USAS 2020 Calendar YearEnd Closing Procedures 2 Overview

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USAS 2020 Calendar Year-End Closing Procedures

USAS 2020 Calendar Year-End Closing Procedures

2 Overview Calendar Year-End Closing Review • Submission Dates : Section 6071(c) requires you

2 Overview Calendar Year-End Closing Review • Submission Dates : Section 6071(c) requires you to file Form 1099 -NEC on or before February 1, 2021, using either paper or electronic filing procedures. File Form 1099 -MISC by March 1, 2021, if you file on paper, or March 31, 2021, if you file electronically. TR 1099 Creating/Submitting Test and Final Submission File 12/17/2021

3 Calendar Year-End Closing Review 12/17/2021

3 Calendar Year-End Closing Review 12/17/2021

4 Vendor TIN • 12/17/2021 TIN Type is located on VENSCN. Determines whether the

4 Vendor TIN • 12/17/2021 TIN Type is located on VENSCN. Determines whether the Taxpayer Identification Number is a SSN or an EIN on the vendor record

5 VENSSN – Verify 1099 Data • Check Data for 1099 Vendors • •

5 VENSSN – Verify 1099 Data • Check Data for 1099 Vendors • • 12/17/2021 VENSSN Option 4 or 6 Review carefully

6 VENSSN – Verify 1099 Vendors • Check that all vendors that should be

6 VENSSN – Verify 1099 Vendors • Check that all vendors that should be are flagged • VENSSN Option 5 • Review list for any vendors that should get 1099 12/17/2021

7 Title 12/17/2021

7 Title 12/17/2021

8 Vendor Names If the vendor uses a different name for 1099 reporting, the

8 Vendor Names If the vendor uses a different name for 1099 reporting, the district may enter the 1099 reportable name on the “ 2 nd Name” field Enter the digits “ 1099: ” followed by the IRS-1099 name. The F 1099 program will strip off the “ 1099: ” and use the name following it as the primary name on the 1099 reporting form and submission file 12/17/2021

To display individual’s name on 1099 but keep business name as the first line

To display individual’s name on 1099 but keep business name as the first line on PO, enter 1099: individual’s name on the 2 nd name field of the vendor record. PO will display: The 1099 will exclude the first name, and strip the “ 1099: ” from the second name field, using the 2 nd name as the name on the printed 1099 9

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11 Month-End Closing Proceed with closing out for the month of December as normal.

11 Month-End Closing Proceed with closing out for the month of December as normal. • Enter all transactions for the current month. • Perform Bank Reconciliation procedures from the USAS User Guide “USAS Useful Procedures” chapter. • • Examine recommended reports to ensure you are in balance: USAEMSEDT – Cash Reconciliation – Option 1 PODETL – Outstanding POs BALCHK : • • • 12/17/2021 MTD, FTD, YTD expended amounts are identical MTD, FTD, YTD received amounts are identical Outstanding encumbered amount agrees with outstanding PODETL encumbered amount. If they don’t match, run FIXENC.

12 Month-End Closing • Run FINSUMM selecting “Y” to generate FINDET at the same

12 Month-End Closing • Run FINSUMM selecting “Y” to generate FINDET at the same time. The current fund balances should be identical on each report. • Run SM 2 CALC (option if tracking SM 12 figures). Print off and check the resulting report. Run MONTHLYCD/Generate December’s reports Minimum month-end reports recommended: BUDSUM, APPSUM, REVSUM DETAILED PODETL – ALL FUNDS FINDET & FINSUMM RECLED DETAILED CHEKPY CASH RECONCILIATION FROM OPTION 1 OF USAEMSEDT Generate any additional Calendar Year-End reports desired Create a copy of the CYE files 12/17/2021

13 VENHIRE/VHRESET Run VENHIRE/VHRESET Resets all vendors flagged as “Reported” to “Reportable” Vendor will

13 VENHIRE/VHRESET Run VENHIRE/VHRESET Resets all vendors flagged as “Reported” to “Reportable” Vendor will be reported again the next year if they are paid at least $2, 500. 12/17/2021

14 Month-End ADJUST Run ADJUST and select “month-end” You must NOT be running any

14 Month-End ADJUST Run ADJUST and select “month-end” You must NOT be running any other programs during this process. 12/17/2021

15 Calendar Year-End Closing • Run the program F 1099 which creates 1099 s

15 Calendar Year-End Closing • Run the program F 1099 which creates 1099 s for the current calendar year • • 12/17/2021 IRS implementing 1099 -NEC (non-employee compensation) form for CY 2020 Changes were made to the F 1099 program to accommodate the new form

16 1099 Changes • • Ability to run F 1099 program for just MISC,

16 1099 Changes • • Ability to run F 1099 program for just MISC, NEC or BOTH. Ability to generate separate print files for 1099 -MISC, 1099 -NEC or BOTH. F 1099 Report is sorted by 1099 income type. If district generates “M” for 1099 -MISC, the following output files will be generated: • F 1099_MISC. DAT is a data file containing the 1099 -MISC data that can be used with a third-party printing software in order to print 1099 s on blank or pre-printed laser 1099 -MISC forms. • F 1099_MISC. FRM is the form file containing the reportable vendors 1099 -MISC information. This file is to be printed on blank 1099 -MISC forms. • F 1099_MISC. TXT is a report of the 1099 -MISC vendors to be reported for the calendar year. The report is sorted by 1099 -MISC income types. • F 1099_MISC. TAP is the tape file containing the reportable vendor 1099 -MISC information to be sent to 12/17/2021 the IRS.

17 1099 Changes • If district generates “N” for 1099 -NEC, the following output

17 1099 Changes • If district generates “N” for 1099 -NEC, the following output files will be generated: • • 12/17/2021 F 1099_NEC. DAT is a data file containing the 1099 -NEC data that can be used with a third-party printing software in order to print 1099 s on blank or pre-printed laser 1099 -NEC forms. F 1099_NEC. FRM is the form file containing the reportable vendors 1099 -NEC information. This file is to be printed on blank 1099 -NEC forms. F 1099_NEC. TXT is a report of the 1099 -NEC vendors to be reported for the calendar year. F 1099_NEC. TAP is the tape file containing the reportable vendor 1099 -NEC information to be sent to the IRS.

18 1099 Changes • If district generates “B” for 1099 -MISC and 1099 -NEC,

18 1099 Changes • If district generates “B” for 1099 -MISC and 1099 -NEC, the following output files will be generated: • • 12/17/2021 F 1099_BOTH. DAT is a data file containing both 1099 -MISC and 1099 -NEC data that can be used with a third-party printing software in order to print 1099 s on blank or pre-printed laser 1099 forms. F 1099_BOTH. FRM is the form file containing the reportable vendors 1099 -NEC and 1099 -MISC information. This file is to be printed on blank 1099 forms. F 1099_BOTH. TXT is a report of both the 1099 -MISC and 1099 -NEC vendors to be reported for the calendar year. The report is sorted by 1099 type. F 1099_BOTH. TAP is the tape file containing both the reportable vendor 1099 -MISC and 1099 -NEC information to be sent to the IRS.

19 1099 Changes • An updated recording was emailed to ITC staff on 12/11/20

19 1099 Changes • An updated recording was emailed to ITC staff on 12/11/20 detailing the change in the F 1099 program as well as link for the updated F 1099 documentation. 12/17/2021

20 Calendar Year-End Closing Review F 1099_XXXX. TXT report carefully Tip: The F 1099_XXXX.

20 Calendar Year-End Closing Review F 1099_XXXX. TXT report carefully Tip: The F 1099_XXXX. TXT report can be run multiple times in advance to ensure EINs are properly coded and to review the vendors and their 1099 types. Districts notify the ITC that forms are ready to be printed and data submitted to IRS on 12/17/2021

21 Calendar Year-End Closing Run ADJUST again from your NORMAL account Select “Year-End” and

21 Calendar Year-End Closing Run ADJUST again from your NORMAL account Select “Year-End” and run for “Calendar” You must NOT be running any other programs from your normal account during this process May begin processing for January 12/17/2021

22 1099 Submission to IRS • • • Recommendation: If you electronically submit 1099

22 1099 Submission to IRS • • • Recommendation: If you electronically submit 1099 data on behalf of your districts via the IRS FIRE system, we recommend setting your own deadline with your districts to notify you when they have completed the F 1099 program. Reminder: Submission Dates : Section 6071(c) requires you to file Form 1099 NEC on or before February 1, 2021, using either paper or electronic filing procedures. File Form 1099 -MISC by March 1, 2021, if you file on paper, or March 31, 2021, if you file electronically. Instructions for 1099 -MISC and 1099 -NEC Introductory Material 12/17/2021

23 General 1099 Procedures • After a district runs the F 1099 program, ensure

23 General 1099 Procedures • After a district runs the F 1099 program, ensure that the F 1099 files were created properly during the district’s F 1099 run. • You may rename the files to a different extension in order to save them for later use or archive them • The F 1099_XXXX. DAT files can be used with the EDGE software to generate 1099 forms to print on self-sealing 1099 -MISC laser forms. 12/17/2021

24 General 1099 Procedures • If your ITC is printing 1099 s on behalf

24 General 1099 Procedures • If your ITC is printing 1099 s on behalf of your district, you may include the following to your districts: • Copies of each 1099 (vendor copy and district copy) • The F 1099_XXXX. TXT report • Instructions on how to distribute the 1099 s 12/17/2021

25 TR 1099 Program Creating and Transmitting the 1099 Data to the IRS 12/17/2021

25 TR 1099 Program Creating and Transmitting the 1099 Data to the IRS 12/17/2021

26 1099 Reporting Requirements 12/17/2021

26 1099 Reporting Requirements 12/17/2021

27 1099 Reporting Requirements As of 10/1/2019, first time transmitters must electronically file Form

27 1099 Reporting Requirements As of 10/1/2019, first time transmitters must electronically file Form 4419 when requesting an original TCC. This must be completed before submitting 1099’s on magnetic media or electronically Transmitter Control Code (TTC) will be assigned by IRS The IRS form 1096 transmittal form is NOT required for magnetic/ electronic reporting 12/17/2021

28 Creating the Test File If you have never submitted before, a test file

28 Creating the Test File If you have never submitted before, a test file is required before very 1 st submission under the Combined Federal/State reporting program Please refer to https: //www. irs. gov/taxtopics/tc 804 for more information on Test Files and Combined Federal/State reporting Test file is Highly recommended but not required in future years • Follow the normal TR 1099 and submission instructions except: • • May include one or more district F 1099 files Must be at least 11 vendors (“B” records) per district In TR 1099, MUST enter “Test” for Type of File Submit via FIRE TEST system at : https: //fire. test. irs. gov/ • Recommended to submit sometime in November/December . Will receive an approval letter/email from IRS – must receive this approval before 12/17/2021 submitting actual file with state records •

29 FIRE & FIRE Test System Availability 12/17/2021

29 FIRE & FIRE Test System Availability 12/17/2021

30 After the Test Submission • • You are ready for the actual or

30 After the Test Submission • • You are ready for the actual or “original” submission. Submit original submission via IRS FIRE Home system at: https: //fire. irs. gov/ 12/17/2021

31 Creating the Transmittal File Append district files into a single file Various formats

31 Creating the Transmittal File Append district files into a single file Various formats of the append command may be useful for this, one example is: $ APPEND disk 1: [*]F 1099_XXXX. TAP, disk 2: [*]F 1099_XXXX. TAP 12/17/2021 F 1099. XXX/NEW

32 Creating the Transmittal File Run TR 1099 Program You will need to enter:

32 Creating the Transmittal File Run TR 1099 Program You will need to enter: 12/17/2021 Appended file name (i. e. F 1099. XXX) Output file name (IRSTAX. DAT) Transmitter’s Taxpayer Identification Number (TIN) Transmitter Name Company Name and Address for correspondence Contact Person name, phone #, email address for problems with file or transmission Type of file Original / Correction / Test Transmitter Control Code received from IRS Approved for the Combined Federal/State Filing Program (Y/N)? Prior Year? - Enter P if prior year data only!!!

33 TR 1099 Program Output TR 1099. TXT Summary report Recommend keeping on file

33 TR 1099 Program Output TR 1099. TXT Summary report Recommend keeping on file at your site. Output file to submit 12/17/2021 This file will be submitted via the IRS Fire system.

34 Completing the Transmittal • Submit XXXXXX. DAT file generated from TR 1099 §

34 Completing the Transmittal • Submit XXXXXX. DAT file generated from TR 1099 § Use instructions found in Part B of IRS Publication 1220 for electronic filing of 1099 forms using their FIRE system § HTTP: //fire. irs. gov connects you to FIRE System which is where you will upload your output file (created from TR 1099) from your PC to their website • Be sure to keep a copy of the transmittal file and report for your records 12/17/2021

35 Updates to Classic USAS since FYE 12/17/2021

35 Updates to Classic USAS since FYE 12/17/2021

36 Updates to Classic USAS since FYE 12/17/2021

36 Updates to Classic USAS since FYE 12/17/2021

37 Questions? Redesign CYE webinar will be held Friday, 11/13 starting at 9: 00

37 Questions? Redesign CYE webinar will be held Friday, 11/13 starting at 9: 00 • Registration: http: //ssdt. oecn. k 12. oh. us/content/training • Webinar materials available on SSDT Meetings and Trainings home page • 2020 ITC USXS-R Calendar Year End Meeting 12/17/2021