Checklist - Year End Preparation

List of reports to be provided to the accountant in order to complete the fiscal year end:

• Trial Balance

|

• Balance Sheet

|

• Income Statement

---|---|---

• Accounts Payable Report

|

• Accounts Receivable Report

|

• Report of Income Forecasts

• Deals Report (Balances Receivable)

|

• Process to Complete Year-End in eZmax

|

Trial Balance

• General Ledger >> GL Report.

• Select Summary (T.B).

• Select By GL Account or By GL Sub-Account.

• From Period : First month of fiscal year.

• To Period : Last month of fiscal year.

• Move all GL accounts to right side.

• SUBMIT.

NOTE: Format can be changed to "Paper" (to screen), "Excel" or "Text".

Balance Sheet

• General Ledger >> Financial Statement (New).

• Select Balance Sheet.

• Until Period : Select last month of fiscal year.

• Option: Select Financial Statement Only or With Details (recommended).

• Option: Uncheck Include Lines with Zero to remove lines with zero balances.

• SUBMIT.

NOTE: Sending Method can be changed to "Print" (on screen) or "Excel".

Income Statement

• General Ledger >> Financial Statement (New).

• Select Operating Results.

• From Period : First month of fiscal year.

• To Period : Last month of fiscal year.

• Compare to : Select "Previous Year".

• Option: Select Financial Statement Only or With Details (recommended).

• Option: Uncheck Include Lines with Zero to remove lines with zero balances.

• SUBMIT.

NOTE: Sending Method can be changed to "Print" (on screen) or "Excel".

****Accounts Payable Report

• Accounts Payable >> Accounts Payable Report.

• Option: Select Summary (recommended) or Detail.

• Until Period : Select last month of fiscal year.

• Invoice Type : Select "All".

• Move all suppliers to right side.

• SUBMIT.

NOTE: Display method can be changed to "On Screen" or "Print".

The Total Payable should reconcile to the applicable GL account from the trial balance.

Accounts Receivable Report

• Accounts Receivable >> Accounts Receivable Report.

• Option: Select Summary (recommended) or Detail.

• Until Period : Select last month of fiscal year.

• Invoice Type : Select "All".

• Move all suppliers to right side.

• SUBMIT.

NOTE: Display method can be changed to "On Screen" or "Print".

The Total Receivable should reconcile to the applicable GL account from the trial balance.

Report of Income Forecasts

• Real Estate >> Administrative Reports >> Report of Income Forecast.

• From Date and To Date : Select today’s date, until the desired date to see the upcoming income.

• Format : Select "By File".

• Display : Select "Global".

• Move all agents to right side.

• Confirm Deduction Categories are on right side.

• Option: Move Deductions on Cheque to right side (not recommended).

• SUBMIT.

The total of gross commission represents the total amount outstanding and due to the brokerage.

Warning

This report is a “live report”. It needs to be generated on the last day of the fiscal year or before any new transactions are completed in the new fiscal year. The report cannot be backdated.

Deals Report (Balance Receivable)

• Real Estate >> Administrative Reports >> Deals Report (Balances Receivable).

• From Date and To Date : Select the same date, i.e. the last date of the fiscal year. (Ex.: 2021-12-31)

• Type : Select "Global".

• Move all agents to right side.

• SUBMIT >> Open Excel file.

The Deals Report (Balance Receivable) will show pending deal details. Details will include commission payable information per side and what is outstanding from outside brokerages. Report may also be referred to as Pending Transaction Report.

Warning

This report is a “live report”. It needs to be generated on the last day of the fiscal year or before any new transactions are completed in the new fiscal year. The report can not be back dated.

eZmax Process to Close Fiscal Year End

• All reports and trial balance have to be sent to accountant.

• No entries should be made in your fiscal year until accountant returns with journal entries.

If Accountant has indicated year end adjustments must appear in the fiscal year

Accountant will provide year-end adjustments.

• Adjustments will be entered into eZmax.

• General Ledger >> List of Journal Entries >> Actions >> New Journal Entry.

• Enter Journal Entry #. (Ex.: YearEndAdjYYMM)

• Enter Journal Entry Date.

• Confirm Accounting Period is the last month of the fiscal year.

• Enter GL Code >> Enter Debit or Credit amount >> Plus Button.

• Repeat for all journal entries.

• SUBMIT.

• General Ledger >> Year End Management.

Warning

Do not proceed until all year end activities are completed.

• Select the Year to Close.

• SUBMIT.

NOTE: Recommend running a trial balance after all adjustments are entered and provide to accountant.

If Accountant has indicated year end adjustments must appear after the fiscal year (“In the +”)

• Accountant will provide year-end adjustments.

• On the home page, click on the date to the right of the message "Year Not Closed but Exceeded".

Warning

Do not proceed until year end activities are completed and year end adjustments are provided by the accountant.

• Select the Year to Close.

• SUBMIT.

• Adjustments will be entered into eZmax

• General Ledger >> List of Journal Entries >> Actions >> New Journal Entry.

• Enter Journal Entry #. (Ex.: YearEndAdjYYMM)

• Enter Journal Entry Date.

• Confirm Accounting Period is the last month of the fiscal year.

• Enter GL Code >> Enter Debit or Credit amount >> Plus Button.

• Confirm Accounting Period is the last month of the fiscal year with a "+". (Ex.: 2018-12+ for 2018 fiscal year).

• Enter GL Code > Enter Debit or Credit amount >> Plus Button.

• Repeat for all journal entries.

• SUBMIT.

NOTE: Recommend running a trial balance after all adjustments are entered and provide to accountant.