End of year processing
Learn more about why processing end of year (EOY) is important for your practice and how to efficiently complete this task.
Before you start
- Security access to End of Year Closing, End of Year Reports dialogs, and access to daily, monthly, and yearly reports necessary to perform the functions of the user’s role.
- End of Period (EOP) defaults set.
- Review the End of Year Checklist.
End of year functions
Maintaining a consistent pattern of closing periods is recommended for best period-based reporting and comparative results.
When closing end of year, the following important functions are completed:
- Yearly records and reports are totaled and processed.
- Values are defined and reset in the following reports:
- End of month YTD reporting subgroup.
- YTD totals on Inventory Item Profit Analysis report.
- Sales this year and Sales last year in Client Patient Report Builder.
- Data is purged following your practice’s default settings.
Running end of year
- Complete recommended EOY maintenance activities:
- Finalize accounting: Review and post pending charges and payments, client write-offs and adjustments.
- Finalize inventory and print reports: Post vendor receipts, perform a physical count, and adjust quantity on hand.
- Complete EOD and EOM activities and processing.
- Activities > End of Period > End of Year
- Process end of year:
- You may see an optional reminder message to perform a monthly backup.
- Use the notes field to document any additional information about the year’s closing.
- Click OK.
- Follow any prompts until processing is completed.
- Follow your practice’s yearly backup procedure.
- Run yearly reports as needed by selecting the closed EOY period.
- EOY is cannot be set to run unattended.
- Processing end of year consistently at the same time for each period is key for comparative reporting. For example, after the last business day of the year, before the first business day of the next year, or on December 30th. EOY processing time is impacted if EOD and EOM not run consistently.
- Run EOY immediately following EOM processing. If transactions occur after EOM, you will be prompted to run another EOD and EOM before you can process EOY.
- Once EOY processing starts, your team can continue working in Cornerstone with the following exceptions:
- Posting invoices or payments.
- Processing other payment transactions, such as account adjustments, transfers, write-offs, or returned checks.
- To view notes from the yearly closing, navigate to Reports > End of Period > End of Year > select the closing period > Details.
- For workstations with Auto-Lock/Logoff settings, the idle timer will not begin until after end-of-period processing is complete.
- Backups provide security against the unlikely chance that files are lost or destroyed. These files should be either kept in a fireproof safe or offsite.
- Processing EOY creates PDFs of the Inventory Cost and Cost Totals reports in your Cstone/Share/EOY Cost folder.
- If you are on version 9.3 or higher, inventory cost information can also be obtained from the daily/monthly Inventory on Hand reports.
- Inventory Cost Report