How do I run my year end on KEYPrime Intro?

Watch our short video for hints and tips on running the year end. 

KEYPrime Intro YEAR END Check List

1. Backup

2. Verify > Utilities – to correct and identify any errors

3. Recalculate Opening Balances > Utilities

4. Verify again 

5. Check Bank Accounts > Bank

5.1. All bank accounts reconciled up to year end

Select each bank account and look at last statement date (make sure it is

complete and at least the last day of the financial year or into the new

year -not postponed)

5.2. Unpresented cheques (Select Bank Reconciliation)

Use drop down to select last statement in previous financial year and

load. Check for no unpresented cheques (White lines). If there are some

go back to reconciliation screen, select the same statement and press

Unpresented button at bottom of screen, make sure each line has

statement number on RHS

5.3. If you have Petty Cash does it agree to the tin?

Bank - select petty cash bank account – reports - transactions - check

figure at year end date – does it agree to tin?

6. Creditor Control > Supplier

6.1. Age of Credit Report (Run report to Year End Date)

6.2. Looking at 60 & 90 day and on account – do they agree with supplier

statements?

6.3. Do you employ anyone? PAYE – is it on the creditor list, if not edit the first

Bank payment of the new financial year and change the invoice date to

the year you are closing – this will create them as a creditor at the year

end

6.4. Are there any Bank Payment duplicates – does this answer the above?

7. Debtor Control  > Customer

7.1. Age of Debt Report – checks as per creditors

7.2. Bank Receipt duplicates?

7.3. On account figures – are these accurate?

8. Liabilities and loans > Nominal

8.1. Nominal Transaction Report

Select Groups on RHS. Highlight liabilities then select Nominals on RHS. Select

All (at top LHS) then double click Transactions Report (RHS). If no transactions

check Summary Report opening and closing balances

8.1.1. Check closing balances – do HP balances divide by the payments

made to round figure? If not has interest been allocated correctly

8.1.2. Do loans agree to statements?

9. VAT > VAT

9.1 Closing A/C

Are all transactions in correct year? Cash based VAT users may have sales

invoices on this list from a while ago as they have not been paid. Invoice

based may have a few invoices that came in after the last VAT return was

completed – both can be fine

9.2 Check CUSTOM Ledger

9.2.1. In Customer search for CUSTOMS then run Ledger report

9.2.2. Does each VAT return have the appropriate receipt / payment?

10. Recurring Entries

10.1. All processed to year end?

10.2.Any finished? Delete or edit to new year - don’t forget to alter the invoice

date as well

11. Nominal Analysis check

11.1. In Nominal run the transactions report and show VAT detail

11.2. Have transactions been posted to correct Nominals, Enterprises and

Analysis codes (if used)

11.3. Look for capital items – entered correctly?

11.4. Are there the correct number of invoices in the year e.g. 12 rents

11.5. Check private has no VAT on

12. Verify > Utilities – to correct and identify any errors

13. Recalculate Opening Balances > Utilities

14. Verify again

15. Send to your Accountant

15.1. If your accountant has KEYPrime then take a back up and send it to them

via their portal, email or a website for file transfers or sharing

15.2. If they do not have KEYPrime then run the reports below, save them as

.PDF type files within a new folder on your computer and email them the

folder

16. Backup and Run Year End > Utilities

You can also download this checklist below.