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USAS 2011 Calendar Year End Closing Procedures

North Coast Council. USAS 2011 Calendar Year End Closing Procedures. Overview. Calendar Year-End Closing Review TR1099 Creating/Submitting Test and F inal Submission File. Resources. Generic closing procedure available on SSDT website at:

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USAS 2011 Calendar Year End Closing Procedures

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  1. North Coast Council USAS 2011 Calendar Year End Closing Procedures

  2. Overview • Calendar Year-End Closing Review • TR1099 • Creating/Submitting Test and Final Submission File

  3. Resources • Generic closing procedure available on SSDT website at: • http://ssdt.oecn.k12.oh.us/content/usas-closing-procedures

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

  5. 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

  6. 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

  7. 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 8

  8. Legislative Change Affecting 2011 Instructions for Form 1099-MISC • 24-May-2011 • Section 3 of Public Law 112-9 repealed section 6041(h) of the Internal Revenue Code, which would have required the reporting on Form 1099-MISC of rental property expense payments made after December 31, 2010. • Therefore, in the 2011 Instructions for Form 1099-MISC, please disregard: • Treatment of rental property expense payments under What's New on page 1, • The second paragraph under Trade or business reporting only on page 1, and • Rental property expense payments on page 3.

  9. 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.

  10. 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 • Create a copy of the files

  11. 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.

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

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

  14. 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 • Notify ITC that forms are ready to be printed and data submitted to IRS

  15. Calendar Year-End Closing • Run ADJUST again from your NORMAL account • 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

  16. NWOCA 1099 Procedures • After NWOCA receives email that the district has completed the F1099 program, we check to see that the F1099 files were created properly during the district’s F1099 run. • We rename the files to a different extension in order to save them for later use. • We take the F1099.DAT file and use it with the EDGE software to generate 1099 forms to print on self-sealing 1099-MISC laser forms.

  17. NWOCA 1099 Procedures • After the 1099s are printed and the district copy of the 1099 is made, we run the 1099s through an envelope sealer to seal the 1099s. • Each district will receive the following: • Copies of each 1099 (vendor copy and district copy) • The F1099.TXT report • Instructions on how to distribute the 1099s

  18. TR1099 Program Creating and Transmitting the 1099 data to IRS

  19. 1099 Reporting Requirements • 250 or more 1099-MISC forms must be reported on magnetic media or electronically • First time transmitters must send in 4419 Form before submitting 1099’s on magnetic media or electronically • Transmitter Control Code will be assigned by IRS • A test file is required before 1st submission under the Combined Federal/State reporting program • Highly recommended but not required in future years • The IRS form 1096 transmittal form is NOT required for magnetic/electronic reporting

  20. Creating the Test File • Must create test file to get approval for Combined Federal/State Filing program • (Recommended but not mandatory if you submitted a test file for this last year) • Follow the normal TR1099 and submission instructions except: • May include one or more district F1099 files • Must be at least 11 vendors (“B” records) per district • In TR1099, MUST enter “Test” for Type of File • Submit via FIRE system • Will receive an approval letter from IRS – must receive this approval before submitting actual file with state records

  21. Creating the Transmittal File • Refer to TR1099 chapter in USAS System Manager Manual • Append district files into a single file • Various formats of the append command may be useful for this, one example is: APPEND disk1:[*]F1099.TAP,disk2:[*]F1099.TAP F1099.XXX/NEW

  22. Creating the Transmittal File • Run TR1099 Program to add “T” (Transmitter) and “F” (Final) records to file. You will need to enter: • Appended file name (i.e. F1099.XXX) • Output file name • Transmitter’s Taxpayer Identification Number (TIN) • Transmitter Name • Company Name and Address for correspondence • Contact Person name, phone #, email address for problems with file or transmission • Type of file • Original / Replacement / Correction / Test • Transmitter Control Code received from IRS • Approved for the Combined Federal/State Filing Program (Y/N)? • Prior Year? - Enter P if prior year data only!!!

  23. TR1099

  24. TR1099 Program Output • TR1099.TXT • Summary report • Recommend keeping on file at your site • Output file to submit

  25. Completing the Transmittal • Print and check TR1099.TXT • Submit file electronically • Use instructions found in Part B of IRS Publication 1220 for electronic filing of 1099 forms using their FIRE system • HTTP://fire.irs.gov connects you to FIRE System which is where you will upload your output file (created from TR1099) from your PC to their website • Be sure to keep a copy of the transmittal file and report for your records

  26. Questions?

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