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Calendar Year-End Closing Procedures December 2018

USAS. Calendar Year-End Closing Procedures December 2018. USAS. Calendar Year End Closing Review. VENSCN - Changes. New Field added to VENSCN and VENLOAD Must specify TIN type – SSN or EIN (S or E) Needed only for Vendors receiving a 1099 this year.

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Calendar Year-End Closing Procedures December 2018

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  1. USAS Calendar Year-End Closing Procedures December 2018

  2. USAS Calendar Year End Closing Review

  3. VENSCN - Changes • New Field added to VENSCN and VENLOAD • Must specify TIN type – SSN or EIN (S or E) • Needed only for Vendors receiving a 1099 this year This option is not available on the Vendor screen in USASWEB.

  4. VENSCN - Changes • Where to find TIN type: • Vendor’s W9 • Utilize the IRS Interactive TIN/Name matching program. This allows you to enter up to 25 TIN/Name combinations and get immediate results • Utilize the IRS Bulk TIN/Name matching program. A file is created by TINMATCH and then you submit the file to IRS (See IRS Pub. 2108A)

  5. VENSSN – Verify 1099 Data • Check Data for 1099 Vendors • VENSSN Option 4 or 6 • Review carefully!

  6. VENSSN - Verify 1099 Vendors • Check that all vendors that should be are flagged • VENSSN Option 5 • Review list for any vendors that should get 1099

  7. Vendor Names • If the vendor uses a different name for 1099 reporting, the district may enter the 1099 reportable name on the “2nd Name” field. • Enter the digits 1099: followed by the IRS-1099 name. • The F1099 program will strip off the “1099:” and use the name following it as the primary name on the 1099 reporting form and submission file

  8. To display the individual’s name on the 1099 but keep the business name as the first name on the PO, you can enter 1099:individual’s name on the 2nd name field of the vendor record. 1099 will display: KARA JONES 123 MAIN STREET SAMPLEVILLE, OH 55555 9

  9. Checking YTD Amounts • Double check the YTD amounts! • Make sure the amount only includes 2018 payments • Run TRNLED for One Vendor • enter the vendor number of the vendor you are checking • Select transactions for a specified period • Enter beginning date of 01012018 (01/01/2018) • Enter ending date of 1231201 (12/31/2018) • View TRNOV.TXT • Balance Grand Total Trans Amount with Calendar YTD total on Vendor record or VENSSN report

  10. Month-End Closing • Proceed with closing out for the month of December as normal • Enter all transactions for the current month • Perform Bank Reconciliation procedures from the USAS User Guide “USAS Useful Procedures” chapter • Examine recommended reports to ensure you are in balance • USAEMSEDT – Cash Reconciliation – Option 1 • PODETL • BALCHK • MTD, FTD, YTD expended amounts are identical • MTD, FTD, YTD received amounts are identical • Outstanding encumbered amount agrees with outstanding PODETL encumbered amount. If they don’t, run FIXENC. • Run FINSUMM selecting “Y” to generate FINDET at the same time. The current fund balances should be identical on each report. • Run SM2CALC option (if tracking SM12 figures). Print off and check the resulting report.

  11. Month-End Closing • Run MONTHLYCD/Generate December’s reports • Minimum month-end reports recommended: • BUDSUM, APPSUM, REVSUM • DETAILED PODETL – ALL FUNDS • FINDET & FINSUMM • RECLED • DETAILED CHEKPY • CASH RECONCILIATION FROM OPTION 1 OF USAEMSEDT • Generate any additional Calendar Year-End reports desired

  12. VENHIRE/VHRESET • Run VENHIRE/VHRESET • Resets all vendors flagged as “Reported” to “Reportable” • Vendor will be reported again the next year if they are paid at least $2,500. • ** If you do not use VENHIRE to report new vendors then this report will be blank

  13. Month-End ADJUST • Run ADJUST and select “month-end” • You must NOT be running any other programs during this process.

  14. Calendar Year-End Closing • Run the program F1099 which creates 1099s for the current calendar year 2011 2018

  15. Calendar Year-End Closing • Upon completion, the F1099 generates the following: • F1099.TXT – report of 1099 vendors sorted by miscellaneous income type • F1099.DAT – file containing the 1099 data that is to be used with laser-generated forms • F1099.FRM – file containing vendor 1099 information to be printed on blank pin-fed 1099 forms • F1099.TAP – tape file containing the vendor 1099 information to be sent to the IRS • Print and check F1099.TXT report carefully • F1099 will strip special characters from the name field on tape

  16. Calendar Year-End Closing • Notify NEOMIN that forms are ready to be printed and data submitted to IRS – Please put in a Helpdesk ticket • NEOMIN will submit all 1099s electronically this year • Due date to NEOMIN is January 15, 2019 • Due date for 1099s is January 31, 2019

  17. Calendar Year End Closing • OPTIONAL: Run WORKCOMP • Uses Calendar YTD amounts in Budget accounts • *** Must be run before running ADJUST for Calendar year end closing • Go to USAS_LCL menu • Option 1 - WORKCOMP • There is a handout with the instructions

  18. Calendar Year-End Closing • Run ADJUST again • Select “Year-End” and run for “Calendar” • You must NOT be running any other programs from your normal account during this process • May begin processing for January

  19. Questions? Merry Christmas!

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