Year-End Closing Preparation: Create a History Company
It’s getting closer to year-end closings and Cougar Mountain Software wants to offer some tips to make closing a little bit easier.
A great idea for any business is to create a history company prior to closing out the year. As you know once the year is closed, it cannot be reopened. This can become an issue if an original document is needed for tax purposes or for an employee. A history company will solve this problem by giving access to the past years information after closing.
What is a history company?
A history company is a mirror image of your company or organization. It is different from a backup, which you should also be doing on a very regular basis, but a history company retains all of your data, system settings, and user information on you PC. The information is stored under a separate Company code, and can be accessed like any other company.
Why would anyone need a history company?
• Allows immediate access to all reports, including all year end financial reports
• Allows easy reprinting of any tax documents, like W-2’s.
• Great for training or trying out a new process.
How do you create a history company?
Easy – on December 31st, or whatever your period ending date is, use the Copy Company Utility that comes with the software to create it. If you have any issues with this, contact customer support and they will guide you through.
It is a great idea to start preparing for the year-end. That way it will go a lot faster and you will have plenty of time to solve any problems before tax season begins.
December 8th, 2009 at 11:01 am
[...] beginning any procedure to close the period files, it is recommended that the user create a Year End history company. After this has been completed, it is recommended that the user backup all the data files and [...]