Connected Year End Close Checklist


The most common fiscal year for business is calendar (January – December) so we have prepared a few tips to make the year end a smooth one with the Connected Accounting and ERP Software.


When you are preparing for the year end, the following is a list of items that you will want to make sure are completed before doing the final year end processing:


Complete Reconciliations

Making sure reconciliations are completed is a key part to a year end going smoothly.  Completing all bank reconciliations, verifying your Accounts Payable and Accounts Receivable Listing against control accounts, and making sure Inventory is reconciled against unvoiced purchase orders are the main areas of focus.


Enter Year End Entries from the Auditor

To prepare for any year end processing it is important to verify all of your auditors entries have been entered and posted.   Printing the Connected financials and ensuring they match your auditors is a good check and balance before closing the year.


Close All Periods

To prepare for the actual process of closing the year, all periods within the fiscal year must be closed.   A year end can’t be processed without doing this.   Although Connected allows you to close periods in the Inventory, Accounts Receivable, Accounts Payable, and Job Costing you will only need to close the periods in the General Ledger to close year.  Closing the periods in the GL will close everything in all other modules.


Print Reports in Hard Copy or PDF

Print your final year end reports to a hard copy or PDF.   Reports such as Trial Balance, Income Statement, Balance Sheet, Customer Aged Listing, and Vendor Aged listing are some of the key reports.   You may also want to consider printing sales and purchase histories as well.


Backup Data

Closing the year is a permanent process and cannot be undone.  Therefore, it is essential to back up your Connected data before beginning this process.   Some helpful backup tips:

  • A backup could be stored on a separate hard drive, CD, and, or flash drive with both an on-site and off-site copy available. 
  • We also recommend that include the words “year-end” in the file name so it is clear what the backup is.   
  • If you have a multi-segment Connected file, ensure that all segments are backed up or your backup will not be valid.   
  • Finally, the most important part of the backup is to verify that it works by logging into the backup file.


You are now ready to close the year in Connected.   Remember, before you start, ensure that you are in single user mode and no other users access the data until the processing is completed.


For any questions or inquiries about the year end closing process in Connected, please contact our Support Department