how2it18.htm
Suggested yearly closeout procedure
Having written procedures for your staff to follow is a good idea. You may wish to use the following as a step-by-step guide to help you construct the procedure that's just right for your operation.
You should perform this function before any transactions of any type are made in the new year.
Make sure all other registers are logged out of InfoTouch.
Perform all the functions of your normal DAILY CLOSEOUT procedure first.
If you do a weekly closeout, you should perform that closeout as well.
Be sure to perform the monthly closeout.
Print any special inventory, customer or employee reports that you need on an annual basis. (Note: while it may be a bit extreme, we've seen folks who have printed out full detailed customer sales histories for the entire year, full inventory listings and employee sales records.)
If you use InfoTouch to help calculate employee earnings, be sure to close the employee payroll year in the employee module and move to the next year. This will zero earnings and hour totals in preparation for the new year.
Print a complete physical inventory listing; use it to take a physical inventory of your store.
Make inventory quantity adjustments (from physical inventory) as required.
Print a complete inventory value list for tax purposes.
If you use InfoTouch for your accounts receivable, be sure to print a full Customer Balance report.
Make a separate yearly backup. Be sure to label the backup with the date and time it was completed, and also note that it was made "before yearly closeout."
Make sure an adequate supply of paper is in the report printer to print the closeout reports you have set to print automatically.
Perform the InfoTouch yearly closeout.
Store the yearly backup in a safe place. Should you ever need to go back to this year, you have all the data available to you in the backup made prior to the yearly closeout.
Note: You should consider a yearly closeout to be a necessary part of running your business.