|
InterMicro will be closed on
December 24th through Monday
December 27th in observance of the
Holiday!
In this
Issue:
|
|
|
General Ledger Year End
The New Year 2011
should be
created as soon as possible after the
last day of the year 2010. This allows you
to work in both years 2010 and
2011.
Before creating the New
General Ledger Year make sure you have
posted Accounts Payable, Purchase Order
transactions in Daily Work. This is
necessary because when you first enter
Transactions after posting there is a box
that comes down that you must select THIS
year or LAST year. If there are un-posted
transactions in the batch they would have
been selected as THIS year. If the General
Ledger year is created while these
transactions are in the Purchase Journal
then the THIS year will become 2011 and not
the 2010 that you selected when 2010 was the
current year.
To insure that all
Revenue and Expense accounts have the
Retained Earnings as the Clear To Account
run the Chart of Accounts found in Master
File Lists and look for the Retained
Earnings account number in each of these
accounts.
After backing up your
files you are ready to create the General
Ledger New Year 2011. No one can be in OSAS
during this process. Go to General Ledger,
Periodic Processing, Create Last Year Data.
Answer YES that you have backed up your
data, reset the current year journal entry
number to 1, enter the Retained Earnings
Account Number. Decide if you want to move
the Next Year Budget to the Current Year
Budget and whether you want to zero out the
Next Year Budget Balances. New in version
7.5 is the question ‘Copy Inactive Accounts
with Zero Balances’. If you do not want
these inactive accounts in the new year
select NO.
Once these prompts have
been answered you will be prompted to print
the journal that lists each Revenue and
Expense account’s amounts that clear to
Retained Earnings. Keep this print out to
file with your year end
reports.
To switch back to the
year 2010 F9 and select the year. You can
then make General Ledger Journal
transactions to the old year. Processing out
of other applications such as AP/PO, AR/SO,
BR, IN, etc you choose which year (This or
Last) you want the posting to go
to.
Each time you Post to
the Master in General Ledger you will want
to immediately go to General Ledger,
Periodic Processing, Update Current Year to
bring forward the beginning Balance Sheet
accounts and clear the Revenue and Expense
Accounts to the Retained Earnings account.
You will be in the old year 2010 when you
update the current year balances to
2011.
When reconciling your
Bank Account make sure you have updated the
current year other wise the Beginning
Balance for Cash you are reconciling to will
not be correct.
Top
Year End
Promotion OSAS and TRAVERSE
You should be receiving in the
mail a fun promotion from Open Systems.
This promotion will allow you to:
- Upgrade to
OSAS
7.6 from older version of OSAS
- Upgrade
to TRAVERSE 11 from an older
version of TRAVERSE
- Migrate
from OSAS to TRAVERSE
- Add a new
application
- Add new
users
- Purchase
Training Manuals.
The post card or email you
receive will instruct you to log into
www.osas.com and use the ‘secret code’ you are
assigned to find out what your discount will be
if you make your purchase during December.
Top
Not Your
Fiscal Year End?
If December is not your Fiscal
Year End there are still certain functions that
you may need to perform.
OSAS users will want to perform
Periodic Maintenance in Accounts
Payable/Purchase Order so that they can answer
YES to the question ‘Move 1099’s to Last Year’.
When processing 1099’s you will select to print
them out of Last Year.
TRAVERSE users do not need to
‘move’ 1099’s because when you generate 1099’s
you can signify what year you want to run them
for.
If you are using Recurring
Entries in AP/PO, AR/SO, or GL that are based
upon current year figures (such as rental
payments, depreciation, special customer
pricing, etc) you will want to update these
figures before you copy in Recurring Entries for
January.
Payroll always runs on a Calendar
year. You must create the new payroll year for
2011 before you run the first payroll in 2011.
You can still make adjustments and run payroll
reports and W2’s for the year 2010 at any time.
Also in Payroll if you enter Leave Adjustments
for Vacation, Sick, PTO, etc you will want to
make these adjustments in the new year before
you run the first Payroll so they will appear
correctly on the check stub.
Top
Open Invoice vs
ATB
At year end when all
transactions are completed the Open Invoice
Report in either AR/SO AP/PO will give you
all Open Invoices that are unpaid.
Once you move into the new
year you will want to run the Aged Trial
Balance rather than the Open Invoice Report.
The ATB allows you to enter the period and
year so that you can get the totals of your
subsidiary files to match the GL account
totals.
The Open Invoice report does
not specify periods.
Top
Accuwage 2010 is Available
This FREE software is now
available from the Social Security
Administration.
This software allows you to
test your W2 Magnetic Media Submissions for
the year 2010 for any errors before you
submit it to the Social Security
Administration and your State submission if
your state is accepts the Federal
standards.
To download the 2010
Accuprint software go to:
www.ssa.gov/employer/accuwage
Testing your submissions
before submitting them will allow you to
make corrections to fields that have
generated errors.
This will save you time,
money, energy, and stress at submittal time
for W2’s.
Top
