Happy New Year!
It’s the time of year when we reflect on the past and look to the future. Many of us use it as a time to set goals, purge things we no longer need, regroup and reorganize. Renewal always feels good, whether it’s at home or at the office.
I’ve been thinking of some ideas for cleaning up your accounting systems and giving them a fresh start. I hope this list inspires you!
- Clean up balances in unused vendors and customers (based on aging reports) by applying payments or creating debit/credit memos.
- Clean up values in inventory and adjust out obsolete inventory.
- Verify that project balances are correct and clear out old invoices, WIP, etc.
- Deactivate unused vendors, customers, projects, employees and/or inventory items. If there is no history, they can be purged.
- Confirm that the AP account on the GL Trial Balance matches the Period Aged AP report. If it doesn’t, pursue the cause.
- Confirm that the AR account on the GL Trial Balance matches the Period Aged AR report. If it doesn’t, pursue the cause.
- Clean up stuck batches in all areas of the system.
- Deactivate accounts and/or subaccounts that are no longer used.
- Keep financial statements organized within a folder structure (e.g., Income Statements, Balance Sheets, Year End, Quarterly, Monthly).
- Remove financial statements that are no longer used, especially reports with ‘Test’ in the name as they are probably not used.
If you’ve reviewed this list and find yourself with questions, please don’t hesitate to reach out to firstname.lastname@example.org . We are very happy to assist customers with the process of cleaning up their valued systems.
This is also an excellent time to review your backups. When was the last time you confirmed they are working properly?
Let’s make 2016 the best year yet! SVA Consulting is excited to be your business partner and to help you make it happen!
Senior Business Solutions Consultant