Year End Procedure for Fiscal Year April 1 – March 31

There are specific tasks that need to be completed at the end of the fiscal year. Your fiscal year may or may not match your calendar year. Only complete these tasks at the end of your fiscal year.

Step 1: Post Everything

All tickets, receivers, inventory adjustments, cash receipts, customer adjustments, and transfers must be posted. Run an edit list in each of areas, make sure they are empty. If they are not empty, then you will need to post those sections.
  1. POINT OF SALE → TICKETS → EDIT LIST
  2. INVENTORY → ADJUSTMENTS → EDIT LIST
  3. PURCHASING → RECEIVING → EDIT LIST
  4. PURCHASING → REQUESTS → EDIT LIST
  5. PURCHASING → ADJUSTMENTS → EDIT LIST
  6. PURCHASING → QUICK RCVGS → EDIT LIST
  7. PURCHASING → RTVS → EDIT LIST
  8. PURCHASING → RECEIVING → EDIT LIST
  9. INVENTORY → QUICK TRANS → EDIT LIST
  10. INVENTORY → TRANSFERS → TRANSFER IN → EDIT LIST
  11. INVENTORY → TRANSFERS → TRANSFER OUT → EDIT LIST
  12. CUSTOMER → CASH RCPTS → EDIT LIST
  13. CUSTOMER → ADJUSTMENTS → EDIT LIST

Step 2: Print Essential Reports

Print the last page of the Inventory Valuation Report

We also recommend running a valuation report to get the value of your inventory after completing your year-end process… Your accountant will thank you! IMPORTANT! The Valuation Report lets you see either a detailed or summarized report of the average cost, last cost, and retail value of current on hand inventory. Use this report when you need to declare the value of inventory for tax purposes. Once you have started the New Year, you cannot go back and run this report. It must be run after all posting and before any new posting.
  1. Select INVENTORY → REPORTS → VALUATION
  2. For REPORT choose

    Detail Shows location specific totals

    Summary Shows Totals only

    On the Inventory Price tab

    Make sure that the values here are “Qty on hand not equal to 0”. This filter will display all of your positive and negative quantity items and ignore all items that have a quantity value of “0”.

Click on PREVIEW, navigate to the last page, and PRINT only the last page

Print the Customer Aging Report

If you have the Receivables option that you use for your A/R Customers, then you will also need to print the Customer Aging. The Aging report tells you which customers have a balance. We recommend you run this initially at the beginning of the last fiscal month, so you can determine if any of the balances need to be written off.
The Aging Report is part of the Receivable Option and lets you see either a detailed or summarized report of A/R customer balance information for each A/R customer. This report ages your customer account balances based on the document date or due date, and displays if they have any balances are 30, 60, 90 days overdue.
  1. Select CUSTOMER → REPORTS → AGING REPORT
  2. You can choose which type of Aging report by clicking on the Report dropdown
On the Parameters tab Age as of Date: Select the appropriate dates to view

Step 3: Change the Calendars

The first day of business at your new fiscal year, Counterpoint must be updated to the current calendar.
The following steps should be performed AFTER posting the last day of the previous year and BEFORE posting on the first day of the fiscal new year.

Quick Tip: When creating a new calendar, use caution for accuracy, as calendars CANNOT be edited or deleted!

  1. Be sure all transaction posting (see list in Step 1) is complete for the year that is ending
  2. To change to the next year, select SETUP → SYSTEM → COMPANY
  3. Select the new year by using the lookup in the Current calendar field
  1. If the new year is not created, select Add (F2)
  2. Type the new year (i.g. 2023) press TAB
  3. Type the Begin date of the new year (i.g. 04/01/2022) press TAB
  4. Type the End date of the new year (i.g. 03/31/2023) press TAB
  5. Type the year of the Last year calendar, press TAB
  6. Type the year of the Next year calendar, press TAB
  1. Click the button for SET DEFAULT DATES
  1. Enter the date of the first Saturday of the new calendar year, this will populate the Seasons, Months and Weeks
  1. Click SAVE

Recent Posts

Google has announced that it is ending support of “Less Secure Apps” or the ability to access/use Google Accounts using only the main account username and password. On May 30, 2022, this feature will be discontinued.
You may want to send an email out to your customers and want to get a list of the emails that you have in Counterpoint.
Tap to pay is becoming a bigger and bigger part of the retail payment world. Cards with contactless/tap capabilities and mobile payment options like Apple Pay and Google Pay are in the hands of more customers than ever. Is your business using contactless payments to its full advantage?
i3 Point of Sale Support has had requests from multiple clients about changing the size of the “Insert, Swipe, or Tap” message on the new Lane/5000 credit card terminals, because the text is smaller than it was on the iSC250s. There is now a way to update the size of the message.

i3 Verticals, LLC is a registered ISO of Wells Fargo Bank, N.A., Concord, CA | i3 Verticals, LLC is a registered ISO of RBS Worldpay | i3 Verticals, LLC is a registered ISO of Deutsche Bank, USA, New York, NY i3 Verticals, LLC is a registered ISO/MSP of Merrick Bank, South Jordan, UT | i3 Verticals, LLC is a registered ISO of Harris NA, Chicago, IL | i3 Verticals, LLC is a registered ISO of Fifth Third Bank, Cincinnati, OH Copyright i3 Verticals, LLC © 2019. All Rights Reserved.