Year End ProcessingFinancial Management
1Freedom Systems - Year End Processing Webinar
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
Year End ProcessingFinancial Management Overview
2Freedom Systems - Year End Processing Webinar
The General Ledger Program must be
configured for the new fiscal year before data can be processed in
other modules!
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!
Year End ProcessingGeneral Ledger Overview
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Step 1
Step 2
Step 3
Step 4
Step 5
Year End Processing – General LedgerStep 1 – Create Fiscal Calendar
Select Fiscal Calendar to begin the process.
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Year End Processing – General LedgerStep 1 – Create Fiscal Calendar
Enter 2009 and press ENTER. If nothing appears, then you need to create the 2009 calendar entries.
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2009
Year End Processing – General LedgerStep 1 – Create Fiscal Calendar
This is an example of
typical calendar entries
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Remember to insert a fiscal
period 13 for year end entries!
Year End Processing – General LedgerStep 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 LedgerStep 2 – Create New Years Ledgers
Check to make sure you have
not already create 2009
ledger records!
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Type 2009, tab to account number field , type the
first numbers of a standard ledger
account and then click FIND.
2009
Year End Processing – General LedgerStep 2 – Create New Years Ledgers
This is the error message you will receive if there
are no 2009 records!
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Click END to clear the error message, then click EXIT to
return to the main menu.
2009
Year End Processing – General LedgerStep 2 – Create New Years Ledgers
Remember to check first to see if you’ve already performed this
function.
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Simply click Step 1, then click
Generate. You will receive a
message indicating when it
is completed.2009
Year End Processing – General LedgerStep 2 – Create New Years Ledgers
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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
Year End Processing – General LedgerStep 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.
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Simply enter the upcoming fiscal year
and click Load.
2009
Year End Processing – General LedgerStep 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.
Freedom Systems - Year End Processing Webinar
Simply enter the upcoming fiscal year
and click Load.
2009
Year End Processing – General LedgerStep 4 – Load Adopted Budgets
Freedom Systems - Year End Processing Webinar
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
Year End Processing – General LedgerStep 4 – Load Adopted Budgets
Freedom Systems - Year End Processing Webinar
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
Year End Processing – General LedgerStep 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.
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Simply verify the fiscal year and click
Close. Be sure to leave the fund field
blank.
2008
Year End ProcessingAccounts Payable Overview
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Step 1
Step 2
Step 3
Step 4
Year End Processing – Accounts PayableStep 1- Verify EIN Number
Select Site Parameters to check your EIN
number
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Year End Processing – Accounts PayableStep 1 – Verify EIN Number
Select the Options /
Signatures tab to view the Federal ID
(EIN) field and edit if
necessary.
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2008
Year End Processing – Accounts PayableStep 2 – Update Vendors
In order to process 1099’s, you must first
identify vendors who are subject
to 1099 processing.
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To do so, you must update their
vendor maintenance file.
Year End Processing – Accounts PayableStep 2 – Update Vendors
Search for vendors using the Name Search or
ID Search buttons.
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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,.
Year End Processing – Accounts PayableStep 2 – Update Vendors
If you need to update a vendor’s
Federal ID number, return to the main menu
and select People-Places-
Things.
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Year End Processing – Accounts PayableStep 2 – Update Vendors
Retrieve the vendor using the
Name or ID Search buttons.
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Then insert the number in the
Fed ID field. The vendor
maintenance file will automatically
be updated.
Year End Processing – Accounts PayableStep 3 – 1099 Processing
Select 1099 Processing to
start this function.
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Year End Processing – Accounts PayableStep 3 – Run 1099 Processing
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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2008
Year End Processing – Accounts PayableStep 3 – Run 1099 Processing
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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2008
Year End Processing – Accounts PayableStep 3 – Run 1099 Processing
Note the requirement to re-run Step (1) Build if you edit the 1099 type field for any
invoice!
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Year End Processing – Accounts PayableStep 3 – Run 1099 Processing
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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2008
Year End ProcessingPayroll Overview
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Step 1
Step 2
Step 3
Step 4
Year End Processing – PayrollStep 2 – Run Year End Processing
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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.
Year End Processing – PayrollStep 2 – Run Year End Processing
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The ‘History Report’ displays data from the employee file. It is not
a required report.
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.
2008
Year End Processing – PayrollStep 3 – Update Tax Tables
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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,
Year End Processing – PayrollStep 3 – Update Tax Tables
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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.
Year End Processing – PayrollStep 3 – Update Tax Tables
34Freedom Systems - Year End Processing Webinar
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.
Year End Processing – PayrollStep 4 – Create and Print W-2’s
35Freedom Systems - Year End Processing Webinar
The W- 2 Processing Steps can be
accessed by clicking ‘W-2 Forms’ from the
main menu.
Year End Processing – PayrollStep 4 – Create and Print W-2’s
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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.
2008
Year End ProcessingPurchasing Overview
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Step 1
Step 2
Step 3
Year End Processing – PurchasingStep 1 – Print Year End Reports
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Various reports are available for
printing in addition to the Close
Reports.
Select the desired report from the
main menu.
Year End Processing – PurchasingStep 2 – Close Purchase Orders
Closing Purchase Orders can be
done manually or through the Year
End Process.
39Freedom Systems - Year End Processing Webinar
To manually close a Purchase
Order, select Purchase Order List to review all open purchase
orders.
Year End Processing – PurchasingStep 2 – Close Purchase Orders
Locate any non-closed Purchase Orders and select them by clicking
‘More’.
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Year End Processing – PurchasingStep 2 – Close Purchase Orders
Click the ‘Close’ button and then ‘OK’ to complete
the process.
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Year End Processing – PurchasingStep 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.
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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.
2008
Year End Processing – Purchasing Step 2 – Close Purchase Orders
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All three Close Methods result in a
voucher being created that must be reviewed and processed in the General Ledger
Program.
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.
2008
Year End Processing – Purchasing Step 2 – Close Purchase Orders
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All three Close Methods result in a
voucher being created that must be reviewed and processed in the General Ledger
Program.
F – Final Close
This process closes the purchase orders and
releases the encumbrances for the current fiscal
year.
2008
Year End Processing – Purchasing Step 2 – Close Purchase Orders
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All three Close Methods result in a
voucher being created that must be reviewed and processed in the General Ledger
Program.
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.
2008
Year End Processing – PurchasingStep 3 – Setup New Contracts
47Freedom Systems - Year End Processing Webinar
The Purchasing Program allows you
to manage and maintain purchase
contracts.
These contracts can be established
at any time throughout the
year.
Year End Processing – Purchasing Step 3 – Setup New Contracts
48Freedom Systems - Year End Processing Webinar
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.
Year End ProcessingAccounts Receivable Overview
49Freedom Systems - Year End Processing Webinar
Step 1
Step 2
Year End Processing – Accounts Receivable
Step 1 – Print Year End Reports
50Freedom Systems - Year End Processing Webinar
To print end of year reports, select
Accounts Receivable Reports from the main
menu.
Year End Processing – Accounts Receivable
Step 1 – Print Year End Reports
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Select the desired Accounts Receivable Reports for printing.
Be sure to leave the ‘For Year’ field blank
to retrieve all AR accounts.
Year End Processing – Accounts Receivable
Step 2 – Change Fiscal Year
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To change the fiscal year setting, select
‘Site Parameters’ from the main menu.
Year End Processing – Accounts Receivable
Step 2 – Change Fiscal Year
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Find the Current Year field and change to
the next Fiscal Year.
2009