21 January 2014 installment of the Monthly Webinar Series. A step-by-step video explaining how to close out the year in Denali. Payroll, Accounts Payable, and the other modules are covered. The video ends with a Q&A period from the attendees. View the powerpoint supplement.
Questions & Answers from the Webinar
- Shouldn’t control reports be run first in AP, AR & inventory before starting? It is recommended to run the Control Reports in AR, AP, and IN each month to make sure there are no errors and to reconcile these modules with GL (not just once per year). Also, it is recommended to run a Balance Sheet each month to make sure the GL is in balance. But yes, these should be run for the last month of your fiscal calendar before doing a Year End close.
- How about balancing the GL trial balance to tax return or accountant’s info? All year end adjusting entries, taxes, and balancing must be done before doing the Year End close.
- Is there a recalc the ytd totals in AP master like there was in CMS PRO? Denali only has the option to clear YTD Vendor Totals (for 1099s) in AP. There is an option to recalc the AP Master File (Vendor Balances) under the Options –> Table Maintenance menu.
- Is there the ability to print 1099’s off of a prior year? Yes, just check the ìUse Last Year 1099-MISC Amountî box when running 1099 forms. Also, amounts in the Last Year column under the 1099 tab in Vendor Maintenance can be edited if needed prior to printing 1099 forms.
- I have already rolled the PR year- I get a warning that the leave exceeds something- we don’t accumulate leave – not sure what this warning is? Please contact Cougar Mountain Technical Support at 1-800-390-7053 for this issue (support charges may apply).
- Shouldn’t each module be balanced first (Control Report – GL balance sheet) before closing? See answer to the first question at the top of this page.
- In the Fiscal Calendar do you have to set the period block period to 12? The Period Block option does not close the year. It just prevents any transactions from posting to the blocked periods. When closing the year, the entire Fiscal Calendar will roll forward one year (if Period one was Jan 2014, it will then become Jan 2015 after the Year End close). Denali already does not allow any transactions to post if they are dated prior to the first day of the Fiscal Calendar. Therefore, it is not necessary to ìBlockî the previous year after a Year End close.
- In the Fiscal Calendar do you have to set the period block period to 12 before the GL YE closing? No (see answer on the previous question)
- If our Fiscal year end is different say like June, can we call you for help if we need help completing the year end? Yes. Just call Cougar Mountain Technical Support at 1-800-390-7053 to open a ticket and a support representative will be happy to assist you (support charges may apply). You can also access the recording for this Webinar from our website anytime.
- Can someone show me how to run the control reports . I am new to Denali. The Control Reports can be run from the Reports menu (last option on the menu) in AR, AP, and IN. If the report shows any errors, it may be necessary to perform a recalc (under the Table Maintenance) to get the Master table to reconcile with the Open table prior to reconciling with GL. After the errors are corrected with a recalc then check the balance for each code and compare it to the account balances in GL that the codes are associated with. If there are no errors, but the amounts still do not match the accounts in GL, it may be necessary to turn off Integration to GL and make an adjusting entry to fix, or to make a Journal Entry in GL (which ever number needs adjusting to correct the discrepancy). If you turn off integration, be sure to turn it back on when you have finished posting your adjustments.
- Is there a recalc YTD $$$ paid for vendors like there was in CMS PRO? Not available in Denali at this time (see answer to third question above).