Sage Timberline Office 2010 Year-End. December 16, 2010 Bronwyn D. Duprey Sage Certified Consultant

Transcription

1 Sage Timberline Office 2010 Year-End December 16, 2010 Bronwyn D. Duprey Sage Certified Consultant

2 Our Mission At Aktion Associates, being responsive, innovative and providing consistent delivery of leading edge technologies are the foundation of everything we do. We view our role as IT architects who partner with our customers to create a comprehensive technical roadmap that supports continued growth and profitability.

3 Services Managed Services Application hosting Remote monitoring/back up IT hotline Network Engineering Software Engineering Application Consulting Website Design/eMarketing

4 Our Partners

5 Introduction Before you Begin Where to find Help Holiday Schedule Year-end Procedures by Module

6 Before You Begin Order forms Sign up with Aatrix (version 9.7 only) 2010 Year-end Procedures Guide Proper access to data files Location of data Security rights Backup Data use File Tools (do not use Windows Explorer)

7 Before You Begin Supported Versions: For Year-End Release Version 9.7 Version 9.6 Download & apply the latest update For Year-End Tax Tables Version 9.7 Version 9.6 Version 9.4.1

8 Help Contact your Aktion Certified Consultant Aktion Certified Consultant Hotline :00am 5:00pm Monday through Friday Sage Support Line Have Client number & CD version available Sage Knowledgebase

9 Help Knowledgebase Articles KB503 Order for Year end processes KB504 Downloading Year end update KB62284 Reconcile payroll at year-end KB62146 How to enter taxable benefits (life, health, vehicle) KB13378 How to enter 3 rd Party Sick Pay KB2010 Overview KB93713 Year-end Procedures Guide KB1262 How to register for efiling (Aatrix)

10 Holiday Schedule Aktion Associates December 24 th Closed December 31 st Closed Sage December 24 th Closed December 31 st Closed

11 Recommended Order Payroll Accounts Payable Property Management Accounts Receivable Cash Management Contracts Equipment Cost Job Cost Residential Management Service Management General Ledger Year-End Procedures

12 Payroll Run final payroll. Post all new files with 2010 checks. Print all reports. Reconcile PR to GL Create entries for Bonus pay, 3 rd party sick pay, vehicle allowance, life insurance, health insurance Verify that YTD totals are correct. Make a backup copy. Retain YTD totals Decide when to run W-2 s.

13 Payroll Print Internally Calculate number of W2s needed Consider multiple states Consider multiple localities Setup W-2 format Update All Local formula if applicable Be sure to check if formula calculates current year or prior year

14 Payroll Print Internally: Print test W-2s to plain paper Review & verify W-2s are correct Print W-2s. Tasks>Federal Reporting>Generate W-2 Magnetic Media

15 Payroll Use Aatrix Version 9.7 only Can have Aatrix print & mail Can have Aatrix efile Can print internally Tasks>Federal Reporting>Federal efile & Reporting

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23 Payroll Back up all files. Close year.

24 Payroll Update 2010 Year-End Update Must be on version 9.6 or 9.7 Download & update BEFORE printing W2s or 1099s 2010 Tax Table Update Version 9.4.1, 9.6 or 9.7 Download & Update AFTER last payroll of 2010 and BEFORE first payroll of 2011

25 Payroll Magnetic Media Create on hard drive and upload, not tape backup or diskette. Defaults to file name W2REPORT.txt according to federal requirements; do not change. Do not attempt to edit the magnetic media file manually; regenerate it. W2REPORT file will overwrite each time it is created. Multiple file scenario-copy first W2REPORT file to another folder before printing next one.

26 Payroll Optional Maintenance Move checks from Current to History (current folder) Move checks to Archive folder (current or history) Move terminated employees to Archive folder

27 Payroll Questions?

28 Accounts Payable Enter invoices and approve pending invoices for Post invoices. Enter all manual checks and print computer checks for Print month-end reports as for any other month. Reconcile AP to GL. Backup all files. Decide whether to print 1099 before or after you close the year.

29 Accounts Payable Review vendor information, TIN, 1099 types, etc. Review Prefix Totals for multiple entities. Back up all files. Print test 1099s to plain paper, verify alignment & margins Print 1099s to forms.

30 Accounts Payable Magnetic Media for 1099s Generate magnetic media to file for upload. Do not submit your magnetic media to the IRS on tape or diskette. It will be rejected. The file name must be IRSTAX with no file extension. If more than one IRSTAX file for a folder is required, copy the first IRSTAX file to another folder location first. Regenerating the file to the same folder location will overwrite the earlier file.

31 Accounts Payable Close 1099 Year-end Can be run before or after printing 1099s Rolls YTD Payment information Close Fiscal Year-end Run after the end of your fiscal year Rolls YTD Purchase/Invoice information

32 Accounts Payable

33 Accounts Payable Optional File Maintenance Backup all files before maintaining Move Checks to History Must have status of Reconciled Cannot alter/void after moving to History

34 Accounts Payable Optional File Maintenance Run Tools Remove Vendors Preview Only Report Remove vendors, if desired. This will REMOVE vendors from the master file. Vendors cannot be moved to an archive folder Use File Tools to Compact files

35 Accounts Payable Questions?

36 Property Management Back up all files. Run necessary reports. Close the current period.

37 Property Management Run Accrue Interest. Run Pay Interest. Print on plain paper first. Back up all files. Print 1099s onto forms..

38 Property Management Select 1099-INT from Reports > Forms. Select Yes on step 8 of the wizard to generate magnetic media. The file name must be IRSTAX with no file extension. If more than one IRSTAX file is required, copy the first IRSTAX file to another folder location first. Otherwise, regenerating the file will overwrite the earlier file.

39 Property Management File 1098 forms to report interest paid on deposits. Use similar wizard as for 1099-INT s. From the Reports > Forms menu select Mortgage Interest. Select Yes on step 8 in the wizard to generate magnetic media. Use magnetic media for 250 or more forms.

40 Property Management File Maintenance Run Clear Paid Items command. Back up all files. Use File Doctor to compact good files.

41 Property Management Questions?

42 Billing Enter and post transactions (invoices). Print month-end and year-end reports. Back up all files. There is no closing in Billing.

43 Accounts Receivable Enter and post transactions (invoices & cash receipts/deposits). Print reports. Back up all files. Close Year Optional Maintenance Move transactions from current to history

44 Contracts Post Entries. Verify all Entries are Posted. Print reports. Back up all files. Close month. When in the last month of the year, year-to-date fields will be cleared. Review Closed Contracts and verify status has been changed to Closed. Optional Maintenance Move closed contracts to history.

45 Cash Management Print reports. Make any necessary adjustments thru Edit Register. Post all transactions. Back up all files. Verify current and next year-end dates. Close year rolls Interest Income totals Review close-year report. Optional File Maintenance Move entries to history.

46 Equipment Cost Enter and post all transactions. Print reports. Back up all files. Close month. When in the last month of the year, year-to-date and month-to-date fields will be cleared.

47 Inventory & Purchasing There is no year/month closing procedures for Inventory. There is no year/month closing procedures for Purchasing Optional File Maintenance Move Inventory transactions to History. Move Purchase Orders to History

48 Job Cost Enter and post transactions. Print reports. Close month. Closing the last fiscal month of the year will clear year-to-date, quarter-todate and month-to-date amounts. Optional File Maintenance Move transactions for closed jobs. Move closed jobs.

49 Residential Mangement Post all RM transactions. Print all necessary reports. Back up all RM files. Close month in RM.

50 Service Management Post all SM transactions. Print all necessary reports. There is no year-end close for Service Management

51 General Ledger General Ledger is usually the last module closed. Follow normal month-end procedures. Verify that all entries are entered for subsidiary ledgers. Post all new transaction files. Verify that you have no rejected entries or suspense type account balances. Print Trial Balance, Current Ledger, and other month-end reports. Balance GL with itself and subledger applications. Print financial reports. Back up all files in data folder(s).

52 General Ledger Backup files Run Close Fiscal Year Select fiscal entities if you have multiple entities Can select all or select one at a time Can close fiscal year before final adjustments are made (auditor adjustments) Optional Maintenance Move transactions from current to history

53 General Ledger Prior Year Adjustment Reopen prior period. Record entries. Post entries. Reprint Financial reports Run Close Fiscal Year Will get message that not at year-end and will reclose prior year adjustments

54 General Ledger Questions?

55 File Maintenance Moving transactional data speeds up processing can move current to history in same data folder can move history to history to Archive Data folder Master file must move data to Archive Data folder BACKUP DATA before file maintenance Use File Doctor to Compact files

56 Summary Modules are closed independently Be sure to back up files frequently Use File Tools not Explorer Use 2010 Year-end Guide & Checklist Call your Certified Consultant now to schedule Year-end appointments

57 Aktion Hotline Hours 8:00AM 5:00PM (EST) Staffed by Certified STO Consultants $200/Hr - Minimum $50 Fee Assistance with Reports, Reconciliation, Network Infrastructure Unlimited Support Contracts available (some restrictions apply)

58 Contact Us Bronwyn Duprey Phone (614) ext 407 Steve Handly Unit Manager Phone (419) or (317)

59 2010 Year-End Thank you for attending.