Acumatica Year-End Checklist

As the year winds down, we reflect and prepare.

Around this time, there are some financial and configuration tasks you should carry out in your business management software. To help you get off to a smooth start, we’ve compiled a checklist of tasks to consider with screenshots of how they look in Acumatica Cloud ERP.

Generate and Activate New Fiscal Periods

Newer Acumatica Versions

Older Acumatica Versions

Account Reconciliations with Subledgers

Make sure that all of your General Ledger accounts are reconciled to the subledgers (i.e. A/R, A/P, Inventory, Clearing Accounts and Bank Reconciliations). 

U.S. Form 1099 Reconciliations, Reports and Close 1099 Year

If you process your 1099 forms directly through Acumatica, you’ll want to sure that your Acumatica version supports the 2021 US Federal 1099 Tax form changes. If you are unsure of this, reach out to us. Then, verify your 1099 vendor calculations, create the required reports and close the 1099 year once completed.

System Configuration Changes

If you are considering making any system configuration changes (i.e. – GL Account Classes, Customer Classes, Vendor Classes, Item Classes, etc.), it may be a good time to do this at the beginning of the New Year. 

Sales Tax Changes

Verify if there are any sales tax changes that will be going into effect on January 1st in the areas where you are doing business. 

Customer and Vendor Price Changes

Often times, Vendor or Customer price changes occur on the 1st day of the New Year. You may want to consider updating these prices in your system to ensure accuracy of your purchase orders and sales orders. 

Financial Reporting Changes

Some Financial reports may have been built using specific reporting periods. If so, they may need to be modified for the new fiscal year. 

Questions about Year-End Tasks you need to complete in Acumatica?

If you are an i-Tech Acumatica client, log a support ticket if you have any questions about preparing for the new year. If you’re not currently on Acumatica and want to learn more, reach out here.