There are two "clear" programs that you may need to use at the end of the calendar year (i.e. December 31st). Please click on the appropriate button shown on the left to display and print the step-by-step instructions for each program. A general summary of each clear is provided below:
The Calendar Clear must be performed by every client after all information (i.e. vendor invoices and payments, real estate closings and agent checks, etc.) for the current tax year (2010) has been completed and updated. The calendar clear initializes (zeroes out) the YTD and 1099 amounts found in the following master data files.
Vendor, option 1119
General Schedules, option 1121
Construction Investment, option 1127
Sales Associates, option 2111
Co-Broker, option 3123
Referral Company, option 3125
Please note that the calendar year end clear does not initialize the W2 payroll figures found in the Payroll master data file, option 1123. These amounts are initialized the first time payroll is calculated for the new tax year using option 1223.
If you are ready to clear your calendar year, click on the Calendar Clear button shown to the left for step by step instructions. No accounting entries for the new calendar year (2011) can be done until the calendar year has been cleared.
The purpose of the Fiscal Clear is to close out all general ledger income and expense accounts into the Prior Year Unaudited Profit account. This basically initializes your income and expense accounts for the new fiscal year. The Fiscal Clear may or may not be needed at the end of the calendar year depending on your current fiscal accounting year. Your fiscal year is your company's yearly accounting cycle upon which the corporate taxes are computed. For detailed information on clearing your fiscal year, click on the button Fiscal Clear.