(OWNER STATEMENTS AND 1099s)
Typically, you may print 1099s for owners
after you have completed December owner statements.
Specifically, you must transfer owner balances for
December (P,S,N), then you may print 1099s any time
prior to producing January owner statements. You may
also print the income/expense summary (P,R,I) for all
owners at this time. In system setup (H,A), the field on
screen number 8, "Statement month after which to do
owner 1099s", controls which month 1099s should be
calculated through and when year to date statistics
should be zeroed. If this field is a '12', then 1099s
should be printed after December is closed and year to
date statistics will be zeroed before printing January
owner statements. If this field is '11', then 1099s
should be printed after November is closed and year to
date statistics will be zeroed before printing December
owner statements.
When you are ready to print January (or
December if set up that way) owner statements, you will
be faced with the option to zero out the previous year
statistics. The message will appear as follows:
|
You are about to print owner
statements for the first month of your new year.
Property income and expense statistics have not
been set to zero for the new year. You must print
owner 1099 forms and income/expense summaries
before this is done.
Enter Y if you have
printed 1099 forms and income/expense summaries
and are ready to zero property statistics,
L to print statements without zeroing
statistics , OR
C to CANCEL and return to
the menu so 1099 forms can be printed |
|
Answer "yes" if you are ready to zero the previous
year annual statistics. Just be certain that you have
already printed the 1099s before allowing the statistics
to be zeroed. Entering an 'L' on this screen will
include 13 months statistics on the owner statement,
however, the 1099 information will only include 12
months. Entering a 'C' will take you back to the menu
for end of month processing. NOTE: You MUST answer
'Y' before closing January (or December if set up that
way). Failure to do so will cause the annual statistics
to continue to accumulate resulting in overstating the
1099 income to owners in the following year. The
transferring owner balance procedure does not verify
that statistics have been zeroed.
It is not
necessary to make any year-end general ledger entries in
a trust only business.
YEAR END PROCEDURES FOR GENERAL ACCOUNTING
(W2s AND GENERAL LEDGER)
W2s can be
printed any time after the last payroll for the year has
been produced. They may be printed multiple times, and
also may be printed to a file to copy onto a disk for
magnetic media reporting. The government requires that
W2s be in the mail to employees by January 31.
Closing out the general ledger in First Resort for
the year is a very simple process and may be done at any
point in time. The following example is as if your
fiscal year ends December 31.
- Make any entries necessary to the general ledger
for depreciation, amortization, inventory, etc.
- Print a final balance sheet.
- If the balance sheet is satisfactory, the dollar
amount on the balance sheet in the "Current Year
Income" account must be moved into the "Retained
Earnings" account. This may be accomplished with a
journal entry, dated January 1, that debits "Current
Year Income" and credits "Retained Earnings" -
assuming there is a gain for the year. If a loss has
occurred, the opposite accounting needs to take place.
