Session 1-8 Sage 300 CRE: Month-End, Quarter-End, Year-End Procedures Lab Presented by: Kathy Lewis, Kathy Lewis Consulting Kathy@klcvision.com
Credits/Revision History Original Author(s): Lenni Witt, Aronson LLC Revision Date: Major Updates Include: 2
Month End Procedures - Objectives After attending this workshop you will be able to: Understand Best Practices for Closing the Month Know Which Reports to Use for Reconciliations Be Able to Build Standardized Closing Procedures Have a Checklist in Hand to Close With Save a Customized Desktop for Month End 3
Introduction Month End Procedures by Application Payroll Contracts Equipment Cost Job Cost/Project Management Property Management General Ledger Month End Reports by Application Tools to Help Make it all Easier 4
Introduction What Happens When You Close a Month Think JTD, YTD, QTD, MTD, NM, LM Payroll Starts a New Month Some Applications (JC, EQ, PM) look at the GL Fiscal Calendar for Guidance Let s Look at Which Applications Close Months or Periods 5
Closings Closing Months, Periods and Year 6
Closing the Month/Period Recommended Steps By Application: 7
Closing the Month/Period Recommended Steps By Application: 8
Closing the Month/Period Recommended Steps By Application: 9
Closing the Month/Period Recommended Steps By Application: 10
Closing the Month/Period Recommended Steps By Application: 11
Closing the Month/Period Recommended Reports By Application: 12
Closing the Month/Period Recommended Reports By Application: 13
Closing the Month/Period Recommended Reports By Application: 14
Closing the Month/Period Recommended Reports By Application: 15
Closing the Month/Period Recommended Reports By Application: 16
Closing the Month/Period Recommended Reports By Application: 17
Closing the Month/Period Recommended Reports By Application: 18
Closing the Month/Period Use the Desktop Tools! Sage Timberline Office > Additional Tools > Reconciliation Tool Sage Timberline Office > Additional Tools > Monthly Tasks Workflow Center Let s Take a Look Use the Reconciliation Reports! [Application] > Reports > Reconciliation There are a Bunch of Them! 19
Closing the Month/Period Here s a Great Tip! Create a Custom Desktop Configuration List all the Tasks per Application List all the Reports you like best Let s Take a Look You Can Create as Many Desktop Configurations as You Want! 20
Helpful Knowledgebase Articles ID 20585 - Which applications have a close month, period, or year task? ID 31393 - What are the recommended month-end closing procedures? ID 26607 - What are the recommended month-end reports? ID 17736 - How do I reconcile General Ledger if it s out of balance? (this has links to a bunch of other related articles) 21
Month End Procedures Questions on Closing Applications Monthly? 22
Summary You Now Are Able To: Plan Month-End Procedures Implement Month-End Procedures Know which Reports to run for Reconciliations Know where to go for Helpful Tools 23
Quarterly Closing Mostly Payroll Reports: 24
Quarterly Procedures Questions on Quarterly Procedures? 25
Year End Procedures - Objectives After attending this workshop you will be able to: Make a Plan for Year-End Procedures Implement Year-end Procedures Have a Customized Desktop for Year-End Create a Historical Data Folder Backup Sage 300 Data Restore Sage 300 Data Create a Company Plan for Archiving Data to History Files Not be Afraid of Year End! 26
Introduction What Happens When You Close Year Archiving Data to History (read: housekeeping) 27
Introduction Year End Procedures by Application Payroll Accounts Payable Accounts Receivable Cash Management Contracts Equipment Cost Job Cost/Project Management General Ledger 28
Before You Begin Perform a Complete Backup Sage recommends a full Third-party backup be performed Test a partial restore to verify data Store written procedures in-house for backup and restore 29
Before You Begin Perform a Complete Backup File > Tools may also be used to create a backup If using File > Tools, make sure full file extensions are visible For Windows 7, go to Documents > Organize > Folder and Search Options, click the View tab, and click Show hidden files and folders and unclick Hide extensions for known file types For Windows XP, go to Explore > Tools > Folder Options, click the View tab, and click Show hidden files and folders and unclick Hide extensions for known file types 30
Before You Begin Back up Data and System Files Custom Reports Inquiries Formulas Store the Backup Network Local Drive Archive on a CD Let s Look at Tools > File Tools ID 17256 for complete step-by-step directions 31
Before You Begin Order Forms for 1099s and W-2s Calculate the Number of Forms Needed Accounts Payable 1099s: Select Tasks > Government efiling and Reporting > Form 1099 (USA) > Form T5018 (CAN) Complete the steps to get to W2/1099 Preparer Grid screen From the View menu, select 1099 Report You ll see the number of forms below Total Number of Forms Instructions are in the Year End Procedures Guide 32
Before You Begin Order Forms for 1099s and W-2s Calculate the Number of Forms Needed Payroll W-2s: Select Tasks > Federal efiling and Reporting Select the W2/W3 appropriate for your location Complete the steps to get to W2/1099 Preparer Grid screen From the View menu, select W-3/W-2 Report You ll see the number of forms below Total Number of Forms Instructions are in the Year End Procedures Guide Print Samples of Both 1099s and W-2s to Evaluate Results 33
Before You Begin Contact Your Consultant to Schedule Time Create a Folder for Year-end Information Paper Virtual Schedule Year-end Training for Staff TUG Webinars www.tugweb.com 34
Before You Begin Use the Year End Procedures Guide Frequently Asked Questions are Included by Application General Topics Payroll Accounts Payable Property Management General Ledger Where do I Find It? Look for the Link in Year End News Emails 35
Before You Begin For Information on 1099s and W-2s, Use the Government Forms Guide Where do I Find It? Look for the Link in the Year End Procedures Guide 36
Before You Begin Install the Year-End Version of the Software For 2016, Version 15.1 and Version 16.1 were the ONLY supported versions What Version are You Currently Running? How do I find out? Help > About TS Main Look for Version and Rev Number in parentheses Close Each Application Independently 37
Where to go for Help Help Menu in Timberline TUG Forums TUG Webinars All Day Year-End Webinar in December www.tugweb.com Sage Knowledgebase https://customers.sagenorthamerica.com Logon with Your Email Address and a Password That You Create Click the Knowledgebase Search Sage Year-end Center Online http://www.sagecre.com/support-and-training/year-end-center 38
Where to go for Help Sage Desktop Info Center Click the Year End Center link Your Business Partner or Consultant Timberline Support 1-800-551-8307 39
When Do I Close? Payroll is First Accounts Payable Based on 1099 Deadlines Accounts Receivable Cash Management Contracts Equipment Job Cost General Ledger (by now, you re in February or March, maybe?) 40
Payroll Year End Confirm Retain YTD totals at Close Year Selections if Applicable Pays Deducts Fringes Run Final Payroll Post All Checks Print all YTD Reports Verify that YTD totals are correct 41
Payroll Year End Reconcile Payroll to the General Ledger Back up Payroll Files or Create a Full Archive Backup Close Year Update Taxes Before the First Payroll of the New Year Tools > Download Taxes Click Update Tax file when download is complete checkbox Make sure you can connect to the Internet 42
Payroll Year End W-2s Modify W-2 Form Using Tools > Modify Forms > W-2 Forms Vehicle Allowances Section 125 Totals and Health Insurance! 401K Group Term Life HIRE Act Information Default Company Federal ID Prefills from Line 1 of the Federal Tax Group Setup > Taxes > Tax Groups Default Company Applicable State IDs Prefills from Line 1 and Line 2 of the State Tax Group Setup > Taxes > Tax Groups 43
Payroll Year End Print W-2s on Plain Paper to Review Correct Errors Print W-2s to Forms Keep a paper or virtual copy of the W-2s on file in case employees ask for prior year copies Update SUI Rates When Available Setup > Taxes > Tax Rates Enter as a full number, e.g., 10% as 10.00 44
Accounts Payable Year End Enter All Invoices for the Year Approve All Pending Invoices for the Year Post All Invoices Enter All Manual Checks Print Reports Print Month-end Reports Print YTD Reports Print Prior Year Reports 45
Accounts Payable Year End Verify that YTD totals are correct Reconcile Accounts Payable to General Ledger Reports > Cash Management > Open Invoices w/ Cut-off Date Backup Accounts Payable Files Print 1099s out of Aatrix Print Sample 1099s 46
Preparing to Close the AP Year Correct Errors 1099 Totals can be Adjusted Through Tools > Options > Audit Setup Activity Use Tools > Maintain Prefix Totals to Adjust Vendor Balances (with Audit Setup Activity turned on) You can Populate 1099 Checkboxes and Federal ID Numbers Via ODBC You can learn ODBC at the TUG Conference! 47
Accounts Payable Year End Close Year (if Fiscal Year is Calendar Year) Close 1099 Year Prepare to Print 1099s Review Vendor Information Reports > Miscellaneous > 1099 Preparation Who gets 1099s? Unincorporated Businesses: Individuals OR Sole Proprietors OR LLCs OR Partnerships OR Attorney s Fees (whether incorporated or not) AND You paid them at least $600 48
Accounts Payable Year End Print 1099 Test Run on Plain Paper to Review (optional) Print 1099s to Forms Produce Magnetic Media File (Depending on State) If you need to update a lot of Vendor records for the Receives Form 1099 checkbox, use ODBC in MSQuery! 49
Accounts Receivable Enter and Post All Invoices Enter All Cash Receipts Print Month End and Year End Reports Reconcile AR to GL Reports > Aging > Detail by Customer Backup Accounts Receivable Files Close Year 50
Cash Management Year End Post all Entries Check for Unposted Entries Inquiry > Entries > Unposted Transactions by Bank Tasks > Post Entries Check the printout for rejections! Verify Year-end Date in CM Settings Back up Cash Management Files Close Year 51
Contracts Year End Verify and/or Modify Status of Contracts Post all Entries Print Month End and Year End Reports Back up Contracts Active and Settings Files Close Month 52
Equipment Cost Year End Enter and Post all Transactions Print Month End or Year End Reports Review Revenue/Cost Tables for Possible Rate Updates Back up Equipment Cost Files Close Month 53
Job Cost Year End Post all Entries Change Status of Closed Jobs to Closed Update Prior Year Revenue Earned for WIP Report via Misc Worksheets if Necessary Print Month End and Year End Reports Back up Job Cost Files Close Month 54
General Ledger Year End Enter and Post all Transactions Check Printouts for Rejected Entries Clear Suspense Accounts Verify Trial Balance is in Balance Print Month End Reports Back up General Ledger Files Close Fiscal Year 55
General Ledger Year End Perform Prior Period Adjustments Tasks > Open/Close Posting Period Select the Entity to Open Clear the Checked Box for the Posting Period Record Entries and Post Close Fiscal Year if Necessary Message will be: Prior Year Adjustments will be Closed Re-close Posting Period by Re-checking the Cleared Box 56
Year End Procedures Questions on Closing Applications? 57
What Happens When You Close Year Accounts Payable: Master File Records are Updated as Follows: On the Vendor Record After Close Year Last Year Totals Drop Off This Year Moves to Last Year Next Year Moves to This Year 58
What Happens When You Close Year Accounts Payable: Master File Records are Updated as Follows: On the Vendor Record After Close 1099 Year Last Year Totals Drop Off This Year Moves to Last Year Next Year Moves to This Year 59
What Happens When You Close Year Job Cost: Master File Records are Updated as Follows: On the Job Record After Close Year YTD Totals Zero Out Accounts Receivable: Master File Records are Updated as Follows: On the Customer Record (Totals) After Close Year Year To Date Totals Zero Out Next Year Moves to This Year Et cetera 60
Archiving Data to History Moving Data to History Develop a Company-Wide Plan Create an Archive/Historical Data Folder (Storage Box) Create an Annual Copy (Snapshot) Create Named Files File > Company Settings > File locations Move Transactions to History Document the Process How Long did it Take? Where are the Files Stored? Create a Folder for Printouts to Refer Back to Name it Archive to History or System Maintenance 61
Archiving Data to History Backup and Copy Procedures Year End Procedures Guide Appendix B Application by Application, Lists Files to Back Up After Moves are Complete, Compact Files from the SERVER 62
File Maintenance Payroll Move Checks Current to History History to History Move Terminated Employees To a Different Master.prm That Means a Separate Data Folder (the Storage Box) Compact Files From the SERVER TSMain >Tools > File Doctor > Compact Good Files 63
File Maintenance Accounts Payable Move Checks Current to History History to History Move Lien Waivers Current to History History to History Remove Vendors Notice it is REMOVE Compact Files 64
File Maintenance Accounts Receivable Move Invoices Current to History Compact Files Cash Management Move Entries Register to History History to History Compact Files 65
File Maintenance Contracts Move Closed Contracts Current to History Compact Files Job Cost Move Transactions Current to History History to History Move Jobs and Commitments To a Different Master.jcm Compact Files 66
File Maintenance General Ledger Move Transactions Current to History History to History These will be Named Files Compact Files 67
File Maintenance Other Considerations Archive and Delete Print Files (.prn) Review Report Menus and Delete Unused Reports On Individual Workstations Run Disk Cleanup Run Disk Defragmenter Test Backups Occasionally with a Partial Restore 68
Year End & File Maintenance Think About Ways that MyAssistant can Help: Alert you when Payroll closes for the year Alert you of Vendors missing 1099 information Notify you of In Progress Jobs with Last Cost Update that is older than a certain date Alert you to balance in Suspense account(s) 69
File Maintenance Questions on File Maintenance? 70
Summary You Now Are Able To: Plan Year-End Procedures Implement Year-End Procedures Create a Historical Data Folder Backup STO Data Restore STO Data Create a Company Plan for Archiving Data to History Files 71
Summary The Year End Puzzle is Complete 72
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