1. Complete as much data entry as
possible in all checkbooks for 2009 in your current database. You don't want
outstanding 2009 income or expenses on ANY checkbook in the database. Post
everything that should apply to 2009.
2. Print everything you need from your 2009 database, even Vendor and Owner
1099s. Keep in mind that you can always go back to the 2009 database and
print additional or amended reports.
3. If all your checkbooks are on the same fiscal year (i.e. same starting month
and same calendar year) and are all ready to close, you can use the EOY Wizard.
Otherwise, the wizard will warn you that you need to use the "advanced" button
and do the EOY Close on each checkbook.
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4. Select "EOY Wizard" from the Closes/End of Year Close" menu. The first
screen will tell you if you can run the wizard for your database. If all your
checkbooks are on the same accounting method (cash or accrual) and the same
fiscal year (jan-dec and 2009, for example), you can use the Wizard.
Otherwise, you'll need to use the Manual/Advanced button and do the close
yourself. Click next to start the process.
5. This screen reminds you of reports you may want to print from your
'old' database. If you haven't done them now, you can do them here, or you can
do them later if you like. Click Next if you're ready to proceed.
6. Now you need to create the End of Year backup. This is probably the most
mission-critical part of the process: if you do this right, you can always roll
back and correct any problem! Note that IPM automatically gives this
database a special name, but you can change the name or location in the white
box on the screen.
Click the 'Backup Database' button, and when it's done, click next to continue.
7. Now the Wizard will copy your current database for the new year.
Notice that IPM automatically generates a name and location for the new year's
database, but you can change that in the white box in the middle of the screen.
Click the 'Create New Database' button, and IPM will do a "save as" to copy your
database with a new name. When it's done, click 'Next' to continue.
When you click 'Next', IPM will warn you that it needs to switch to the new
database to continue. This is very important! Remember, the "EOY Close"
processing has to happen in the new year's database!
8. If you haven't already created charges for your tenants/members for the new
month (January), the wizard gives you the opportunity to do it now. You can also
do as usual if you'd like later - just remember to set your date to the last day
of the previous fiscal year (i.e. 12/31). Click next when you're ready to
continue.
9. This screen actually processes the end of year close! When you click the
'Process End of Year Close' button, IPM will automatically process each
checkbook in the database.
As it runs, it will change the checkbook, and ask you to set the new posting
date. You can leave it at the last day of the fiscal year (12/31) and
you'll get one extra warning, or you can change it to the first day of the
new year (1/1). You'll have to do this as the wizard finishes with each
checkbook.
When it's done, click 'finished' to close the Wizard. IPM will ask you if you
want to back to the previous year's database or stay in your new database.
Remember you'll probably want to run the Vendor End of Year Close on your new
database right away, and may want to print 1099s and other reports from your
previous year's database. Other than that, you're DONE!