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This article is associated with the 2013Year End Closing Tips Webinar recording.If you wish to view the recording, go toLearning Center and search on Year End.
Viewpoint Year End Closing TipsWebinarThank you for joining us todayThe scheduled webinar will begin shortly
Marcia KarfstedtInstructional Designer/TrainerNeta GeorgeSenior Application Support Specialist
Submitting Questions-In the “Send to:” dropdown select Marcia (Host).-Type questions in the textfield.-Click Send to submit yourquestion.-Questions will beanswered at the end ofthe presentation.
Viewpoint Business FormsViewpoint Business Forms has W-2, 1099 tax formsand laser checks fully compatible with yourViewpoint V6 Software 5% discount - orders received by 12/15 800-825-8649 www.viewpointforms.com
Year End ProcessingPayroll Bonus Checks Taxable Fringe PR Year End Checklist Update Rates/Limits W-2 Processing Leave Reset Tax Updates
Year End ProcessingAccounts Payable 1099 Forms 1099 ProcessingGeneral Ledger New Fiscal Year Beginning Balance Update Adjustment Period
Payroll: Bonus Checks Two ways to handle Bonus checks Create Additional Sequence in Existing Pay Period Create Separate Stand-alone Pay Period Processing order by date/sequence
Payroll: Bonus ChecksPR Pay Period Control Bonus Override Direct Deposit
Payroll: Bonus ChecksPR Deduction/Liabilities Override Tax Rate
Taxable Fringe BenefitsKnowledge Base PR Module http://vantagepoint.viewpointcs.com/ Search for ‘taxable fringe’ or ‘auto allowance’
Payroll: Year End ChecklistFound in Workflow Reports or Reports Module Report: WF Templates Use parameter “PR Year End”
Payroll: Updating Rates/LimitsPR Deductions/Liabilities FICA – Social SecuritySUTAWorker’s Comp InsurancePretax Retirement Plans
Payroll: Tax UpdatesPR Routine Master Initializes all downloaded routines After 2013 PR Processing is completed
Payroll: W-2 ProcessingSet Up Company InfoInitialize W-2sEdit Employee W-2sPreview/Print W-2 FormsElectronic Filing
Reporting for Affordable Care ActThe 2013 W 2s are required to include theemployees’ cost of health care coverage as apart of the Affordable Care Act along w ith theemployer’s portionYou will want to add your pre-tax deductionor earning code to the Federal Info tab.
Reporting for Affordable Care ActReporting Employer’s portionTwo options for reporting employer’s portion(if not accrued) Add Codes and Amounts to PR AccumulationsManually edit Box 12 within PR W-2 Process
Affordable Care Act ReportingAdding Item to Federal Info
Affordable Care Act ReportingCreate a Liability CodeAdd Code and Amount (tracked outside VP) to PRAccumulations
Affordable Care Act ReportingManual editing Box 12 within PR W2 Process
Reporting Additional Medicare TaxSeparate Medicare withholding is required foremployees with earnings greater than 200,000
Reporting Additional Medicare TaxAdd Item 6 (Medicare W/H) and deduction code toW2 Federal Information
Reporting Additional Medicare TaxEmployees earning over 200,000 (single), 250,000 (married) will report Medicare earningson Form 8959 and IRS will refund or assessadditional tax.
Payroll: Leave Reset Available Balance/Accruals Timing
Payroll: Leave ResetPR Leave Codes Annual Reset Frequency Carryover Limit
Payroll: Leave ResetPR Leave Code Reset Reset Accrual/Available Balances Reset Date
Payroll: Leave ResetPR Leave Accrual/Usage Update Fixed Accruals Accrual Date later than Reset Date
AP: 1099 ProcessingSetupFile IRS Form 4419 (FIRE application)1099 TypesVendor Setup
AP: Vendor 1099 Setup
AP: 1099 ProcessingSetupReconciliationFile IRS Form 4419 (FIRE application)1099 TypesVendor SetupAP 1099 ReportAP 1099 Totals ReportAP Vendor Payment History Report
AP: 1099 Reconciliation ReportsAP 1099 Report Available from 1099 Processing Menu Transaction basedAP 1099 Totals Report Reads from 1099 Totals only Helpful when totals are manually editedAP Vendor Payment History Available in AP Reports; shows all transactions
AP: 1099 ProcessingSetupReconciliationProcessingFile IRS Form 4419 (FIRE application)1099 TypesVendor SetupAP 1099 ReportAP 1099 Totals ReportAP Vendor Payment History ReportEdit transactions and totals if neededPrint 1099 FormsDownload & Submit Electronic File
AP: 1099 Formshttps://viewpointforms.comCopies we print Copy B: To Recipient/Vendor Copy C: For your records
AP: 1099 Electronic FilingIRS Publication 1220 Instructions for 1099 returnsIRS Form 4419 (FIRE) Application to File Information Returns ElectronicallyContact your state for filing requirements Some participate in joint Fed/State filing Some accept same file used for Feds
AP: 1099 E-Filing Due Dates (Fed only)From IRS Form p1220 (2013): To vendors by Jan. 31 To IRS (filing electronically) by March 31
GL: Year End StepsAdd New Fiscal YearPerform Month-End ProcessBeginning Balance UpdateEnter Prior Year AdjustmentsRe-Run Beg. Balance Update
GL: New Fiscal YearGL Fiscal Years Add new fiscal year
GL: Beginning Balance UpdateQ: What does it do?A: Posts net income to Retained EarningsA: Sets beginning balances to zero for Income/ExpenseA: Carries over balances of balance sheet accountsQ: When should I run it?A: When you need to see updated balances in financialreportsA: After making adjustments to the prior yearA: As often as you like
GL: Beginning Balance UpdateProfit/Loss Account
GL Beginning Balance Update
GL: Adjustment Period EntriesGL Journal Transaction Entry Batch Selection - Adjustment Period Entries
GL: Adjustment Period EntriesGL Journal Transaction Entry
GL: Adjustment Period Entries
Viewpoint V6 UpdatesVersions 6.6.3 and 6.7.3 available aroundDecember 18th Includes changes necessary for PR W-2 andAP 1099 processes
Additional Questions?Year-End Online Training Resourceshttp://vantagepoint.viewpointcs.com/ Link to Important Year End ResourcesContact Customer Support From within VantagePoint Be sure to enter Co #, Employee#, PR EndDate, screenshots, report parameter detailsand any other pertinent details on Supportrequest
Thank you for attending.
Viewpoint Business Forms Viewpoint Business Forms has W-2, 1099 tax forms and laser checks fully compatible with your Viewpoint V6 Software 5% discount - orders received by 12/15 800-825-8649 www.viewpointforms.com .
