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  • USAS Calendar Year End Closing Procedure

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  1. Specify the TIN type (SSN or EIN) for all 1099 vendors in VENSCN
  2. Check 1099 Data with the datatrieve report VENSSN
    1. Check that all vendors flagged to receive 1099's are accurate and have a social security tax ID number 
      1. 1099-MISC Vendors only (Regardless of YTD Activity)
      2. 1099-MISC Vendors and YTD Activity meeting IRS requirement
    2. Check those vendors not flagged as shown 
      1. NOT 1099-MISC Vendors and YTD Activity>$599.99 
  3. Enter all transactions for the current month
  4. Attempt to reconcile USAS records with your bank(s).
    1. Perform the Bank Reconciliation Procedure described in the 'Useful Procedures' section of the USAS User Guide
    2. Generate Cash Reconciliation using the cash reconciliation (option 1) of the USAEMSEDT program, FINSUMM, PODETL (Outstanding PO's) and BALCHK Reports
    3. Examine the MTD, YTD, and FYTD expenditure lines on the BALCHK report. The dollar amounts for cash, budget, appropriation accounts should be identical for each line on the report
    4. Examine the MTD, YTD, and FYTD revenue lines on the BALCHK report. The dollar amounts for cash and revenue accounts should be identical for each line on the report.
    5. Compare Current Encumbered totals from the BALCHK and PODETL reports. They should be identical
      1. IF they are not, execute the program FIXENC to correct and then regenerate BALCHK and compare totals. IF the totals still do not balance contract your ITC for assistance   
    6. Run FINSUMM, selecting 'Y' to 'Generate FINDET report for comparison' option. This will cause the FINDET report to be generated with identical selection criteria as the FINSUMM and will determine if it balances with FINSUMM

      Tip
      If all the above steps are performed and totals all agree, you are in balance and may proceed


  5. If desired, run the CALC option from the SM12 program. The CALC option works the same way as the SM2 calculate option - it calculates the SM2 for the month. Print the resulting report.
  6. Generate all needed Month-End Reports. The following is a listing of MINIMUM report listings recommended for retention on a monthly basis
    1. USARPT/BUDSUM using YTD (or Split) Budget Summary-All Funds
    2. USARPT/APPSUM using YTD (or Split) Appropriation Summary-All Funds
    3. USARPT/REVSUM using YTD option Revenue Summary-All Funds
    4. Detailed PODETL - All Funds in Account Order
    5. USARPT/FINDET and USARPT/FINSUMM reports
    6. RECLED Reports-All Funds, All Options
    7. Detailed Check Register for the Month
    8. Cash Reconciliation Report using the cash reconciliation (option 1) of the USAEMSEDT program
  7. Run the MONTHLYCD procedure if it is being utilized at your ITC
  8. Generate any additional Calendar Year End Reports
  9. Create a copy of the files
  10. Run the VENHIRE/VHRESET to reset all vendors flagged as 'Reported' to 'Reportable'
  11. Run the ADJUST program selecting 'Month End' option
  12. Run the F1099 program
    1. As of CY2020, F1099 will generate separate 1099-MISC and 1099-NEC forms.
  13. Run the ADJUST program selecting 'Year End' option and run for 'Calendar' 

    Note

    No other programs (USAS or USPS) can be used when running ADJUST

     

  14. Begin January Processing