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Year End Processes in EBMS

Everything you need to know to prepare for the fiscal new year in EBMS

Year End Processes in EBMS

We know it is a busy time of year, so we’re here to demystify the year end process and give you the tools you need for a strong close to 2023.

Throughout this blog, we’ll be linking to more in-depth knowledge base articles on each step.

  1. Opening the New Year
  2. Verifying GL Balances
  3. Correcting and Adjusting Inventory Balances
  4. Closing the Payroll Year
  5. Updating Taxes for the New Year
  6. Resources

Opening the New Year

First, let's talk about opening the new year in EBMS.

To do this, go to Financials > Fiscal Year Controls. Make sure that all months are closed for the previous year, and then select the new year. Follow the steps in the wizard, and when you're prompted to copy profit centers, select yes.

Remember: You can only have 2 years open at a time, so make sure you’re finished making any adjustments to the previous year before opening the new year. You will not have access to 2022 once you have opened 2024.

>> Knowledge Base: Opening a New Year

Verifying GL Balances

Once the new year is open, it's important to verify that your general ledger balances match your subsidiary ledgers, like accounts receivable, accounts payable, and inventory. This can help you catch any discrepancies before your accountant files your taxes.

Here are a few things to look for when there are discrepancies:

  • Make sure all account classifications are correct.
  • And check if there are any journal entries made to the general ledger that are not also attached to customers, vendors, or inventory.

One more thing you’ll want to do when verifying your general ledger balances is to make sure that your customer and vendor down payment accounts match the payments on open sales orders and purchase orders.

>> Knowledge Base: Verify General Ledger Balances

Correcting and Adjusting Inventory Balances

Another important task at the end of the year is to correct and adjust your inventory balances. EBMS has a batch adjustment function that makes this process easier.

To prepare for a batch adjustment:

  1. First you should enter all sales orders and purchase orders.
  2. Once that is completed, process all sales orders and purchase orders that have been received or shipped.
  3. And then stop operations.
  4. Once operations are stopped, prepare for inventory count.
  5. Then create batches for each person scanning or entering inventory.
  6. Take inventory.
  7. And finally, resume operations.
  8. Once that is complete, review and process the batch adjustment with the appropriate date.

>> Knowledge Base: Adjusting Counts as a Batch

Closing the Payroll Year

The payroll year should also be closed at the end of each calendar year. This should not be done before all pay dates are completed for the calendar year. Any pay periods with pay dates for the previous year should be completed and closed.

To close the payroll year:

  1. Go to Labor > Close Payroll Year.
  2. Follow the prompts in the wizard. This will give you the option to print your reports, but you will still have access to those reports at anytime afterward as well.
  3. Finally Click Finish, and you’re all set to process payroll for the new year

>> Knowledge Base: Closing Payroll Year

Updating Taxes for the New Year

Koble will send updates notifying your EBMS administrator when the tax file for the new year is ready to download from our year end support page. This file contains updates to tax reports and the federal and state tax tables. Remember that updating your state company unemployment rate will need to be updated by you since each company has a different rate.

To install the tax file, first you’ll download from our year end support page.

  1. Once downloaded, Go to Labor > Utilities > Tax/Deduction Rate Update.
  2. The utility should tell you that payroll tax tables have been found for the new year.
  3. Continue through the process and install the new tables and updated rates.

>> Knowledge Base: Automatic Payroll Tax Update


If you need more help with year-end tasks in EBMS, be sure to visit our Year End Support Page. We have checklists, videos, file updates, EBMS version requirements, and more. Or, you can always reach out to our support team.

We hope this guide has been helpful! We wish you a smooth year close, and a wonderful Christmas season.

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