1. Check your Balance Sheet!
Did your firm remember to close the 2010 accounting year? How can you tell? Simply run your GL Balance Report (GL General Ledger Trial Balance) and select Year to Date for the Accounting Period range. If the Beginning Balances of your accounts are all set to zero – then you did not close 2010.
You must close the 2010 accounting year before you will be able to close the 2011 year this January. Now is the time to clean up this omission in preparation for next year.