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Get Ready for Your 2024 Year-End Closing in Acumatica

December 11, 2024 by Hector

Home » Acumatica » Get Ready for Your 2024 Year-End Closing in Acumatica

Newsflash: You do not have to hate your year-end closing process. Instead, this year, you can pat yourself on the back, relax at the holiday party, and enjoy the satisfaction of a job well in hand. Start now with this handy end-of-year (EOY) closing resource from SWK. 

This guide contains the information you need to improve your 2024 year-end closing in Acumatica — and get through it quickly. 

Ready to begin? This year’s resources include:

  • A detailed video walkthrough on standard year-end closing tasks across common modules
  • An in-depth written guide to period- and year-end close processes
  • Important EOY updates from the Acumatica Community

We are here to help with your year-end tasks. For one-on-one assistance, please get in touch with our support team at acumaticasupport@swktech.com.

Watch the Video: Year-End Closing in Acumatica Demo

Even if you have completed the year-end close in Acumatica multiple times, it can be hard to remember all the steps. After all, you only do this once a year. 

Set yourself up for success. Schedule one hour this week to watch SWK’s on-demand webinar on year-end closing tasks, which will refresh your memory or help you learn the process for the first time.  

This video includes a comprehensive breakdown of the critical year-end processes you must follow, in order, so you can close out your 2024 financials with confidence. You will learn handy, time-saving tips, and you will get a complete walkthrough on how to close your Acumatica General Ledger and sub-ledgers across modules, including:

  • Accounts Payable
  • Accounts Receivable
  • Bank Feeds
  • Inventory Management
  • Fixed Assets

Click the video below to start watching. 

Read the Guide: Learn How to Close Each Period Efficiently

Did you know you can configure Acumatica Cloud ERP to match your settings and fields to your internal company processes and policies? When you take the time to define your company’s specific period-end close processes for every End of Month, End of Quarter, End of Year, or other financial period end, you gain the power to seamlessly create and close out ledgers at the push of a button. 

This guide helps you use your configured setup to significantly speed up your period- and year-end closing in Acumatica and ensure you do not miss a step. 

Access the Guide

Important End-of-Year Updates from the Acumatica Community

1099 Reporting 

For up-to-date information, known issues, and how-to questions related to 1099 reporting for the 2024 tax year, refer to the following articles:

  • How to correct a 1099 box in a released or paid AP bill
  • How to report 1099 Tax Box 4 (Federal Tax Withheld)
  • Troubleshooting: The Amount to Report value is zero on 1099 Year Details (AP654500) report
  • Known issue: Prepayment entered for a 1099 vendor does not appear in 1099 forms until it is applied to a bill
  • Known issue: For the 2024 tax year, the state of Rhode Island has not been added to the CF/SF program for the Form 1099-MISC filled electronically, and the codes of the District of Columbia and Pennsylvania states have not been changed
  • 1099-MISC and 1099-NEC updates for Tax Year 2024

Payroll checklist

For up-to-date information and known issues related to Payroll reporting, refer to the following articles:

  • How to ensure smooth end-of-year process in payroll 
  • End-of-year processes in Canadian payroll: Best practices 
  • Known issue: Multiple T4 Reporting issues
  • Canadian Payroll: T4 and RL-1 updates for tax year 2024

View Acumatica End-of-Year Resources from Prior Years

Every year, SWK compiles a list of EOY resources to help Acumatica users like you streamline your financial close. If you would prefer insight into a previous version of Acumatica, we can help. 

Refer to the following articles to find the information you need: 

  • Acumatica Year-End Resources for 2021
  • Acumatica Year-End Resources for 2022
  • Acumatica Year-End Resources for 2023

Get Additional Acumatica Year-End Resources & Support from SWK

SWK Technologies is an award-winning Acumatica partner and value-added reseller (VAR) with multiple support and development experts who are happy to help you build the cloud technology stack that returns the best value for you. We encourage you to contact us for more resources, education, and guidance to help make your year-end closing in Acumatica successful.  

Contact SWK today to learn more about our Acumatica support resources and discover how we can enhance the value of your Acumatica implementation. 

Contact Us for Acumatica Support

Category: Acumatica, Blog, Tips and Tricks, Year-end

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