Month-End & Year-End

Monthly or weekly procedures will depend on your business model. The following tasks are typically performed on a periodic basis:

1. Charge service charges on past-due customer invoices
2. Print or email customer statements
3. Post recurring transactions
4. Advance the ledger close date after review is complete

Year-end procedures close the fiscal year by transferring income statement balances to Retained Earnings.

Service Charges

While not mandatory, service charges can be applied to past-due customer invoices as dictated by your company policy.

1. Ensure each customer who should receive service charges has a rate entered on their Customer Master (Control tab → Service Charge). This rate is inherited from the Customer Type when the customer is created but can be overridden per customer.
2. Open Service Charges (Sales → Service Charges).
3. Set the date range and click Calculate to preview the charges.
4. Review the results, then click Post to create the service charge transactions.

For a detailed explanation of how service charges are calculated (daily balance method, grace periods, posting), see Chapter 23 — Accounts Receivable.

Customer Statements

Customer statements can be printed or emailed as required. In most cases statements are sent out monthly.

1. Ensure the Require Statements? flag is turned on in the Customer Master (Control tab) for all customers who will receive statements. To email instead of print, also check Email Statements?.
2. Open Print Statements (Sales → Print Statements).
3. Select the statement period, customer type or group, and delivery mode (All, Print, Email, or Preview).
4. Optionally check Generate Mailing Labels? for printed statements.
5. Click OK to generate.

For a detailed explanation of statement delivery modes, store/customer filtering, and email staging, see Chapter 23 — Accounts Receivable.

For on-screen account inquiry, use the Detailed Statement (Sales → Detailed Statement).

Recurring Transactions

Recurring transactions can be posted on a variety of schedules: daily, weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually, annually, or a custom repeating interval.

Defining a Recurring Transaction

1. Create the transaction you want to recur (e.g., a customer invoice, a general ledger journal entry, a vendor invoice).
2. From the transaction screen, click File → Recurring.
3. Define the recurring parameters (frequency, start date, end date) in the Recurring Transaction screen.

Recurring Invoice to Multiple Customers

Companies providing services (cable, internet, etc.) can bill multiple customers from one recurring transaction:

1. Create a Customer Group containing all customers to be billed (Setup → System → Groups).
2. Create the customer invoice to recur.
3. In the Recurring screen, toggle on Group and select the customer group.
4. Ensure each customer is a member of the group (Customer Master → Groups tab).

Posting Recurring Transactions

1. Go to Setup → System → Recurring Txs to view the Recurring Transaction List.
2. Select the recurring transaction(s) to post.
3. Post as needed.

Closing the Ledger

After your accounting staff have completed their monthly review and all adjustments have been posted, advance the Close Date in the Store Master to prevent any further postings to the closed period.

1. Open the Store Master (Setup → System → Stores).
2. Set the Close Date to the last day of the period that has been reviewed (e.g., the last day of the month just closed).
3. Save the store record.

Once the close date is set, Quasar will not allow transactions to be posted on or before that date. This protects the integrity of your reviewed financials while still allowing normal operations going forward.

Preliminary Year-End

The preliminary year-end process clears the operating accounts that appear on your Income Statement and creates a journal entry transferring your income statement balances to your Retained Earnings account.

After completing the preliminary year-end, you have time to make final adjusting entries (with your accountant) before performing the final close.

1. Consult with your accountant to confirm your exact fiscal year-end date.
2. Open Preliminary Year End.
3. Enter the start date of your new fiscal year.
4. Click OK.

Final Year-End Close

After the preliminary year-end is complete and your accountant has made all adjusting entries for the previous year, you can perform the final year-end close.

Month-End / Year-End Checklist