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Understanding
Year-End General Ledger - TRAVERSE
The New Year 2010 can be created at anytime
(even now), so that it will be ready to use
on the first day of the year. It is
recommended that you do create the New Year
before you reach 01/01/2010.
To create the
new General Ledger Year:
Go to
General Ledger, Periodic Processing,
Year-End Maintenance.
If you do not
see the year 2010 click on the New Year
Button. A message will come up asking
‘Records for the new year will be created
for all GL Accounts. Proceed?’ - Select OK
and the New Year will process.
When complete the message GL-Year End
Maintenance-New Year completed successfully.
Click
OK. - Exit out of Year End Maintenance.
Go to System
Manager, Company Setup, Period Conversion.
At the top in
the Fiscal Year field manually type in 2010.
The message “Do you want to set up periods
for Company Year 2010?” - Click yes.
To the right of the periods is a box Auto
Fill. Select Auto Fill and put in the first
day of your fiscal year. If your fiscal year
is a calendar year enter 01/01/2010. - Click
OK and each period will fill itself in.
Exit
out of Period Conversion
You have now completed creating the new
year.
To bring forward 2009 ending Balance Sheet
accounts to 2010 and to clear out all income
and expense accounts you must perform Update
Current Year. WHILE IN THE YEAR 2010 go to
General Ledger, Periodic Processing, Update
Current Year. - Check the top box AND check
the box in the middle. This opens up a
field for you to enter your RETAINED
EARNINGS General Ledger Account number -
Click OK
When complete
print the log of accounts and amounts that
moved all Revenues and Expense Balances over
to Retained Earnings.
UPDATE CURRENT YEAR IS PERFORMED ANYTIME YOU
GO BACK INTO THE OLD YEAR AND MAKE
ADJUSTMENTS. It is always performed in the
‘most current year’.
Each application knows what Period and Year
to POST to based upon the dates you use for
transactions you make. For General Ledger
Transactions you must be in the correct
year. You will find the year listed on the
bottom right side of your transaction
screen.
It is also recommended that you CLOSE all
Periods for 2009 except for Period 12. Close
Period 12 when you are done with December.
This will prevent anyone from accidentally
keying in 01/xx/09 instead of 01/xx/10 until
their fingers get used to entering the New
Year 2010 on a repetitive basis. This is
done in System Manager, Company Setup,
Period Conversion by checking each
application in each period.
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Understanding
Year-End General Ledger in OSAS
The New Year 2010 should be created as soon
as possible after the first day of the New
Year. This allows you to work in both 2009
and 2010.
Before creating the New General Ledger Year
your Accounts Payable, Purchase Order, Daily
Work should be completely posted out. In
Accounts Payable and Purchase Order Entry,
when you FIRST enter Daily Work,
Transactions you are prompted to select
‘This Year’ or ‘Last Year’. All other
applications except Bank Reconciliation
prompt you at the time of posting, but
Accounts Payable and Purchase Order prompt
you at the first time you enter a ‘batch’
after posting.
To create the General Ledger New Year 2010
go to General Ledger, Periodic Processing,
Create Last Year Data.
No one can
be in OSAS during this process.
After backing up your files select that you
have done so, reset the current year journal
entry number to 1, enter the Retained
Earnings Account Number (this is the GL
account number found in each ‘Clear To’
within your General Ledger Master File
Setup. Decide if you want to copy Next Year
Budget to Current Year Budget, zero out Next
Year Budget Balances, and with Version 7.5,
do you want to copy inactive accounts with
zero balances? Once these prompts have been
answered all Revenue and Expense accounts
will be cleared to zero for the year 2010
and entries made to the year ending 2009
Retained Earnings Account. A report will
print showing you the dollar amount moved
from each Revenue and Expense Account to
Retained Earnings.
With version 7.5 you can now assign batches
to specific years. If you are not on version
7.5 you must completely process AP Invoice
entry and post before you change to another
year. Each year’s entries must be kept
separate from the other year’s
entries.
All other applications allow you to select
what General Ledger year to post to at the
time of posting. Always double check
yourself.
To switch back to 2009 from 2010 in the
General Ledger, F9 and select the year 2009.
Make any journal entries necessary and write
them. Once you have posted to the master you
need to update these account balance changes
up from the year 2009 to the year 2010. To
do this be in the year 2009 and go to
Periodic Processing, Update Current Year,
Enter the Retained Earnings Account number
and this process will bring forward all the
balances. This update current year should be
performed each time you post any entries to
the master in the year 2009.
Performing Update Current Year immediately
after posting to the master will insure that
your 2010 beginning balances are always up
to date and reflect the proper beginning
balances.
Bank Reconciliation for December 2009 will
require that you have updated all cash
balances to the current year in order to
balance. It is also recommended that you not
post to the master in January 2010 until you
have reconciled your bank accounts. This is
because Bank Reconciliation is not really
reading the ‘ending balance for cash form
Period 12 of 2009 it is actually reading the
‘posted’ balance of the General Ledger cash
accounts in the year 2010. If you do post to
the master in Period 1 you will need to
adjust the balance on your Bank
Reconciliation Report.
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Accuwage 2009
This FREE software is now available from the
Social Security Administration.
To download the Accuwage 2009 software got
ot the website:
www.ssa.gov/employer/accuwage
Once the file accu09.exe is downloaded
double click on the icon and the
installation will automatically begin. When
completed a new icon will appear on your
desktop ‘accuwage2009’.
To test your 2009 W2’s generate the W2’s and
place them somewhere easy to browse to.
Double click the new ‘accuwage 2009’ icon
and it will bring up the software. Select
the ‘button’ START TESTING and the program
will guide you through selecting the W2 file
that you generated.
This program will test all the W2’s and
report back to you if there were any errors
found that would affect your submitting the
actual W2 Magnetic Media to the Social
Security Administration.
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A Sneak Peak at
OSAS Version 7.6
Lock General Ledger periods to prevent
posting to closed periods.
Save your report selection criteria and
recall it the next time you print the same
report.
Easily create reports for non-contiguous
lists of customers, vendors, items,
employees, etc.
Manage documents by saving PDF or Text
versions of printed forms, including
invoices, checks, etc.
With enhanced filtering criteria in
transactions functions you can find
transactions more easily. Invoices, Purchase
Orders and statements can be faxed.
Vendor Invoice Numbers in Transactions are
increased to 15 characters.
Print checks on blank check stock with MICR
encoding (with OSAS on BBj).
Larger customer check numbers in cash
receipts (10 characters)
Apply sales discounts to individual line
items by percentages or amount and then
print the discounted amount on the invoice
along with the original calculated price.
Compare results from multiple years by
company, product line, or sales category.
GL posting codes have been added to allow
viewing entire postings from any
application.
Eliminate duplicate data entry by
automatically creating AP transactions for
payment amounts during credit card
reconciliation.
Pay employees using flexible pay rates
depending upon the earnings code used in
transaction entry.
Look for OSAS Version 7.6 to be released
sometime in first quarter of 2010!
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A Sneak Peak at
TRAVERSE
Version 11
You can resize the ’font size’ which will in
turn increase the ’physical’ size of
Traverse Windows
Windows themselves can be resized by
clicking and dragging the window to the
desired size.
Traverse can be seen in a ‘tabbed’ view.
This function is similar to that of an
internet browser. You can click on one tab
and drag the tab to a different position
within the other opened functions rather
than minimizing screens first to open other
screens.
The ‘toolbar’ now includes buttons that had
previously appeared as ‘buttons’ on the
form. These new tool bar buttons include
‘save, first, previous, next, last, new,
delete, refresh, undo, preview report, map,
send mail, copy, paste and document
delivery.
Tables when viewed can be sorted and
filtered allowing you to view only the
information you need.
Reports can be personalized the way you
review them and criteria saved for future
reporting.
TRAVERSE Design Studio gives you the ability
to add custom fields, change layout of
invoices, purchase orders, checks and other
forms and build import and export
definitions to provide integration to other
business management software or automation
equipment that you may be using.
Changes you make using TRAVERSE Design
Studio are preserved when service packs and
other updates are applied to the software.
SQL Server remains the solid flexible, and
powerful database backend for Traverse and
will include .NET and C# as the basis for
program development.
Look for Version 11, Phase 1 to be released
before the end of 2010.
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Going Green
PDF995 is a simple, free printer driver that
you can download from the internet. I use it
to store documents electronically without
having to print them to paper.
This includes reports, forms, documents,
etc. To download this software go to:
www.pdf995.com
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Customer
Activity Report
This handy report can give you a quick snap
shot of all your Customer’s sales and profit
activity for a particular period.
It lists each Customer, the total dollar
amount sold and the percentage to the total
sales for that particular period.
It also lists the Gross Profit for the
invoices as well as the number of invoices
during that period and the average invoice
amount.
The filters and sorts for this report are
Customer, Class Code, and Sales Rep.
These selections can quickly give you a
snapshot of how a particular Sales Rep is
performing or if you are using Class Codes
to classify certain ‘types’ of customers you
can get a quick snapshot by selecting Class
Codes of customer.
Printing by a particular Customer you can
still see the percentages of sales for the
month for that customer compared to total
sales for the month.
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Use Tax Reporting
With so much shopping over the internet and
out of state purchases one must keep up with
the use tax that needs to be reported to the
state.
A great way to allow the system to keep up
with this is to set up a General Ledger
Liability Account called ‘Use Tax’.
When entering a vendor invoice that you need
to pay Use Tax on enter the full amount
including use tax on the line item detail to
the proper expense account for this
purchase. Enter a second line item detail
using the Use Tax Liability Account you set
up and enter the Use tax amount that you
added on the first line as a negative amount
on the second line.
The net effect of this is the full expense
properly recorded on the first line and the
amount of use tax that will be paid to the
state on the second line.
Printing the General Ledger Activity Report
for this account will provide you with
complete detail, including Vendor Id,
Invoice Number, Invoice Date and any
description that you entered at the time of
invoice entry. This can be filed along with
a copy of the Use Tax Report for backup
documentation.
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Contact Us
Maple Business Software
Consulting LLC
59113 Timber Trail
Goshen, IN 46528
574-742-9241 - Office
574-312-8056 - Cell
574-975-2755 - Fax Number
email:
rvandaele@maplebusinesssoftware.com
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