SAGE 100 YEAR-END CLOSING - Financial Accounting 100 YEAR-END CLOSING Colleen A. Gutirrez, Senior...
Transcript of SAGE 100 YEAR-END CLOSING - Financial Accounting 100 YEAR-END CLOSING Colleen A. Gutirrez, Senior...
WELCOME/INTRODUCTIONS
Colleen Gutirrez • 18 years of experience in technology consulting • Primarily distribution & manufacturing • 17 years of experience with Sage ERP 100 & 500 • Certified in Sage ERP 100/ERP 500 /Sage
Intelligence
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AGENDA
• Welcome/introductions • Sage ERP 100 version updates • Important facts to remember • Year-end checklist for payroll module • Files to back up & archive • Support resources • Other information • Questions & answers
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IMPORTANT INFORMATION
Tax filing year 2013 was the last year updates were provided for applicable supported versions for W-2 Form Printing & Quarterly 941 Form printing located on the Payroll > Period End menu, 1099 Form Printing located on the Accounts Payable > Reports menu & Electronic Reporting module (formerly Magnetic Media)
As of Tax Filing Year 2014, you are able to print &/or electronically file W-2, 941, 1099, plus 250+ signature ready State & Federal tax forms to plain paper. This is done within Sage 100 ERP integration to State & Federal eFiling & Reporting, powered by Aatrix, additional fees apply for eFiling services only
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SAGE ERP 100 IRD REQUIREMENTS
• 4.50 – PU 5 or last year’s (2012) year-end IRD installed
• 4.50 – SQL: must have PU 3 or last year’s (2012) year-end IRD installed
• 2013 PU 8
• 2014 PU 1–4
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER • In Payroll, there is NO Future Period Payroll module is based on a calendar year This means 2014 year-end processing must be performed
before 2015 payroll data can be processed
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER • W-2s must be printed before performing Payroll Quarter &
Year-End Processing
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER If necessary to run payroll in 2015 before W-2s are printed • Copy live company into archive company • Perform Payroll Quarter & Year-End processing live company • Process 2015 payroll in live company • Print W-2s from archive company
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER • Tax Tables are system-wide files • Limits printed on W-2 forms are being read from tax table,
not employee master file. Therefore, 2014 W-2 forms will not print correctly if 2015 Tax Table Update is installed prior to printing 2014 W-2s
Once 2015 Tax Table Update is installed, rates & limits will be updated for all companies on computer, not just those closed for 2014
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER • Copy payroll data into new (archive) company & print all of
your year-end forms & reports from this company • Do not perform year-end processing in archive company
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER • Payroll Year-End Processing in Sage ERP 100 can not be
reversed. It can only be restored from a current backup. Reopening a year is not allowed. Data for current year is cleared during Year-End Processing with exception of Perpetual History files
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YEAR-END PROCESSING IMPORTANT FACTS TO REMEMBER • If on a calendar year with General Ledger & plan to close
other modules at this time, make sure to close all modules based on Sage ERP 100 Order of Closing rules
• If on a fiscal year with General Ledger, may not be closing any other modules at this time
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YEAR-END CHECKLIST
• Check payroll setup options Retain year to date check history Retain perpetual payroll history Current year & quarter
• Set payroll accounting date to 12/31/14 • Verify all checks/adjustments have been entered & updated • Copy payroll data to archive company
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YEAR-END CHECKLIST
• Print regular quarterly payroll reports At very minimum, print following
» Quarterly Tax Report » Payroll Check History Report » Quarterly Pay Period Recap » Earnings Report » Deduction Report » Quarterly Government Report » Quarterly 941 form » Benefit Accrual Report » Workers’ Compensation Report
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YEAR-END CHECKLIST
• Reconcile data from all reports Be certain to reconcile both QTD & YTD totals
• Make sure Electronic Reporting files, if applicable, are processed & created
• Back up your data to archive company • Perform Quarter & Year-End Processing in live company • DO NOT close archive company • Install Tax Table Updates only after W-2s are printed &
reconciled
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YEAR-END CHECKLIST
• Print & verify W-2 forms (Archive) Open Payroll|Period End|Federal eFiling and Reporting|W-2
History
Verify the year is 2014 and the 4th Quarter
Select required options, including box 12 codes & correct W-2 Form to Print
» If using laser or ink jet printer, be sure to choose either Laser Forms – 2 per page or Laser Forms – 4 per page
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WHAT HAPPENS DURING YEAR-END PROCESSING
• Quarter-to-date earnings set to zero • Quarter-to-date deductions set to zero • Quarter-to-date tax fields set to zero • Quarterly Tax Recap file is purged • Workers’ Compensation file is purged • Year-to-date earnings set to zero • Year-to-date deductions set to zero • Year-to-date tax fields set to zero
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WHAT HAPPENS DURING YEAR-END PROCESSING
• Check History file is cleared • All terminated employees are purged, but caution Inactive employees are processed in same manner as active
employees Employee nonpension plan deductions with goals met are
removed
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WHAT HAPPENS DURING YEAR-END PROCESSING
• Benefit accrual fields are reset for each employee (only if selected in Payroll/Setup/Payroll Options)
• Reset Balance at Year-End in Deduction Code Maintenance If checked, employee deduction records will be retained,
regardless of whether or not limit has been reached for deduction code
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WHAT HAPPENS DURING YEAR-END PROCESSING
• Reset Balance at Year-End in Deduction Code Maintenance If unchecked & deduction goal is met, deduction is removed for
employee If unchecked & deduction goal is not met, deduction is
continued until goal is met
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WHAT HAPPENS DURING YEAR-END PROCESSING
• Resets Pension Plan, Cafeteria Plan Deduction, Allocated Tips, Fringe Benefits, Non-Qualified Plan & Dependent Care Benefits fields to zero
• Current year is incremented by 1 • Current quarter is changed to 1
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YEAR-END BACKUP
Sage 100 5.x and MAS 90/MAS 200 vs 4.x • Back up entire MAS 90 directory if possible • Back up MAS_yyy directories where yyy = company code
(MAS_BKD, MAS_IOS, MAS_MMH, etc.) • Also back up Home, SOA, MAS_SYSTEM & MAS_USERS
directories • Label backup & store off site
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HELPFUL HINTS
ORDER YOUR FORMS EARLY
Order W-2s, W-4s & 1099s early Avoid shipping delays
Order extra forms to allow for printing errors & problems
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HELPFUL HINTS
Print your forms on plain paper first
Use this printing to validate information & check alignment
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SUPPORT RESOURCES
• Information Center • Resources • Tutorials • Help Files • Sage Software Online • BKD Technologies
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CONCLUSION
• If you know you will be needing year-end assistance, call your primary BKD consultant to get time scheduled
• If you need to know who your primary BKD consultant is, email me & I will find out for you
• If you have any questions, please email me at [email protected] or Robin Reeder at [email protected]
BKD TECHNOLOGIES SUPPORT CENTER
• Sage Support Center 866.832.4253 or [email protected]
• Monday - Friday, 8 a.m. - 5 p.m. Central time
• BKD is closed the following days during holiday season
Thursday, November 27, 2014 Friday, November 28, 2014 Wednesday, December 24, 2014
• Everyone at BKD Technologies wishes you & your family a very happy holiday season!
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Thursday, December 25, 2014 Friday, December 26, 2014 Thursday, January 1, 2015
WHERE TO DOWNLOAD SLIDES & WEBINAR ARCHIVE
• Today’s presentation slides are available at www.SageERPInsights.com/webinars
• Recorded copy of webinar will be available on SageERPInsights.com next week
• You will be receive short survey following webinar Complete this survey so we may improve upon future webinars
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SAGE ERP INSIGHTS BLOG
• Check out our Sage ERP Insights blog at www.SageERPInsights.com
• Follow us on Twitter
@SageERPInsights
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Colleen Gutirrez Senior Consultant II 314.236.5248 [email protected]