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Spire: Year End

What does a Year End look like in Spire?

Spire carries three open years at any given time:

  1. Last Year
  2. This Year
  3. Next Year

It is recommended to work within the “This Year” period, so that you have the ability to back date and post date transactions one year back or one year forward.  Once you have completed all of your transactions within a given year, you can close that year.  

TIP: If you wait until close to the end of “Next Year” to close “Last Year”, it will give the easiest access to past years transactions.  Once the end of “Next Year” comes, you will not be able to post until you perform the year end procedure on “Last Year” period.

When a year end is performed, it will move all GL transactions to the historical GL tables and will move the year forward; it will also reset the sales and purchase history year-to-date amounts in customers, vendors and inventory.

How to do a Year End in Spire:

  1. Backup database
  2. Make sure all journal entries necessary to close the year are completed.
    1. Examples: amortizations, dividends etc.
  3. Verify that the retained earnings account in company setup is configured correctly.
  4. Run year end reports including trial balances, income statements and balance sheets.
  5. User must have permission to run a year end.
  6. Log into the last day of “Last Year”. If you use the wrong date, you will get an error message.
  7. A pop-up will come up asking you to verify that you have completed steps 1-5.
  8. Then click “Proceed”. 
    1. TIP: if this button is grayed out, it means you have not ticked all boxes in step 7.
  9. All done!

Still need some help? No problem! Just email support@tri-tech.com and we would be happy to help!

Protecting your small business from fraud

For many small business owners, fraud has become an increasingly important issue, from both a risk management and legal perspective. By failing to take the right steps to secure your business from both internal and external threats, small business owners could be exposing themselves to both financial and legal risk.

Internal Threats

Although it can be hard to imagine, there are plenty of ways that your own employees can commit fraud without you even realizing it. One of the most popular ways is by padding employee expense reports. A lack of receipts accompanying an expense report could be a red flag that costs have been artificially inflated, with employees pocketing the difference between the real costs and the reported costs. As a result, be sure to put into place a way to monitor employee expense reports.

The same logic applies to vendor invoices. Business fraud experts warn that some employees may collude with vendors to submit falsified invoices in the hopes of splitting any profits from paid invoices. And some employees might take this type of fraud a step further by completely making up a “false vendor” and making sure that any vendor payments go to bank accounts that they control.

It is important to set apart your employee’s duties.  As an example, the person responsible for collecting cash, should not also be responsible for reconciling the receipts.  As a business owner, your accounting software should make it easy for you to spot check your accounting processes.  Spire allows you to do this by running a quick report, or by instantly viewing your entire GL at a glance.

External Threats

With the fastest-growing type of external threat being ransomware, it is important to secure your IT infrastructure. In the classic ransomware attack, an email sent to employees at your business will encourage them to open up an attachment or click on a malicious link. Once the link is opened, malware will get installed on the computer and spread to the network and the company will receive a ransom letter demanding that a payment be made or the data will be deleted forever.

Many of the most common fraud threats can be avoided with these steps:

  1. To prevent phishing attacks, employees should be told to check the source of incoming emails to make sure they are legitimate. That’s because many hackers try to “spoof” the name or identity of a legitimate business in order to get people to open their emails.
  2. Make sure all of your computers are up to date with the latest version of the operating software.
  3. Use reliable antivirus products
  4. Make sure all passwords are at least 15 characters using numbers, upper and lower case letters and symbols.
  5. Clear internet temp files on a regular basis.
  6. If you are connecting through an RDP connection, make sure it is through a gateway.

Despite all precautions, nothing is guaranteed.  It is best to be prepared by having automated backup in place so that you can essentially “reboot” your system from data stored in a third-party location.

If you have been an unfortunate victim of fraud, it needs to be reported.  To find out how, please visit the Canadian Office of Consumer Affairs.  For help in recovering your data, the Tri Tech service department can do their best to assist you.