session 1-8 sage 300 cre: month-end, quarter-end, year-end ......gl year end . 1. sage 300 is...

Session 1-8 Sage 300 CRE: Month-End, Quarter-End, Year-End Procedures - 1

Session 1-8 Friday, October 13 4:45pm – 4:15pm Room 615AB

Session 1-8

Sage 300 CRE: Month-End, Quarter-End, Year-End

Procedures

Presented By: Kathy Lewis

Kathy Lewis Consulting [email protected]

Credits/Revision History • Original Author(s): Lenni Witt, Aronson LLC • Revised Date: • Major Revisions Include:


Here are some Helpful Hints:

Documenting the process 1. While going through this process consider building task sets on the various Sage 300 CRE

Desktops that execute the period end procedures. Don’t forget to document the processes, Reports & inquiries used to complete.

a. These should be arranged on the My Tasks window in succession so as to document the order in which each item is accomplished.

2. This will help to assure that no vital step is missed and help anyone following you in the process to know what process has worked successfully in the past in the event that you are not available.

3. Desktop configurations can be saved, do so w/ specific names. 4. Specifically named configurations will not be overwritten.

Backups 1. Perform a complete 3rd party backup. 2. If using the default Sage 300 CRE installation path, don’t forget to back up your reports

and inquiries: • Program data\Sage\Timberline Office\Accounting\9.5\Reports • Program data\Sage\Timberline Office\Accounting\9.5\Inquiries • Program data\Sage\Timberline Office\Accounting\9.5\Formulas • SM: If you are using Service Management the SM reports reside under the

Reports Directory • PO/IV: reports will reside in the reports or the report\customdirectory • Data …Various data directories reside here • These backups should be performed from Sage 300 directory downward.

3. Remember that Archive Folders must also be upgraded each time an upgrade is performed and the current production files must be upgraded.


PR Year End:

1. Reconcile PR to GL a. PR:Tasks>GL Recap

i. PR report will take a long time and everyone must be out of PR when you run the GL Recap

ii. This lists all accounts and amounts that have been sent to GL by PR

2. Year end in payroll must be complete prior to processing the first payroll of the New Year. a. Time can be entered just not processed b. If time gets processed by accident be sure to check the Reprocess check box when

you reprocess after upgrade. 3. The check date determines the first payroll. 4. ALWAYS pay attention to the year-end notices from Sage.

a. if you (the controller) are not receiving these notices be sure to add yourself to that list.

b. At the top of the notice the ‘Audience’ section allows you to quickly determine if the notice applies to you.

c. Sometimes there are cautions on when the upgrade must be done. 5. BOTH W2s and 1099s can be completed AFTER year end close in both PR & AP 6. Med Deductions now on the W2s

a. Use formula (PR:Tools>Formulas) to create a formula that pulls from the Employee Master, Employee Deducts and Employee Fringes.

b. If you cannot use those fields (you pay all or do not enter fringes in payroll you can create a formula to create a 0.00 amount to create the column in the Aatrix W2 spreadsheet then enter the med amounts manually.

7. Use the PR:Reports>Pay Period Processing> Deposit Summary to determine which totals to expect for the W3

8. Both Federal and state taxes are now submitted via Aatrix Reporting c. PR:Tasks>Federal (State) Efile reporting d. For detailed information go to PR:Help>Index, you can see Aatrix very close to the

top. e. This is a free service if you choose to print & send all yourself. f. Aatrix will file electronic file w/o charge. You also can elect to have Aatrix do all of

the filing for you.


AP Year End 1. 1099 corrections 2. There now is a setting under Security>Roles>Common Tasks>Security that must be

checked if someone other than an unlimited user is going to make these corrections, for those who are not unlimited users

3. Note that AP has both a Close Year (Fiscal Year) and a Close 1099 Year (calendar year) 4. Be sure to close both at the appropriate time.

JC Year End 1. When you close the last month of the Fiscal Year in Job cost, YTD total roll. 2. There is not a ‘Close Year’ task in Job Cost.

CM Year End

1. Close year in CM rolls interest fields only 2. Suggest using AP to enter auto payments from cash accounts. This makes tracking much

easier especially now that AP Manual/Quick check now allows for EFT payment entry as well

3. In the final reconcile of the year (if not monthly), make sure all old entries that do not belong in CM are cleared.

4. Could be very old checks that have never cleared or adjustments created in error. a. Good time for housekeeping


Equipment:

1. Good time to look at the Rev/Cost Rate tables to see if any of these rates need to be updated

GL Year End

1. Sage 300 is designed to allow you to complete your year-end prep in General Ledger, close the GL Year then reopen, enter and post audit adjustments, then re-close the year end.

2. The audit adjustments are stored in the Prior Year Adjustment field on the GL Account 3. Post, and then post again. 4. Initial post will clear the new.glt 5. The print journal from the second post will just give entries that are being rejected….just

makes the list much easier to follow. Restoring data.

1. Recommend that before a restore is performed, the folder or file(s) that will be restored are renamed (via file tools if just restoring a file) w/ the date of replacement.

2. This preserves the original dataset or file. If there are any questions, then the dataset/file can be accessed just as any company folder, and named files can be used as a means to access the renamed file

a. Construction Sample Data – 021614 b. Master-021614.jcm c. New-021614.glt


More Tips

• Around mid-December, decide when you need the IT department (if you have one) to run the year-end updates and tax updates and schedule the dates with them when you need each one completed. If you pay weekly you’ll have a pretty narrow margin in which to get that done!

• If your company is a subchapter S corporation you may need to add some of the benefit payout back to the owners’ wages for FICA and the W2s. Set up the owner adjustment for in/out pay and deduct and calculate and run those in December after you have all of the insurance numbers for the year.

• Check all of your setups each year by mid-December for 401K (the Retirement Plan checkbox) and purchases/loans, etc., to make sure the roll-over is set correctly and the individual setups are correct with YTD or No Period, box unchecked it payment complete, etc.

• W-9s –consider adding this to your subcontractor prequalification packet to be updated annually. By mid-December check all of your vendors to make sure the entries are current and correct. Scan and save the W9s and attach them to the individual vendor setup in the file attachment tab. Same with insurance. If you use the same file name every year, you can replace the file without having to rename or re-attach and you’ll always have the most current information right there to view.

• Update SUI Rates when available. • Aatrix W2s and 1099s –consider doing a full test run (and 1099s) and make notes of any

changes that were made. Run the test run W3s and balance everything back to the printouts in PR and the 941s and all of the individual state year-end reports. When everything balances, run the final and double check all of the numbers on the W3 again and then submit or print.

• If you have to submit 401K info for the compliance and 5500s the first week of February every year, it is really easy using the Export to Excel button in Inquiry. Pull the gross wages, hire/term/rehire dates, SSN and everything else you need from the Employee Totals inquiry and click the Export to Excel button. You’ll only need to sort by dates to determine eligible and ineligible and whatever else was needed for all of the YE 401K.


Here’s a Payroll checklist reprinted from the November 2013 TUG Pulse

A Payroll Checklist for a Checklist Junkie by: Lenni Witt Aronson & Company

k, I admit it. I love checklists. Use them for everything, weekends even. So when I saw the Payroll Year End checklist that my client Gail Gaines from Electrico, Inc. in Baltimore, MD had created, I knew it was something I had to have. And share. It’s a beauty! Not only does Gail include all the steps they need to go through to update Payroll and employee records at year end and beyond, she includes the names of all the special reports to run. Most of the reports are custom reports that they have developed over the years, and since she usually only runs them once a year, Gail includes the report path in case the report is not on the Payroll reports menu. So here’s a look at a great checklist – thanks to Gail for providing it!

Payroll /Personnel Year End/Beginning Changes

1 Prepare 401K match notice for upcoming year and distribute in payroll. 2 Check 3rd party sick pay boxes for those with STD. From Report Design print: STD Deduct Report.rpt Go into Payroll to Misc. Info tab for each employee and check box. Be sure only CURRENT STD recipients are checked. 3 Back up Payroll information before closing year! Close Year. 4 Download Sage 300 CRE upgrade for payroll information after Close Year. Enter new Unemployment Rates for state(s). Audit vacation days left and then: Print new vacation schedule (print Rehire report for vacation sheet)(EI-20__ vacation) (after 1/1)(prints TXT file then to Excel. Modify for more than 15 days vacation) (Both office and field).

Fringes – After Close Year

1 Run from Report Design: Fringe End of Year Check Report.rpt 2 Check fringes box for 401K, 401K PW, PS, and PS/PW. Must be hired 6/30/2012 and prior. 3 Check fringe box for those eligible for Group Life ($110,000). Must be employed one full calendar year for eligibility (all of 20__). 4 Send report for employees eligible from Life Class 3 to Class 2 (Insurance Broker). 5 In PR Employee Misc. record – mark “Retirement Plan” with X if eligible.


Deducts – After Close Year

10. Run from Report Design: Deduct report for 401K.rpt. 11. Check 401K limits for new amount. 12. Change new deduct 401K% for employees – list from The Standard be sure to post on employee enrollment form. 13. Run from Report Design: Deduct report for FSA. 14. Pull up ODBC format and enter new deducts and limits for FSA participants from new applications. 15. Run from Report Design: Deduct Report Employee. 16. Check odd deducts (i.e., garnish, PR exchange, etc.) delete if paid in full. 17. For EPP’s carried over to the new year – establish the new limit for the balance due. Run EPP report from Payroll, balance with G/L . 18. For Loans carried over to the new year – establish the new limit for the balance due. Run LOANS report from Payroll, balance with G/L.

Apprentice and Wage Items

19. After PR WE 12/30/13, use ODBC to update Apprentice/Labor wage/level changes and Office wage changes. 20. Send salary changes to Insurance Broker for them to update for STD. Payroll/Personnel Year End/Beginning Changes 21. Use ODBC to enter new fringe rates in personnel custom field.

Health Insurance/Dental Renewal in March

22. Locate source data for new Health Fringes. These figures will be used to update fringe benefits in PR Fringe setup. 23. Go to Payroll Module – Reports – Fringes; print fringe list. Some fringes have formulas – some have dollar amounts – some have %. Amounts listed are WEEKLY calculations. Change according to the new rates on the source data. Note: Along with the fringes changing – the health and/or dental deduct may be changing as well.

Dental

24. Run report on existing deductions. Check these deducts against January invoice for accuracy. 25. PR – SETUP – DEDUCTS – change rates, if necessary.

Health

26. Report Design: Health Insurance Fringe Checklist.rpt Deduct Report for Health Insurance.rpt Use these checklists to check fringes/deducts against the January invoice for accuracy. 27. Run ALL Employee Fringe Benefit Reports for new totals. Use ODBC to enter new fringe rates in personnel custom field.


Year End Archiving Procedures To get you organized for year-end housekeeping, here’s a step-by-step set of instructions for the core modules to clean up your data and move things to history files.

DATA FOLDER LEVEL DONE BY

DATE

♦ Tools > File Tools > Backup all Data Folders

♦ # of Data Folders:

♦ Create Historical Data Folder (Optional)

♦ Folder Path Name:

♦ Data Folder Name:

♦ Create Archive Data Folder (for Jobs and Terminated Employees)

♦ Folder Path Name:

♦ Data Folder Name:

♦ In File > Printouts, Create Printouts Folder. Path Name:

♦ Determine need for Named Files

♦ File > Data Folder Settings > File Locations set Ask name for appropriate named files.

Notes:

Check Background Tasks to see how long it took for the Move to History Task


ACCOUNTS PAYABLE DONE BY

DATE

♦ Go to Tools > Remove Vendors in PREVIEW mode and set Conditions for Last Check Date and review activity of Vendors that may be removed

♦ Determine Payment Date Cutoff and Conditions (if applicable) of Checks that are to be moved to History ♦ Print Check Detail? Yes No ♦ Payment Date Cutoff:

♦ Conditions:

♦ Tools > Move Payments > Current to History • Apply Check Date Cutoff and (Optional) Conditions

♦ Lien Waivers: determine Date Returned Cutoff and Conditions (if applicable) of Lien Waivers that are to be moved to History ♦ Date Returned Cutoff:

♦ Conditions:

Check Background Tasks to see how long it took for the Move Checks to History Task ♦ Tools > Move Lien Waivers > Current to History

♦ Determine Vendors that are to be Removed

♦ Tools > Remove Vendors with Processing Option Preview only for Vendors that are to be Removed

♦ Vendor Ranges:

♦ Tools > Remove Vendors

♦ Tasks > Close Year/Close 1099 Year (Optional)


CONTRACTS

DONE BY

DATE

♦ Based on Closed Jobs, Approve all Contracts (Optional)

♦ Mark all Contracts Paid in Full (Optional)

♦ Tasks > Post (to Job Cost)

♦ Tools > Move Contracts > Current to History, select Ranges and/or apply Conditions

♦ Tasks > Close Month (Optional)

ACCOUNTS RECEIVABLE DONE BY

DATE

♦ Tasks > Post Entries

♦ Determine Start Date and End Date of Invoices that are to be moved to History ♦ Start Date: End Date:

♦ Tools > Move Invoices > Current to History • Apply Ranges and/or Conditions manually • To move Miscellaneous GL and Miscellaneous JC cash

receipt types, and transactions for activities that have been voided and not retained, mark the checkbox for unassociated entries. Unassociated entries will move regardless of start date, end date, ranges, or conditions entered.

♦ Tasks > Close Year (Optional)

Notes:

Check Background Tasks to see how long it took for Move Invoices to History


JOB COST

DONE BY

DATE

♦ Reports > Lists > Jobs conditioned on Status equals Closed

♦ Post Entries; determine Date Range and/or Conditions of Job Cost Transactions that are to be moved to History ♦ Date Range:

♦ Conditions:

♦ Determine range of Job Numbers that are to be moved to History

♦ Run Closed Commitment and Job Status List

♦ Determine Commitments that belong to the Jobs that are to be moved (Optional) ♦ Job Range:

♦ Commitment Range:

♦ Date Range:

♦ Tools > Move > Transactions > Current to History • Apply Ranges (such as selecting closed Jobs) and/or

Conditions manually

♦ Tools > Move > Jobs • Select Jobs in Ranges and/or apply Conditions • Move Commitments (limited to commitments for a single Job)

♦ Tools > Move > Commitments (Optional) • Apply Ranges and/or Conditions

♦ Tasks > Close Month (Optional)

♦ Tasks > Post Entries (Optional)



GENERAL LEDGER DONE BY

DATE

♦ Determine Cutoff Date and/or Conditions of Transactions that are to be moved to History ♦ Cutoff Date and/or Conditions:

♦ Tools > Move Transactions > Current to History • Apply Account Ranges and/or Conditions manually

♦ Tasks > Close Fiscal Year (Optional)

♦ Tasks > Post Entries (Optional)

Check Background Tasks to see how long it took for the Move Transactions to History Task

CASH MANAGEMENT DONE BY

DATE

♦ Determine Beginning and Ending Statement Dates for move to historical file

♦ Statement Start Date:

Statement End Date:

♦ Tools > Move Entries > Register to History

♦ Tasks > Close Year (Optional)

Notes:

Check Background Tasks to see how long it took for the Move Entries to History


PROJECT MANAGEMENT DONE BY

DATE

♦ Make sure all Custom Logs are available for general use: • In PJ select Setup > Custom Logs • If the "Update System Information" message displays, click

[Yes] • In the Custom Log Setup window, click [Close]

♦ Determine range of Job Numbers that are to be moved to History (recommended limit is 500 jobs) ♦ Job Range:

♦ Tools > Move Jobs • Select Jobs by clicking All, by clicking Closed, or by

selecting individual jobs using the check box in the first column.

• Move Jobs



PAYROLL DONE BY

DATE

♦ Determine Conditions (e.g., Check Date lesser than or equal to MMDDYYYY) of Checks that are to be moved to History

♦ Conditions to set for Checks:

♦ Tools > Move > Checks > Current to History • Use Conditions to limit Checks moved

♦ Determine Termination Date Range and/or Conditions of Employees that are to be moved to History

♦ Termination Date Range of Employees:

♦ Tools > Move > Employees

Notes:

Check Background Tasks to see how long it took for the Move Checks to History

COMPACT FILES DONE BY DATE

♦ From the server, at TS Main, select Tools > File Doctor to compact good files.


ONGOING GENERAL MAINTENANCE TASKS: DONE BY

DATE

1. Designate one or more individuals to perform scheduled File Management tasks:

♦ Review and purge outdated print files (.PRN).

♦ Review and purge outdated “test” data folders.

♦ Review and purge report designs that are no longer needed.

♦ Delete any temporary files at the network level that are no longer needed.

♦ Notify users to perform disk cleanup on their workstations (Start > All Programs > Accessories > System Tools > Disk Cleanup)

2. Maintain a catalog of current reports and financial statements.

3. Keep the system documentation current:

♦ Ensure that users read Release Notes after Sage 300 CRE upgrades.

♦ Ensure that users are aware of and have access to software alerts.

4. Introduce users to the Sage Online Website:

♦ Show users how to Register and Logon; how to use Knowledgebase search.

♦ Maintain a catalog of Knowledgebase articles in a location available to users.


ONGOING GENERAL MAINTENANCE TASKS: DONE BY

DATE

5. Establish and maintain a standard in-house naming convention:

♦ Data Folder names

♦ Print File names

♦ Report Design names

6. Establish, test, and maintain a regular backup procedure:

♦ Ensure that there is a written procedure for network backup.

♦ Ensure that there is a written procedure for Sage 300 CRE backups including Custom Reports, Formulas, Templates, Inquiries, etc.

♦ Ensure that there is a written procedure for restoring from a network backup.

♦ Ensure that there is a written procedure for restoring from a Sage 300 CRE backup.

7. Develop a “Disaster Recovery” Plan that includes the following:

♦ Resolve the problem that caused the system to crash.

♦ Restore the most recent backup

♦ Re-enter the data prior to the crash and after the latest restored backup.


Here’s a great checklist from an article in the TUG Pulse written by Natalie Allen that will help you with your year-end planning. Check Out This Checklist to Keep You On Track With Year-End Procedures by: Natalie Allen R&O Construction

This Year-End Accounting Checklist, with approximate dates, can help you to remember and to record your progress on key tasks needed in order to close a business year using Sage 300 CRE. Some of the tasks or modules may not apply to your business. However, this list provides you with a good starting point. Get on your “year-end planning hat” and start checking off the days and chores.

Year-End Accounting Checklist

Staff

Person Due Task Comment Date

Complete Initials December

Take a Deep Breath.

Think.

1-Dec

Make back-up copy of STO data and system files

This might come in handy

1-Dec

Download/install year-end software update

If available on this date

1-Dec

Order file folders/banker boxes

Useful for A/P Files

1-Dec Order W-2 forms Calculate how many 1-Dec Order 1098 and 1099 forms Calculate how many

1-Dec

Calculate personal auto use for W-2s

Run through Payroll

10-Dec Set up formats for W-2 forms

10-Dec Set up next year’s files Prepare files and labels using ODBC

15-Dec

Review W-2s for missing information

SS #s and Addresses

15-Dec

Review 1099s for missing information

Tax ID #s and Addresses


17-Dec

Verify 1099 amount paid is correct

28-Dec Correct W-2 and 1099 errors

28-Dec

Rerun report and check corrections

31-Dec

Run final payroll for current year

31-Dec

Enter all manual checks for current month

31-Dec

Post all checks for current year

31-Dec Close 1099 year

31-Dec

Make back-up copy of files

This, too, might come in handy

Take a Break. You Need It. January

10-Jan

Reconcile Payroll for W-2s

Hopefully, you’re doing this quarterly

11-Jan

Print W-2s

12-Jan Run Close year task for PR Year end

12-Jan

Download the 2013 tax file and the update

Verify taxes are updated

15-Jan Run first payroll of 2014 Carefully review it

16-Jan

Print 1098s and 1099s

16-Jan

Prepare all use and sales tax reports

20-Jan

Mail all reports on use and sales tax

21-Jan

Post all STO modules

21-Jan Print all management reports 21-Jan Make a back-up copy of files You might need this

21-Jan

Reconcile all modules to themselves and to GL

30-Jan

Make necessary adjustments

Preferably in module of origin

30-Jan

Post ALL adjustments

30-Jan

Verify adjustments and print necessary reports

31-Jan Mail payroll tax forms Quarterly and Annual


31-Jan

Mail W-2s to employees Drop-dead date

31-Jan

Mail 1098s and 1099s to vendors Drop-dead date

Take Another Deep Breath.

February 1-Feb Make a back-up copy of files You might need this

1-Feb

Perform Accounts Payable year end

Year end close

1-Feb

Perform Property Management year end

Advance to new year

1-Feb

Perform Accounts Receivable year end

Year end close

1-Feb

Perform Cash management year end

Year end close

1-Feb

Perform Contracts year end/close month

No official year end close

1-Feb

Perform Equipment Cost year-end


1-Feb

Perform Job Cost year end


1-Feb

Perform Project Management year end


1-Feb

Perform Residential Management year end/end of month


1-Feb

Perform Service Management year end


Did everything close properly? Ahhhh.

2-Feb

Reconcile General Ledger

Get backup ready for auditor

10-Feb

Make necessary adjustments

10-Feb

Post adjustments

10-Feb

Print financial statements

11-Feb

Make a backup of your data files

You might need this


11-Feb

Use GL, Tasks, Close Fiscal Year Close Year

28-Feb

Mail W-2 Transmittal and Forms to SS

Drop-dead date—unless you do mag media

28-Feb

Mail 1098/1099 Transmittals and Forms to IRS

Drop-dead date—unless you do mag media

Congratulations. Done! March

March

Perform file maintenance (all processes are optional)

Speeds up processing time

March PR: Archive checks Optional

March PR: Move terminated employees Optional

March AP: Move checks Optional March AP: Remove vendors Optional March PM: Clear paid items Optional March AR: Move paid invoices Optional March CM: Move entries Optional

March CN: Move closed contracts to history Optional

March JC: Move closed job transactions to history Optional

March JC: Move closed jobs to archive data folder Optional

March PJ: Archive closed jobs Optional

March

GL: Move transactions to history

Optional

March

GL: Move current files to history

Optional

March Compact files Optional

31-Mar

Transmit magnetic media for W-2s to SS

Drop-dead filing date

31-Mar

Transmit magnetic media for 1098s to IRS


31-Mar

Transmit magnetic media for 1099s to IRS


session 1-8 sage 300 cre: month-end, quarter-end, year-end ......gl year end . 1. sage 300 is...

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