Sage Timberline Office

Transcription

1 Closing Your Year in Sage Timberline Office Construction and Real Estate Welcome! My contact information: Gina Watson-Haley 1

2 Continuing Education Credits This class is eligible for 3 CPE credits. In order to receive these credits, you must: Be present for the entire duration of the class. Use the polling feature for roll call at the start and end of class. Send a chat to the instructor if you arrive after the roll call. Participate in all class activities by responding to poll and chat questions. Session Information (Housekeeping) Set screen resolution to 1024 x 768 for optimal viewing. Place phone on mute to avoid excessive background noise: Press *6 to mute and unmute Do not put the phone on hold. If you leave the session please send a chat to the If you leave the session, please send a chat to the trainer when you leave and return. 2

3 Session Information (Housekeeping) Turn off , cell phone, instant messaging; clear distractions from your training area. Move blackberry away from the phone. Participate and prepared to be called on by name. Ask questions, share experiences, and have fun! Welcome! My Contact Information: Gina Watson-Haley Curriculum Developer & Trainer Learning Services (503)

4 Today s Agenda Introduction to Real Time Learning and Adobe training tools Year-end essentials Close year in Construction Accounting applications Payroll Job Cost Equipment Cost Accounts Receivable Contracts Break Close year in core applications Accounts Payable Cash Management General Ledger Learning Objectives After participating in this session, you will be able to Plan and implement year-end procedures for: Payroll Job Cost Accounts Receivable Equipment Cost Accounts Payable Cash Management General Ledger Print W-2 forms and 1099 forms. Troubleshoot when things go wrong. Locate additional sources of information. 4

5 Year-End Survival Kit Software Notices 10-V & 10-J Year-End Procedures Guide. Link to download in Software Notice 10-J1. In Technical Support Knowledgebase article ID KB Anytime and Realtime Learning. Sage Customer Portal easy access to the Technical Support Knowledgebase Year-End Survival Kit Download filing instructions from: Fi d i f ti b t fili W 2 i ti di Find information about filing W-2s via magnetic media at: 5

6 Year-End Essentials Tax Reporting Forms Sage Construction & Real Estate Solutions Phone: Fax: Suggested Timetable for YE October Contact your business partner to schedule time with your consultant for year-end processing help. Early November Year-End Procedures Guide available. Mid-November Weekly Year-End Tips s begin. December Year-end updates available per download. Late December 2010 payroll tax update available 6

7 Sage Timberline Office Year-End Update No CD shipment for 2010 year-end release year-end end changes are made available only as a downloadable software update. Compatible with and only. Upgrade data files after installing the update tax updates available as separate download. Government Mandated Reporting Changes HIRE act modifications for the W-2 7

8 To Update, Or Not to Update? You need to update if you: Use Payroll for government reporting. Use Accounts Payable or Property Management to generate 1099 magnetic media You don t need to update right now (but it is suggested that you upgrade as soon as it is feasible) if you: Don t use Payroll to generate government reports Don t use Accounts Payable or Property Management to generate 1099s. Are currently on CD version or higher Year-End Update Instructions communication Follow step-by step instructions. Sage Installation Manager 8

9 Upgrade to Appropriate CD Version If you are currently on version 9.4.1, 9.5.0, or a prior version and must install the 2010 year-end software update: Contact your business partner or certified consultant to determine the appropriate CD version (9.6.0 or 9.7) that you should upgrade to. Read the Release Notes and Get Started documents for a list of software changes and installation requirements. Upgrading to Version or 9.7 Upgrade data files. Update custom reports to accommodate database changes. For custom Crystal-based reports: Refer to the Crystal Reporting document (Crystal.pdf). Technical Support Knowledgebase article KB

10 Features in Version Features in Version

11 General Year-End Procedures Each module is closed independently. Create a backup copy of the data files of the application you are closing before the performing the closing task. You can print W-2 or 1099 forms before or after closing Payroll or Accounts Payable. Archive data to manage the size of your files and for reporting purposes. Before You Archive Your Data Develop a company wide plan. Obtain proper permissions in Sage Timberline Office and on the network. Make sure no one is using the files. Create a backup of the files in which records are being archived. Assess the time it takes for the procedure. 11

12 After You Archive Your Data Use File Doctor to compact the files. Document which files were archived and where the data is stored. Resources Help Topics. Sage Customer Portal Technical Support Knowledgebase (article KB97140.) Year-End Procedures Guide Live Chat during business hours Phone Support

13 Year-End Procedures Payroll Payroll Year-End Preparation Run your final payroll for Create accrual entries (Optional). Post checks for Print all management reports. Reconcile Payroll to itself and to General Ledger. Decide whether to print W-2s before or after closing the year in Payroll. Make a backup copy of your Payroll files. 13

14 Close The Year in Payroll Decide whether to carry over year-to-date totals for pays, deductions, or fringes. Make a backup copy of your Payroll files. Perform the Close Year task. Close The Year Moves the year-to-date accumulated employee totals to prior year. Moves the current month-to-date and quarter-to-date accumulated employee totals to prior month and quarter. Clears the current period accumulated employee totals. Closes December and the 4th quarter. 14

15 The First Payroll for 2011 Before you have closed the 2010 year in Payroll: You can enter time for Do NOT process payroll yet. Process the first payroll for 2011 only when: You have performed the Close Year command so all employee yearto-date accumulators are reset to zero. You have downloaded and updated taxes for Tax Updates You will be notified when 2011 tax updates are available. Log on with Network Administrator rights. Connect to the internet. Use Download Taxes to copy a zipped file containing several files to your system. You can update taxes with this step or as a separate step later. 15

16 Supplied Taxes Rates United States Federal All U.S. federal taxes are provided. State All necessary tax rates, tax table and formulas are provided for employee taxes. You are responsible for entering and updating your company experience ratings and limits for state disability insurance (SDI) and state t unemployment insurance (SUI) taxes. Supplied Taxes Rates United States Local New York City Resident Withholding. Yonkers Resident Withholding. Yonkers Non-Resident Withholding 16

17 Supplied Taxes Rates Canada Federal taxes Provincial taxes (except Quebec) When To Update Taxes You can download taxes at any time. Only update taxes when you have: Completely finished check processing for Performed the Close Year command to reset employee yearto-date accumulators to zero. 17

18 Update Taxes A backup of your tax files Tax.prx and PR.frm - is automatically created. If you updated taxes too soon, restore 2010 taxes with File Tools. Tax rates, effective dates and payroll formulas are updated. Verify Tax Updates Review Payroll Tax Release Notes. Compare to Tax Rate Setup. Manually update any taxes not supplied by Sage Timberline Office. Employer state disability insurance (SDI) and state unemployment insurance (SUI) taxes. Local taxes. 18

19 Print W-2 Forms Customize the W-2 form template to control the information that prints. Refer to the IRS publication Instructions for Forms W-2 and W-3. Verify that formulas on the W-2 form template use the correct year (either YTD or Prior Year). 9.6 Payroll versus 9.7 Payroll 9.6 Same process as used in the past. Manually merge folders Print forms Generate magnetic media Fill out W-3 from totals page information 9.7 Same process as in prior versions (see above) efile through Aatrix efile through Aatrix Have Aatrix print, stuff, and mail printed forms 19

20 Consolidate Data for Reporting Optional move employees from multiple named Payroll master files into one Payroll master (if reporting under the same Tax ID). Optional copy Payroll files to a new folder for reporting only. Combine Employees into One Master File Timberline Construction Only do this if you report wages under the same tax ID for all employees! Field.prm Admin.prm Exec.prm System.prs Tax.prx Ts.ctl Named master files 2010 PR Reporting Field.prm p Admin.prm Exec.prm System.prs Tax.prx Ts.ctl 20

21 Combine Employees into One Master File 2010 PR Reporting Field.prm (100) Admin.prm (20) Exec.prm (10) System.prs Tax.prx Ts.ctl Use Tools > Move > Employees to combine into one master file Combine Employees into One Master File 2010 PR Reporting Field.prm (130) System.prs Tax.prx Ts.ctl 21

22 Print W-2 Forms Print a test run on plain paper. Print W-2s on preprinted forms. Generate magnetic media (Optional). Print W-2 Forms The number of print runs depends on the number of states and locals in which you process payroll. Up to two states: t Print federal and states together. More than two states: Print the federal separately. Print states (up to two on each run) separately. Multiple localities: Print up to two localities for an individual per form. For more than two localities, print W-2 forms at the local level. 22

23 W-3 Form 9.6 and earlier versions of Payroll do not print the W-3 form. The final page of your W-2 print run has all the totals for the W-3 form. Manually transfer the amounts to your W-3 form. Resources Printer troubleshooting tips: KB62567 Determine the number of W-2 forms to order: KB1462 KB

24 File W-2 Forms via Magnetic Media File in MMREF-1 format for tax reporting year. More information about filing via magnetic media can be found at: Obtain a PIN/Password through: Form 941 and Form 941 Schedule B Reports > Government Reporting Form 941 Form 941 Schedule B 24

25 Other Reporting Needs Tax supplemental wages at a flat rate. KB5627 Non-cash taxable fringe. KB62146 Third-Party Sick Pay. KB13378 Void and reissue a check to the prior year. KB85717 Year-End Tax Reporting in

26 Federal efile and Reporting 2010 efiling Guide & Year-End Procedures Guide. Able to merge multiple folders during generate W-2 process. Prints form and data onto blank paper. Order Forms Sage Construction & Real Estate Forms Form Paper/Form Required Federal W 2 Blank Paper State and Payer W 2 Blank Paper Employee W 2 BlankPerforated W 2 Paper The Federal W 2 and W 3 copy does not require the Red Ink paper, see KB

27 Generate W-2 Magnetic Media Tasks > Federal Reporting > Generate Magnetic Media Generate magnetic media file Print W-2s forms as in prior versions W-3 Forms Tasks > Federal Reporting > Federal efile and Reporting Print to blank paper from Sage CRE Forms 27

28 Form 941 and Form 941 Schedule B Tasks > Federal Reporting > Federal efile and Reporting Additional government reporting forms available Other Tax Reporting Tasks > Quarterly Reporting > State efile and Reporting 28

29 HIRE Act Setup > Employee > Misc Info tab > select HIRE Act Qualified checkbox Tools > Modify > W-2 Forms > Amounts. Enter code CC in Box 12 Report available for download in Knowledgebase KB273. Note: Not designed to accommodate wage comparison. File Maintenance (optional) Archive checks dated in Move terminated employees out of live data folder. Always make a backup copy of your Payroll files beforehand and use File Doctor to compact files afterwards. 29

30 Questions? Year-End Procedures Job Cost, Equipment Cost, and Contracts 30

31 Closing the Year No official YE procedures for these applications Normal month-end processing: Enter and post all transactions Print reports Back up files (see YE Procedures Guide) Close month (Tasks > Close Month) Optional additional tasks: Change status of completed contracts to closed Move JC transactions for closed jobs to history file or archive folder Move closed jobs to an archive folder Year-End Procedures Accounts Receivable 31

32 Year-End Preparation Enter and post all invoices Enter and post all cash receipts for the year Print reports Create backup Close Year Process Close year (Tasks > Close Year) Move paid invoices to history (optional) 32

33 Break 5 minute break Accounts Payable 33

34 Accounts Payable Topics Advance to a new year. Prepare for Accounts Payable year-end. Use Close 1099 Year and Close Year commands forms. Prepare to file returns. File returns on paper and electronically. Note: Perform the order of tasks file 1099 returns and advance to a new year - based on your company needs. File maintenance. Year-End Preparation Enter, post, and pay invoices for the 1099 reporting year using 2010 check date. Pending invoices Manual checks. 34

35 Year-End Preparation Reconcile Accounts Payable to itself and to General Ledger. Reconciliation Tool (Sage Desktop). Default reports in Reports > GL Reconciliation. Year-End Preparation Print management reports for record keeping. 35

36 Year-End Preparation Decide whether to file 1099 forms before or after closing the 1099 year. Year-End Preparation Back up Accounts Payable data files. 36

37 Year Ending Dates Close Year Commands 37

38 Vendor Records Close 1099 Year command affects totals on 1099 Settings tab. Close Year command affects totals on Totals tab Checks You can pay invoices with checks dated in 2010 before closing the 1099 year. Do not pay invoices with checks dated in 2011 until you ve verified that the 1099 year ending date in AP Settings is 12/31/09 or 12/31/10. 38

39 Questions? How do you prepare to file 1099 returns? 39

40 Prepare To File 1099 Returns Enter, post, and pay invoices using 2010 check date for the 1099 reporting year. Verify vendor information. Reconcile 1099 reportable amounts. Review IRS instructions for filing returns. Review year-end software update notice to determine whether installing the update is necessary. Order 1099 forms. Print a test run to check alignment Forms 40

41 Filing Information Filing Information 41

42 Filing Information One or several payers? One Payer Manually enter Payer information when filing 1099s. Reportable amount retrieved from vendor record. 42

43 Several Payers Payer information retrieved from General Ledger. Reportable amount retrieved from prefix total record. Several Payers Reportable amount when intercompany accounting is involved: Amount paid is accumulated to the prefix that purchased the goods or had services rendered. 43

44 Reconcile Reportable Amounts Verify amounts paid to vendor prior to filing 1099 forms. Download reports from Technical Support Knowledgebase article KB Reconciliation reports by vendor or by prefix. File 1099 Returns Print returns on paper and create a file that you can use to submit returns electronically. File 1099 returns by vendor or by fiscal entity. Process returns by form type. 44

45 File 1099 Returns Electronically IRS Publication 1220 Form 4419 Application for Filing Returns Electronically Transmitter Control Code (TCC) Filing Information Returns Electronically system (FIRE) Determine whether installing the 2010 year-end software update is required. Resources Vendor requires different 1099 form types. KB6189 Printer troubleshooting tips. KB62567 Error message You must run Verify Prefix Totals before printing this report. KB

46 Questions? File Maintenance Optional procedure. Archive checks. Remove obsolete vendors. Always make a backup copy of your Accounts Payable files beforehand and compact the files afterwards. 46

47 Move Checks Checks must be cleared or reconciled in Cash Management. Check, related invoice, distribution, payment records master.apm Transaction records current.apt history.api history.apt Considerations for Move Checks Archived checks cannot be voided. Invoice and distribution related to archived checks cannot be changed. To view archived checks, the report designs must access the appropriate history files. 47

48 Remove Vendors Use Preview only option to verify vendor selection. Use Remove vendor records option to permanently remove vendor records from database. Information for removed vendors does not display on reports or inquiries. Questions? 48

49 Cash Management & General Ledger Year-End Preparation Record and post all entries Enter adjustments through the Edit Register. 49

50 Year-End Preparation Reconcile bank statements through the end of the calendar year. Year Ending Date 50

51 File Maintenance Optional procedure. Archive entries. Always make a backup copy of your Cash Management files beforehand and compact the files afterwards. Move Entries Entries must be reconciled in Cash Management. Archived entries cannot be unreconciled or edited. Archived checks cannot be voided. Transaction records register.cmt history.cmt 51

52 Questions? General Ledger Topics Advance to a new fiscal year. Prepare for General Ledger year-end. Partner distributions. Use Close Fiscal Year command. Make prior year adjustments. File maintenance. 52

53 How do you prepare to close the fiscal year? Prepare To Close Fiscal Year Record and post all entries for the current fiscal year. Review and correct rejected entries. Clear balances in suspense type accounts. Resolve any prior year entries. Reconcile sub-ledgers to General Ledger. Print all management reports and financial statements. 53

54 Close Fiscal Year Clear balances in Income and Expense accounts and posts profit or loss to retained earnings. Closing entries are posted to history.glt file to retain activity for reporting purposes. Advances balances: Year end balances Activity balances Advances fiscal year end and period end dates. Allow you to define the calendar for the future year. Resources Determine which transactions are prior year adjustments. KB35675 Prior year adjustment for two years ago. KB

55 Prior Year Adjustments 1. Allow posting to closed periods. 2. Record and post entries. 3. Reprint financial statements. 4. Repeat General Ledger close fiscal year procedures. 5. Deny posting to closed periods. 6. If you have archived prior year s transactions, move the additional prior year entries to the history file. File Maintenance Optional procedure. Archive transactions. Always make a backup copy of your General Ledger files beforehand and compact the files afterwards. 55

56 Questions? Summary In this session, you learned about: Plan and implement year-end end procedures for Payroll, Job Cost, Accounts Receivable, Equipment Cost, Accounts Payable, Cash Management, and General Ledger Print W-2 forms and 1099 forms. Troubleshoot when things go wrong. Locate additional sources of information. 56