End of year

Its time to close out this year and prepare for 2008. Here are a few tips.

You will need to process all of your paperwork and clean up all unfinished business. Process all repossessions and skips if you haven't already done so.

Run your regular end of month reports as you would do each month.  The following are a few extra steps to do for the end of year.

Update your checking accounts with all processed checks. It will be easier to reconcile in January when the statement arrives. Pay all of the bills you can in this year's expenses. Don't carry them into 2008.You may need the write offs. You will need to open a new account in your checking to use in 2008. After you reconcile, post a transfer charge to the 2007 account to zero it out. Post a transfer (Income) for the same amount to the 2008  account. The 2008 account will be much easier to manage this way.

Run the available inventory report. (End of year) . Its much easier than trying  to figure out later what units were on the lot at Dec 31, 2007. Run the inventory purchased report from the Jan 1, 2007 to the Dec 31, 2007 to show all vehicles purchased.

Your accountant may also need to know your interest income from the customer payments received during the year.  Run the batch processing and the Interest Income report. Do not process any customer payments in 2008  until you run this report.

Run the inventory tax report for all 2007.  This will aid in your 2008 County VIT declarations.

Run all statutory reports and the Summary Totals report for the month and the year.

These are just a few critical additions for the close of the year. You will be a step ahead for tax time. Good luck and have a great holiday season.

From all of us at Radiant Concepts, Inc.

Happy Holidays

See you in 2008