Year End Schedule

Year End Schedule

At the end of each year you should perform the following steps before posting data to the GENERAL LEDGER for the next year:

Double-Check - Double-check and verify all financial reports for the year, including a year-to-date PROFIT & LOSS STATEMENT.
Year End Backup - Make a year-end backup of your entire system. Store your backup in a safe place, preferably at a different site than your computer.
Run Purge Process (optional) - Run the PURGE PROCESS to clear out unneeded data. If system speed and hard drive space are not issues, this process does not need to be run.
Set up Budgets for new year (optional) - If you are using the budgeting features of Contract Collector in any CHART OF ACCOUNTS, you will need to revise the charts.
Run Payment Coupons for all contracts for new year - Use the CONTRACT COUPONS process on the CONTRACT MENU to print new coupons for the year, for all contracts that have COUPONS selected in the SETUP INFO sub-window of the CONTRACT WINDOW.
Run 1098s and 1099s for the year - On the REPORTS MENU | THIRD PARTY REPORTING submenu, run the 1098 forms, for contract payments, and 1099 forms, for payments to clients and vendors.