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| Q: End of Period/Year Procedures within DataModes |
A: END OF DAY
Exit DataModes. This is very important when the system indicator SHOW_HARDWARE_DATE is set to “Y” (Yes). At this setting, the system date from the computer will be used as the current date and will only update when an operator initially opens the DataModes software. It is important that the DataModes software opens "fresh" each day so that the current date will be correct.
When the SHOW_HARDWARE_DATE indicator is set to “N” (No), the current date will be read from the Current Value field of the indicator SYSTEM_DATE. This indicator’s current value must be manually updated when the system operator is ready for the date to change.
END OF MONTH PROCEDURES
End Of Fiscal Month: (for Calendar Month End, see next section)
1. On the First Day of the New Fiscal Month, set the current value of the JE_PERIOD system indicator to the new period. It is important to do this before users log into DataModes. Changing the JE_PERIOD indicator will change the current period for all operators except those who were working in DataModes before the new period was saved for the JE_PERIOD indicator. Those operators will see the change only after they exit DataModes and log in again.
2. Make any necessary adjusting entries then run an Income Statement selecting Post To Current Earnings. When the current earnings have been posted, monthly Financial Statements may be printed.
Income Statement
Report Date 08/31/2002
Monthly Period To Report 8 Year 2002
(Y) Select All Departments
(N) Show Accounts with Zero Balance
(Y) Post To Current Earnings
3. When Financial Statements for the previous period are correct, and no further manual journal entries are required for the prior period, set the current value of the CLOSED_PERIOD system indicator to the period to which access will be restricted. Updates saved for this indicator will change for all operators except those who were already logged into DataModes prior to the change. Operators which were working in DataModes at the time of the change will need to exit DataModes and log back in before access will be restricted.
END OF CALENDAR MONTH:
If you are using Payroll II for the TM4 version of DataModes, see section titled If You Are Using Payroll, End Of Period beginning on page 5.
1. On the First Day of the New Month, set the current value of the JE_PERIOD system indicator to the new period. It is important to do this before users log into DataModes. Changing the JE_PERIOD indicator will change the current period for all operators except those who were working in DataModes before the new period was saved for the JE_PERIOD indicator. Those operators will see the change only after they exit DataModes and log in again.
2. Make any necessary adjusting entries then run an Income Statement and select Post To Current Earnings. You may then run your Financial Statements for the month.
Report Date 08/31/2002
Monthly Period To Report 8 Year 2002
(Y) Select All Departments
(N) Show Accounts with Zero Balance
(Y) Post To Current Earnings
3. When Financial Statements for the previous period are correct, and no further manual journal entries are required for the prior period, set the current value of the CLOSED_PERIOD system indicator to the period to which access will be restricted. Updates saved for this indicator will change for all operators except those who were already logged into DataModes prior to the change. Operators which were working in DataModes at the time of the change will need to exit DataModes and log back in before access will be restricted.
4. If you are using Payroll II for the TM4 version of DataModes see page 5 for additional End Of Month procedures specifically for Payroll users.
END OF QUARTER PROCEDURES
END OF FISCAL QUARTER: (for Calendar Quarter End, see next section)
None
END OF CALENDAR QUARTER:
If you are using Payroll II for the TM4 version of DataModes see page 5 for additional end of quarter procedures specifically for Payroll users.
END OF YEAR PROCEDURES
End Of Fiscal Year (for Calendar Year End, see next section):
Note: When operating on a Fiscal Accounting Year, the CALENDAR_YEAR indicator must be set to the Current Year on January 1st so that the 1099’s will calculate correctly. See End Of Calendar Year section, step 5. Step 9 of the End Of Calendar Year section must also be processed at the end of the calendar year so that 1099's amounts will calculate correctly for each calendar year.
1. On the first day of the new Fiscal Year, set the current value of the JE_PERIOD system indicator to "1" (one). It is important to do this before users log into DataModes. Changing the JE_PERIOD indicator will change the current period for all operators except those who were working in DataModes before the new period was saved for the JE_PERIOD indicator. Those operators will see the change only after they exit DataModes and log in again.
2. On the first day of the new Fiscal Year, set the current value of the JE_YEAR system indicator to the new accounting year. It is important to do this before users log into DataModes. Changing the JE_YEAR indicator will change the current period for all operators except those who were working in DataModes before the new period was saved for the JE_YEAR indicator. Those operators will see the change only after they exit DataModes and log in again.
3. On the first day of the new Fiscal Year, set the current value of the DATE_YEAR_END system indicator to the new date the current year will end.
4. When Financial Statements for the year are correct, and no further manual journal entries are required for the year to be closed, set the current value of the CLOSED_PERIOD system indicator to 12 (or 13 based on the current value setting of the NO_PERIODS system indicator) and the current value of the CLOSED_YEAR system indicator to the accounting year being closed.
5. Prior to entering receivables in the New Year, run the Reconcile A/R Balances utility selecting only the Erase Year-To-Date Balances option. DO NOT enter anything that affects A/R until this process has completed.
Reconcile A/R Balances
(N) Reconcile Current Balances
(N) Reconcile YTD Balances
(Y) Erase Year-to-Date Totals
(N) Select a Single Customer Account
Acct No [_____] Name [_____________________]
6. Prior to entering payables in the New Year, run the Reconcile A/P Balances utility selecting only the Erase Year-To-Date Balances option. DO NOT enter anything that affects A/P until this process has completed.
Reconcile A/P Balances
(N) Reconcile Current Balances
(N) Reconcile YTD Balances
(Y) Erase Year-to-Date Totals
(N) Select a Single Vendor Account
Acct No [__] Name [____________]
7. When all closing entries have been made, run an Income Statement and select Post To Current Earnings. You may then print Final Financial Statements and make a manual journal entry closing the balance in the Current Earnings account to the Retained Earnings Account. This entry should be made in the last period (usually 12) of the year being closed.
END OF CALENDAR YEAR:
1. On the first day of the new Calendar Year, set the current value of the JE_PERIOD system indicator to "1" (one). It is important to do this before users log into DataModes. Changing the JE_PERIOD indicator will change the current period for all operators except those who were working in DataModes before the new period was saved for the JE_PERIOD indicator. Those operators will see the change only after they exit DataModes and log in again.
2. On the first day of the new Calendar Year, set the current value of the JE_YEAR system indicator to the new accounting year. It is important to do this before users log into DataModes. Changing the JE_YEAR indicator will change the current period for all operators except those who were working in DataModes before the new period was saved for the JE_YEAR indicator. Those operators will see the change only after they exit DataModes and log in again.
3. On the first day of the new Calendar Year, set the current value of the DATE_YEAR_END system indicator to the new date the current year will end.
4. When Financial Statements for the year are correct, and no further manual journal entries are required for the year to be closed, set the current value of the CLOSED_PERIOD system indicator to 12 (or 13 based on the current value setting of the NO_PERIODS system indicator) and the current value of the CLOSED_YEAR system indicator to the accounting year being closed.
5. On January 1st of the new year, set the current value of the CALENDAR_YEAR system indicator to the Current Calendar Year.
6. Prior to entering receivables in the New Year, run the Reconcile A/R Balances utility selecting only the Erase Year-To-Date Balances option. DO NOT enter anything that affects A/R until this process has completed.
Reconcile A/R Balances
(N) Reconcile Current Balances
(N) Reconcile YTD Balances
(Y) Erase Year-to-Date Totals
(N) Select a Single Customer Account
Acct No [__] Name [_______________]
7. Prior to entering payables in the New Year, run the Reconcile A/P Balances utility selecting only the Erase Erase Year-To-Date Balances option. DO NOT enter anything that affects A/P until this process has completed.
Reconcile A/P Balances
(N) Reconcile Current Balances
(N) Reconcile YTD Balances
(Y) Erase Year-to-Date Totals
(N) Select a Single Vendor Account
Acct No [__] Name [____________]
8. When all closing entries have been made, run an Income Statement and select Post To Current Earnings. You may then print Final Financial Statements and make a manual journal entry closing the balance in the Current Earnings account to the Retained Earnings Account. This entry should be made in the last period (usually 12) of the year being closed.
9. Print vendor 1099's prior to entering anything that will affect A/P balances for the new year. When the 1099's have been printed, run the Reconcile 1099 Balances utility selecting only the Erase YTD 1099 Balances option.
Reconcile 1099 Balances
(N) Reconcile YTD 1099 Balances
(Y) Erase YTD 1099 Totals
(N) Select a Single Vendor Account
Acct No [__] Name [____________]
If You Are Using Payroll
End Of Day
Exit DataModes.
This is very important when the system indicator SHOW_HARDWARE_DATE is set to “Y” (Yes). At this setting, the system date from the computer will be used as the current date and will only update when an operator initially opens the DataModes software. It is important that the DataModes software opens "fresh" each day so that the current date will be correct.
When the SHOW_HARDWARE_DATE indicator is set to “N” (No), the current date will be read from the Current Value field of the indicator SYSTEM_DATE. This indicator’s current value must be manually updated when the system operator is ready for the date to change.
End Of Month
1. Run any desired Monthly Reports. Always VERIFY NUMBERS before zeroing the totals at step 2.
2. When the reports from step 1 are correct, employee statistics for the month will be reset to “0.00” (zero) in preparation for the new month. From the Payroll End of Period menu, select Payroll Utilities. The first four selections are unique to each company, therefore individual company policy will dictate whether you select any of these or not for each period end. The option for Delete Terminated Employees MUST NOT BE TAKEN until all W2s are printed during year end processing.
Zero monthly employee statistics by selecting Zero Month To Date Totals.
(N) Zero Sick Hours
(N) Zero Vacation Hours
(N) Zero Worker’s Comp Hours
(N) Zero Miscellaneous Hours
(N) Delete Terminated Employees
(Y) Zero Month To Date Totals
(N) Zero Quarter To Date Totals
(N) Zero Year To Date Totals
(N) Zero Deduction Totals YTD
(N) Zero Total Deduction Amounts
End Of Quarter
1. Run Quarterly Reports. Always VERIFY NUMBERS before zeroing the totals in step 2.
3. When the reports from step 1 are correct, employee statistics for the current month and quarter will be reset to “0.00” (zero) in preparation for the new month and quarter. From the Payroll End of Period menu, select Payroll Utilities. The first four selections are unique to each company, therefore individual company policy will dictate whether you select any of these or not for each period end. The option for Delete Terminated Employees MUST NOT BE TAKEN until all W2s are printed during year end processing.
Zero monthly employee statistics by selecting Zero Month To Date Totals and Zero Quarter To Date Totals.
(N) Zero Sick Hours
(N) Zero Vacation Hours
(N) Zero Worker’s Comp Hours
(N) Zero Miscellaneous Hours
(N) Delete Terminated Employees
(Y) Zero Month To Date Totals
(Y) Zero Quarter To Date Totals
(N) Zero Year To Date Totals
(N) Zero Deduction Totals YTD
(N) Zero Total Deduction Amounts
End Of Calendar Year:
1. Run Quarterly and Yearly Reports. Always VERIFY NUMBERS before zeroing the totals in step 3.
2. Print W2 Statements. W2s may be printed as many times as needed to verify correctness.
3. When the reports from step 1 are correct, employee statistics for the current month, quarter and year will be reset to “0.00” (zero) in preparation for the new year. From the Payroll End of Period menu, select Payroll Utilities. The first four selections are unique to each company, therefore individual company policy will dictate whether you select any of these or not for each period end. The option for Delete Terminated Employees MUST NOT BE TAKEN until all W2s are printed during year end processing.
Zero monthly employee statistics by selecting Zero Month To Date Totals, Zero Quarter To Date Totals and Zero Year To Date Totals.
(N) Zero Sick Hours
(N) Zero Vacation Hours
(N) Zero Workers Comp Hours
(N) Zero Miscellaneous Hours
(N) Delete Terminated Employees
(Y) Zero Month To Date Totals
(Y) Zero Quarter To Date Totals
(Y) Zero Year To Date Totals
(Y) Zero Deduction Totals YTD
(N) Zero Total Deduction Amounts
The option Zero Deduction Totals YTD may be used reset the Deductions Total YTD field at the Maintain Employee Deductions Screen to “0.00” (zero).
The Total Deduction Amount field at the Maintain Employee Deductions Screen may be reset to “0.00” (zero) using the selection Zero Total Deduction Amounts. When this selection is processed, all totals saved at the Total Deduction Amount field of the Employee Deduction Master will be zeroed for all employees (CAUTION should be exercised in using this option as it DELETES data). When selected, ALL information on ALL deduction records will be reset to $0.00. Please make sure this option is only used after a review of the Deduction Master records for EACH employee has been completed. If you select to zero these totals, balances for all deductions that need to carry forward into the new year or period will need to be re-entered for each employee affected.
4. Delete Terminated Employees. Make sure you NEVER DELETE employees that have EARNINGS IN THE YEAR UNTIL W2s have been RUN! After the W2s have been printed and verified as correct, you may delete terminated employees. See above print screen.
5. Set the Current Value of the PAYROLL_NO indicator to “0” (zero) before the first payroll run in the new year. In the new year, the first time the Set Payroll Dates program is opened, the current value will increment to 1 to indicate first payroll in the new year. From the System Parameters Menu, select Maintain System Parameters. Locate the PAYROLL_NO indicator and change the Current Value to “0” (zero).
Div 0
Description PAYROLL_NO Seq No 0
Notes Used in Payroll to store the number of payrolls
performed for the year. Initialize to the number
of payrolls already processed in the accting year.
Value 0
Default
Use Default Value - No
DO NOT CHANGE the curren value of the PAYROLL_RUN_NO indicator. This value will continue to increase during the life of the software.
6. Make sure the CALENDAR_YEAR indicator is set at the new year on the first calendar day of the new year.
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