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NWOCA- USAS Calendar Year-End Closing Procedure


This procedure outlines the steps to be taken to close the USAS calendar year.
 

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NOT 1099-MISC Vendors AND YTD Activity > $599.99

Tip

If the vendor uses a different name for 1099 reporting, enter the 1099 reportable name on the 2nd name field on the vendor record. Enter the digits 1099:followed by the IRS 1099 name.

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Month-End Closing

Δ   2) Enter all transactions for the current month

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◊  In the USAEMSEDT program, option 1, enter your cash reconciliation information

MENU>USAEMSEDT

Ο  B) Run BALCHK , and Outstanding PODETL reports

MENU>BALCHK

MENU>PODETL

◊  Examine the MTD, YTD, and FYTD expenditure lines on BALCHK report (dollar amounts for cash, budget, & approp. accts should all be identical for each line on report)

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Ο  C) Run FINSUMM, selecting "Y" to generate the FINDET report for comparison.

MENU>FINSUMM

◊  This will cause the FINDET report to be generated with identical selection criteria as the FINSUMM and will determine if it balances with FINSUMM.

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Δ   9) Log into your NORMAL account and run the ADJUST program.

MENU>ADJUST

◊  Select "month end processing" and indicate that all of your transactions for the month are completed. The ADJUST program will also automatically calculate your SM2 for the month.

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Δ   12) Run the program F1099

Ο  A) If you are ready to process your 1099's, run the F1099 program from your NORMAL account

Ο  B) If you are NOT ready to process your 1099's, continue on with the rest of the closing procedures and when you are ready, you may run the F1099 program from your 'B' account.

Warning
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If you are not ready to process your 1099s you may skip Step 12 but you MUST continue on with the rest of the closing procesdures starting with step 13.

Ο  C) Contact NWOCA personnel by email (mail_staff_fis@nwoca.org) within 48 hours of running the F1099 program to print 1099's as the report file disappears after 48 hours.

Δ   13) Run VENHIRE/VHRESET

MENU>VENHIRE 

◊  Will reset all vendors flagged as "Reported" to "Reportable"

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Δ   14) Run the program ADJUST again from your NORMAL account.

MENU>ADJUST 

◊  Select the "Year-End" option and run for "Calendar".

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You are now closed for the calendar year, proceed with January processing.

 

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If you skipped step 12 because you were not ready to process your 1099s do not forget to go back to the _b account and process them before the deadline.