2015 Calendar 2015 Calendar Year-End Closing Year-End Closing

ProceduresProcedures

Overview

Calendar Year-End Closing ReviewNew field in VENSCN & VENLOADNew extract program for 1099s

Different Reference MaterialsTIN Error documentIRS 2108A documentTIN documentSee supplemental or online

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USASCalendar Year End Closing Review

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VENSCN

New field added in VENSCN & VENLOAD Must specify TIN type (SSN or EIN)

New Extract program Can be used w/ IRS TIN Name Matching Program

(bulk) Bulletin 2108-A TIN Type on spreadsheet will be ‘3’ unknown

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VENSCN

Before and after look of the VENSCN page

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VENSCN

Before:

After:

USAS_ANN> TINMATCH

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Example of TINMATCH

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Tax ID # Name Vendor # 3; 34xxxxxxx; LEE W BERGER ; 000065 3; 34xxxxxxx; SMITH PETERS A KALAIL CO LPA ; 000358 3; 34xxxxxxx; LYLE PRINTING AND PUBLISHING ; 000444 3; 20xxxxxxx; PITNEY BOWES GLOBAL FINANCIAL ; 000586 3; 34xxxxxxx; RAYMOND CONCRETE FINISHING ; 000609 3; 42xxxxxxx; TERRY L GATRELL ; 000806 3; 37xxxxxxx; G-SPORTS WRESTLING ; 000951 3; 34xxxxxxx; PAUL C ANTRAM ; 001268 3; 34xxxxxxx; SALEM GOLF CLUB ; 001641 3; 26xxxxxxx; SHEILA THOMPSON ; 001844 3; 34xxxxxxx; GAIL C HERRON JR ; 002136 3; 34xxxxxxx; VASCO ASPHALT COMPANY ; 002248 3; 27xxxxxxx; JOHN R MILLER ; 002342 3; 28xxxxxxx; CARRIE MAZZUCCO ; 002350 3; 45xxxxxxx; CUSTOM IMAGES LLC ; 002409 3; 80xxxxxxx; CHAD E ANDERSON ; 002972 3; 25xxxxxxx; S & S PROCESSING INC ; 003872 3; 28xxxxxxx; PHILLIP D DUCKWORTH JR ; 003892 3; 34xxxxxxx; SALEM COMMUNITY FOUNDATION ; 004261 3; 34xxxxxxx; TOM A SCULLION ; 004305 3; 34xxxxxxx; KIMBLE RECYCLING & DISPOSAL ; 004860

VENSSN – Verify 1099 Data

Check Data for 1099 VendorsVENSSN Option 4 or 6Review carefully!

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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

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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

Caution – When using TINMATCH

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To display individual’s name on 1099 but keep business name as the first line on PO, enter 1099:individual’s name on the 2nd name field of the vendor record. PO will display:

The 1099 will exclude the first name, and strip the “1099:” from the second name field, using the 2nd name as the name on the printed 1099

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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.14

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 Run and generate WORKCOMP report

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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.

VENHIRE documentation

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Month-End ADJUST

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

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Calendar Year-End Closing

Run the program F1099 which creates 1099s for the current calendar year

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Calendar Year-End ClosingUpon 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 New TIN ERRORS – See next slide

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New TIN Error Report

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Calendar Year-End Closing

Run ADJUST again from your NORMAL accountSelect “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

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