It’s time once again to go through the year-end procedures. Below are some tips to help ensure that your year-end process goes as smoothly as possible.
Create a Trial Balance in FRx: You can save yourself a lot of time and effort by using the simple FRx Trial Balance Report. Be sure to close prior periods for maximum effectiveness.
- Reconcile the sub modules prior to distribution: It is strongly recommended to reconcile your sub modules prior to distributing them to the General Ledger. This will enable you to catch issues before they go to General Ledger. Additional resources to help you reconcile can be found for Accounts Receivable.
- Make sure any prior year transactions have been posted: This helps ensure a zero error year-end edit list.
- When generating future period dates, be sure to go from the first day of the period to the last day of the period: If you are generating period dates for a calendar year. Make sure you do a back-up prior to using any utilities.
Preparing for 1099 MISC forms
Sage PFW provides program updates for any federal changes to the 1099 requirements in the most current release (v5.7) and one version back (v5.6). If you are not on either of these versions, it’s time to evaluate upgrading to the most current version.
Sage PFW provides the 1099 MISC program updates at the end of the year. These updates are posted on the Sage PFW Support page, from which you can also access the articles referenced below.
There are three formats for preparing the 1099 MISC Form: Use YTD 1099 Amt from Vendor Activity file, Scan Current/History Payment Transactions, and Scan Line Item History File for 1099 Information. The Adjust 1099 MISC form option can also be used to add, modify, or delete any 1099 MISC forms that were created during the Preparation process. See the article “How to create a 1099 for a specific vendor” (Resolution ID 426971). Before you select to Print in Final mode or Reset All YTD 1099 amounts, make sure you have performed a backup of your company data. For the specific steps to process 1099 MISC forms, see the article “How to process 1099 MISC forms” (Resolution ID 430722).
If you need any help with these processes please give us a call, we’re here to help!