News & Information
For many of us, the end of December means end of year processing. While attending to both personal and practice needs, end of year often becomes a scramble and some of the details can slip past us. To lend a helping hand, here are some EOY FAQs to help you stay on track.
When should I run end of year?
End of year should be processed on the last business day of the year. Most practices run it December 31st. We recommend consulting with your accountant to determine if a calendar or fiscal end of year is best for your practice.
Note: end of year should be processed at the same time each year (Ex: every Dec 31) in order to create meaningful year-year comparisons. Be sure to check out our recommended processing steps in the EOY tutorial.
What about my end of year backup?
We recommend two backups:
- Before you begin your end of period processing (in the event of an error during processing)
- After processing EOD, EOM and EOY. Make sure to store this in a secure location!
Note: during the EOY process, you are prompted to make another database copy. This copy is optional. Review the backup section EOY tutorial of the EOY tutorial for additional details.
There are so many reports. Which ones should I be looking at?
We recommend the following reports for your annual reporting:
- Account Write Off
- High/Low Client Sales
- Inventory Sales
- Sales Tax Summary/Income Reconciliation
- Service Sales
- Statistics by Staff and Species reports
- Yearly Sales summary
Note: these reports can be run at any time once EOY has been processed.To help remember which ones to run, set them as default EOY reports under: Controls > Defaults > Practice & Workstation > End of Period
I forgot to run my year-end inventory reports!
It happens. Luckily, a copy of your year-end Inventory Cost and Cost Totals reports are saved in pdf format under the Cstone/Share/EOYInvCost folder. Another helpful report that should be run before you start your EOP processing for the year is the Inventory Item Profit Analysis report. The following reports are also recommended and can be run at any time as well as for past periods:
- Inventory Sales
- Cost of Goods Sold
Note: The EOY tutorial includes recommended steps to help ensure your EOY inventory is accurate!