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End of Year Procedures

At the end of every year, you will want to prepare reports for your accountant.  Typically, these reports will include the total value of your inventory, your cost of goods sold, and any accounts receivable.  

Important Note: Please check with your accountant BEFORE 12/31 to find out if you need any additional reports from your system.  Your reports cannot be run retroactively so it is important to run these reports on 12/31 or the last day of business before the new year.

Inventory Valuation

To obtain the value of all items on hand, run the Items on Hand report.  This report will tell you the current value of your inventory.  For the most accurate number, you may want to perform a physical inventory count beforehand.  You may also need to choose "Exclude Items Awaiting Pickup" to exclude all items in the shop that are set aside for customers.
 

Accounts Receivable

At the end of the year, you may need to determine your Accounts Receivable (i.e. the amount of money customers owe you).  To obtain this figure, run the Transaction Journal.

When you run this report, leave the Trx Start Date blank and make the Trx End Date= 12/31 of the current year.  Also, be sure to set the Trx Status filter to Pending.  The Total of the Bal. Due column will be your Accounts Receivable.

When you are done, export all the reports and save them to your computer.  Once they are saved, you can send them to your accountant.
 

Merchandise Sales

Merchandise Sales is the sum of all completed orders in BridalLive between 2 dates.  To get this figure, use the Transaction Journal and select the following for the criteria:
  • Trx Start Date - Leave Blank
  • Trx End Date - Leave Blank
  • Comp Start Date - Enter the start date - (i.e. beginning of your fiscal year)
  • Comp End Date -  Enter the end date - (i.e. current date or the end of the period)
  • Status - Complete
The Merchandise Sales figure will be the total of the Grand Total column minus the total of the Sales Tax column.
 

Customer Deposits/Unearned Revenue

This is the sum of all deposits placed on orders in BridalLive.  To get this figure, use the Transaction Journal and select the following for the criteria:
  • Trx Start Date - Leave Blank
  • Trx End Date - Current Date
  • Comp Start Date - Leave Blank
  • Comp End Date -  Leave Blank
  • Status - Pending
The Customer Deposits/Unearned Revenue figure will be the Total of the Grand Total column - Total of the Balance Due column.
 

Cost of Goods Sold

To obtain the Cost of Goods sold, use your Cost of Goods Sold Report with the following criteria:
  • Date Sold - Start - Enter the start date, usually the beginning of your fiscal year
  • Date Sold - End - Enter the end date, usually the current date

 
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