Transcript Slide 1

Year End Processing
Financial Management
WELCOME TO THE YEAR END PROCESSING
WEBINAR
WE WILL BE WITH YOU SHORTLY.
TO HEAR THE AUDIO PORTION OF THE WEBINAR
TOLL-FREE PLEASE DIAL 1-888-617-3400 AND ENTER
PASSCODE 908952
Freedom Systems - Year End Processing Webinar
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Year End Processing
Financial Management Overview
The General Ledger
Program must be
configured for the new
fiscal year before data
can be processed in
other modules!
Accounts
Payable
Accounts
Receivable
General
Ledger
Payroll
Freedom Systems - Year End Processing Webinar
Purchasing
Specifically, you must
have the new fiscal
calendar created as well
as new fiscal year
ledgers before doing
any work linked to the
new year!
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Year End Processing
General Ledger Overview
Step 1
Step 2
Step 3
Step 4
Step 5
General Ledger
Program
General Ledger
Program
General Ledger
Program
General Ledger
Program
General Ledger
Program
• Create 2009 Fiscal Calendar
• Create New Years Ledgers
• Load Balance Sheets into 2009
• Enter and Load 2009 Budget Figures
• Close to Fund Balance and re-load Balances
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Year End Processing – General Ledger
Step 1 – Create Fiscal Calendar
Select Fiscal
Calendar to
begin the
process.
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Year End Processing – General Ledger
Step 1 – Create Fiscal Calendar
2009
Enter 2009 and
press ENTER. If
nothing appears,
then you need to
create the 2009
calendar entries.
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Year End Processing – General Ledger
Step 1 – Create Fiscal Calendar
This is an
example of
typical calendar
entries
Remember to
insert a fiscal
period 13 for year
end entries!
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Year End Processing – General Ledger
Step 2 - Create New Years Ledgers
Check to make
sure you have
not already
create 2009
ledger records!
From the main
General Ledger
menu select
Account Inquiry
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Year End Processing – General Ledger
Step 2 – Create New Years Ledgers
2009
Check to make
sure you have
not already
create 2009
ledger records!
Type 2009, tab to
account number
field , type the
first numbers of a
standard ledger
account and then
click FIND.
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Year End Processing – General Ledger
Step 2 – Create New Years Ledgers
2009
This is the error
message you will
receive if there
are no 2009
records!
Click END to
clear the error
message, then
click EXIT to
return to the main
menu.
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Year End Processing – General Ledger
Step 2 – Create New Years Ledgers
Remember to
check first to see
if you’ve already
performed this
function.
2009
Freedom Systems - Year End Processing
Simply click Step
1, then click
Generate. You
will receive a
message
indicating when it
is completed.
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Year End Processing – General Ledger
Step 2 – Create New Years Ledgers
Remember – if you create new current year
ledger accounts AFTER you have generated the
‘New Accounting Year Ledgers’ then you must
create a ‘One Years Ledger for the new accounts!
2009
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Year End Processing – General Ledger
Step 3 – Load Balance Sheets
This function can
be run multiple
times to carry
forward asset and
liability balances.
It is typically done at
the start of the new
year to bring
preliminary
balances forward
and then done
again after the
‘Close to Fund
balance has been
finalized.
2009
Simply enter the
upcoming fiscal year
and click Load.
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Year End Processing – General Ledger
Step 4 – Load Adopted Budgets
This function should
only be run once.
Running this
process multiple
times will result in
the creation of
duplicate budget
entries and you will
need to contact
Freedom Systems
to correct the
problem.
2009
Simply enter the
upcoming fiscal year
and click Load.
Freedom Systems - Year End Processing Webinar
Year End Processing – General Ledger
Step 4 – Load Adopted Budgets
Remember – you must have already entered budget
Figures through the General Ledger or Budget
Preparation Programs BEFORE you can ‘load’
budget figures.
If you use the Budget Preparation Program, be sure
to ‘roll’ the budgets to the Adopted (A) level before
you ‘load’ budgets.
2009
Freedom Systems - Year End Processing Webinar
Year End Processing – General Ledger
Step 4 – Load Adopted Budgets
Remember – if you need to add or edit budget
figures AFTER running the load process, those
changes must take place via a journal voucher.
2009
Freedom Systems - Year End Processing Webinar
Year End Processing – General Ledger
Step 5 – Close to Fund Balance
This function should
be run only once . It
creates a journal
voucher to zero out
the revenue and
expense control
accounts and move
the monies to the
fund balance
accounts.
2008
Freedom Systems - Year End Processing Webinar
Simply verify the
fiscal year and click
Close. Be sure to
leave the fund field
blank.
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Year End Processing
Accounts Payable Overview
Step 1
Step 2
Step 3
Step 4
Accounts Payable
Program
Accounts Payable
Program
Accounts Payable
Program
Accounts Payable
Program
• Verify your EIN number in the Program
• Update Vendors by checking the 1099 box
for all appropriate vendors
• Run the 1099 Process
• Print and store year end reports
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Year End Processing – Accounts Payable
Step 1- Verify EIN Number
Select Site
Parameters to
check your EIN
number
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Year End Processing – Accounts Payable
Step 1 – Verify EIN Number
2008
Select the
Options /
Signatures tab
to view the
Federal ID
(EIN) field and
edit if
necessary.
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Year End Processing – Accounts Payable
Step 2 – Update Vendors
In order to
process 1099’s,
you must first
identify vendors
who are subject
to 1099
processing.
To do so, you
must update their
vendor
maintenance file.
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Year End Processing – Accounts Payable
Step 2 – Update Vendors
Search for
vendors using the
Name Search or
ID Search
buttons.
Then ‘check’ the
1099? Box for the
appropriate year.
While in the
Vendor
Maintenance
screen, verify that
the vendor has a
valid Federal ID
or other number,.
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Year End Processing – Accounts Payable
Step 2 – Update Vendors
If you need to
update a
vendor’s Federal
ID number, return
to the main menu
and select
People-PlacesThings.
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Year End Processing – Accounts Payable
Step 2 – Update Vendors
Retrieve the
vendor using the
Name or ID
Search buttons.
Then insert the
number in the
Fed ID field. The
vendor
maintenance file
will automatically
be updated.
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Year End Processing – Accounts Payable
Step 3 – 1099 Processing
Select 1099
Processing to
start this function.
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Year End Processing – Accounts Payable
Step 3 – Run 1099 Processing
2008
Make sure the correct
1099 year displays –
edit if necessary.
The follow the steps
listed on screen.
Step (1) Build covers
data for all vendors
who have a
checkmark in the
1099 box on the
vendor maintenance
screen.
Step (2) Register
prints a report of that
data and notes those
vendors missing a
Federal ID.
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Year End Processing – Accounts Payable
Step 3 – Run 1099 Processing
2008
Step (3) 1099 Maintenance
lets you edit 1099 data for
particular vendors.
You can add or remove
invoices from 1099
consideration using the
‘View Vendor Invoices’
button.
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Year End Processing – Accounts Payable
Step 3 – Run 1099 Processing
Note the requirement to rerun Step (1) Build if you edit
the 1099 type field for any
invoice!
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Year End Processing – Accounts Payable
Step 3 – Run 1099 Processing
2008
Step (4) Prints the
1099’s forms. These
are designed for laser
printers and forms are
available from
Freedom Systems at
www.freedomsys.com.
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Year End Processing
Payroll Overview
Step 1
Step 2
Step 3
Step 4
Payroll
Program
Payroll
Program
Payroll
Program
Payroll
Program
• Complete Last Payroll of Year and Print
Quarterly Reports
• Run Year End Processing
• Update New Year Tax Tables
• Create and Print W-2’s
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Year End Processing – Payroll
Step 2 – Run Year End Processing
Before running the
Payroll Year End
Process, be sure
you have
completed all 2008
payrolls and printed
all quarterly
reports!
Select ‘Year End
Process’ from the
main menu.
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Year End Processing – Payroll
Step 2 – Run Year End Processing
The ‘History Report’
displays data from the
employee file. It is not
a required report.
2008
The ’Benefits
Statement’ is a one
page report per
employee and
summarizes municipal
contributions to
employee accounts
during the year.
‘Move To History’
accomplishes just
that.
‘Clear Totals’ zeroes
out all MTD, QTD and
YTD totals for every
employee file and
carries forward leave
balances. This step is
irreversible.
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Year End Processing – Payroll
Step 3 – Update Tax Tables
Federal Tax Tables
and Social Security
Tables need to be
updated prior to
processing the first
payroll of the new
year.
To update the tables,
select Tax Tables
from the main menu,
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Year End Processing – Payroll
Step 3 – Update Tax Tables
The FI tables are the
federal FICA tables.
These need to be
updated based on
data released by the
Federal Government.
Remember to update
the ‘married’ and
‘single’ tables.
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Year End Processing – Payroll
Step 3 – Update Tax Tables
The US tables are the
federal income tax
tables. These need to
be updated based on
data released by the
Federal Government.
Remember to update
the ‘married’ and
‘single’ tables.
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Year End Processing – Payroll
Step 4 – Create and Print W-2’s
The W- 2 Processing
Steps can be
accessed by clicking
‘W-2 Forms’ from the
main menu.
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Year End Processing – Payroll
Step 4 – Create and Print W-2’s
2008
The W-2 process is
run from this screen.
Verify the data in the
top half of the window
including the tax year,
FICA totals, form and
locality name.
The buttons located in
the bottom half of the
window will complete
the process.
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Year End Processing
Purchasing Overview
Step 1
Step 2
Step 3
Purchasing
Program
Purchasing
Program
Purchasing
Program
• Print Year End Reports
• Close Purchase Orders
• Setup New Year Contracts
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Year End Processing – Purchasing
Step 1 – Print Year End Reports
Various reports are
available for
printing in addition
to the Close
Reports.
Select the desired
report from the
main menu.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
Closing Purchase
Orders can be
done manually or
through the Year
End Process.
To manually
close a Purchase
Order, select
Purchase Order
List to review all
open purchase
orders.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
Locate any nonclosed Purchase
Orders and select
them by clicking
‘More’.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
Click the ‘Close’
button and then
‘OK’ to complete
the process.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
To automate the
Close Process,
select ‘Year End
Processing’ from
the main menu.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
Verify that the
correct Fiscal
Year is displayed
– edit if
necessary.
2008
Select the
desired Close
Method and
Close Date.
Print and review
the report of
purchase orders
to be closed, run
the close process
and then exit.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
All three Close
Methods result in a
voucher being
created that must
be reviewed and
processed in the
General Ledger
Program.
2008
C – Carry Forward
This process closes
purchase orders
and releases the
encumbrances for
the current fiscal
year and creates
new encumbrances
for the same ledger
accounts in the
new fiscal year.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
All three Close
Methods result in a
voucher being
created that must
be reviewed and
processed in the
General Ledger
Program.
2008
F – Final Close
This process closes
the purchase
orders and
releases the
encumbrances for
the current fiscal
year.
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Year End Processing – Purchasing
Step 2 – Close Purchase Orders
All three Close
Methods result in a
voucher being
created that must
be reviewed and
processed in the
General Ledger
Program.
2008
L – Prior Year
Liability
This process closes
the purchase orders
and releases the
encumbrances for
the current fiscal
year. The
encumbrance total
is carried forward
into the new year
and charged against
a prior year liability
control balance
sheet account.
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Year End Processing – Purchasing
Step 3 – Setup New Contracts
The Purchasing
Program allows you
to manage and
maintain purchase
contracts.
These contracts
can be established
at any time
throughout the
year.
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Year End Processing – Purchasing
Step 3 – Setup New Contracts
To create a new
contract, simply
click the ‘New’
button, find the
vendor and insert
the contract details.
This data can be
accessed when
creating purchase
requisition and
purchase orders.
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Year End Processing
Accounts Receivable Overview
Step 1
Step 2
Accounts
Receivable
Program
Accounts
Receivable
Program
•Print Year End
Reports
•Change Fiscal
Year Setting
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Year End Processing – Accounts
Receivable
Step 1 – Print Year End Reports
To print end of year
reports, select
Accounts Receivable
Reports from the main
menu.
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Year End Processing – Accounts
Receivable
Step 1 – Print Year End Reports
Select the desired
Accounts Receivable
Reports for printing.
Be sure to leave the
‘For Year’ field blank
to retrieve all AR
accounts.
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Year End Processing – Accounts
Receivable
Step 2 – Change Fiscal Year
To change the fiscal
year setting, select
‘Site Parameters’ from
the main menu.
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Year End Processing – Accounts
Receivable
Step 2 – Change Fiscal Year
2009
Find the Current Year
field and change to
the next Fiscal Year.
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Year End Processing
Financial Management
THANK YOU FOR ATTENDING THE YEAR END
PROCESSING WEBINAR!
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