|
Check
Lists for Year End Processing
in the following CSS
Applications:
GENERAL
LEDGER YEAR END CHECK LIST
| Description |
Menu |
Option |
Date |
Initials |
|
*Optional*
IF
planning to take advantage of the GL0715
procedure
to post adjusting entries after the year
has been closed; the following step is required.
GL0710-Copy
G/L files to Last Year file
set.
Type
the 3-character file set name of your existing files for the
“from” prefix and a new 3-character prefix for the
“to” prefix. IE:
current file set is HAH, new is H03.
Select any prefix not currently in use.
If
on Single company system, must
use the code of “P” followed by the year to be closed.
P03 for close of year 2004.
Must
be done BEFORE
closing the final period of the year.
|
GL0710
|
|
|
|
Double
Check the GL Date
Ensure
set to the last day of the Fiscal calendar year. |
GL5 |
02 |
|
|
Save
G/L Files
CRITICAL
STEP!!! Must save before the Period End.
Keep this backup set at least until end of the 1st
quarter of the new year. |
GL5
|
12
|
|
|
| Perform
End of Period
Process for
the Last Period of the Year. |
GL5 |
01 |
|
|
| Verify
Date is Set at Year end |
GL5 |
02 |
|
|
Verify
the Retained Earnings Account(s) are correctly
specified on G/L Control file.
Key
is GLcccddd (substitute the 6 digit company/division
number(s) for the cccddd). There is one record for each
Co/div combination. Key
the correct Retained Earnings GL account number which will
receive the profit/loss amount during Year End. |
GL9 |
07
|
|
|
Print
YTD General Ledger Print
as many copies as needed. After the end of year, additional copies of this can only be
printed if optional procedure GL0710 was executed.
|
GL2 |
06 |
|
|
|
*Optional*
Print
Auditors Lead Schedule
|
GL2 |
08
|
|
|
Verify
FIXED ASSETS End of Year has completed
Only
required if using the Fixed Assets system.
Close the final period, then the year for Fixed
Assets. |
|
|
|
|
Save
G/L Files
CRITICAL
STEP!!! This is
a 2nd file save, in addition to the save before the Period
End. *** Use a new set of backup media and keep this backup set
for your PERMANENT Year-end
records.
|
GL5 |
12 |
|
|
Perform
End of Year Process
This
process moves the CurrYr figures to LastYr, zeros CurrYr,
balance forwards Balance Sheet accounts, totals Income &
Expense accounts & posts the total to the Retained
Earnings account. The
G/L & S/L files will both be closed.
***
If any problems occur, call Support Immediately.
DO NOT RERUN
THIS OPTION!!!
|
GL5
|
04 |
|
|
Verify
a few G/L account numbers have closed
properly. Check
the following:
Balance
Sheet Accounts.....
>Current
Year Beginning
Balance equal to Last Year
ending balance
>Current
Year Periods are all
zero
>Current
Year $ amounts
transferred to the Last Year
column.
P&L
Accounts ....................
>Current
Year Beginning
Balance equals zero
>Current
Year Periods are all
zero
>Current
Year $ amounts
transferred to the Last Year
column.
|
GL9
|
01
|
|
|
Verify
a few S/L account numbers have closed
properly. Check
the following:
>Current
Year Periods are all
zero
>Current
Year stats amounts
transferred to the Last Year
column.
|
SL9
|
01 |
|
|
Maintain
G/L Date Record Set
to end of first period of the new year.
The new Fiscal Calendar should have already been
established; if not do so in BOMGL5, opt#5.
|
GL5 |
02 |
|
|
Transfer
Next Budget to GLM
Copies
the “Next Budget” file to the G/L Master file for use on
financial reports.
|
GL1
|
10 |
|
|
Transfer
Next Budget to SLM
Copies
the “Next Budget” file to the S/L Master file for use on
financial reports. |
SL1
|
08 |
|
|
--END
OF GENERAL LEDGER YEAR END CHECKLIST--
ACCOUNTS
PAYABLE YEAR END CHECKLIST
Accounts
Payable does not have a Year End "closing"
procedure; only the PERFORM END OF PERIOD for the final
period of the year. After
the final period has been closed, you can at any time
prepare for and print the 1099-MISC or INT forms.
| Description |
Menu |
Option |
Date |
Initials |
Print
1099 List
Review for vendors needing 1099 forms. Specify Jan-1
to Dec-31 of the closing year. Leave CODE field blank.
Enter the minimum dollar amount paid to vendors to be
included (ie: $600.00 key as 60000). |
AP2 |
13
|
|
|
Maintain
Vendor File
Update the 1099 field on applicable vendors.
Enter code "7" for Miscellaneous,
"1" for Rents or "I" for interest, PLUS
the Tax ID of the vendor. |
AP3 |
01 |
|
|
Reprint
the 1099 List
Review again to verify changes made to Vendor
accounts. Can
use just “7” for Misc
or “1”
for rent or ‘I” for interest in code to include only
vendors with those codes.
Only those vendors marked will have 1099 forms
printed. Repeat
this listing as
needed to get a complete list of vendors to receive forms. |
AP2 |
13 |
|
|
Print
1099’S
Prompts same as 1099 list: Specify Jan-1 to Dec-31 of
the closing year, enter 1099 code (7, 1, I), and enter the
minimum dollar amount of vendors to be included (ie: $600.00
key as 60000). After
a moment another screen will appear for entry of the company
name & address information.
Enter the Payer’s telephone number on “ADDRESS LINE-3”. Also
required is your company Federal ID and a “transmittal
control code” which comes from the IRS. |
AP2 |
15
|
|
|
| IF REPORTING ON MAGNETIC
MEDIA |
|
|
|
|
Generate
1099 Diskette
The 1099 file will be copied onto the disk.
When complete (after the menu returns), use MY
COMPUTER to view the contents of the disk.
It should contain a file called “IRSTAX.001”. |
AP2 |
16 |
|
|
|
*Optional*
Print
Vendor History-Summary
Print the vendor history before purging it from the
system.
|
AP2 |
20 |
|
|
|
*Optional*
Drop
History Records by Date
Purge AP history as desired.
Recommend you keep at least 2 years.
If you have plenty of disk space, you can save more.
Enter date to purge history through.
|
AP3 |
05 |
|
|
|
*Optional*
Print
Vendor Labels
If desired for file labels on new year’s vendor
files.
|
AP2 |
21 |
|
|
--END
OF ACCOUNTS PAYABLE YEAR END CHECKLIST--
PAYROLL
YEAR END CHECKLIST
**
NOTE ** DO NOT PERFORM QUARTER END FOR 4th QUARTER.
| Description |
Menu |
Option |
Date |
Initials |
| Verify
Last Payroll Paid in this year is
Finalized. |
|
|
|
|
|
Enter
any Unrecorded Hand or Void
Checks
If any have been missed,
then run complete P/R (including Printing
checks) through the Finalize again. |
PR1 |
5-6 |
|
|
Save
All Payroll Files
This
is the final backup of the year’s payroll.
Keep
this backup for permanent
records.
This step is
CRITICAL! |
PR3 |
22 |
|
|
|
Perform
Year End Routine
** Run
from a PC which you are able to successfully perform
a Save All Payroll Files from.
The old “last year” P/R files will be
saved to disk, then deleted, during this process. Prompts will instruct you to insert disks as needed.
Current year files are copied into the
“last year” file set.
These new “last year” files will be used
to print 4th Quarter reports, print W-2 forms &
create the W-2 disk.
On
the new year files, earnings & taxes will be
reset for active employees. Terminated employee
records are purged.
If
any problems are encountered, call support immediately.
|
PR4 |
01 |
|
|
|
Maintain
P/R Control File for new
tax
information
Check the Federal and State Tax Id’s.
Change tax rates as needed (per regulations). See
P/R Manual for details. |
Sys-
Utilities 22 |
7-1 |
|
|
| Payroll
files are now ready for use in the new year. |
|
|
|
|
--END
OF PAYROLL YEAR END CHECKLIST--
FOR
COMPLETION OF PAYROLL YEAR-END ACTIVITIES, GO TO THE “2006
END OF YEAR PROCESSING – 1099
and W-2 REPORTING”
MEMO.
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