This page has been designed to give you a general guideline to the steps that should be taken to properly close the Property Management module for December and calendar year of 2011.
NOTE: There are special circumstances to using the "billing cycle" feature within this module during the year-end close. Please contact a UDS customer service representative for more information.
Step 1 Preparation.
If you run property management payroll, make sure you have processed your last payroll for 2011.
Make sure all 2011 data dealing with a 1099 file (i.e. rent checks, invoice payables, etc.) has been entered and updated, option 4311.
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 the month of December. See Month-End Processing Guidelines for a list of recommended reports. You will also need to run any 2011 YTD owner reports that you do not normally run as part of your month-end routine such as 4433 (Property YTD Analysis) or 4435 (Property Financial Statements).
Step 3 Verify your federal tax identification number.
Your tax identification number is found in the PMUSER control file.
If the tax identification number is not present in this file, the 1099 information will not collect into the Magnetic Media application.
- Select option 0152.
- Enter PM as the File ID abbreviation then look at line 007. Verify that your tax identification number appears correct on this line. The federal TAX ID# is used for all owner, tenant interest and vendor 1099's.
Step 4 Verify your property accounting periods.
- Select option 4115.
- Select the option to "Print File List".
- The property range default is set to ALL properties and therefore all you need to do is click Print on this screen. The report can be found in the print queue.
- Print and review the report to make sure all property accounting periods reflect 201112. If any property reflects a period less than this period (i.e. 201101 - 201111), it must be changed. This can be done by entering option 4115 and typing in the correct accounting period on the DemoGraphics tab for the property involved. If any property shows an accounting period of 201112 or greater (i.e. 201113, 201114, etc.), then no action is necessary.
Step 5 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 Financial Management/Real Estate or Resort Management unless their year-ends are also being done at the same time as this backup). This backup should be stored for future reference and marked as "2011 Year-End"
Step 6 Collect your 1099 tax information.
Collect your 1099 tax information into the Magnetic Media application. This allows you to continue the year end process without actually printing the tax forms at this time.
- Select option 0261.
- Check the following files:
- PM Vendors
- PM Owners
- PM Tenant
- Click the Collect button. When you see "Finished" appear on the screen, click Exit and answer Yes to the prompt "Are You Sure?".
Step 7 Collect your W2 tax information.
If you use the property management 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.
- Select option 0265.
- Check the following files:
- PM Employees
- Click the Collect button.
Step 8 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 9 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 10 Set system to "Supervisor" status.
- Select option 4815 and bullet Supervisor as the System Status.
Step 11 Clear the tenant and vendor records for the month of December.
- Run option 4381 as you normally would for a regular month end.
- Make sure you answer "YES" to the question "HAVE YOU MADE A MONTHLY BACKUP?" The system should prompt "CURR PD = 201112 NEXT PD = 201201, CONTINUE?". Answer YES and a second prompt will be displayed which says "THIS MONTH-ENDING DECEMBER WILL CLEAR 1099 INFO FOR TENANTS & VENDORS, CONTINUE?" Answer YES.
- A new message will appear on the screen which asks "HAVE YOU COLLECTED 1099 INFO?". Answer YES.
- Click the "Clear Totals" button. This will clear the vendor 1099 figures as well as the tenant accrued interest 1099 figure.
Step 12 Clear the owner 2011 1099 totals.
- Run option 4385 as you normally would for a regular month end.
- The system should prompt the following message for each property "PROPERTY # 2000.01 [1945 CAMBRIDGE DRIVE ] SHOWS POSSIBLE NEED FOR A YEAR-END CLOSING!!! DO YEAR-END?" Make sure you answer "Y" to each property.
Note: This step will purge (remove) all owner, property, and unit records that have been marked for deletion ONLY if the associated tenant records were purged first. Tenant records marked for deletion are purged in the previous step (step 11). Therefore, if you do step 12 before step 11, then all owner and subordinate records will not be purged and remain in the system.
Step 13 Update system dates.
Change the following dates in option 4815 to reflect January 2012.
- Beginning of Month Date should be 01/01/2012.
- Report Date should be the current date.
- Posting Date should be the date you wish to use as the rent accrual date.
- Change the system status back to "User".
Step 14 Update the federal tax tables.
If you use payroll, update your federal tax tables. Federal tax changes are available on the UDS website http://www.udsnet.com/federal_tax_changes_2011.htm. If your state tax rates have changed, contact a UDS support representative for additional information.
Step 15 You are ready to being entering new information for tax year 2012.
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.
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.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.How to File your IRS Tax Files Use this link to obtain information of filing your taxes electronically.