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Q&A of the Month--Year End Checklist
Q. Its nearing the end of the year, and I know I've added some ledger accounts and centers and some costs have changed. What do I need to double-check in FBS to make sure I am pulling everything across correctly? Do you have a checklist?
A. You'll need to check and update a couple of definitions and bridges to ensure you are accounting for all expenses. Anything that pulls from a range of ledger accounts will need to be checked: Schedule F, 1099s, Cost Analysis definitions and Smart Feeder User-Defined Report definitions.
If you use Inventory Valuation (E.CLIPSE) you will have to check your bridge setup to make sure that your Expense lines are set to the correct ranges and WIP and Marketing centers have been assigned to new Production centers. Check your Overhead Allocation Table for any new centers and run the Standard Cost/Vendor Monitor Report by quarter to determine if Cost Drivers need to be adjusted.
Checklist
- Schedule F
- 1099s
- Cost Analysis
- User Defined
- Inventory Valuation Bridge
- Overhead Allocation
- Balance Sheet definition
- Income Statement definition
Also, it's a good idea to not wait until the end of the year to perform this checklist because by that time you may have forgotten what you added. It's a much safer practice to do this whenever add new ledger accounts or centers!
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