This page has been designed to give you a general guideline to the steps that should be taken to properly close the Financial Management & Real Estate modules for the month of December AND calendar year 2011.
NOTES & WARNINGS!
PLEASE FOLLOW THE STEPS SHOWN ON THIS PAGE IN THE ORDER THEY ARE LISTED. YOU CANNOT SKIP OR JUMP OVER ANY STEPS WITH THE EXCEPTION OF STEPS 6 & 8 IF YOU DO NOT USE UDS FOR PAYROLL!
YOU CANNOT PROCESS ANY YEAR 2012 INFORMATION UNTIL ALL STEPS ON THIS PAGE HAVE BEEN TAKEN!
Step 1 Finish entering all work for the month of December.
Make sure you have processed your last payroll for 2011.
Make sure all 2011 data dealing with a 1099 file (i.e. real estate closings, invoice payables, etc.) has been entered and updated, option 1311.
Do not close the month of December, this will be done when you get to step 11.
NOTE: You cannot process any year 2012 information until all the steps shown on this page have been taken!
Step 2 Generate your December reports.
Run your normal month-end reports for December. Again, do not close the month of December, this will be taken care of in step 11. For a list of recommended reports, see Month-End Reports To Generate.
Step 3 Verify your tax identification numbers.
Your tax identification numbers can be found in several USER control files. It is important that you check each as information will not be collected into the Magnetic Media application if a number is not defined.
- Enter option 0152.
- Enter the File ID then review the line number shown below to verify that your tax identification numbers appear in the appropriate control file.
- File ID: GL, line number 528 (first data field). The Federal Tax ID# used for Financial Management vendor 1099's.
- File ID: RE, line number 007. The federal Tax ID# used for Real Estate sales agents, co-brokers, and referral company 1099's.
- File ID: PR, lines 007 (federal) and 008 (state) for Financial Management & Property Management W2's.
Step 4 Make Year End Backup.
Make a backup copy of your data files. DO NOT re-use this backup for any other backups (including Year-end Property or Resort Management unless they are done at the same time as this backup). This backup should be stored for future reference and marked as "2011 Year-End"
Step 5 Collect your 1099 tax information.
This allows you to continue the year end process without actually printing the tax forms at this time. Before you proceed, determine which version of UDS you are using by looking at the version number located at the bottom of your UDS Main Menu screen. The majority of users are on Version 2.01 or 2.03b.
Version 2.01 and 2.03b Users:
- Select option 0261.
- Check the following files:
- FM Vendors
- RE Salesman
- RE Coop Broker
- RE Company
- Click the Collect button. When you see "Finished" appear on the screen, click Exit and answer Yes to the prompt "Are You Sure?".
Version 2.00 and below users:
- Select option 0261.
- Enter a "Y" next to "FM Vendors", "RE Salesman", RE Coop Broker", and "RE Company". Make sure you do not answer the questions too quickly. A lot of clients have overrun the message shown in step 5 in past years and lost their data.
- Enter the tax year as 2011.
- If this is the first time this program has been run for 2011, the message "1099 HOLDING FILE NOT FOUND ... CREATE FILE? (Y/N) [ ]" will appear.. Enter "Y" to create and collect the data into the file.
- If the message "1099 HOLDING FILE FOUND ... RE-CREATE FILE? (Y/N) [ ]" is displayed, answer "N".
WARNING! The file holding the 1099 tax information IS NOT company nor module oriented. The file holds all information for all companies and all modules. If you get the message in step 5. DO NOT answer "Y" or you will lose any data that has been previously collected for any other companies and/or modules.
Step 6 Collect your employee W2 information.
If you use the payroll application, collect your W2 tax information into the Magnetic Media application.
Notes concerning employee names:
- If the employee's name is B.J. Smith, the middle initial will not display the period on the W2, only the letter J. It would display as B.J Smith.
- If the employee's last name has more than thirteen (13) characters, then it will be truncated beginning with the 14th character.
- If the employee's name is entered into the system with their last name first a comma then their first name such as "Smith, Bobby J." then it will appear as Smith, Bobby J in the Last Name field of the tax form. Make sure that all employees are entered with their first name first then their last name.
Version 2.01 and 2.03b Users:
- Select option 0265.
- Check the following file:
- FM Employees
- Click the Collect button.
Version 2.00 and below users:
- Select option 0265.
- Enter a "Y" next to "FM Employees". Make sure you do not answer the questions too quickly. A lot of clients have overrun the message shown in step 5 in past years and lost their data.
- Enter the tax year as 2011.
- If this is the first time this program has been run for 2011, the message "W-2 HOLDING FILE NOT FOUND ... CREATE FILE? (Y/N) [ ]" will appear.. Enter "Y" to create and collect the data into the file.
- If the message "W-2 HOLDING FILE FOUND ... RE-CREATE FILE? (Y/N) [ ]" is displayed, answer "N".
WARNING! The file holding the W2 tax information IS NOT company nor module oriented. The file holds all information for all companies and all modules. If you get the message in step 5. DO NOT answer "Y" or you will lose any data that has been previously collected for any other companies and/or modules.
Step 7 Generate & print the 1099 Magnetic Media Report.
- Select option 0461.
- Enter 2011 as the Tax Year.
- Print the report from the spool utility and retain for future reference. Do not throw this report away until you have printed your tax forms.
Step 8 Generate & print the W2 Magnetic Media Report.
- Select option 0465.
- Enter 2011 as the Tax Year.
- Print the report from the spool utility and retain for future reference. Do not throw this report away until you have printed your tax forms.
Step 9 Collect December 2011 history transactions.
- Select option 1339.
Step 10 Set system to "Supervisor" status.
- Select option 1815 and bullet "Supervisor" next to the System Status field.
Step 11 Clear the the month of December.
- Select option 1381. If you are on the UDS Windows version, the prompt will say "Curr PD = 201112, Next PD = 201114 Continue?" Answer "YES" to this prompt and immediately proceed to step 12. Many users are confused when they see 201114 but this prompt is correct. It will change to 201201 once you do step 12.
EVERY CLIENT MUST RUN THIS PROGRAM IMMEDIATELY AFTER RUNNING 1381 FOR THE MONTH OF DECEMBER (STEP 11) AND BEFORE ANY JANUARY 2012 POSTING CAN BEGIN!!
- Select option 1383. Answer YES to the two prompts at the top of the screen and then click "CLEAR TOTALS". You should see "Calendar Year End Clear Finished" when the process is complete; press the OK button.
Step 13 Update system dates.
Change the following dates in option 1815 to reflect January 2012 and check to see if you need to run the Fiscal Year End Clear, option 1385.
- Beginning of the Month Date should be 01/01/2012.
- Report Date should be the current date.
- Posting Date should be the current date.
- Verify that "The Current Account Period" field reflects 201201.
- Change the system status back to "User".
- Change the Current Posting Date Range found on the Current Fiscal Year tab (or Screen B, field 13) to 01/01/2012 thru 01/31/2012.
DO NOT CHANGE ANY OTHER DATES IN THIS PROGRAM!
- Verify your ending fiscal year period on the Current Fiscal Year tab (or Screen B, field 12). If the date range reflects 12/01/2011 - 12/31/2011, then it is not necessary to run the Fiscal Year Clear program (option 1385) at this time. You may wait until you get your 2011 adjusting entries back from your accountant before closing the fiscal year. If the last date range on this screen is 12/01/2010 - 12/31/2010, then you must run option 1385 to clear the Fiscal Year for 2010. For additional information, refer to the topic Closing the Fiscal Year For Financial Management & Real Estate.
Step 14 Update the federal tax tables.
If you use payroll, update your federal tax tables. Federal tax changes are available on the UDS support website http://www.udsnet.com/federal_tax_changes_2012.htm (to be published when available from IRS). If your state tax rates have changed, contact a UDS support representative for additional information.
Please Note: Your W2 totals will not clear until you run option 1223 and choose the option that this is the "First Payroll of the Year".
Step 15 Confirm you are in the new tax year.
- Select option 1815.
- Review the field entitled "Current Accounting Period". It should show 201201. If you see any other value in this field, contact UDS support representative for additional assistance.
Step 16 You are ready to being entering new information for tax year 2012.
WARNING! If you begin posting any 2012 data before the "Current Accounting Period" field indicates 201201 in option 1815, YOU WILL STILL BE POSTING TO 2011's 1099 TOTALS!! If this happens, you will have to recover from your year-end backup and re-enter all 2012 work again.
Step 17 Work with your tax forms.
Printing your tax forms does not have to take place prior to entering work for 2012. Tax forms are not due to be mailed until the 31st of January; therefore, you have the entire month to get them processed. Use the links below to assist you in processing your forms.
Version 2.01 and 2.03b Users:
Correcting your 1099's Use this link if you need to add, change or delete 1099 records.Generating your 1099's Use this link to generate your 1099 tax forms.Printing your 1099's Use this link to actually print your forms after they have been generated using the link above.Creating The IRS Tax File Use this link to create the file used to transmit to the IRS FIRE system.Correcting your W2's Use this link if you need to add, change or delete W2 records.Generating your W2's Use this link to generate your W2 forms.Printing your W2's Use this link to actually print your forms after they have been generated using the link above.Creating The Social Security Administration Tax File Use this link to create the file used to transmit to the Social Security Administration.How to File your IRS Tax Files Use this link to obtain information of filing your taxes electronically.
Version 2.00 and below users:
Correcting your 1099's Use this link if you need to add, change or delete 1099 records.Generating & Printing your 1099's Use this link to generate and print your 1099 tax forms.Correcting your W2's Use this link if you need to add, change or delete W2 records.Generating & Printing your W2's Use this link to generate and print your 1099 tax forms.How to File your IRS Tax Files Use this link to obtain information of filing your taxes electronically.