{"id":92,"date":"2025-11-12T20:37:46","date_gmt":"2025-11-12T20:37:46","guid":{"rendered":"https:\/\/www.vsinghcpa.com\/blog\/?p=92"},"modified":"2026-04-14T18:03:20","modified_gmt":"2026-04-14T18:03:20","slug":"__tip-1-year-end","status":"publish","type":"post","link":"https:\/\/www.vsinghcpa.com\/blog\/__tip-1-year-end\/","title":{"rendered":"Tip #1: Year End &#8211; Know Your Accounting System"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\"><strong>GovCon Wednesdays<\/strong><br \/><strong>Estimated Read Time: 5 minutes<\/strong><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Year-end closing doesn\u2019t start with numbers it starts with your\u00a0accounting system.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">For government contractors, knowing how your ERP or accounting software handles closing steps is critical. Whether you use\u00a0Unanet, Deltek, QuickBooks, or another system, each one has its own year-end process to ensure your financial data is accurate, complete, and DCAA-ready.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A clean close begins with organization. When your system is set up and your team knows what to review, every other part of your year-end from reconciliations to audits becomes smoother and faster.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Why It Matters<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Your accounting system is the backbone of your compliance.<br \/>Before your accountant or tax professional can finalize your 2025 books, your system must:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Reflect\u00a0all posted transactions\u00a0(no open items or unapproved timesheets).<\/li>\r\n\r\n\r\n\r\n<li>Have\u00a0accurate indirect rate applications\u00a0and allocations.<\/li>\r\n\r\n\r\n\r\n<li>Produce\u00a0reliable reports\u00a0like the general ledger, trial balance, and contract revenue summary.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Skipping or rushing your system\u2019s year-end checklist can lead to unbalanced accounts, missed accruals, or incorrect indirect rates issues that delay your audit and tax filings.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Step 1: Follow Your ERP\u2019s Year-End Checklist<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Each accounting platform includes built-in steps or recommendations for closing the year:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Unanet:\u00a0Run project-level revenue reports, review indirect rate allocations, and lock posting periods.<\/li>\r\n\r\n\r\n\r\n<li>Deltek Costpoint:\u00a0Reconcile subsidiary ledgers to the general ledger, post labor distributions, and verify pool calculations.<\/li>\r\n\r\n\r\n\r\n<li>QuickBooks Online:\u00a0Review undeposited funds, reconcile all bank accounts, and run balance sheet and P&amp;L reports by class or customer.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If your software provider offers a\u00a0year-end guide or checklist, follow it carefully. This ensures every transaction, payroll run, and vendor bill is recorded in the correct period avoiding messy adjustments later.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Step 2: Confirm System Settings and Access<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A successful year-end close also depends on\u00a0user roles and permissions. Confirm that only authorized personnel can post adjusting entries and that approvals are completed before locking down 2025.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Recommended checks:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Confirm all\u00a0timesheets and expense reports\u00a0are submitted and approved.<\/li>\r\n\r\n\r\n\r\n<li>Ensure\u00a0system access is updated remove users who have left the company.<\/li>\r\n\r\n\r\n\r\n<li>Review\u00a0approval workflows\u00a0for accuracy (especially if you added new contracts or departments this year).<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">This extra step prevents data changes after closing and protects audit integrity.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Step 3: Run Key Reports Before You Close<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Once your data is reviewed, run and save all critical year-end reports:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>General Ledger and Trial Balance\u00a0(for tax and audit use)<\/li>\r\n\r\n\r\n\r\n<li>Accounts Receivable and Accounts Payable Aging<\/li>\r\n\r\n\r\n\r\n<li>Unbilled Revenue and Contract Status Reports<\/li>\r\n\r\n\r\n\r\n<li>Indirect Rate Calculation Summaries<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Save these reports securely your auditor, DCAA representative, or tax preparer will need them. Consistent reporting ensures you can quickly answer questions and demonstrate compliance.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Step 4: Document Your Year-End Close<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Finally, keep a brief internal\u00a0Year-End Close Log. Note the date, steps completed, and any manual adjustments made. This record becomes your reference point during future audits or reconciliations.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Documentation shows your team followed a structured, repeatable process something auditors love to see.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Setting the Stage for a Smooth Year-End<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Your accounting system is more than software it\u2019s your foundation for compliance.<br \/>When it\u2019s accurate, organized, and closed properly, you\u2019ll spend less time fixing errors and more time planning for 2026.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">At\u00a0VSINGH CPA, we help GovCons use their accounting systems effectively to meet\u00a0FAR,\u00a0DCAA, and audit requirements from system setup to year-end reconciliation.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">\ud83d\udc49\u00a0Check out our YouTube Shorts for quick GovCon year-end tips: https:\/\/youtube.com\/shorts\/13LKywO-MH4<\/p>\r\n<p>Need help reviewing your accounting system or preparing for close? Contact VSINGH CPA today.<\/p>\r\n<h2>Coming Up in the GovCon Year-End Closing Series<\/h2>\r\n<ul>\r\n<li>\r\n<p><strong>\u2705Tip #1:<\/strong>\u00a0Know Your Accounting System &amp; Year-End Checklist<\/p>\r\n<\/li>\r\n<li>\r\n<p><strong>2\ufe0f\u20e3Tip #2:\u00a0<\/strong>Communicate Early with Tax Professionals &amp; Auditors<\/p>\r\n<\/li>\r\n<li>\r\n<p><strong>3\ufe0f\u20e3Tip #3:<\/strong>\u00a0Reconcile and Analyze Accounts<\/p>\r\n<\/li>\r\n<li>\r\n<p><strong>4\ufe0f\u20e3Tip #4:<\/strong>\u00a0Validate Revenue &amp; Lease Entries (ASC 606 &amp; ASC 842)<\/p>\r\n<\/li>\r\n<li>\r\n<p><strong>5\ufe0f\u20e3Tip #5:<\/strong>\u00a0Prepare 1099s &amp; Charitable Contributions<\/p>\r\n<\/li>\r\n<li>\r\n<p><strong>6\ufe0f\u20e3Tip #6:\u00a0<\/strong>Review Contract Status Reports &amp; Submit Data to Tax\/Audit Teams<\/p>\r\n<\/li>\r\n<li>\r\n<p><strong>7\ufe0f\u20e3Tip #7:\u00a0<\/strong>Final Wrap-Up \u2014 Year-End Complete, What\u2019s Next?<\/p>\r\n<\/li>\r\n<\/ul>\r\n","protected":false},"excerpt":{"rendered":"<p>GovCon WednesdaysEstimated Read Time: 5 minutes Year-end closing doesn\u2019t start with numbers it starts with your\u00a0accounting system. For government contractors, knowing how your ERP or accounting software handles closing steps is critical. Whether you use\u00a0Unanet, Deltek, QuickBooks, or another system, each one has its own year-end process to ensure your financial data is accurate, complete, and DCAA-ready. A clean close begins with organization. When your system is set up and&#8230; <a class=\"more-link\" href=\"https:\/\/www.vsinghcpa.com\/blog\/__tip-1-year-end\/\">Read More<a><\/p>\n","protected":false},"author":2,"featured_media":212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"year-end-closing accounting-system govcon-erp","_genesis_custom_post_class":"govcon-blog year-end-series accounting-systems","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[24,22,14,69,67,71,18,70,68,66],"class_list":["post-92","post","type-post","status-publish","format-standard","has-post-thumbnail","category-year-end","tag-accounting-systems","tag-audit-readiness","tag-dcaa-compliance","tag-deltek-costpoint","tag-erp-systems","tag-financial-reporting","tag-govcon-accounting","tag-quickbooks-online","tag-unanet","tag-year-end-closing","entry","govcon-blog year-end-series accounting-systems"],"_links":{"self":[{"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/posts\/92","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=92"}],"version-history":[{"count":5,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/posts\/92\/revisions"}],"predecessor-version":[{"id":123,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/posts\/92\/revisions\/123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/media\/212"}],"wp:attachment":[{"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=92"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=92"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vsinghcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=92"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}