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Presenter: Lauren Bonilla January 16, 2009, 1:30 PM EST

End of Year Procedures. Presenter: Lauren Bonilla January 16, 2009, 1:30 PM EST Please remember to call in to this webinar at: (712) 338-7030, Access Code 216-523-506 Stand by, as we will begin in just a few moments…. Using Webinar Technology. Question & Answer

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Presenter: Lauren Bonilla January 16, 2009, 1:30 PM EST

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  1. End of Year Procedures Presenter: Lauren Bonilla January 16, 2009, 1:30 PM EST Please remember to call in to this webinar at: (712) 338-7030, Access Code 216-523-506 Stand by, as we will begin in just a few moments…

  2. Using Webinar Technology Question & Answer This box appears on the right hand side of the screen and will allow you to submit questions 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, Friday, January 16th.

  3. Polling Question We would like your input for future Webinars.

  4. End of Year Procedures Today’s Session • Backing up Data. • End of Year Calendar Update. • Closing out Owner Accounting. • Owner 1099’s. • Closing Out Vendor Accounting. • Vendor 1099’s.

  5. End of Year Procedures What is one of the most important steps of running the End of Year Procedures? Backing up your data!!

  6. EOY Procedures – Back Ups What needs to be backed up? 1. Open Entech. 2. Go To Maintain and Setup Database Connections. 3. Look at the Path to the Data. C:\condonet\ Your data may be in a different location. Please be sure to back up the correct database.

  7. EOY Procedures - Calendar • You started getting a message on January 1st to remind you to update the calendar. This should already be completed at this point. • If you have not completed the calendar update step, you may contact Entech Support for assistance on completing this process.

  8. End of Year Procedures This information message means that Entech’s Calendar needs to be updated. This message will display until the calendar is updated.

  9. EOY Procedures – Rates Updating the Calendar will allow users to book for 2010. You MUST make sure that Seasonal Rates are entered for 2010 before reservations are booked in 2010. If 2010 rates are not entered, the last seasonal rate for 2009 will be used to calculate rents for reservations in 2010. This is VERY important!!

  10. EOY Procedures – Rates You must verify that you have rates entered into Entech for 2010. Go to Reports and Rate Tables

  11. EOY Procedures – Rates If rates have not been added for 2010, the rent will not calculate correctly for reservations booked in 2010. Go to Maintain, Databases and Rate Table to enter rates.

  12. EOY Procedures – Rates If rates have not been added for 2010, you can also copy existing rates. Go to Maintain, System Utilities, Property Utilities and Adjust Rate Tables.

  13. EOY Procedures – Rates Maintain, System Utilities, Property Utilities and Adjust Rate Tables. You can copy the rates from one year to another.

  14. EOY Procedures – Rates OR… you can copy the season start dates and increase/ decrease the rates from one year to another.

  15. EOY Procedures - Calendar End of Year Calendar Save / Update • These first 2 steps should be done on January 1st or as soon after the 1st as possible. • Procedure: • 1. Click the Save Year button to save the current calendar. • 2. Click the Calendar button to activate the next year’s calendar. • Important: DO NOT RUN THE UPDATE PROCEDURE MORE THAN ONCE. • Month end does not need to be completed in order to do the calendar update. • This function is run on Calendar year only – not fiscal year.

  16. EOY Procedures - Calendar Be sure all users are out of Entech. Also be sure that you do not have any other Entech screens open. The first option on this screen should be Save Calendar Year.

  17. EOY Procedures - Calendar Click Yes to save the Previous Year’s calendar for Occupancy reports with Calendar. Failure to complete this step will impact the occupancy reports. If you update the calendar in error before completing this step – please contact Entech Support we can set you back.

  18. EOY Procedures - Calendar Be Sure all Users are out of Entech . Also be sure that you do not have any other Entech screens open. Go to Accounting, End of Year Procedures. Check the date for Last Performed. If it has already been run this year (2009) – Do NOT run it again.

  19. EOY Procedures - Calendar Please click yes to confirm that every user is out of Entech. This is very important so that the calendar will update properly.

  20. EOY Procedures - Calendar Please click yes to confirm that you have read the last performed date and that it is okay to continue. If this has already been run (end of 2008 or early 2009) Do not update the calendar again. You can also verify this on the Tape Chart. If you have access to 2009 and 2010, then you will not run this again.

  21. EOY Procedures - Calendar Confirm that you would like to update the calendar. Translation: 2008 calendar will be replaced by the 2009 calendar. Click Yes.

  22. EOY Procedures - Calendar Click OK and the Calendar will be updated.

  23. EOY Procedures - Calendar Although this says “End of Year has successfully completed” – this is only the update of the calendar and no EOY accounting functions have been completed. Click OK. Notice the Last Performed date has been updated.

  24. EOY Procedures - Calendar Do not run the Update Calendar function again until next year.

  25. End of Year Procedures Year End Accounting Close Out • Close your final month of the year. • Be sure that you have printed all of your regular end of month reports along with any other reports or additional copies of reports you may want for your end of year reporting. • Important: DO NOT post any charges and/or credits to the owner’s statement for the upcoming year (2009) until you have completed all of the steps in the Year End procedure. • DO NOT process rental income to the owner’s statements for the upcoming year until you have completed all of the steps in the Year End procedure. • DO NOT post any Vendor checks for the new year until you completed all of the steps in the Year End procedure.

  26. End of Year Procedures Save your Owner Data for 1099’s. This will save the YTD totals for the year you are closing to the 1099 file. Make sure that the Last Performed date for saving owner data is earlier than the Reset Owner data. DO NOT save if the Totals have already been Reset to Zero!!

  27. EOY Procedures – Financials • Save your Owner Totals for 1099’s. • This will save the YTD totals for the year you are closing (2008) to the 1099 file. • What Entech is actually doing is making a copy of the YTD totals. The 1099’s are printed from this “copy”. YTD Totals YTD Totals Save Owner 1099 Copy System

  28. End of Year Procedures When you click on Save Owner, you will be notified that the 1099’s information from the previous year will be replaced with the new information. For instance, the 2007 1099 data will be replaced by the 2008 1099 data. Click yes to confirm.

  29. End of Year Procedures Entech will notify you that the old data (2007) will be replaced. Click OK to confirm.

  30. End of Year Procedures Entech will notify you that it has completed the Save owner data function. Click OK to confirm. Notice that the Last Performed date is updated. You can save the data as many times as you like – UNTIL you reset the Owner data to Zero.

  31. End of Year Procedures Check your owner totals and owner information. Run the Owner Totals report to display each property that will receive a 1099, the total that will print on the 1099, as well as the owner’s name, and tax ID number. This report is printed from the following menu option: Accounting, End of Year Procedures, Owner 1099’s, (click on the Print Owner Totals button).

  32. End of Year Procedures Reports to Pull: Print Owner Totals

  33. End of Year Procedures • Reports to Pull: Print Owner Totals • What are you looking for on this report? • First you want to make sure all units that need a 1099 are showing up on this report. • Next, make sure all the owner names, and tax ID numbers are correct. • Also, if any unit you manage needs to have the 1099 split between 2 or more owners make sure that the split is indicated here. If there should be a split and you do not see it indicated on this report please call for assistance. • Finally you need to verify that the amount listed is correct for reporting on the owner’s 1099’s.

  34. End of Year Procedures After printing the owner totals report and it has been verified, it is time to Reset the Owner Totals to zero and Print the 1099 tax forms. Go to the End of Year Processes Tab Click on the Reset Owner Button.

  35. EOY Procedures – Financials • Reset Owner YTD Totals for 1099’s. • This will zero out the YTD totals for the year in the system. • The 1099 totals saved previously will remain. • This allows users to start posting transactions to the System without affecting the 1099’s. YTD Totals Zeroed YTD Totals Saved Reset Owner 1099 Copy System

  36. End of Year Procedures Entech will notify the user that the YTD totals will be set to zero. If you have not saved the data for 1099’s then STOP. If you reset the totals and then save again: the data saved will be zero. If you have already saved the owner data, checked the owner total report then click Yes to confirm.

  37. End of Year Procedures Entech will notify the user that the totals are being reset Click OK to Confirm.

  38. End of Year Procedures Entech will notify the user that the totals have been successfully reset. This means that the system YTD totals are now zero and it is okay to start processing and posting owner transactions to the owners accounts for the new year. Click OK to Confirm.

  39. End of Year Procedures The date for Last Performed will be updated. After running this option you may begin posting owner charges and credits to the owner statement for the new year. This procedure is done from the following menu option: Accounting, End of Year Procedures, (click on the Reset Owner button). Important: DO NOT run the Save Owner Totals option after you have Reset the owner totals to zero. Now lets print 1099’s.

  40. End of Year Procedures Click on the Owner 1099’s Tab, Print Owner 1099’s tab. Enter the Company Phone # and TIN# There are 2 1099s per printed page. If you need to print starting on the second form, select starting label #2. There are margin setting to adjust the placement on the printed forms.

  41. End of Year Procedures Owner 1099’s: Prints on Misc. 1099

  42. End of Year Procedures Users can export the 1099 information to a text file. This can be imported into another software to file electronically. Click on the Print 1099 Tax Forms.

  43. End of Year Procedures Save your Vendor Totals for 1099’s. This will save the YTD totals for the year you are closing to the 1099 file. Be sure that you have posted all vendor checks for the year before running this procedure. Do not save the totals if the Vendor YTD totals have been Reset to zero!!

  44. EOY Procedures – Financials • Save your Vendor Totals for 1099’s. • This will save the YTD totals for the year you are closing to the 1099 file. • What Entech is actually doing is making a copy of the YTD totals. The 1099’s are printed from this “copy”. YTD Totals YTD Totals Save Vendor 1099 Copy System

  45. End of Year Procedures When you click on Save Vendor, you will be notified that the 1099’s information from the previous year will be replaced with the new information. For instance, the 2007 YTD data will be replaced by the 2008 YTD data. Click yes to confirm.

  46. End of Year Procedures Entech will notify you that the old data (2007) will be replaced. Click OK to confirm.

  47. End of Year Procedures Entech will notify you that it is completing the Save Vendor data function. Click OK to confirm. Notice that the Last Performed date is updated. You can save the data as multiple times – UNTIL you reset the Vendor data to Zero.

  48. End of Year Procedures Check your vendor totals and vendor information. You will need to run a report to display each vendor that is set to receive a 1099, the total that will print on the 1099, as well as the vendor’s name, and tax ID number.

  49. End of Year Procedures Reports to Pull: Print Vendor Totals

  50. End of Year Procedures • Reports to Pull: Print Vendor Totals • What are you looking for on this report? • First you want to make sure all vendors that need a 1099 have a Yes indicated in the Print 1099 column. • Next, make sure all the vendor names, and tax ID numbers are correct. • Finally you need to verify that the amount listed is correct for reporting on the vendor’s 1099’s.

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