#398 Year end closing entries
At fiscal year end, do you find that it takes forever to write up all of the entries to close out the cost allocation expense codes and control accounts in the General Ledger? Then, if you use some of the cost allocation supplements, you also have the closing entries for service unit pools, special allocation/internal base pools, and cost allocation locks. Why don't you let your computer produce the proper entries? The Year End Closing Entries supplement provides you with a menu of all the possible areas that need to be addressed during the preparation of the final closing entries. The items that are applicable to your agency will automatically be highlighted.
For the salary and leave entries, it makes the determination whether you expense certain types of leave when it is earned or taken and displays the information for your review before proceeding with the entries. Just think of the time you could save in just closing the salary, fringe and indirect control accounts to 50 or 80 projects!
Under revenue recognitions, for each project, it displays all of the revenue codes, descriptions and amounts from the last month end run that you did. It also shows you total revenue and total expenses. You then enter the entries that you need in order to properly recognize the actual revenue at year end. If you prefer to wait until the audit field work is completed, these entries can be done and processed at that time. Work papers can also be printed for you and your auditor which provides a great audit trail and backup support for the final entries that are prepared.
Wait! There's more - Based on all of the calculated amounts discussed above and any other GJ batches that have not been posted to the General Ledger that you wish to include, you can print a Trial Balance Worksheet for your review before the automatic preparation of the journal entries. Time savings and accuracy is what you'll gain from using this supplement.
For the salary and leave entries, it makes the determination whether you expense certain types of leave when it is earned or taken and displays the information for your review before proceeding with the entries. Just think of the time you could save in just closing the salary, fringe and indirect control accounts to 50 or 80 projects!
Under revenue recognitions, for each project, it displays all of the revenue codes, descriptions and amounts from the last month end run that you did. It also shows you total revenue and total expenses. You then enter the entries that you need in order to properly recognize the actual revenue at year end. If you prefer to wait until the audit field work is completed, these entries can be done and processed at that time. Work papers can also be printed for you and your auditor which provides a great audit trail and backup support for the final entries that are prepared.
Wait! There's more - Based on all of the calculated amounts discussed above and any other GJ batches that have not been posted to the General Ledger that you wish to include, you can print a Trial Balance Worksheet for your review before the automatic preparation of the journal entries. Time savings and accuracy is what you'll gain from using this supplement.
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