What can I prepare in advance of running my Year End Routine?

Created by David Costello, Modified on Wed, 12 Nov at 3:09 PM by Shane Kavanagh

It is VERY IMPORTANT to prepare things before you get to the stage of needing to run your Year End Routine.

This can also save you a huge amount of time later on.

See checklist below:

CHECKLIST IN ADVANCE:

1. Transactions

Have you entered ALL transactions that need to be entered from month 1 up to and including month 12?
While you might not have month 12 completed just yet, you can check the other 11 months to see whether they are up to date and correct.
If you find that you now need to enter something into an earlier month, please consider the possible effects on reporting (Nominal Ledger, Bank Accounts, Suppliers, Customers, VAT etc.). It might be best to ask your accountant for advice if you are not sure what to do.

2. Bank Rec (Reconciliation)

Are you doing your Bank Reconciliations in Big Red Book/Cloud?
If you are, it is very important to do them regularly and to keep on top of them. We would recommend doing the Bank Rec at least once a month. What you want to avoid is having to do say a Bank Rec for an entire year in one go.

3. Reports

We advise running the reports that are important to you to see whether they are showing as you expect them to.
Examples of these reports might be:
- Nominal Ledger reports: such as the Trial Balance, Balance Sheet and Profit and Loss.
- VAT Reports: e.g. Standard VAT or VAT on Cash Receipts, VAT 3 (depending on which VAT setting you use).
- Purchases and Sales reports: e.g. Purchase Book Summary/Details, Sales Book Summary/Details.
- Customer and Supplier reports: e.g. Aged Debtors and Aged Creditors.
- Bank Account reports: e.g. Bank Control Account, Bank Reconciliation report.

4. Accountant Verification

If you require verification/confirmation from your accountant before you can run your Year End Routine, it’s a good idea to get in contact with them early to see:
- Whether they themselves need to do anything else in advance.
- And whether they need you to do anything else in advance.

If you have not done so already, you can assign your accountant access to your company in Big Red Book/Cloud. This is an easy step, and it means that they can log into your company from their own login.