Year-End Closing Procedures Overview Calendar Year-End Closing - - PowerPoint PPT Presentation

2015 Calendar Year-End Closing Procedures

Overview

 Calendar Year-End Closing Review

 New field in VENSCN & VENLOAD  New extract program for 1099s

 Different Reference Materials

 TIN Error document  IRS 2108A document  TIN document  See supplemental or online

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USAS

Calendar Year End Closing Review

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VENSCN

 New field added in VENSCN & VENLOAD



Must specify TIN type (SSN or EIN)  New Extract program

 Can be used w/ IRS TIN Name Matching Program (bulk)

 Bulletin 2108-A  TIN Type on spreadsheet will be ‘3’ unknown

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VENSCN

 Before and after look of the VENSCN page

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VENSCN Before: After:

USAS_ANN> TINMATCH

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Example of TINMATCH

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Tax ID # Name Vendor # 3; 34xxxxxxx; LEE W BERGER ; 000065 3; 34xxxxxxx; SMITH PETERS A KALAIL CO LPA ; 000358 3; 34xxxxxxx; LYLE PRINTING AND PUBLISHING ; 000444 3; 20xxxxxxx; PITNEY BOWES GLOBAL FINANCIAL ; 000586 3; 34xxxxxxx; RAYMOND CONCRETE FINISHING ; 000609 3; 42xxxxxxx; TERRY L GATRELL ; 000806 3; 37xxxxxxx; G-SPORTS WRESTLING ; 000951 3; 34xxxxxxx; PAUL C ANTRAM ; 001268 3; 34xxxxxxx; SALEM GOLF CLUB ; 001641 3; 26xxxxxxx; SHEILA THOMPSON ; 001844 3; 34xxxxxxx; GAIL C HERRON JR ; 002136 3; 34xxxxxxx; VASCO ASPHALT COMPANY ; 002248 3; 27xxxxxxx; JOHN R MILLER ; 002342 3; 28xxxxxxx; CARRIE MAZZUCCO ; 002350 3; 45xxxxxxx; CUSTOM IMAGES LLC ; 002409 3; 80xxxxxxx; CHAD E ANDERSON ; 002972 3; 25xxxxxxx; S & S PROCESSING INC ; 003872 3; 28xxxxxxx; PHILLIP D DUCKWORTH JR ; 003892 3; 34xxxxxxx; SALEM COMMUNITY FOUNDATION ; 004261 3; 34xxxxxxx; TOM A SCULLION ; 004305 3; 34xxxxxxx; KIMBLE RECYCLING & DISPOSAL ; 004860

VENSSN – Verify 1099 Data

Check Data for 1099 Vendors

VENSSN Option 4 or 6 Review carefully!

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VENSSN - Verify 1099 Vendors

 Check that all vendors that should be are flagged  VENSSN Option 5  Review list for any vendors that should get 1099

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Vendor Names

 If the vendor uses a different name for 1099 reporting,

the district may enter the 1099 reportable name on the “2nd Name” field.

 Enter the digits 1099: followed by the IRS-1099 name.  The F1099 program will strip off the “1099:” and use the

name following it as the primary name on the 1099 reporting form and submission file

 Caution – When using TINMATCH 11

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To display individual’s name on 1099 but keep business name as the first line on PO, enter 1099:individual’s name on the 2nd name field of the vendor record. PO will display: The 1099 will exclude the first name, and strip the “1099:” from the second name field, using the 2nd name as the name on the printed 1099

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Month-End Closing

 Proceed with closing out for the month of December as

normal



Enter all transactions for the current month



Perform Bank Reconciliation procedures from the USAS User Guide “USAS Useful Procedures” chapter



Examine recommended reports to ensure you are in balance



USAEMSEDT – Cash Reconciliation – Option 1



PODETL



BALCHK



MTD, FTD, YTD expended amounts are identical



MTD, FTD, YTD received amounts are identical



Outstanding encumbered amount agrees with outstanding PODETL encumbered amount. If they don’t, run FIXENC.



Run FINSUMM selecting “Y” to generate FINDET at the same time. The current fund balances should be identical on each report.



Run SM2CALC option (if tracking SM12 figures). Print off and check the resulting report.

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Month-End Closing

 Run MONTHLYCD/Generate December’s reports  Minimum month-end reports recommended:



BUDSUM, APPSUM, REVSUM



DETAILED PODETL – ALL FUNDS



FINDET & FINSUMM



RECLED



DETAILED CHEKPY



CASH RECONCILIATION FROM OPTION 1 OF USAEMSEDT



Generate any additional Calendar Year-End reports desired



Create a copy of the files



Run and generate WORKCOMP report

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VENHIRE/VHRESET

 Run VENHIRE/VHRESET

 Resets all vendors flagged as “Reported” to “Reportable”  Vendor will be reported again the next year if they are paid at

least $2,500.

 VENHIRE documentation

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Month-End ADJUST

 Run ADJUST and select “month-end”



You must NOT be running any other programs during this process.

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Calendar Year-End Closing

 Run the program F1099 which creates

1099s for the current calendar year

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2015

Calendar Year-End Closing

 Upon completion, the F1099 generates the

following:

 F1099.TXT – report of 1099 vendors sorted by miscellaneous

income type

 F1099.DAT – file containing the 1099 data that is to be used with

laser-generated forms

 F1099.FRM – file containing vendor 1099 information to be printed

• n blank pin-fed 1099 forms

 F1099.TAP – tape file containing the vendor 1099 information to be

sent to the IRS  Print and check F1099.TXT report carefully  Notify ITC that forms are ready to be printed and data

submitted to IRS

 New TIN ERRORS – See next slide 19

New TIN Error Report

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Calendar Year-End Closing

 Run ADJUST again from your NORMAL account Select “Year-End” and run for “Calendar”

 You must NOT be running any other programs from your normal

account during this process

 May begin processing for January

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