Individual ITC's may supply slightly different instructions depending on the policies and procedures of the ITC. Therefore, these procedures are intended to be general guidelines only.
The following pre-closing procedures can be completed any time prior to closing the calendar year.
- 1. Review Vendors that qualify to receive 1099s and verify their relevant 1099 information.
Use the Vendors grid to query Vendors with a 1099 Type and qualifying YTD Taxable Total.
In the Vendors grid, add the 'Type 1099', 'Tax ID Type', 'ID #" and 'YTD Taxable Total' columns to the grid. Under 'Type 1099' filter by <> non 1099 to query all 1099 vendors. You can then use the YTD Total to filter on amounts (i.e. >=600). You can also save your filtered grid by using the 'REPORT' button.
Review the Tax ID Type and Id# (SSN or EIN) for all 1099 vendors to make sure they are correct and identified.
If Vendors do not have a Tax ID Type or Id#, update the vendor record to include this information.
Use the Vendors grid to review Vendors that have a qualifying YTD Taxable Total that are not marked to receive a 1099.
In the Vendors grid, add the 'Type 1099', 'Tax ID Type', 'ID #" and 'YTD Taxable Total' columns to the grid. Under 'Type 1099' filter by non 1099 to query all non 1099 vendors. You can then use the YTD Total to filter on amounts (i.e. >=600). You can also save your filtered grid by using the 'REPORT' button.NOTE: Districts with a large number of vendors may receive an error for Excessive query when using the Vendor Grid. In this case, the information can be reviewed by pulling a partially filtered grid to a Report with the type Excel-Data (enter filters that do not receive the error) and then filtering on the remaining columns in the spreadsheet.
If Vendors are marked as "Non 1099" but should be receiving a 1099, update the Vendor's Type 1099 field, Tax ID Type, and Tax ID # and verify the Name and Address marked as the 1099 Location.
Run the SSDT 1099 Vendor Report to check 1099 data in order to ensure 1099 names, 1099 Vendor Location addresses, ID # and amounts are correct. By default, the report includes all 1099 types. You have the ability to include all 1099 types regardless of YTD amounts or those meeting the IRS requirement. You may also run the report for specified 1099 Types (i.e. royalty payments)
The Vendor Name and Address used for 1099 reporting is based on the Vendor Location with the 1099 check box marked on the Vendor record. To update the 1099 address, modify the location or change the 1099 check mark to use a different location address.
Classic Vendors with the "1099:" prefix entered in the Name2 field were imported with a Vendor Location using that name marked as the 1099 Address. For districts that are processing 1099s in Redesign for the first time, all 1099 addresses should be reviewed for accuracy.
- 2. Enter Vendor Adjustments to correct YTD Taxable Total amounts if needed.
If the YTD Taxable Total needs to be updated for a vendor (Void Prior FY Check, Royalties, combining Vendor records) the Vendor Adjustments option can be used to modify the YTD Taxable Total and YTD Total fields.
The Vendor Adjustments option can be found by clicking the View icon on the Vendor. The amount can be entered as positive or negative to increase or decrease the totals. Make sure the 'Taxable' check box is marked in order to update the YTD Taxable Total.
For more information see the Vendor Adjustments section on the Vendors page.
- 3. Enter all transactions for the current month
- 4. Attempt to reconcile USAS records with your bank(s)
Perform bank reconciliation procedure
Under the Periodic menu, select 'Cash Reconciliation' to enter your cash reconciliation information for the month
- 5. Generate the 'SSDT Cash Summary' report and the 'SSDT Financial Detail Report'.
◊ The Financial Detail Report may be run for the month only to compare MTD totals to the Cash Summary Report.
◊ Compare the totals from reports... they should be identical.
- 6. If all above steps are performed and totals all agree, you are in balance and may proceed with the next step.
- 7. Optional Step: Run a 'Spending Plan Summary' report.
8. Manually run and review desired reportsThe Monthly Reports Archive is now available under Utilities>File Archive and will automatically run when the Posting Period is closed. This bundle includes 27 SSDT Template reports. A list of included reports can be found here.
Month end reports:
- Cash Reconciliation Report for the month
- Cash-related Reports: Cash Summary Report / Financial Detail Report for the month / Financial Summary by Fund
- Budget-related Reports:
- Budget Summary / Budget Account Activity Report (for the month)
- Budget Transactions Summarized by Appropriation / Appropriation Summary Report
- Negative Budget Report / Negative Appropriation Account Report / Error Corrections & Supplies Distributions
- Revenue-related Reports: Revenue Summary / Revenue Account Activity report for the month
- PO-related Reports: Purchase Order Detail Report for the month / Outstanding Purchase Order Detail Report / Transaction Ledger-Vendor Activity / Vendor Listing
- Disbursement-related Reports: Detailed Check Register / Outstanding Disbursement Summary Report
- Receipt-related Reports:
- Receipt Ledger Report for the month / Reduction of Expenditure Ledger Report for the month
- Refund Ledger Report for the month / Void Refund Ledger Report
- Transfer Advance Summary / Fund to Fund Transfer Ledger Report
- User Listing AOS Extract
- Cash Reconciliation Report for the month
Calendar Year-End Closing
- 9. Generate any additional Calendar Year End Reports desired
- The Proration Utility can be use to generate a template for Worker's Comp
- 10. If District is submitting files to IRS, the IRS Form 1099 Submission Configuration must be completed under the System>Configuration menu.
- 11. Under Periodic, run the 1099 Extracts program.
- NOTE: Select 2021 as the Payment Year
- Select Type of Return(s) - check one or both
- Select the appropriate Output File Type:
- XML Format is the output file to be used when printing 1099s
- IRS Format (TAP) is the output file used to generate the TAP file for IRS submission
- Select Output File Name
- Select/Unselect if to Exclude Vendors with No Tax ID
- Review Organization data: Federal TIN, Name, Address, Phone
- Additional options are necessary if District will submit to the IRS (Contact's Name, E-mail, Submission Type, Prior Year Submission? and Approved for Combined Fed/State Filing Program)
- Click on 'Print 1099 Report' to generate a report in PDF format for review
- Generate Extract File' to generate the selected output file type
- Click on 'Print Report' to generate the final 1099 Extract Report in PDF format
- 13. To close the month, under the Core menu, click on Posting Periods.
- Click on if you would like to 'Close' the current period.
- The Monthly Archive Report bundle will automatically run when the Posting Period is closed.
- The Calendar Year Report bundle will automatically run when the December Posting Period is closed.
- Click on to create the new posting period. Select the month, enter the calendar year and checkmark the 'current' box to make the new posting period the current period.
- 14. You are now closed for the month and calendar year.
After the new posting period is open, please review any Pending Transactions in Transactions>Pending Transactions that are to be posted in the new period. Please post accordingly.