End of Financial Year Checklist - Infor SunSystems

It is all about getting business fit and making some new year resolutions.

Gee it is June already, hope you are having fun.  Do I really need this?  Of course you do!

Seriously, below is a checklist of items you may need to consider in preparation for financial year end. 

A ‘No’ answer could be a prompt for you to log a support request with Professional Advantage helpdesk or request on-site consulting assistance (call/email your account manager).

To download this checklist - click here for PDF version

 
 
Transactions
Does your standard SunSystems Trial Balance currently balance?
Yes
No
 
  
Has the prior year profit / loss being journaled to Accumulated Funds?
Yes
No
 
  
Have all the suspense accounts being reconciled and items identified?
Yes
No
 
  
Have you checked there are no withheld journals in JET?
Yes
No
Not applicable
 
  
Have you checked provision accounts to supporting documentation, e.g. long service leave, annual leave, sick leave?
Yes
No
 
  
If you have foreign exchange currency transactions, have you performed a currency valuation in the past quarter?
Yes
No
Not applicable
 
  
Is your SunSystems data backed-up daily?
Yes
No
Not applicable
 
  
 
Bank Reconciliation
Is your Bank Reconciliation module version greater than 5.4.4?
Yes (Tip: did you know you can run your EoFY reconciliation report at any time for a past month?)
No
Not applicable
 
Have you made provision to run your end of financial year bank reconciliation report?
Yes
No
Not applicable
 
  
Have you reviewed your latest reconciliation report for unreconciled items older than 14 days?
Yes
No
Not applicable
 
  
 
Debtors
Have all the receipts been allocated?
Yes
No
Not applicable
 
  
Are you aware of how to identify all your unallocated receipts?
Yes
No
Not applicable
 
  
Have you reviewed your Sundry debtors account?
Yes
No
Not applicable
 
  
For long outstanding invoices have you agreement for payment and these follow ups and correspondence included in Collect notes?
Yes
No
Not applicable
 
  
Do you have the custom aged debtor’s analysis report to run aged debtors as at the end of financial year later in July?
Yes
No
Don't know
 
  
Have you reviewed and written off to bad debts long overdue invoices that are not considered collectable?
Yes
No
Not applicable
 
  
 
Creditors
Have you reviewed the purchase accruals account and reconciled to open GRN’s (Goods Receipt)?
Yes
No
Not applicable
 
  
Have you reviewed the long outstanding unapproved requisitions?
Yes
No
Not applicable
 
  
Have you reviewed the long outstanding open orders?
Yes
No
Not applicable
 
  
Have you reconciled amounts owing to creditor statements?
Yes
No
Not applicable
 
  
Reviewed GST account and have made adjustments in the next BAS return?
Yes
No
 
  
 
Housekeeping
Have you reviewed the ledger clear down for prior years?
Yes
No
 
  
If you need standby assistance for EOFY processing, have you made arrangements with your Account Manager?
Yes
No
Not applicable
 
  
Do you need assistance for SunSystems Q&A or ION BI report writing assistance – statutory, regulatory, management, board reports?
Yes
No
 
  
Have you prepared your auditor listings, compliance checks and data extracts?
Yes
No
 
  
Have you a plan for your KPI reporting for your annual report or management papers?
Yes
No
Not applicable
 
  
Have you made a new year’s resolution to remove or simplify manual, time-consuming tasks such as those pesky spreadsheet reconciliations?
Yes
No
Not applicable
 
  
Do you have business rules that need tweaking to ensure valid data?
Yes
No
Not applicable
 
  
Have you considered the need to create or modify automated, bulk allocation routines?
Yes
No
 
  
 
Summary
Does your normal end-of-month period close fast enough?
Yes
No
 
  
How long do you expect your EOFY close to take?
1 to 3 days
4 to 5 days
6 to 10 days
More than 10 days
 
Is your business aiming to reduce the number of days to close for end of month or end of financial year?
Yes
No