To assist your accountant with year end, you should prepare the following reports:
What You Will Get
Trust Sub Ledger
A sub-ledger listing the trade records that make up the Trust balance. Review 3.A to reconcile the trust liability account.
Commission Trust Sub Ledger
A sub-ledger listing the trade records that make up the Commission Trust balance.
Agent's Expenses Sub-Ledger
A listing by agent, showing the balance each agent owes as at the date selected.
Trade A/R Sub-Ledger
A sub-ledger listing the trade records that make up the A/R-Commission from deals balance.
Accounts Payable Aging/Due Reports
A detailed aging, listing outstanding invoices. Please ensure you select "Posting Date" as the Date to Use on this report to compare to the G/L.
Commission A/P Sub-Ledger
A sub-ledger listing the trade records that make up the Commission payable to other brokers.
Agent Commission Sub-Ledger
A sub-ledger listing the agents and their deals that make up the Commission payable balance.
A summary format trial balance for your fiscal year, listing all accounts and balances. HINT: The detailed version lists each G/L entry and is a lengthy report, if you choose detailed, so you may want to print it to the screen, then click on the PDF icon to create a PDF file rather than a printed report.
A Balance Sheet and Income Statement (aka Profit and Loss)
You should change your control dates (E.1.1.MISC), at this point so that the figures you report to your accountant cannot be altered. Then give these reports to your accountant to work on your company year end.
When your accountant has completed your year end, you post his adjusting entries in Post New Journal Entry (F.1.1). Any journal entries against sub-ledger accounts must be broken down, and should correspond with the sub-ledger reports you generated above (ie. #12200 requires a transaction #, #21500 requires an agent and a transaction #).
Once you have posted all adjusting entries from the accountant, and your trial balance now matches what your accountant has reported, you can Close Fiscal Year End (F.F.5).
You should also run the following G/L Integrity reports:
What You Will Get
G/L Data Integrity Check
To ensure the Sub-Ledger accounts balance with the G/L. If you see any amounts in the Difference column, please e-mail this report along with E.6.G to firstname.lastname@example.org.
This report will display any posting errors that may have occurred which caused the debits and credits to not balance. If the Current G/L Balance does not equal zero, please print this report and e-mail to email@example.com.