It would be extremely helpful if you read through ALL of the instructions in November.  You will then have an understanding of what to expect in December/January and in what order you will perform the End of Year tasks. 

This step is done on January 1^st or as soon after the 1^st as possible.

End of Year Calendar Save / Update

You will get a message on January 1^st to remind you to do this function.

Important Note:  Once you run the calendar update you will no longer be able to view the past year’s calendar from the tape chart or property info calendar.  Also, you will not be able to run a Daily Revenue report (Reports, Forecasting, Daily Revenue) for the previous year.  So, if you think you may want Daily Revenue reports for the previous year, print them before you update the calendar.

Make sure all guests who arrived in the previous year are checked in and any guests who departed in the previous year are checked out.  Also, be sure to make a backup of your data.

The steps below will walk you through saving and resetting your calendar.

Menu option:

Accounting / End of Year Procedures

Procedure:  

1.  Click the Save Year button to save the current calendar.

2.  Click the Calendar button to activate the next year’s calendar.

Important:    DO NOT RUN THE UPDATE PROCEDURE MORE THAN ONCE.

Month end does not need to be completed in order to do the calendar update.

Backup your data after closing your final

month of the year and keep it filed

as your year end backup.

FOLLOW THESE STEPS IN ORDER. 

1. Close your final month of the year.  For some customers this will be at the end of November, for others this will be at the end of December.  Be sure that you have printed all of your regular end of month reports along with any other reports or additional copies of reports you may want for your end of year reporting.

Important:  DO NOT post any charges and/or credits to the owner’s statement for the upcoming year until you have performed the Reset Owner YTD to zero procedure (step #3).

2. Save your Owner Totals for 1099’s.  This procedure is done from the following menu option: Accounting, End of Year Procedures, (click on the Save Owner button). This will save the YTD totals for the year you are closing to the 1099 file.

Check your owner totals and owner information.  You will need to run a report to display each property that is set to receive a 1099, the total that will print on the 1099, as well as the owner’s name, address, and tax ID number.  This report is printed from the following menu option:  Accounting, End of Year Procedures, Owner 1099’s, (click on the Print Owner Totals button). 

What are you looking for on this report?  First you want to make sure all units that need a 1099 are showing up on this report.  Next, make sure all the owner names, addresses, and tax ID numbers are correct.  Also, if any unit you manage needs to have the 1099 split between 2 or more owners make sure that the split is indicated here.  If there should be a split and you do not see it indicated on this report please call for assistance.  Finally you need to verify that the amount listed is correct for reporting on the owner’s 1099’s. 

How do I make sure that the totals are correct?  Good question.  There is no easy way to do this.  Our suggestion is to send the MTD/YTD report to each owner along with their final statement for the year.  Ask the owner to check over the totals and contact you by a certain date if they feel there is a problem with the totals on the MTD/YTD report.  Otherwise the only other way to check the totals for accuracy is to pull all owner statements for the year and manually add up the income from each statement.

            If there is a mistake with an owner’s total please call for assistance on how you should make those corrections.

3. Reset Owner YTD to Zero.  Running this procedure will reset the owner totals for the new year.  Be sure you have run any reports you want that reflect totals for the year you are closing before resetting to zero. After running this option you may begin posting owner charges and credits to the owner statement for the new year.  This procedure is done from the following menu option: Accounting, End of Year Procedures, (click on the Reset Owner button).

Important:  DO NOT run the Save Owner 1099 Totals option after you have Reset the owner totals to zero.

4. Save your Vendor Totals for 1099’s.  This procedure is done from the following menu option: Accounting, End of Year Procedures, (click on the Save Vendor button). This will save the YTD totals for the year you are closing to the 1099 file.  Be sure that you have posted all vendor checks for the year before running this procedure.

5. Check your vendor totals and vendor information.  You will need to run a report to display each vendor that is set to receive a 1099, the total that will print on the 1099, as well as the vendor’s name, address, and tax ID number.  This report is printed from the following menu option:  Accounting, End of Year Procedures, Vendor 1099’s, (click on the Print Vendor Totals button). 

What are you looking for on this report?  First you want to make sure all vendors that need a 1099 are showing up on this report.  Next, make sure all the vendor names, addresses, and tax ID numbers are correct.  Finally you need to verify that the amount listed is correct for reporting on the vendor’s 1099’s.  If vendor information is not correct please make changes to the vendor record under Maintain, Database, Vendor then re-run this report.

How do I make sure that the totals are correct?  Good question.  There is no easy way to do this.  It maybe a good idea to include the total YTD paid on the stub of the vendors final check for the year and ask them to verify the amount for 1099 purposes.  (If you need help changing your check format so that the YTD total appears on the stub please call for support).  Otherwise the only other way to check the totals for accuracy is to go through the Vendor History reports and get the totals for checks written to the vendor for the year. 

6. Reset Vendor YTD to Zero.  Running this procedure will reset the vendor totals for the new year.  After running this option you may begin posting vendor checks for the new year.  This procedure is done from the following menu option: Accounting, End of Year Procedures, (click on the Reset Vendor button).

Important:  DO NOT run the Save Vendor Totals option after you have Reset the Vendor totals to zero.

7. Print Owner 1099’s.  Before you print your 1099’s make sure you have the correct 1099 forms that are compatible with your printer. You will need to purchase Misc 1099 forms at an office supply store such as Office Depot.  Our program does not print the actual forms, but fills in the blanks of the purchased 1099 form.

It is also a good idea to run an alignment test as well.  This test can be run from the following menu option:  Accounting, End of Year Procedures, Owner 1099’s, (fill out your company’s phone number and tax id number), and  click on Print 1099 Alignment.  If the test is not aligning you can change the margins and reprint the alignment test until you get it aligned. 

Once alignment is successful you are ready to actually print the forms.  Make sure you have reviewed the options on the screen such as “Totals For” and “Owner Name From”, then insert your 1099 forms into the printer and click on Print 1099 Tax Forms.

There is also an option to export for those customers who are required to file the 1099’s electronically (requires additional software for electronic tax reporting).  Entech does not file electronically.

8. Print Vendor 1099’s.  Before you print your 1099’s make sure you have the correct 1099’s forms that are compatible with your printer. You will need to purchase Misc 1099 forms at an office supply store such as Office Depot.  Our program does not print the actual forms, but fills in the blanks of the purchased 1099 form.

It is also a good idea to run an alignment test as well.  This test can be run from the following menu option:  Accounting, End of Year Procedures, Vendor 1099’s, (fill out your company’s phone number and tax id number), and click on Print 1099 Alignment.  If the test is not aligning you can change the margins and reprint the alignment test until you get it aligned. 

 Once the alignment is successful you are ready to actually print the forms.  Insert your 1099 forms into the printer and click on Print 1099 Tax Forms.

There is also an option to export for those customers who are required to file the 1099’s electronically (requires additional software for electronic tax reporting).  Entech does not file electronically.

Please Note:  Check your rates in the rate table under Maintain, Databases and be sure that you have rates for the next 2 years (current year and future year).  If you have not, be sure that you do so in order for the rent to calculate properly.  Also if you are using trip insurance, be sure that you have rates for the next 2 years (current year and future year).  This needs to be done so that the guests are charged the correct amount and the insurance provider is paid the correct premiums. Trip insurance rates can be added under, Maintain, Company, Accounting, Trip Insurance. 

Year End is Complete!