year end processing financial management 1freedom systems - year end processing webinar welcome to...

Year End ProcessingFinancial Management

1Freedom Systems - Year End Processing Webinar

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Year End ProcessingFinancial Management Overview


The General Ledger Program must be

configured for the new fiscal year before data can be processed in

other modules!

Specifically, you must have the new fiscal

calendar created as well as new fiscal year

ledgers before doing any work linked to the

new year!

Year End ProcessingGeneral Ledger Overview


Step 1

Step 2

Step 3

Step 4

Step 5

Year End Processing – General LedgerStep 1 – Create Fiscal Calendar

Select Fiscal Calendar to begin the process.



Enter 2009 and press ENTER. If nothing appears, then you need to create the 2009 calendar entries.


2009


This is an example of

typical calendar entries


Remember to insert a fiscal

period 13 for year end entries!

Year End Processing – General LedgerStep 2 - Create New Years Ledgers

Check to make sure you have

not already create 2009

ledger records!

From the main General Ledger

menu select Account Inquiry


Year End Processing – General LedgerStep 2 – Create New Years Ledgers

Check to make sure you have

not already create 2009

ledger records!


Type 2009, tab to account number field , type the

first numbers of a standard ledger

account and then click FIND.

2009


This is the error message you will receive if there

are no 2009 records!


Click END to clear the error message, then click EXIT to

return to the main menu.

2009


Remember to check first to see if you’ve already performed this

function.

10Freedom Systems - Year End Processing

Simply click Step 1, then click

Generate. You will receive a

message indicating when it

is completed.2009



Remember – if you create new current year ledger accounts AFTER you have generated the ‘New Accounting Year Ledgers’ then you must create a ‘One Years Ledger for the new accounts!

2009

Year End Processing – General LedgerStep 3 – Load Balance Sheets

This function can be run multiple times to carry

forward asset and liability balances.

It is typically done at the start of the new

year to bring preliminary

balances forward and then done again after the ‘Close to Fund

balance has been finalized.


Simply enter the upcoming fiscal year

and click Load.

2009

Year End Processing – General LedgerStep 4 – Load Adopted Budgets

This function should only be run once.

Running this process multiple

times will result in the creation of

duplicate budget entries and you will need to contact

Freedom Systems to correct the

problem.

Freedom Systems - Year End Processing Webinar

Simply enter the upcoming fiscal year

and click Load.

2009



Remember – you must have already entered budget Figures through the General Ledger or Budget Preparation Programs BEFORE you can ‘load’ budget figures.

If you use the Budget Preparation Program, be sure to ‘roll’ the budgets to the Adopted (A) level before you ‘load’ budgets.

2009



Remember – if you need to add or edit budget figures AFTER running the load process, those changes must take place via a journal voucher.

2009

Year End Processing – General LedgerStep 5 – Close to Fund Balance

This function should be run only once . It

creates a journal voucher to zero out

the revenue and expense control

accounts and move the monies to the

fund balance accounts.


Simply verify the fiscal year and click

Close. Be sure to leave the fund field

blank.

2008

Year End ProcessingAccounts Payable Overview


Step 1

Step 2

Step 3

Step 4

Year End Processing – Accounts PayableStep 1- Verify EIN Number

Select Site Parameters to check your EIN

number


Year End Processing – Accounts PayableStep 1 – Verify EIN Number

Select the Options /

Signatures tab to view the Federal ID

(EIN) field and edit if

necessary.


2008

Year End Processing – Accounts PayableStep 2 – Update Vendors

In order to process 1099’s, you must first

identify vendors who are subject

to 1099 processing.


To do so, you must update their

vendor maintenance file.


Search for vendors using the Name Search or

ID Search buttons.


Then ‘check’ the 1099? Box for the appropriate year.

While in the Vendor

Maintenance screen, verify that the vendor has a valid Federal ID

or other number,.


If you need to update a vendor’s

Federal ID number, return to the main menu

and select People-Places-

Things.



Retrieve the vendor using the

Name or ID Search buttons.


Then insert the number in the

Fed ID field. The vendor

maintenance file will automatically

be updated.

Year End Processing – Accounts PayableStep 3 – 1099 Processing

Select 1099 Processing to

start this function.


Year End Processing – Accounts PayableStep 3 – Run 1099 Processing

Make sure the correct 1099 year displays –

edit if necessary.

The follow the steps listed on screen.

Step (1) Build covers data for all vendors

who have a checkmark in the 1099 box on the

vendor maintenance screen.

Step (2) Register prints a report of that data and notes those

vendors missing a Federal ID.


2008


Step (3) 1099 Maintenance lets you edit 1099 data for

particular vendors.

You can add or remove invoices from 1099

consideration using the ‘View Vendor Invoices’

button.


2008


Note the requirement to re-run Step (1) Build if you edit the 1099 type field for any

invoice!



Step (4) Prints the 1099’s forms. These

are designed for laser printers and forms are

available from Freedom Systems at

www.freedomsys.com.


2008

Year End ProcessingPayroll Overview


Step 1

Step 2

Step 3

Step 4

Year End Processing – PayrollStep 2 – Run Year End Processing


Before running the Payroll Year End Process, be sure

you have completed all 2008 payrolls and printed

all quarterly reports!

Select ‘Year End Process’ from the

main menu.

Year End Processing – PayrollStep 2 – Run Year End Processing


The ‘History Report’ displays data from the employee file. It is not

a required report.

The ’Benefits Statement’ is a one

page report per employee and

summarizes municipal contributions to

employee accounts during the year.

‘Move To History’ accomplishes just

that.

‘Clear Totals’ zeroes out all MTD, QTD and YTD totals for every employee file and

carries forward leave balances. This step is

irreversible.

2008

Year End Processing – PayrollStep 3 – Update Tax Tables


Federal Tax Tables and Social Security Tables need to be updated prior to

processing the first payroll of the new

year.

To update the tables, select Tax Tables

from the main menu,



The FI tables are the federal FICA tables. These need to be updated based on

data released by the Federal Government.

Remember to update the ‘married’ and

‘single’ tables.



The US tables are the federal income tax

tables. These need to be updated based on data released by the Federal Government.

Remember to update the ‘married’ and

‘single’ tables.

Year End Processing – PayrollStep 4 – Create and Print W-2’s


The W- 2 Processing Steps can be

accessed by clicking ‘W-2 Forms’ from the

main menu.

Year End Processing – PayrollStep 4 – Create and Print W-2’s


The W-2 process is run from this screen.

Verify the data in the top half of the window including the tax year, FICA totals, form and

locality name.

The buttons located in the bottom half of the window will complete

the process.

2008

Year End ProcessingPurchasing Overview


Step 1

Step 2

Step 3

Year End Processing – PurchasingStep 1 – Print Year End Reports


Various reports are available for

printing in addition to the Close

Reports.

Select the desired report from the

main menu.

Year End Processing – PurchasingStep 2 – Close Purchase Orders

Closing Purchase Orders can be

done manually or through the Year

End Process.


To manually close a Purchase

Order, select Purchase Order List to review all open purchase

orders.


Locate any non-closed Purchase Orders and select them by clicking

‘More’.



Click the ‘Close’ button and then ‘OK’ to complete

the process.



To automate the Close Process, select ‘Year End Processing’ from the main menu.


Year End Processing – Purchasing Step 2 – Close Purchase Orders

Verify that the correct Fiscal

Year is displayed – edit if

necessary.


Select the desired Close Method and Close Date.

Print and review the report of

purchase orders to be closed, run the close process

and then exit.

2008



All three Close Methods result in a

voucher being created that must be reviewed and processed in the General Ledger

Program.

C – Carry Forward

This process closes purchase orders and releases the encumbrances for the current fiscal year and creates

new encumbrances for the same ledger

accounts in the new fiscal year.

2008





Program.

F – Final Close

This process closes the purchase orders and

releases the encumbrances for the current fiscal

year.

2008





Program.

L – Prior Year Liability

This process closes the purchase orders

and releases the encumbrances for the current fiscal

year. The encumbrance total is carried forward into the new year

and charged against a prior year liability

control balance sheet account.

2008

Year End Processing – PurchasingStep 3 – Setup New Contracts


The Purchasing Program allows you

to manage and maintain purchase

contracts.

These contracts can be established

at any time throughout the

year.

Year End Processing – Purchasing Step 3 – Setup New Contracts


To create a new contract, simply click the ‘New’ button, find the

vendor and insert the contract details.

This data can be accessed when

creating purchase requisition and

purchase orders.

Year End ProcessingAccounts Receivable Overview


Step 1

Step 2

Year End Processing – Accounts Receivable

Step 1 – Print Year End Reports


To print end of year reports, select

Accounts Receivable Reports from the main

menu.


Step 1 – Print Year End Reports


Select the desired Accounts Receivable Reports for printing.

Be sure to leave the ‘For Year’ field blank

to retrieve all AR accounts.


Step 2 – Change Fiscal Year


To change the fiscal year setting, select

‘Site Parameters’ from the main menu.


Step 2 – Change Fiscal Year


Find the Current Year field and change to

the next Fiscal Year.

2009

Year End ProcessingFinancial Management


THANK YOU FOR ATTENDING THE YEAR END PROCESSING WEBINAR!

year end processing financial management 1freedom systems - year end processing webinar welcome to...

Documents

year end entries

new fiscal year ledgers

new accounting year

ledger records

main general ledger

new fiscal calendar

standard ledger account

new accounts