Sage MAS 500 Year-End Processing. Michael Schmitt, BKD December 2011

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1 Sage MAS 500 Year-End Processing Michael Schmitt, BKD December 2011

2 Welcome / Introductions Michael Schmitt Senior Consultant

3 Agenda Welcome / Introductions Order of closing Helpful hints Specific module information Backup Support Resources Questions & Answers Conclusion

4 Order of Closing The recommended order is as follows: 1. Purchase Order 2. Manufacturing 3. Sales Order 4. Inventory 5. Accounts Receivable 6. Accounts Payable 7. Cash Management 8. Multi-currency 9. General Ledger

5 Order of Closing What if you are running a module that isn t listed or a bolt on product? There could be special considerations. Please refer to your application user guide, or contact your primary BKD Consultant.

6 Helpful Hints Schedule Plenty of Time Put the dates on your calendar Don t wait until last minute to schedule Perform review procedures early Plan around staff vacations

7 Helpful Hints Utilize Resources Attend BKD webinars Check out Sage Software on-line knowledgebase Call BKD s Sage Support Help Desk Contact your primary BKD Consultant

8 Helpful Hints Review the set up options for every module Review record retention options to determine what is saved and what will be purged

9 Helpful Hints Gather 1099 Information Do you have all the 1099 information from your vendors? Start collecting information now so you have the information when you need it. Will you be filing electronically?

10 Helpful Hints Order your forms early. Order W-2s, W-4s, and 1099 s Order inventory tags Order extra forms to allow for printing errors and problems

11 Helpful Hints Print your forms on plain paper first. Use this printing to validate information and verify alignment

12 Helpful Hints Pre-reconcile subsidiary accounts. Pre-reconcile balance sheet accounts Each balance sheet account should be reconciled to a subsidiary account, application trial balance or some other manual schedule

13 PO Setup Verify the following options Number of months to retain completed purchase orders Number of months to retain completed requisitions Number of months to retain receiving history

14 PO Info Purchases Clearing Reconciling the purchases clearing account is often overlooked Should be done every month-end Print the Purchases Clearing Report Verify that open POs are truly open Use the GL Activity Report with detail to analyze the detail behind the Purchases Clearing account

15 PO Checklist Check and adjust retention options in Setup Make sure all receipts, invoices, returns and issues have been recorded for the year Backup the database Run Process Period End Select the reports to print Purchase Order Status Report Open Purchase Order Item Report

16 PO Checklist Print the regular period-end reports (continued) Standard Cost Analysis Vendor Performance Purchases Journal Purge PO Data

17 Manufacturing Checklist Verify the following transactions have been entered material issues Labor Work order completion Production Entry Outside processing Review reports, reconcile, make adjustments and reprint as necessary Completion Report Work Order Status Report

18 Manufacturing Checklist Reports to run and review (continued) Production Report Costing Reports Open WIP Job Costing WIP Costing Labor Reports Efficiency Downtime Scrap

19 Manufacturing Checklist Post manufacturing transactions to GL Unlike other modules, there is no Period End process for manufacturing

20 SO Setup Verify the following options Number of months to retain completed sales orders Number of months to retain shipments, returns and RMA s Number of months to retain completed quotes Number of years to retain sales analysis

21 SO Checklist Check and adjust retention options in Setup Very all shipments have been committed Make sure all invoices have been recorded Run Process Period End and select the reports Open Sales Order Items Report Quote Expiration Report Sales Analysis Report Aged Orders Report

22 SO Checklist Review reports, reconcile, make adjustments and reprint as necessary Backup the database Select Purge SO Data

23 IM Setup Verify the following options Retain transaction history Number of years to retain inventory transactions Number of years to retain purchase product line

24 IM Helpful Hint Review your extended costs and quantities for negative values. Negative On Hand Quantity Report If you have not recorded inventory transactions in a timely matter, you could have negative balances (for non lot-controlled and non-serial controlled items).

25 IM Info Since the inventory management module is a perpetual inventory system, when the inventory is frozen at yearend, invoices and receipts that are updated from sales order, purchase order and inventory transaction entry will continue to create postings that affect the Valuation Report and Trial Balance. To ensure a smooth year-end process, follow the checklist.

26 IM Checklist Check and adjust retention options in Setup Make sure all sales, receipts, transfers, invoices, returns, adjustments and issues have been recorded for the current month Freeze the inventory Physically count your inventory

27 IM Checklist Continue entering sales invoices, inventory and purchase order receipts. DO NOT update these journals. Input your Physical Count Entry Print, verify and update the Physical Count Register, using the accounting date of the physical count

28 IM Checklist Make sure Purchase Order and Sales Order are already closed If you have LIFO or FIFO, Lot or Serial items, print the Inventory Negative Tier Report Review and reconcile negative tiers

29 IM Checklist Backup database Print the standard period end reports Inventory Analysis Inventory Cost Inventory Performance Lead Time Exception Unusual Usage

30 IM Checklist Also recommend the following reports Inventory Valuation Low Cost Review reports, reconcile, make adjustments and reprint as necessary

31 IM Checklist Backup the database Perform Period-End processing Print Reports Purge IM Data Close Inventory Period Close Fiscal Period Update IM Rank Codes

32 AR Setup Verify the following options Number of months to retain invoice information Number of months to retain customer payment information Number of months to retain commission detail information Number of months to inactive customers

33 AR Setup (continued) Verify the following options Number of years to retain customer and salesperson history

34 AR Checklist Check and adjust retention options in Setup Make sure all invoices and cash receipts have been recorded for the current month Run Process Finance Charges to apply finance charges to past due customers Ensure Process Commissions has been run

35 AR Checklist Print the regular period-end reports. Sales Tax Sales Activity Cash Expectations Aged Receivables AR Trial Balance Customer Sales Analysis Salesperson Sales Analysis

36 AR Checklist Review reports, reconcile, make adjustments and reprint as necessary Backup the database Perform Period End Processing Close the period

37 AP Setup Accounts Payable Setup Options Current AP period and year Number of months to retain voucher header voucher detail voucher payment vendors without activity Number of years to retain vendor purchases 1099

38 AP Checklist Check and adjust retention options in Setup Make sure all invoices, checks and adjustments for the month have been posted Print the regular period end reports Aged Payables Vendor Performance Analysis A/P Trial Balance

39 AP Checklist Review reports, reconcile, make adjustments and reprint as necessary Review Setup of 1099 boxes Print and verify 1099 forms Correct and reprint 1099 s as needed Backup the database Select Process Period End

40 AP 1099 FAQs Q: How long can I wait before I have to print 1099 forms? A: Per Federal law the vendor 1099 s need to be postmarked by Jan 31st and copies mailed to the IRS by Feb 28th.

41 AP 1099 FAQs Q: Do I have to print my 1099s before I close AP? A: You can retain 99 years of 1099 information. Therefore, you do not have to print 1099s before performing Year End processing in A/P. Select the year to process when printing 1099 s

42 AP 1099 FAQs Q: My 1099s print with last year s 1099 information. A: Check the Options tab when printing 1099 s to ensure the correct year was selected

43 AP 1099 FAQs Q: How can I change incorrect amounts that were printed on my 1099 forms? A: These amounts can be changed through Edit Voucher 1099 Data.

44 AP 1099 Processing AP\Insights\1099 Reports\1099 Forms Configure Options Tab Configure Company Tab Electronic filing Main Tab Enter selectivity Click Print

45 AP 1099 Processing Edit 1099 Data First need to un-submit Make corrections to 1099 form or amount Edit 1099 Voucher Data View/Edit AP Voucher Reprint (recreate IRSTAX file)

46 AP 1099 Processing 1099 Form Corrections after submitting to IRS Use IRS 1099 Corrections If correcting the amount, click 1099 Box Return to 1099 Forms and reprint. Will print the 1099 form with an X in the corrected box.

47 1099 Miscellaneous Income Form

48 CM Checklist Review retention settings on Set Up Options Bank Account Bank Transactions Bank Statements Ensure all batches have been posted

49 CM Checklist Print period end reports Daily Cash Balance Daily Cash Flow Bank Activity Run Process Period End Close the period Purge data

50 GL Setup Verify the following options Main Tab Clear Non-Financial Accounts at Year End Default Budget Year End Copy Copy Budget

51 GL Setup Additional Tab Retained Earnings Account Number of years to keep Periodic GL History Number of years to keep Trans History Detail

52 GL Info Financials Tab Review the terms used and change as needed for financial reporting purposes

53 GL Checklist Year End Check and adjust retention options in Setup Make sure all batches have been posted Make sure all activity and adjustments in all modules integrated with General Ledger have been complete, and the periods are closed Verify the applicable GL account balances agree to the period end balances for AR, AP, Purchasing Clearing, etc. (all the modules we reviewed) Print, verify and update recurring journals

54 GL Checklist Print and review the General Ledger Worksheet for the end of the year Identify adjustments Enter adjustments through General Journal Entry Print, verify and update General Journal Entry Print and update Allocations

55 GL Checklist Print the regular period-end reports Transactions Analysis Standard Financial Reports Budget & History Journal Trial Balance Custom Financial Reports Review reports, reconcile, make adjustments and reprint as necessary

56 GL Checklist Make budget revisions through Budget Revision Entry. Backup the database Complete the Year End processing by selecting the Process Period End task from the GL Activities menu Verify the year and period are correct Purge GL Data (optional) Close period X-YYYY ending on MM/DD/YYYY

57 GL Checklist Adjust budget figures for the new year as needed Print the new periods financial statements and verify the Balance Sheet accounts have the appropriate beginning balances, Retained Earnings is correct and beginning balance for the Income Statement accounts are zero Backup the database and store off-site

58 GL Re-open a period Set Up Fiscal Year A closed period may be re-opened That period and all future periods must be reclosed Keep in mind and transactions posted to a prior period changes the related reports and financial statements so the ability to open a period should be limited and require management approval

59 Backup Microsoft SQL Backup Store final year-end backup off site Review your disaster recovery procedures

60 Support Resources Information Center Resources Tutorials Help Files Sage Software Online BKD Technologies

61 BKD Resources Sage Support Center Monday Friday, 8 a.m. 5 p.m., Central time 1 (866)

62 Questions?

63 BKD Webcasts Check our website frequently to see what is offered If you have an idea for a future webcast, please

64 Conclusion Everyone at BKD Technologies thanks you for being a loyal client and for your support over the last year. Thank you all for attending.

65 Michael Schmitt Senior Consultant

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