End of Year (EOY) Accounting

Listed below are items that should be done at the End of the Year for Accounting.  

End of Year Accounting

Reports to Run at End of Year

End of Year Accounting

1. Open the Accounting module.
2. Review the Not Posted Journal, audit and correct any transactions that may appear in this journal.

3. Print all audit reports; correct any errors that may appear.  You may do this by clicking on Reports>Accounting Reports>Audit Reports be sure to run all audit reports.

4. Make sure you post all chargebacks to commissions.  

You may correct and re-post deals to correct the commission amounts in the current pay period. However, you will need to create a journal entry or manual transaction for previous dates to balance the commission payable account against the commission expense account.

5. Make any needed WIP adjustments

Run a GL Detail Report (Research) report to get the balance on your unpaid labor account (usually labeled WIP) for the current month and the balance of all mechanic wage expense entries made during this month in payroll. 

Run an Accounting Reports> General Ledger Reports> GL Detail Report (Research) to get the balance of all mechanic wage expense entries made during this month in payroll. 

Run a Service Reports> Mechanic Reports> Mechanic Flagging Reports> Mechanic Flagging Report - Full Detail filtered for open RO’s only to get the balance for work in process for all non-cashed out tickets open in the current month. 

Take the totals generated from the unpaid labor and mechanic reports from above and add them together.  Once you have your total for WIP, subtract the wage expense totals. The total will be your WIP entry for the current month.

6. Print and reconcile all of your sales tax reports. You can find them in the Reporting module in the Tax Reports section. Verify that the balances shown in your sales tax liability or accounts payable GL accounts match the sales tax report for the tax period.  Print and save the final version of these reports to a .pdf file.

7. Reconcile your bank accounts. Once you have reconciled your check register to your Bank Statement and everything is balanced you will need to finalize it by clicking on the Finalize button in the GL Check Register Screen.  Print this report and Save it to a .pdf file.  

8. For dealerships with more than one profit center, verify that all transactions are assigned to a Profit Center. If your dealership is fully departmentalized make sure that all transactions are assigned to a department. 

You can do this by opening the Accounting module, clicking on the Advanced Search button. then entering the filter for date range. Ensure you select the month you intend to close out. Click the Search button to show results. In the results list, you may click over the column header for both your PC and Department columns to check for any blanks.  If you do find any, assign the correct Profit Center or Department. 

Reports to Run at End of Year

Many reports in MotilityAnywhere are time-sensitive. We recommend to run the following reports on either December 31st, January 1st, or before resuming business in the new year. The report information will show accurate GL amounts. In case your dealership gets audited, it is highly advisable to have a copy of these reports on hand. This is also why we recommend to print a physical copy of the reports. The reports detailed below may not include all reports needed by your dealership. You are responsible for printing any needed reports even if not listed below.

As mentioned in step 5 above, run an Accounting Reports> General Ledger Reports> GL Detail Report (Research) to get the balance of all mechanic wage expense entries made during this month in payroll. Then, run a Service Reports> Mechanic Reports> Mechanic Flagging Reports> Mechanic Flagging Report - Full Detail filtered for open RO’s only to get the balance for work in process for all non-cashed out tickets open in the current month. 

9. You will want to print your financial statements and review them for accuracy. Open the  Reporting module to run the following reports: 

• Accounting Reports> General Ledger Reports> GL Profit and Loss Reports> Profit and Loss Report
• Accounting Reports> General Ledger Reports> Balance Sheet Report
• Accounting Reports> General Ledger Reports> GL Trial Balance

If this is your first time closing the month and you have multiple profit centers you will also want to run the Trial Balance report and filter it by each profit center.  Once you’ve printed each profit center's trial balance you will need to add the totals for each profit center up and make sure that they match the totals for the Company as a whole.

If this is your first time closing the month and you are fully departmentalized you will need to run a Profit and Loss report for each department.  Once you’ve printed each departmental report you will need to add the totals up on each departmental statement and make sure it totals out to your company wide Profit and Loss Report.  If you have multiple profit centers you will also need to do this by profit center as well.

It is also recommended that you review the following reports and make sure their balances are correct and equal the amounts on your balance sheet. 

• Accounting Reports> Accounts Receivable Reports> Accounts Receivable Transactions by Customer Report
• Accounting Reports>Accounts Payable Reports> Accounts Payable Transactions by GL Account Report
• Accounting Reports>Warranty Receivables Reports> Warranty Receivable Transactions Report

10. If your system is set up so that Accounting transactions do NOT update master inventory, we also recommend that you print Unit Inventory Reports from the Accounting reports menu. You will then need to compare both reports and make sure they match.

• Accounting Reports> Unit Inventory Reports> Unit Inv/FP Totals
• Unit Inventory Reports> Unit Inventory Accounting Manager (filtered by unsold units)

11. Run the Parts Reports> Master Inventory Reports> Parts Master Inventory Value report in accounting and that you verify your parts inventory balance closely matches your accounting balance.  Your variance should not be too far off.