ACS Technologies Year-End handle year-end just as you do month-end procedures: by selecting to close the ... close the month, you can begin posting to the new month immediately.

  • Published on
    05-May-2018

  • View
    212

  • Download
    0

Embed Size (px)

Transcript

  • ACS Technologies Year-End Closing

    2012

  • Copyright

    Copyright 2011 ACS Technologies Group, Inc. All rights reserved. Reproduction of any part of

    this publication by mechanical or electronic means, including facsimile transmission and e-mail,

    without the express permission of ACS Technologies Group, Inc. is strictly prohibited.

    Version 10.6/11.2

    Last Updated 10/5/12 - 7:12 AM

  • Contents

    3

    Contents Introduction to This Guide .......................................................................................................... 5

    Unit 1: Basic Year-End Procedures ............................................................................................... 6

    Lesson 1: Year-End Procedures ................................................................................................ 7

    Lesson 2: What do you need to know? .................................................................................... 8

    Lesson 3: Modules and When they Close ................................................................................. 9

    Lesson 4: Mental Checklist .................................................................................................... 12

    Module specific procedures .............................................................................................. 12

    Printing Reports ................................................................................................................ 12

    Backing up your data ......................................................................................................... 13

    Lesson 5: Forms and Supplies.Plan Ahead ........................................................................... 14

    Forms to consider: ............................................................................................................ 14

    Supplies to consider: ......................................................................................................... 14

    Plan your calendar: ........................................................................................................... 14

    Lesson 6: Backups ................................................................................................................. 16

    Unit 2: Closing the Contributions Module (Prior to ACS version 11.0) ........................................ 18

    Lesson 1: General Tips ........................................................................................................... 19

    Lesson 2: Special Transaction Types and Prepayments .......................................................... 20

    Lesson 3: Entering Prepayments ............................................................................................ 22

    Lesson 4: Entering Next Years Pledges .................................................................................. 24

    Lesson 5: Reassigning Envelope Numbers .............................................................................. 27

    Lesson 6: Flagging Arrears ..................................................................................................... 29

    Lesson 7: Making Corrections ................................................................................................ 32

    Lesson 8: Statements and Reports......................................................................................... 35

    Lesson 9: Year-End Options/Procedures ................................................................................ 41

    Year-End Options: ............................................................................................................. 41

    Year-End Procedures ......................................................................................................... 41

    Unit 3: Closing Payroll ............................................................................................................... 46

    Lesson 1: Closing Payroll ....................................................................................................... 47

    Complete Last Payroll: ....................................................................................................... 47

    Load Tax Update: .............................................................................................................. 47

  • Contents

    4

    Closing Flexibility: .............................................................................................................. 47

    Employee Record Maintenance: ........................................................................................ 48

    Reports: ............................................................................................................................ 48

    Lesson 2: Year-End Reports ................................................................................................... 50

    Lesson 3: W-2s, 941s, and W-2 Extracts ................................................................................. 59

    W-2 Extract ........................................................................................................................... 75

    W-2 Adjustments .............................................................................................................. 79

    Lesson 4: Updating Pay Rates and Vacation/Sick Time ........................................................... 81

    Lesson 5: Month-End Procedures .......................................................................................... 83

    Lesson 6: Common Errors in Preparing W-2 Forms ................................................................ 84

    Unit 4: Closing Accounts Payable............................................................................................... 85

    Lesson 1: Year-End Reports ................................................................................................... 86

    Lesson 2: Printing 1099 Forms ............................................................................................... 94

    Lesson 3: Month End Procedures ........................................................................................ 100

    Posting and Receiving Purchase Orders ............................................................................... 102

    Unit 5: Closing Fixed Assets ..................................................................................................... 103

    Lesson 1: Take Inventory using our CPT 711 Portable Bar Code Scanner .............................. 104

    Lesson 2: Calculating Depreciation ...................................................................................... 111

    Lesson 3: Depreciation Journal - Post Depreciation ............................................................. 114

    Lesson 4: Month End Procedures ........................................................................................ 118

    Lesson 5: Year-End Reports ................................................................................................ 120

    Unit 6: Closing General Ledger ................................................................................................ 122

    Lesson 1: Next Years Budget............................................................................................... 123

    Lesson 2: Edit by Grid .......................................................................................................... 125

    Lesson 3: Exporting Budgets to Excel ................................................................................... 128

    Lesson 4: Month End Procedures ........................................................................................ 130

    Lesson 5: Year-End Reports ................................................................................................ 131

    Lesson 6: Closing the Current Year ..................................................................................... 141

  • Introduction to This Guide

    5

    Introduction to This Guide This guide is designed to walk you through the transition into the new year. This guide provides

    comprehensive instructions on closing the Contributions, General Ledger, Accounts Payable,

    Payroll, and Fixed Assets modules.

    This guide includes the following concepts:

    Closing the books in ACS

    Printing year-end reports and statements

    Printing W-2s and 1099s

    Making correcting entries

    Additional information

  • Unit 1: Basic Year-End Procedures

    6

    Unit 1: Basic Year-End Procedures This unit covers general information related to year-end closing procedures and backups.

    About year-end procedures

    Modules and when they close

    What you need to know

    Forms and supplies

    ACS for Windows backup

  • Unit 1: Basic Year-End Procedures

    7

    Lesson 1: Year-End Procedures

    Year-end Procedures, or closing the books, means advancing the default year in ACS

    to the next year. In many cases, this is as simple as selecting a new reporting year in the

    software or selecting to close the month. However, in the General Ledger and the Payroll

    modules, additional procedures are required to meet accounting and tax requirements.

    Year-end can also include mailing forms and statements, making year-end journal entries, or

    making corrections to the previous year. The Contributions module often presents special year-

    end challenges as last minute donors come forward, sometimes with out of the ordinary

    contributions such as stock.

    After closing the year, you can still post transactions to and print reports for the previous year

    provided you have selected Allow Posting to Prior Periods in you GL Setup. Most modules let

    you enter the next year's data prior to closing the year; however, you must close the year in

    Contributions before entering contributions for the next year (unless you use ACS 11.0 or

    higher). Beginning with ACS 11.0, pledges and gifts are tracked by postdate rather than year,

    eliminating the need to close the year at year-end.

    Accounts Payable, Fixed Assets, and Payroll do not have year-end procedures. For these

    modules, handle year-end just as you do month-end procedures: by selecting to close the

    month. Accounts Payable and Payroll also have special forms, (W2s and 1099s) to print at the

    end of the year.

    Before starting the year-end process, be sure to:

    1. Complete all daily/weekly, month-end, and quarter-end procedures.

    2. Back up all financial data files.

    3. Print 1099s.

    4. Print W2s

  • Unit 1: Basic Year-End Procedures

    8

    Lesson 2: What do you need to know?

    Closing the books in ACS for Windows primarily advances the default year to the next

    year.

    For modules that do not have year-end procedures (Accounts Payable, Fixed Assets, and

    Payroll), the last month of the year is no different than any other month of the year. Once you

    close the month, you can begin posting to the new month immediately. Contributions version

    11.0 and after does not have a monthly or yearend closing.

    If you selected Allow Posting to Prior Periods in GL Setup, you can make entries to a previous

    month or year after closing the period. You can also print reports for previous periods.

    You can print Contributions statements for previous periods. However, after closing the year,

    any multi-year pledge rolls forward and becomes a pledge for the next year. At this point, a

    contribution statement printed for the prior year does not reflect the pledge amount for that

    multi-year pledge. (This does not apply to Contributions version 11.0 and after)

    The Contributions module (prior to ACS 11.0) forces you to close the year before making entries

    to a future year, so that ACS knows how to handle unfulfilled pledges and prepayments. You

    cannot post entries to the next year until you perform year-end closing procedures; however,

    you can enter and post prepayments on next year's pledges.

    A number of other year-end activities must be complete in various modules to meet accounting

    or tax requirements. These include printing W-2s from Payroll, 1099s from Accounts Payable,

    Contribution Statements, Accounts and calculating depreciation in Fixed Assets. ACS for

    Windows provides the tools to do all of these.

  • Unit 1: Basic Year-End Procedures

    9

    Lesson 3: Modules and When they Close

    This section discusses modules and when they close.

    Module Month Year

    Contributions X

    Contributions 11.0

    Accounts Payable X

    Payroll X

    Fixed Assets X

    General Ledger (Close Months 1-11)

    X X

    Figure 1: Modules and when they close

    The Contributions module prior to version 11.0 closes at year-end. You can print

    statements for the quarter and the year. You can also print contribution statements for

    previous periods. However, after a year is closed, any multi-year pledge rolls forward

    and becomes a pledge for the next year. Therefore, a contribution statement printed

    for the prior year at that point will not reflect the pledge amount for that multi-year

    pledge.

    Only Contributions prior to 11.0 forces you to close the year before making entries to a

    future period, you cannot post entries to the next year until you perform year-end

    closing procedures. This is driven primarily by pledging, so the system will know how to

    handle unfulfilled pledges, prepayments to pledges.

    The Contributions module has no monthly or quarterly closing, and you can make

    corrections for a previous month, quarter, or year.

    If you are on version 11 of ACS, there is no year-end closing in Contributions. When you

    generate Contributions reports and statements, you can specify date ranges rather than

    selecting a year, allowing reports to better fit your needs.

    Accounts Payable closes at month-end, and you can print vendor 1099s at year-end.

    Accounts Payable has month-end closing and no year-end closing procedures.

    Payroll closes at month-end. You can view W-2s and the fourth quarter 941s at any time

    during the current quarter or for a previous quarter. Payroll has no quarter-end or year-

    end closing procedures.

    Accounts Receivable has only a month-end closing. You can print statements showing

    the customers appropriate tax-deductible amounts.

  • Unit 1: Basic Year-End Procedures

    10

    Fixed Assets has only a month-end closing. You can calculate and post depreciation on a

    monthly or yearly basis.

    General Ledger is the only module that has both month-end and year-end closing, and

    you can print reports for previous months and years. General Ledger is only closed for

    the first eleven months of the year, and closing the year advances the month forward to

    the first month of the new year.

    If you have more than one financial dataset, you must close the modules in each dataset

    separately. Datasets are not connected, and closing a module in one dataset has no

    impact on the second dataset.

    The most common reason for using two datasets is if one entity (church or school)

    functions under a different Federal ID # or is on a calendar year (Jan/Dec) and the other

    entity is on a fiscal year (Aug/July). In that case, youll close after December entries in

    the first dataset, and after...

Recommended

View more >