Closing the Year with Jewelry Shopkeeper
See the last page if you were thinking of waiting a while before closing
To close the year just run the same steps as for closing a month.
The Jewelry Shopkeeper will roll the period over from 12 to 1 and you're
ready to continue with the new year.
However, since it is the year-end it is a good idea to be especially
thorough with the month-end procedures.
Step 1: MAKE A BACKUP. Keep this backup, write the date on it and
take this backup set out of circulation. Put it in your
vault and never re-use this set of tapes or diskettes.
If you have a CD-writer/burner we suggest that you make your
month-end and year-end backups onto a write-only CD as opposed
to a read-write CD. You should backup the entire COMPLINK.JS
folder with your CD software which saves the data files and the
entire program. The one-time CD's are very inexpensive and are
protected because they be overwritten like CD/RW (read-write)
If you ever need to review your year-end status in the future
you can simply restore the COMPLINK.JS folder onto another
computer and the data and the corresponding program version
will be installed even if you have updated in the meantime. (Be
sure not do to restore that onto a computer with a live copy
of Shopkeeper running since that would erase it. Use a home
computer or another non-essential computer.)
If you normally use a tape backup program and do not have a CD
writer drive then we suggest that you make another year-end backup
onto regular diskettes using the backup feature built-in to the
Jewelry Shopkeeper. This is option 3 from the black and white
Command Menu. It's difficult to predict the number of diskettes
this will need so have several available.
Step 2: RUN END OF YEAR REPORTS. Since some reports cannot be
recreated once a month has been closed and you've
continued on to the next month's business, it is a good
idea to print them out and put them in a binder. While
this is true of month ends as well as year ends, you are
likely to want to print more detailed reports at the year
end than you would normally do.
A: Complete Inventory Report [choice 6-5-Compressed
Print] This is the detailed report which may be
very long. Also print a report summarized by major
B: Accounts Payable Report [choice 5-2-4-Unpaid-
Excluding Memo Invoices]
C: Accounts Receivable Aging Report [choice 4-4]
D: Open Layaway Report [choice 1-7 for summary
report or choice 6-2-7 for detail report]
F: Open Credit Slip Report [choice 1-A]
Step 3: CLOSE THE MONTH. Make sure you type the date 12/31/2008
(or whatever the right date is for the year-end) as the Ending
Date. Jewelry Shopkeeper will automatically reset year-to-date
(YTD) totals. The customers YTD sales, class code YTD
sales, in-house-charge customer YTD finance charges and
YTD payments and the Z report to-date sales figures are
reset to zero. Double check that the totals are reset
Step 4: This is optional but many users like to zero out the
Previous sales figure on the X and Z reports. Choose option
8,6,A for "Update To-Date Figures" and zero the Previous Sales
line. Don't adjust the other two lines. Note that the previous
sales and total sales to date figures on the X and Z report
are not official figures. You can re-zero them whenever you
like without affecting actual sales reports.
Entering Year-End Accounting Adjustments AFTER closing the Year
It is best to record almost all of the checks, deposits, general journal
entries, etc before you close the month. However, if there are some
adjustments you won't know about for many days, then it's best to
type in what you can now, then close out.
If there are a few checks, check book adjustments, general journal
entries or accounting adjustments that you don't know about yet,
you can enter them after you close, in the following period, using
1) Enter the adjustment Write the check, enter the
miscellaneous transaction, deposit or general journal entry
[choice 5-5-1 or 5-5-3 or 5-5-5 or 5-5-7]. Make sure the date
you type is from the prior period (see the ending date). The
transaction screen might warn you that the entry won't hit the
financial reports, but continue on anyway.
2) Change the Chart of Accounts from a Previous Month If
adjustments are made to previous periods, you will have to
manually adjust the chart of accounts. Choose Enter/Edit Chart
of Accounts [choice 8-5-1] and type in the account number.
When the question: Do you want to enter totals for previous
months? appears, answer Yes.
Note that you will have to calculate the figures. For example,
If you are entering a bank charge of $25.00 for the previous
month, you would need to adjust the MONTHAGO 1 figure by
$25.00. If there were already a figure of $51.00 in there, you
would have to adjust this to $76.00.
Notes: Making a value in an asset account a greater positive number
reflects a greater asset value.
Making a value in a liability account a greater positive number
reflects a greater liability (owing more)
Making a value in an operating expense account a greater positive
number reflects more expenses.
Can I Wait to Close the Year-End / Month-End?
Yes, you *could* age and print statements at the end of the month and
then wait to reset the month later.
However we don't recommend it because if you reset the month on, say the
15th of January, when you reset, various numbers are posted to the
balance sheet such as invoices payable balances, inventory balance,
accounts receivable balances, credit slip balances, etc..
Those figures could change between 12/31 and 1/15 so you may end up
posting January 15 figures as the closing figures for December.
We think you should just put in as many details as you know (and really
almost all financial data for 2008 should be known be known before the end
If you need a day or two to get the majority of the 2008 figures posted
then perhaps you could hold off entering the first day or two of sales
until you have those figures posted.
Then, later, for the few items you couldn't predict such as how much
depreciation to apply - post them as a transaction retroactively with
the extra steps that that entails. I.e. after posting a previous
month figure you may have to edit both (there are generally two accounts
involved for most adjustments) of the g/l accounts from screen
8,5,1 - 'Enter/Edit Chart of Accounts' and update the balances from the