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Year End Procedures

Year End Procedures

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Year End Procedures

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  1. Year End Procedures Kelly Ish First Resort Client Care Specialist

  2. Year End Procedures • Reports-Function and when to run • First Resort version requirements • Preparation • Owner 1099s • Vendor 1099s • W2s • Closing the Year • Common Questions

  3. Using the Webinar technology Q&A This box will allow you to forward questions to a panelist to be answered. Any Questions that we don’t get to in the time of this Webinar will collected and addressed by close of day, Wednesday January 14. Polling This box will allow you to participate in a set of Polls throughout the Webinar.

  4. 1099s -Owners, Vendors, Travel Agents -Report on gross income earned for the year P-R-I—Income /Expense Summary -Shows owner income/expense totals for the year W2s -If using payroll module -Reports wages paid to employees and taxes withheld Year End Reporting P

  5. When to Report • Print 1099s after you have closed (P-S-N) the last month of your year (specified in system setup page 8 “Statement month after which to do 1099s”) • Generally- Jan 31 is date to send 1099s and W2s to recipients Feb 28 for filing with IRS

  6. Version Requirements • Just printing your 1099s? • Use version 10.03 or higher • Filing electronically? • Or running W2s? • Must use version 10.20

  7. Getting Prepared—Clean Data • Check names, addresses, tax IDs • P-T-A, E-R-C, C-R-C, Q-R-W • Remove titles (Mr., Ms., Dr.)

  8. Getting Prepared-Copy of Data • Recommend copying ALL FRS files to local drive or CD • Copy *.FIL, *.IDX, SY*.*, AVMAIN.EXE • Make copy after closing last month of year • Must have all users/interfaces out • Can create 1099s from this data • Can be used if need to resubmit • Confirm the data is good!

  9. P-A-S Screen

  10. Statistics-Old Owner

  11. P-A-O Override

  12. Owner 1099s

  13. Owner 1099s P-T-Y

  14. Owner 1099s-Printing

  15. Owner 1099s-Printing

  16. Owner 1099s-Printing • Printing Steps for Laser printers • Must do ALL steps each time you print • Make sure that no one else is using that printer

  17. Owner 1099s-Printing • T for form type • Check at the bottom to make sure correct. If not set to Laser Form

  18. Owner 1099s-Printing • A for Alignment Page • Nothing will happen on your FRS screen! • The alignment page will print from your printer • Line up with 1099 form and follow instructions

  19. Owner 1099s-Printing • Alignment Page

  20. Owner 1099s-Printing • S to Set Laser Printer Alignments • Follow alignment page instructions to complete • Payers name line # almost always 2 • Last line almost always 60 • F10 when finished

  21. Owner 1099s-Printing • V to print Void 1099 • Load 1099 forms into printer • Will print 2 void forms. Test alignment with 1099 form. Hold up to light. • Nothing will happen on FRS screen

  22. Owner 1099s-Printing • Does the void form look good? • You’re ready to print! • Remember to put plain paper in for the totals report Q

  23. Electronic Reporting • Only for companies that are required to report to IRS electronically • 200-250 units and over • Must apply in advance-about 6 weeks • Must use 10.20 P

  24. Electronic Reporting Do NotEnter F Here!

  25. Electronic Reporting • When prompted to name file, enter IRSTAX.O08 (Owners, 2008) • For vendors: IRSTAX.V08 • For W2s: W2REPORT.W08 • Will save in accounts folder, or can specify different directory • Specify contact person when requested • Must be filed at • Contact IRS for questions about submitting, deadlines, etc.

  26. Vendor 1099s • E-R-Y or C-R-Y • Same as owners, except have option to choose year

  27. Vendor 1099s-Recalculating • H-B-U-B • Recommend this step prior to running • Transaction deletions can not affect totals correctly

  28. W2s • Q-R-W • Printed after last payroll of the year

  29. W2s Q

  30. Closing the Year

  31. Closing the Year-Zeroing Statistics • When print owner statements for first month of new year (usually Jan)

  32. Closing the Year-Zeroing Statistics You should enter Y if: • Your 1099s are printed and correct • You are planning on printing your 1099s from a good copy of data later

  33. Closing the Year-Zeroing Statistics • Choosing Y will zero all owner stats at P-A-S • This must be done prior to printing January statements • Choosing L will leave the statistics and you will not have the option to zero them out again • Do not choose this option, as you will be forced to zero out all statistics manually

  34. Closing the Year-Accounting • Trust business—no entries are necessary • Consolidated/Operating—If balance sheet correct, move the amount from “Current Year Income” to “Retained Earnings” using a Journal Entry

  35. Common Questions

  36. Common Questions Some of my 1099s didn’t print • Is the income $600 or over? • Tax ID filled in? Hyphen in correct spot? • Is there a title that wasn’t removed from the name? • Foreign owner? Need to use 1042S. Letter logic • If there is a 1099 override at P-A-O, check to make sure there is a value at P-A-S.

  37. Common Questions PAO PAS

  38. Common Questions • I’m paying my owners for December revenue in January, so shouldn’t that income show on next year’s 1099? • No, 1099s are based on income EARNED, regardless of when it’s paid

  39. Common Questions I zeroed out my statistics before I printed my 1099s!

  40. Common Questions • Print 1099s out of your copied data set if you have it • If not, will need to re-enter statistics • Make a copy of your data and enter the statistics here, not in the live data • Use the P-R-I report to get income totals • Enter the income total at P-A-S • May need to adjust dates in system setup in copied data • Contact us for assistance!

  41. Common Questions My statistics didn’t get zeroed out!

  42. Common Questions • Run owner statements to get annual and occupancy statistics • Date range needs to be first month of new year through last closed month • Enter the correct statistics for each property at P-A-S • The new values should be smaller amounts than the existing values • Call us for help with this one also Q

  43. Extending Availability

  44. Extending Availability • Must have all users/interfaces out of FRS for changing dates and the availability rebuild • Must be on version 10.16 or higher • S-A-A Screen—Date ranges for rotation • S-I Screen—Availability start date • S-B Screen—Availability Rebuild

  45. Extending Availability S-A-A • Periods usually yearly or based on season (winter/summer) • Related to rotation, not rates • Must extend at least 2 years past availability start date (S-I) • Eliminate old records

  46. Extending Availability S-A-A-Seasonal Periods

  47. Extending Availability S-I • Availability start date-Can check availability 2 years past this date • Should be at the beginning of your current rotation period (S-A-A) • BUT…Cannot match any of the S-A-A From/To dates • Date must be in the past

  48. Extending Availability S-B • Availability rebuild • Time to complete depends on number of reservations/units/periods, speed of station/network

  49. Thank You!