ORDER ENTRY
These should be run after
all orders and invoices of the previous year have been processed and before
any orders and invoices for the new year are entered.
1)
Month-End Update
MCMS 4.04 and later: Run the
same as for a Month-End. The Current Order Entry Tax Month in the Control
file should be for December of the current year since sales tax is on a
calendar year basis. If the Control file is incorrect, contact the HOTLINE
for instructions on how to proceed. If the Control file month is correct,
the program will show you that it will clear the MTD, QTD, and YTD tax
authority numbers to be ready for the next year.
MCMS 4.03: Run the same as
for a Month-End, but when the program asks "Enter 'M' to zero-out
month-to-date or 'Y' to zero-out year-to-date,” answer 'Y'. It clears
both
the year-to-date and month-to-date tax authority amounts.
2)
Daily Reports -
Run the same as for a Month-End, but answer the purge question
for Year-End. It clears both the year-to-date and
month-to-date amounts. The Daily Reports can be based either on a fiscal or
calendar year basis.
ACCOUNTS RECEIVABLE
These should be run after
all orders and invoices of the previous year have been processed and before
any orders and invoices for the new year are entered. This will keep the
year-to-date and previous year-to-date figures in the Customer file from
having wrong year data in the totals.
The Customer year-to-date figures can be based either on a fiscal or
calendar year basis.
Year-End Processing -
This program
prints a report of the Year-To-Date Sales, Costs of Goods, and Gross Profit
amounts from the Customer file. The program rolls the current year-to-date
sales and costs into the previous year-to-date fields, and clears the figures
from the current total fields in the Customer file only.
ACCOUNTS PAYABLE
The 1099 processing must
be performed at the calendar year end, and the update must be run even
if you do not print 1099’s. If you do not print 1099’s, then you can skip to
#6 for the update only (once all transactions have been entered for the year).
1) Vendor Analysis.
This prints all Vendor information in Vendor Number or Vendor Alpha Code
order.
2) Complete ALL A/P
transactions for the calendar year. Transactions for the new year can be
entered prior to completing the year-end processing.
3) Run the Vendor 1099
List and select the option to print vendors missing information. Review
the list and make corrections as necessary.
4) Complete a data backup.
This needs to be done in case there are any problems encountered with the
update.
5) Verify your Tax Payer ID
field is correct in the A/P Control file. Print the 1099's to plain paper,
check the figures and layout. Be sure both the numbers and the lineup are
correct before proceeding. Do not approve the 1099's.
6) Print the 1099's on your
forms. Once they have printed ok, approve the report. This will move the
Current 1099 Payments to Last Year in the Vendor Master file. It will move
Next Year 1099 Payments to Current Year, and it will zero the Next Year 1099
Payments for each vendor. Everyone CAN be on the system during this process.
The following processing
should be performed for fiscal year end:
1) Complete ALL A/P
transactions for the fiscal year. Transactions for the new year can be
entered prior to completing the Year-End processing.
2) Print the G/L Account
Distribution Report with the “N” (new distributions) option. This will
post any outstanding A/P transactions to the General Ledger.
3) Print the Vendor
Analysis Report. This program will print a detailed listing of the
year-to-date purchases and payments by vendor. The year-end program will purge
this information, so you need to print this for an audit trail.
4) Complete a data backup.
This needs to be done in case there are any problems encountered with the
Year-End Update.
5) Year-End Update.
This program will move the Current Year Purchases, Payments, Discounts Taken
and Discounts Lost to the Last Year buckets. It will move the Next Year
Purchases, Payments, Discounts Taken and Discounts Lost to the Current Year
buckets. It will zero the Next Year Purchases, Payments, Discounts Taken, and
Discounts Lost buckets. Everyone CAN be on the system during this process.
PAYROLL
These procedures must
be completed at the calendar year end.
1) Complete all check runs
and check voids for the current year. Do not do any processing for the
new year.
2) Complete all of your
normal month-end procedures.
3) Check the P/R Control File
to be sure the field CUR QTR has a value of 4. If it does not, contact
the HOTLINE for instructions on how to proceed. If the value is 4, go on to
the next step.
4) Print all of your
Quarterly Reports. Do not do the Quarter End Reset.
NOTE: If any employee appears
on the Quarterly Reports twice, this is usually an indication that in the
Employee Master file, both Active State fields are set to the same state
(i.e., CA CA). To fix this you must blank out the second state, and combine
the State #1 and State #2 figures in the Quarter and Year End screens into the
State #1 buckets. Zero out the State #2 buckets. You can then re-run the
reports.
5) Print the Detailed
Employee File Listing (L-option from the Employee Master File) for all
employees and save this report.
6) Run the Save Year-End
Info and Reset option. Do not change the State/Federal Tax Tables
for the new year until this has been completed.
7) Update your State/Federal
Tax Tables with the new year information.
8) At this point you can
start doing payroll runs for the new year.
9) Print the Year-End
Reports and the W2's. This can be done at any time after
completing Step 6 above.
NOTE: Print the W2's to
plain paper and review the figures and lineup to avoid wasting forms. Once
they appear ok on plain paper, print them on the forms.
If any employee gets 2 W2's,
follow the instructions in the NOTE on Step 4 above and then reprint the W2's.
GENERAL LEDGER
The General Ledger system can
hold 2 years of detail at any one time. Even if you are not using the General
Ledger system, you must still go through the closing process so that postings
can be made to the new year. When running the Year End, the system doesn't ask
which year to close; it automatically closes the oldest year.
You can check which years are
open by going to the Company File and viewing your company (usually 1). It
will display the dates for the two years currently open.
Complete the steps that
follow to close the oldest year. If you are not using the General Ledger
system, you can skip the printing of Financial Statements and Trial Balance.
You can also skip setting up budgets.
1) Complete all updates for
the current year that will create Journals. Also complete all special Journal
adjustments.
2) Run the Journal Proof &
Posting option to be sure all Journals have been posted to the General
Ledger.
2) Print the Trial Balance
for all accounts, all months in the current year, in detail. This information
will be purged, so you will need this report for an audit trail.
3) Print all desired
Financial Statements for the current year. Again this information is going
to be purged, so this is your last chance to print these.
4) Enter Budgets for
the new year (Optional). This can be done
before or after running the Year End Closing.
5) Complete a data backup.
This needs to be done in case there are any problems encountered with the
Year-End update. . This tape should be taken out of the rotation, labeled
with the date of the backup and the fiscal year that was closed, and saved.
6) Run the G/L Year End
program. You will need to know the Retained Earnings account that you want the
system to post your profit/loss for the year to. The Year End Closing program
will prompt for a Retained Earnings Account and summarize all Revenue and
Expense accounts into a Year Forward entry into that account. All other type
records (A,L,Q) will be summarized into similar Year Forward records
one per account. Once a year is closed, all detail for that account for that
year is removed. This program will purge all detail transactions from the
General Ledger Detail file for the year being closed, although detail
transactions will remain for the current year. All Revenue and Expense
accounts will be zeroed. The Next Year Budgets will get moved to the Current
Year Budgets, and the month ending dates in the Company file will be set to
the new year.
The G/L Year End program
will not run if any unposted journal records exist.
IMPORTANT:
NEVER change the month ending dates in the Company file!
