report
• Go to Menu 35.11 Field #11 Print Summary Only Version of EOY LIFO.  Set Field #11 to "Y" to print only the warehouse totals.
  
5. The LIFO report can be created after the year-end job stream from m-6.3. To ensure accuracy, this report must be run prior to conducting any business (order entry) in the new fiscal year. 

Menu 18.1 LIFO Link Chain Report (see item #3 above) and 18.2. Sales Hist Files (Sales.2-Sales.7) will automatically run during the last End-of-Month of your fiscal year.