Download Our End-Of-Year Resource Guide
Follow these steps to close your 2020 fiscal year:
- Be sure to make a backup of your PCLaw Data.
-
Run verify data integrity.
NOTE: Do not run "Verify Data Integrity" if data is on a SQL Server.
- Reconcile all bank accounts for each month through the end of the fiscal year.
- Reconcile the balances that appear on the Client Ledger, Billing (Fees) Journal, and General Ledger to each other.
- Review your 1099 Listing and produce 1099 forms for your vendors (US only).
- Close all months except the last month of the fiscal year.
- Enter G/L adjustments, from your accountant, on the last day of the fiscal year.
- You can use the following features to analyze your budget figures and make changes if you need to adjust your budget for the next year:
- Close the last month of the fiscal year.
- Make a backup of PCLaw again.
- Close the year.
- Update Chart of Accounts if you need to add or change G/L Accounts.