Year End Procedures

This help topic is applicable to the following TireMaster applications:

TireMaster Point of Sale	TireMaster Plus	TireMaster Corporate

There are two reasons why businesses close a fiscal year. It shows the increase or decrease in the owner’s equity, and it provides a fresh start for accumulating information for a new fiscal year. Closing the year includes closing fiscal period 12 and making adjusting entries recommended by your accountant. Once you perform those tasks, you can formally close the year in TireMaster, which results in the following:

Income and expense accounts are closed, and any profit or loss is posted to the owner’s retained earnings account.

No additional transactions (manual or system‑generated) can post to the year that was just closed.

Note: To close the year, you need to be assigned the Close Year permission.

To close a year

At the end of the year, close and lock period 12. For more information, see Close a Fiscal Period (TireMaster Plus and TireMaster Corporate) and Lock a Fiscal Period (TireMaster Plus and TireMaster Corporate).

Note: Closing and locking period 12 prevents the amounts from changing on the reports you’ll be giving to your accountant.

Generate the reports requested by your accountant.

Unlock period 12, and make any adjusting entries recommended by your accountant. When you’re done, lock period 12 again. For more information, see Fiscal Calendar.

Note: Period 12 needs to be unlocked when making adjusting entries. Otherwise, they’ll post to the current period.

Have your accountant review the adjusting entries.

Back up your data to removable media. For more information, see Year End Backups.

Select Closing > Year End Procedures. A confirmation message appears.

Click Yes. The Report Window opens and displays the JE Edit Report.

Note: Once you click Yes, you can no longer unlock periods and post journal entries in the year that’s being closed.

Print the report and close the Report Window. A second confirmation message appears.

Click OK.