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Defining & Developing Your Year End Closing Procedures in Acumatica [On-Demand Webinar]

By January 28, 2022January 31st, 2022Acumatica
Acumatica Year End Closing.

Setting Up Year End Closing Procedures in Acumatica Can Save Time & Reduce Stress

Good ERPs help busy business leaders handle their companies more efficiently. One of the best ways to save time and reduce stress at your company is to streamline your year end close procedures in Acumatica.

Ready to start setting up your tailored year end close procedure? It will be easier than you think. In this in-depth “How To” webinar, you’ll learn how to handle everything required for your month end- and year end closing processes. Watch the webinar now.

Video Summary – Skip Forward to the Parts that Matter to You!

In this video, 6-time Acumatica MVP award winner Patricia Bennett walks you through every step you need to create your own, fully tailored year end closing procedures in Acumatica. Don’t hesitate to skip forward to the parts that matter most to you.

Crafting Your Unique Year End Closing Procedures in Acumatica

This webinar walks you through all the steps, in order, for year end close procedures, which are the same as month end close procedures. Not all these steps will apply to your business, but the webinar was meant to help you mix and match sequential steps to create a process that works for you.

Here are the steps you should take, in order:

  1. Print your 1099s (watch)

This year, the IRS designated a new format for printing 1099s. The new layout holds 3 1099s on a page, plus form changes. To comply with these changes, you must do a build upgrade for your Acumatica system before you print your 1099s. Start now.

Here at PC Bennett, we are reaching out to all customers to ensure they are on the proper software version for compliance with the new 1099 formatting. If you don’t hear from us soon, please reach out.

You can print your yearly summary before your build upgrade for quick reference.

  • Tip: How to avoid wasting paper on your 1099s (watch)
  1. Print your W2s (watch)

W2s should be printed through Aatrix. This is a straightforward process.

  • Tip: Prepare yourself for these common W2 printing errors (watch)
  1. Close the Month / Year (watch)

Your goal should be for your year end closing procedures in Acumatica to become a non-event because, with a cloud ERP, you will finally have the power to keep your close procedures up to date monthly or weekly. It really is a relief to turn your year end close into a simple month end close!

To simplify your process, you should:

  • Close all sub-modules
  • Wrap up General Ledger tasks
  • Close General Ledger

Why close your modules and sub-modules each month? Because it keeps your accounting processes clean. When no one can mistakenly add transactions into an earlier, already-closed period, you will have fewer accounting headaches. Plus, closing modules helps you ensure that your internal records precisely match the statements you send to the bank.

For your month end- or year end close:

  1. Close your Inventory module (watch)

Learn how to validate your inventory and perform an inventory valuation, both of which help you streamline your inventory processes.

  1. Close your Accounts Receivable module (watch)

The order in which you close your AR accounts is important, so make sure to review this step. You will also learn how to close financial periods in Accounts Receivable.

  1. Close your Accounts Payable module (watch)

Like AR, the order in which you close your Accounts Payable accounts is important. You will also see how to close financial periods in AP.

  1. Save time with the Cash Management module (watch)

Bank reconciliation in Cash Management can save you hours of time throughout the year. It can be used yearly, monthly, or even daily.

  1. Close your Fixed Assets module (watch)

You can flag Purchase Orders in Acumatica as fixed assets as you are creating them. If you are using this module, make sure to convert those PO items into fixed assets before closing out your year.

  1. Close your Project Accounting module (watch)

If you run a project-based business, you will have different accounts for reconciliation. Reconcile your work-in-progress, time, and billing before your monthly or annual close.

  1. Close your taxes using Avalara (watch)

Prepare a tax report in Avalara and learn a quick tip about why you should validate your Balance Sheets every month.

  1. Close your General Ledger (watch)

This will be your last step, so make sure you have followed all the other steps before you close your General Ledger.


Curious about backups, reporting, shipped inventory, or bank reconciliation? Check out the answers to these questions from the webinar.

  • What is the difference between a backup and a snapshot? (watch)
  • What is Velixo? (watch)
  • What is Container Management? (watch) (or learn more here)
  • How does electronic bank reconciliation work? (watch)

Final Notes

This in-depth walkthrough on designing a year end close procedure in Acumatica was only one of the many free, in-depth webinars PC Bennett offers to help you do more with your Acumatica ERP.

If you liked this webinar and you want to watch more in-depth “How To” videos that will help you become an Acumatica master user, check out our videos page. Don’t forget to register for upcoming webinars too!

Watch the Webinar to Develop & Define Your Closing Procedures


PC Bennett Solutions offers a personalized, full-service experience for customers by implementing business management technology. Through a hands-on approach, PC Bennett Solutions helps companies get the most out of their software system. The team provides training, implementation and customization of Acumatica. Headquartered in the Seattle area, PC Bennett Solutions is one of the largest exclusive Acumatica resellers. For more information, visit