Hi Dani,
I’ve always done mine on the 1st (rates & AR). I do AR first thing (usually around 6am) so that its finished before anyone logs in & we don’t run in to trouble with anyone inadvertently raising invoices from registers.
I run rates after COB on the 1st. If you did this you would need to ensure that you keep a strict control on transactions being posted on the 1st. The only transactions that we post are the 30ths agency receipts & my team know not to post anything else. With customer service receipts for the 1st they process as usual but don’t complete their end of day update (I do this one I’ve finished the rollover).
I spend most of the 1st doing the reconciliations & reporting & run end of year roll just after 5pm & am usually all done by 6pm.
The risk is that someone posts something inadvertently & then you’ve spent the whole day reconciling & doing reports that aren’t correct for the rollover but if you can lock that down no issue. I’ve been lucky & haven’t had any issues in the past.
Good luck with EOY 🙂
Simone
