RollMaster End of Year Procedures
Preparations and Clean Up
After all work has been completed for the last day of the year, have all users log out of the system. Run through the
daily/monthly checklists, which include, but are not limited to, the items listed below:
- Sales Processing (1)
 Order Entry/Maintenance (1): Sort screen by Install Date column and close zero/fully invoiced jobs and invoice
completed jobs. (As a final review, use Job Cost (3), Job Cost Reports (7), Work in Process – Cost from JC (5).)
 Sales Processing Reports Menu 1 (15), Invoice Register (3): Clear register to create Sales/Operating Journal.
- Purchase Orders (4)
 Sort screen by ETA Date column and close any lines and/or POs that have been fully received or are no longer
valid. (As a final review, use Purchase Orders (4), Print Reports, Open PO Report.)
 Print Reports, Receiving Reports, Received Not Invoiced Report by Product Type: Unvouchered inventory.
o Print current plus three (3) months prior, if not reviewed monthly.
o If no Invoice # and new receipt, AP bill most likely not yet received/entered; If no invoice # and old
receipt, an Invoice # can be added through Inventory Maintenance (e.g., “Y/E2013”).
o An accrual entry may be made for this value or it can simply be notated on the reconciliations. (If an
accrual entry is made, it will need to be reversed in the following period.)
- Inventory Control (2): Take cycle counts.
 Inventory Purge (9): Move rolls to history.
o Purge zero-balance rolls by keeping the default value of .01 for “purge rolls with balance less than”. (If
you wish to purge small roll balances, change this value accordingly; the value of those changes will
automatically post adjustments to the General Ledger.)
o Keep default toggle: Only purge rolls with vendor invoice #.
 Inventory Reports (12), Inventory Valuation (4): Amount of warehouse inventory.
o Review details and correct bad cost. (If any changes are made to reserved items, be sure to unassign and
reassign the inventory after the cost change is made.)
 Inventory Reports (12), Inventory Audit (8): Inventory Maintenance additions/changes.
o Print for a date range NO earlier than October. (If reviewed monthly, then for December only.)
o Review consumption adjustments for any value changes and post journal entry to record.
- Accounts Receivable (6)
 Closed Deposit Purge (12): This module will purge any cleared deposits from the Customer Status Inquiry and
Customer Deposit Inquiry modules.
 A/R Reports 1/1 (15), A/R Reports 2/2 (15), A/R Aging (Standard) (3): Use report to identify any outstanding
invoices you do not expect to receive payment on and may need to be written-off as part of year-end
adjusting entries.
- Accounts Payable (7)
 A/P Reports (16), Open Item Aging Report (5): Use report to identify any old or invalid vendor invoices/credit
memos that may need to be reversed as part of year-end adjusting entries.
- General Ledger (8)
 General Ledger Reports (16), Print Journals/Update General Ledger (2): Posts all data, by journal and Posting
Period, to General Ledger.
 Report Format Maintenance (6), Functions, Verify GL Accounts: This will identify any GL account that has been
omitted from the financial statements (e.g., Balance Sheet or Income Statement) and needs to be added to
the formatting to balance the reports.
 General Ledger Reports (16), Print Annual Trial Balance (7): Confirm accounts balance. (If exported to Excel,
any non-zero TOTALS indicate a period is unbalanced.)
Change the default posting period in System Maintenance, System Control, Company Control to period 1. All users must
log out than back in for the change to take effect.
Additional Notes:
- Do not be quick to close a General Ledger accounting period or fiscal year. It is suggested to leave three (3) prior
periods, plus the current, open.
- Any year-end adjusting entries provided by the CPA after the tax return has been filed should be posted to period
13 of This/Current Year.
- After the General Ledger (8), End of Year Processing (8) program is run, it will be necessary to re-class the value
closed to the Current Earnings Equity Account to the Prior Year Retained Earnings Equity Account in period 1. If
the Company’s Chart of Accounts only contains a Retained Earnings account, no journal entry is necessary.
Reconciliations of Balance Sheet Accounts1
- Accounts Receivable: Accounts Receivable (6), A/R Reports 1/1 (15), A/R Reports Menu 2/2 (15), A/R Aging
(Standard) (3).
 Print and compare against Accounts Receivable Asset Account on Trial Balance.
 If matching, run A/R, End of Month processing. Be sure to toggle End of Year before running the program.
o When this module is run, the system performs internal procedures to clear all month-to-date fields in the
A/R modules and purge any cleared open items to the applicable History modules. At the end of the year,
this procedure will clear year-to-date fields and move the information to the previous year fields.
- Customer Deposits: Accounts Receivable (6), A/R Reports Menu 1/1 (15), A/R Reports Menu 2/2 (15), A/R Aging
(Customer Deposits) (5).
 Print and compare against Customer Deposit Liability Account on Trial Balance.
- Accounts Payable: Accounts Payable (7), A/P Reports 1/2 (16), Open Item Aging Report (5).
 Print and compare against Accounts Payable Liability Account on Trial Balance.
 If matching, run A/P, End of Month processing. Be sure to toggle End of Year before running the program.
o When this module is run, the system performs internal procedures to purge cleared open items from the
Vendor Status Inquiry module. At the end of the year, this procedure will move the value in the Y-T-D Pur
field to the Last Yr. Pur. field and clear the Y-T-D Disc. field in the Vendor Maintenance module.
- Inventory
 Purchase Orders (4), Print Reports, Receiving Reports, Received Not Invoiced Report by Product Type.
o Print current plus three (3) months prior, if not reviewed monthly.
 Inventory Control (2), Inventory Reports (12), Inventory Audit (8).
o Print for a date range NO earlier than October. (If reviewed monthly, then for December only.)
 Inventory Control (2), Inventory Reports (12), Inventory Valuation (4): Generate screen and save Excel or PDF
version.
o The Inventory Valuation alone will not match the Inventory Asset and Inventory Freight Asset accounts.
The Inventory Valuation’s (3) On Hand value, less the Received Not Invoiced Report’s (1) value, plus/minus the
Inventory Audit’s (2) change in value should match the combined value of the Inventory Asset and Inventory
Freight Asset accounts.
If journal entries are necessary to reconcile the above accounts, please consult your CPA for the correct offsetting GL
Account, though typical accounts are as follows:
- Accounts Receivable (A/R): bank account, returns and allowances, bad debt expense, allowance for bad debt, or a
clearing account.
- Customer Deposits (C/D): bank account, returns and allowances, or a clearing account.
- Accounts Payable (A/P): inventory asset, expense, or clearing account.
- Inventory: inventory asset, inventory freight asset, cost of material, cost of freight, or a clearing account.
Though most of the reports below have “As Of” counterparts, it is recommended to print and save the standard versions after
completion of year-end work.
1
Printing 1099s
Accounts Payable (7), A/P Reports 1/1 (16), A/P Reports 2/2 (15), Print A/P Form 1099 (8).
- Print 1099s to plain paper and verify data.
 To generate a 1099, the Social Security Number field in Accounts Payable (7), Vendor Maintenance (1) must
contain the Vendor’s SSN/TID.
 The 1099 Type (e.g., Non-Employee Compensation) is tied to the Vendor Type field in Accounts Payable (7),
Vendor Maintenance (1).
 If the employer/payer’s legal name, address, or Employer Identification Number is incorrect, please send
updated information to support@rmaster.com.
 Print A/P Form 1099 (8), Report Type:
o 1099 Calculations (5): Use report to reconcile 1099 data to the GL.
o Exception Report (6): Use report to identify any missing vendors.
 Accounts Payable (7), A/P Reports 1/1 (16), Vendor History by G/L Account (11): Pulls from A/P journal, by
selected account (e.g., Cost of Labor) gross amount paid by check number. (Commonly used by Canadian
clients that need such data from reporting requirements.)
- Once data has been verified and corrected, reprint 1099s. (We suggest printing two (2) copies.)
Additional Notes:
- Any customers that went live on RollMaster mid-year should contact training@rmaster.com for assistance in
moving 1099 data from a prior system.
- New legislation regarding prior reporting requirements can be found at the IRS website (www.IRS.gov).