Thanksgiving is the door that opens and paves the way to…Christmas?? Ha! We should be so lucky! For us, it’s the segue to the dreaded YEAR‐END! Uggghhh – accounting departments the world over really HATE this time of year and get REAL GRINCH‐Y. But your SSI Oil and Gas Accounting Software can help make the wear and tear of YEAR‐END EZier on you and grow that GRINCH‐Y heart by 3 sizes!
First…Let’s talk 1099s.
SSI is better than a bubble‐bath to take you away and calm those 1099 processing fears. SSI provides a complete, step‐by‐step checklist of what to review, how to print 1099s, and how to create the files needed to submit for the FED and all applicable states. SSI conforms to the Fed and State 1099 substitute form requirements, which for you equates to nothing more than a blank 8 ½ x 11 piece of stock paper. No pre‐printed forms to deal with. No trying to hit boxes in just the right spot. Just a blank piece of paper and SSI does the rest. EZ!
Next…General Ledger year‐end closing.
Don’t sweat it. It’s a snap. SSI recommends that period 12 and year‐end be closed in tandem. When you’re ready, close period 12 as normal, then roll right into closing the year. Good instructions for Year‐End closing processes are WHERE? You guessed it, with SSI’s handy‐dandy checklists.
Where are the Checklists?
To refresh your memory – SSI provides a complete and detailed checklist for everything! Checklists can be retrieved by clicking Checklists ‐ bottom right of the main SSI screen. Or click the Help tab from the ribbon at the top of the main SSI screen, and from the drop‐down select Checklists. Either way gets to the same place, and provides what you need for 1099 processing, General Ledger closing, Year‐End processing, Revenue and Accounts Payables check‐writing, and everything else needed to help make YOUR job EZier.
Finally…let’s talk about a cool program that you might have missed or forgotten. SSI’s standard library for General Ledger includes a GL12Y – 12 Year Income Statement. Say WHAT? Yep…it’s a 12 YEAR comparison review report for Income and Expense, and a great tool for management to see trends and profit over the last 12 years. This report provides a maximum of the last 12 YEARS of income and expense balances, and it’s so easy to run!
There’s an option to see prior year balances at YEAR‐END or prior year balances as of the last period closed for current year. What does that mean? If the most recent month closed is June 2024 (for ease let’s be calendar and say that’s period 06), do you want to see the last 12 prior year balances as of June pp 06? Or do you want to see prior year balances as of period 12 (December)? Have it your way.
From there, the presentation options for GL12Y are basically the same as the other SSI Income and Expense reporting options.
Again, this is such a GREAT tool for management to review and make decisions and projections for the future. The only sad part is for those who have not YET been on SSI Oil and Gas Accounting Software for 12 years!
All of us at SSI are very thankful for you ‐ our clients and users. We hope that your year‐end goes smoothly and allows you to spend more time with family and friends, more time shopping on Amazon for Christmas, and less time sweating your accounting department’s year‐end.
You know how to contact us. If you need us, we’ll be here!
Gobble‐gobble!
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