Fiscal Year and Calendar Year are the same
IMPORTANT:
If the current fiscal year aligns with the calendar year 2025 and transactions need to start in 2026, a new fiscal year must be established. In this case, 2026 becomes the current fiscal year, while 2025 is designated as the previous fiscal year.
Starting a new fiscal year in BIS is a straightforward process divided into simple steps.
1. Backup
Create a new backup file for each company.
It's recommended to create at least two copies, label one as the 'Annual Backup' (which should not be overwritten), and store one copy off-site if possible.
Backup screen form.
Notes: It is recommended to include a date reference (e.g., YYYYMMDD format) and the user's initials in the backup file name. Please make sure to keep all your backup files in a secure location. A password can also be assigned to a backup, but it is essential to memorize it and to save it in a safe place. You won't be able to retrieve the content of a backup file if you lose its password.
2. Print the Trial Balance Report
Sample Trial Balance Summary Report.
3. Install the latest BIS Update
The year-end BIS update includes the latest Federal and State tax tables, along with numerous enhancements and necessary fixes. It
is available for downloading to all BIS customers with current Software
Update Subscriptions or current BIS Cloud Subscriptions. Users
will receive an email with a download link, along with their assigned
login credentials and password. Contact customer service if you haven't received the email.
Once the latest BIS update is downloaded, follow the given instructions to install it. After installation is complete, each company must be accessed individually to ensure the database is updated correctly.
Finally, create a new backup for each company after finishing the update process.
4. Suggested reports to print and save before starting the new fiscal year.
This is a suggested list of reports to print and save before starting the new fiscal year; however, it is recommended to consult with your accountant about which reports are necessary.
- A. Accounts Receivable (AR):
- Customer Aging Report
- Job Aging Report
- B. Accounts Payable (AP):
- Vendor Aging
- Job Aging
- C. Payroll (PR):
- Employee Ledger
- Federal/State Unemployment Tax Liability
- Gross Wages
- Taxable Wages (Totals for W-2s)
- Payroll Summary
- D. Tax Information:
- 941 Federal Quarterly Form
- 940 FUTA Report
- W-2s (Forms or Electronic Filing)
- W-3 Transmittal Form
- 1099s
- California Only: DE9C Report
- Quarterly State Unemployment
- E. Financial Statements and Reports:
- Trial Balance
- Monthly/Quarterly/Annual Financial Statements
- Cash Flow Statement
- General Ledger
5. Start a new fiscal year
Start New Fiscal Year screen form.
Steps to follow:
- Confirm the beginning and ending dates.
- Choose whether or not to "Remove Closed PO's and PO's with Zero Qty. Balance."
- Note: If this check box is selected, all closed purchase orders with zero quantity balance will be permanently deleted.
- Confirm the "Balance Sheet ANNUAL CLOSING Number."
- Note: This GL account cannot be left blank. Please consult your accountant for the correct GL account.
- Click the Start button when ready.
6. Print Trial Balance Report (New Current Period)
7. Compare Trial Balance Reports
Compare the ending balances of the Trial Balance of the prior fiscal year report with the opening balance of the new fiscal year report. Payroll YTD Totals and the Income Statement accounts are reset to zero.
Important: If any discrepancies are found between the closing Trial Balance and the opening Trial Balance, contact MICS Technical Support at support@bissoftware.com
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