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Slide#: 1 of 41© GPS Financial Services 2008-2009Revised 01/04/2009 cms 2 YE Closing+ tm Year end & Period end Preparation & Closing Cougar Mountain Software.

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Presentation on theme: "Slide#: 1 of 41© GPS Financial Services 2008-2009Revised 01/04/2009 cms 2 YE Closing+ tm Year end & Period end Preparation & Closing Cougar Mountain Software."— Presentation transcript:

1 Slide#: 1 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Year end & Period end Preparation & Closing Cougar Mountain Software Professional Version

2 Slide#: 2 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Preparation & Closing All Modules

3 Slide#: 3 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation Set Block period to a period number that will guard against date errors for a prior year (e.g. 01/01/09 vs 01/01/08) as soon as possible, it should be moved to period 12. Preparing for Year End Should be 11 for11/30/08

4 Slide#: 4 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation  Use the new Copy Company utility to copy all data files into a separate Company/Organization Code making a mirror-image of your company or organization including security settings. You can find it in your CMS program directory (e.g. M:\cmswin), it is called ENDOFYR.exe  This can save you time by allowing you to purge years of history while still retaining the data for reference. Since you don’t need to retain years of history in the Company/Organization Code you typically use, your processing time will be shortened with less data for the system to search.  Its best to run this after all the sales, cash receipts and A/P payments for last year are posted. It is recommended to print edit reports on open batches in all modules to make sure that all items remaining do not need to be posted. Also, the back orders, work orders(quotes) and POS hold transaction files should also be examined for transactions that need to be completed/cancelled or posted Preparing for Year End

5 Slide#: 5 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation Your company code Last years history company code Preparing for Year End

6 Slide#: 6 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation  Making a backup of your data is always a good step. During the yearend process, it is even more important  Since Cougar’s standard backup scheme, overwrites the backup the next time it is used on the same day of the week, you need to change the directory to a special one that won’t get overwritten, e.g. YE-2008  Copying this file onto a CD/DVD to be stored offsite is recommended  It is recommended, that all staff be notified not to post any transactions until released to do so by the accounting department. It maybe desirable to temporarily change the security settings to remove the ability for most users to be able to post until the accounting department/function has completed their yearend tasks. Preparing for Year End

7 Slide#: 7 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation  Making a backup of your data is always a good step. During the yearend process, it is even more important and it should include reports and images  Since the standard backup scheme, gets overwritten the next time it is used on the same day of the week, you need to change the directory to a special one that won’t get overwritten, e.g. YE-2008  Copying this file onto a CD/DVD to be stored offsite is highly recommended. If you are using an external hard drive for your backups, you should similarly copy it to a special directory on the hard drive.  If you are using an internet backup solution like Carbonite.com or Connected.com you still should copy the files on to a CD/DVD to be stored offsite Preparing for Year End

8 Slide#: 8 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation Preparing for Year End

9 Slide#: 9 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation  Having just backed up all your files, you may want to re-index all your files including the files CMSRUNIN from the main menu. Many files retain deleted records until they are re-indexed. This can result in an improvement in processing speed. When re-indexing, it is important to review each line on the screen for errors as they are not highlighted.  You may want to remove the temporary print files from the system to speed things up. The best technique to do this is from DOS, to enter the command del m:\vdm*.tmp /s (where m:\ is the drive letter for your Cougar Mtn data files)  You may want to have tech support remove your orphan batch files, when Cougar posts a batch, it leaves the posted files on the hard drive and after a few years, there maybe as many as 5,000 of these unneeded files on your system. These files will slow down your system and take up hard disk space and backup space. We also offer a utility to remove these cms2SY RemOrphans Preparing for Year End

10 Slide#: 10 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation  A copy of critical files should be put in the company’s data files so that they are backed up. These files are not backed up normally and Cougar won’t function properly if they get corrupted. cms2SY BUCriticalFiles will do this with a single mouse click for $55 if purchased separately CMS.INICMSRUNIN.DBF CMS.LICCMSUSERS.DLL CMSDICT.ldbCOUGAR.CFG CMSDICT.MDBCOUGAR.LOG CMSHOME.URLDX.INI CMSLOOKF.DBFSysprof1.dbf CMSLOOKF.MDXSysprof1.mdx CMSLOOKH.DBFSysprof2.dbf CMSLOOKH.MDXSysprof2.mdx CMSLOOKI.DBFVERSYS.DBF CMSLOOKI.MDXVERSYS.MDX Preparing for Year End

11 Slide#: 11 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Y.E. Preparation  Create a restore point on each workstation  Create a backup of your registry on each workstation  Review backup procedures including on s on each workstation including s, address books, xls/doc files Preparing for Year End - Operational

12 Slide#: 12 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Preparation & Closing Accounts Payable

13 Slide#: 13 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  Advise vendor of days open, physical inventory dates and if in transit shipments over year end are acceptable (generally in transit shipments over year end should be avoided).  Advise vendors of company policies regarding giving of gifts, privacy, conflict of interest and other policies  Send all vendors from whom items are purchased on resale, an updated resale card. This will reduce future sales tax problems.  Check that all vendor returns and claims have been processed.  Obtain Tax ID numbers on vendors that need to be issued a 1099  On problem vendors, request a detailed statement so that the balance can be verified. Preparing for Year End - Vendors

14 Slide#: 14 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  Decide if discretionary spending is to be deferred into the new year or be moved up to be able to get the tax deduction in the current year.  Review of the last completed bank reconciliation and handle any old outstanding checks that might need to be voided  Order 1099 forms & envelopes  On things like sales tax and p/r tax liabilities for the year just completed, if you use the G/L date of 12/31 of the year just completed, this will zero the liability accounts making reconciliation of those accounts unnecessary. Preparing for Year End - Operational

15 Slide#: 15 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  Each financial institution (e.g. banks, brokerage account, etc.) should be instructed to send an advance copy of the activity in each account including checking accounts, money market, company credit cards and investment accounts for the month so that any miscellaneous or unexpected activity can be quickly recorded  All employees should be instructed to turn in any expense reports the first week of the new year  Petty cash account should be reconciled and reimbursed as of the end of the year  Instruct staff on how to handle intransit inventory & expense items and to using the G/L expense date on expenses like utility bills that may have a date in the new year but the cost should be put in the year just completed. Preparing for Year End - Operational

16 Slide#: 16 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  The first step to prepare for year end in Accounts Payable is to post or clear all transactions for the year just completed, and print all available reports.  Next, process the prepaids and futures. This utility selects all prepaid and future liability expenses that have reached their expense date, and transfers the expense from the holding account to the expense account.  If you are using the bank reconciliation module, you need to account for missing check numbers on the missing check report  Review and clean up the AP aging report  Check the AP control report against the G/L control balance(s) Preparing for Year End - Cougar Mtn

17 Slide#: 17 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  After the last A/P check for the year has been posted, select the Reset YTD Vendor Totals to freeze and move the dollar amounts spent with each vendor to the prior year payments field so that accurate 1099’s can be prepared. This should be done on the first work day of the new calendar year (even if your organization is on a fiscal year) This utility clears the YTD purchase, payment and return accumulators, and transfers the amounts in the Current Year column for each 1099 type to the corresponding box in the Last Year column on the 1099 tab of the AP Vendors window.  Even if your organization is on a fiscal year, you must Reset YTD Vendor Totals before any new AP payments are posted.  There is a rebuild utility if this step has not been done properly in the past or this year APUTIL.exe Preparing for Year End

18 Slide#: 18 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  The Period-End menu contains a variety of utilities to establish period end totals, clean out files, and prepare for the next period.  None of these utilities are absolutely necessary to maintain your software. They are provided as accounting tools and organization tools only Preparing for Year End – Cougar Mtn

19 Slide#: 19 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation 1. Select Process Prepaid & Futures from the Period End menu. Very few users use this feature as it applies to organizations using cash based accounting versus accrual and amortizing of prepaid expenses. Even so, it should be run in case it was used in error. You can also run the prepaid an future reports to see if there are any transactions that have used this feature. 2. Select Prepaids, Futures, or Both. 3. To process the prepaids and futures for just one AP Code, activate the Process For All AP Codes check box, and enter a code in the AP Code field. These fields are only available if you have more than one AP Code. 4. Select OK to proceed, or Cancel to exit without processing. Processing Prepaids & Futures

20 Slide#: 20 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation When you enter a bill as a prepaid or a future liability, use this utility to actually expense the bill to the General Ledger. This utility selects all prepaid and future liability expenses that have reached their expense date, and transfers the expense from the holding account to the expense account. Processing Prepaids & Futures

21 Slide#: 21 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation DescriptionPrepar -ation Closing Aging-Summary Aging-CondensedOFCCPA, Ofc, F/S Aging-Single LineOFC Dated Invoice Payment-SummaryOFCCPA Dated Invoice Payment-DetailOFC GL Expense DistributionOFC 1099-MiscOFCVendor, IRS, OFC ControlOFC Reports - Cougar Mtn Standard Reports With Creating a Prior Year Company

22 Slide#: 22 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation DescriptionPrepar -ation Closing Aging-Summary Aging-CondensedOFCCPA, Ofc, F/S Aging-Single LineOFC Dated Invoice Payment-SummaryOFCCPA Dated Invoice Payment-DetailOFC GL Expense DistributionOFC 1099-MiscOFCVendor, IRS, OFC ControlOFC Reports - Cougar Mtn Standard Reports Without Creating a Prior Year Company

23 Slide#: 23 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation DescriptionPrepar -ation Closing Aging-SummaryOFCCPA, Ofc, F/S Aging-CondensedOFCOfc Aging-Single LineOFC Dated Invoice Payment-SummaryOFCCPA, OFC Dated Invoice Payment-DetailOFC GL Expense DistributionOFC 1099-MiscOFCVendor, IRS, OFC ControlOFC Reports - CMS to the MAX - Enhanced

24 Slide#: 24 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Y.E. Preparation  Since the dollar amounts paid to vendors in the last calendar year have been moved to the prior year fields in the step Reset YTD Vendor Totals, this step can be deferred until later.  Copy B of the 1099’s don’t need to be issued before the last day of January and the Copy A (on the red forms) to the IRS at the end of February. Magnetic 1099’s aren’t due to the IRS until the end of March.  To get the correct year on the plain paper forms, you need to down load the PR Tax update and install it. The other option is to print then on purchased forms where you only have to put the amounts in the correct blocks. Since you must submit the red forms to the Isis is probably easiest to purchase the report sets. Also, getting red only forms is usually a special order item so you need to order them early Printing of the 1099’s

25 Slide#: 25 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing  Warning BACK UP YOUR DATA BEFORE PURGING OPEN ITEMS. Once you have purged this information, there is no way to retrieve it without a backup or changing to the prior year company code. You may also want to print, to paper and/or making a printing to the hard disk in PDF format, an aging report before purging so that you have a hard copy of the information. If a backup is made, it is suggested to put it in a special location, such as \YE-AP-2008 so that it won’t get overwritten. The best technique is to copy the AP files only from your ongoing company to your prior year company (e.g. Y08) manually or using our product cms2SY CopyModule that lets you copy one module from one company code to another Backing up or Copying Files (optional but highly recommended)

26 Slide#: 26 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing This feature deletes all vendors marked as temporary vendors with a balance of $0, eliminating the clutter of vendors that are only used once. This should not be done until after the 1099’s have been printed 1. Select Remove Temporary Vendors from the Period End menu. 2. Select OK to proceed, or Cancel to exit without processing. Removing Temporary Vendors (optional & unnecessary)

27 Slide#: 27 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing 1. Select Purge Monthly Balance History from the Period End menu. 2. Select a cutoff date from the Purge Up Through This Date box. All monthly balances will be purged up through and including the date you specify. 3. Select OK to proceed, or Cancel to exit without processing. Purging Monthly Balance History (optional & unnecessary)

28 Slide#: 28 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing Use this option to remove the amounts from the monthly balance history. Very few companies use this feature and it has no accounting relevance so it can be ignored. On those companies who use this feature, most companies purge their monthly balance histories after approximately 18 months. 01/01/2004 if at all Purging Monthly Balance History (optional & unnecessary)

29 Slide#: 29 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing  Use this utility to update the totals on the Monthly Balance History Report. Most companies don’t use this feature. When they do they update their monthly balance histories on one of the first days of the month.  This utility will calculate the total credits, debits, and difference as of the date it is run for your accounts payable. It will generate a snap shot of those totals and use the amounts in the Monthly Balance History Report. Updating Monthly Balance History (optional & unnecessary)

30 Slide#: 30 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing Resetting YTD Vendor Totals All of your vendors have accumulating Year to Date (YTD) amounts. These amounts are accumulated figures from posted activity amounts. The amounts will accumulate to the last year, current year, and next year. When the Year to Date amounts are processed, these amounts shift. The current year amount becomes the last year amount, the next year amount becomes the current year amount and what was the last year amount is dropped.

31 Slide#: 31 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing The Current Year payment amount for each 1099 Type is transferred to the corresponding Last Year 1099 Payments box on the 1099 tab of the AP Vendors window. 1. Select Reset YTD Vendor Totals from the Period End menu. 2. Select Process For All Vendors if you want to reset for all vendors (for example, a regular end of year procedure). 3. If you do not want to reset all vendors’ totals, enter a vendor number of the vendor you want to reset in the Vendor Number box. 4. Select OK to proceed, or Cancel to exit without processing. Resetting YTD Vendor Totals

32 Slide#: 32 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing 1.Select Purge Open Items from the Period End menu to remove all items with a $0 amount remaining. This will eliminate $0 invoices from your lookups, making bill paying easier. We recommend that this purged be done after all invoices for last year have been issued or posted completed and the bank reconciliation is complete. This is usually done around 30 days after the end of the year date but can be deferred until much later. The purge through date is suggested to be 90 days prior to year end e.g. For 12/31/08 yearend, purge through 09/30/08. This speeds up the A/P processing's for the balance of the year by removing paid items from the open file 2.In the Vendor Number boxes, leave it blank to select all vendors. 3.In the AP Code boxes, leave it blank to select all vendors. 4.Select OK to proceed, or Cancel to exit without processing. Purging Open Items (optional but highly recommended)

33 Slide#: 33 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing 09/30/2008 Purging Open Items (optional but highly recommended)

34 Slide#: 34 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing If you select an invoice from the History tab in the AP Vendors window after you purge open items, you might not be able to review the detail for that item because the detail was purged. Keep in mind that when you purge open items, the details for the purged items are no longer available. To see older transactions, you can run a history report or switch to the prior year company code (e.g. Y08) Note Purging Open Items (optional but highly recommended)

35 Slide#: 35 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing  Purging history removes unwanted transactions that have a transaction date older than the purge date you specify. Open items (items with amounts remaining) are not affected by this process.  The decision to purge transactions is entirely up to you. You may want to purge to reduce the amount of computer hard disk space occupied by the Accounts Payable history data files, or to speed up processing time when sorting or printing vendor history  This will not simplify/speed up the processing of new year payments or other processes except for history reports which are seldom run. When run they are usually only run on a specific vendor to resolve a problem Purge History (optional but recommended)

36 Slide#: 36 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing 1. Select Purge History from the Period End menu. 2. Select a cutoff date from the Purge Up Through This Date box. All items up through and including the date you specify are purged. 3. Select OK to proceed, or Cancel to exit without processing. Purge History (optional but recommended)

37 Slide#: 37 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm Accounts Payable Module - Closing 01/01/2006 Purge History (optional but recommended)

38 Slide#: 38 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Post Closing  Advise vendors of company policies regarding giving of gifts, privacy, conflict of interest and other policies  Send all vendors from whom items are purchased on resale, an updated resale card. This will reduce future sales tax problems.  Check that all vendor returns and claims have been processed.  Obtain Tax ID numbers on vendors that need to be issued a 1099  On problem vendors, request a detailed statement so that the balance can be verified.  As soon as the majority of the A/P activity has been entered, its suggested to move the block period up to 12. This will prevent any prior year activity to be posted accidentally. It will be necessary to reset it occasionally. Post Closing (if not already handled)

39 Slide#: 39 of 41© GPS Financial Services Revised 01/04/2009 cms 2 YE Closing+ tm All Modules - Post Closing  Backup the files, using the default directory just as protection before re-indexing.  Re-index files, even though they don’t appear on most screens, purged items remain in the files until they are re-index.  Consider changing server, workstation & Cougar passwords Post Closing

40 Slide#: 40 of 41© GPS Financial Services Revised 01/04/2009 Other CMStotheMaxtm tm Products Accounts Payable Related cms2AP Excel tm cms2AP UDF+ tm cms2AP LookupEnh tm cms2AP Closing+ cms2AP ReportsEnh tm cms2AP Open$Prob tm cms2AP Troubleshooting tm cms2AP Procedures tm cms2AP Checklists cms2AP Checklists tm cms2AP Forms tmcms2AP Forms cms2AP Enhancements tmcms2AP Enhancements cms2AP Unpost tmcms2AP Unpost cms2AP Upload tmcms2AP Upload cms2AP Overview tmcms2AP Overview cms 2 EM tm cms 2 RRW Reports tm cms 2 R&R LearnCD tm cms 2 AL MaxPak ’ s tm cms 2 PR CertifiedPR-Forms tm cms 2 AL QckChg tm cms 2 SY mini-ContactMgr tm cms 2 SY AutoArchiver tm

41 Slide#: 41 of 41© GPS Financial Services Revised 01/04/2009 Cougar-Magic.com Products

42 Slide#: 42 of 41© GPS Financial Services Revised 01/04/2009 CMStotheMax.com & Cougar-Magic.com Products  cms 2 EM tm  cms 2 AutoArchiver tm  cms 2 EX Excel tm  cms 2 AR UDF+ tm  cms 2 AR AutoCreditHold tm  cms 2 OE ShippingWgt-Cube tm  cms 2 OE LookupHistory-Enh tm  cms 2 RRW Reports tm  cms 2 R&R LearnCD tm  cms 2 PR MaxPak ’ s tm  cms 2 PR CertifiedPR-Forms tm  cms 2 PR QckChg tm  cms 2 PR mini-ContactMgr tm

43 Slide#: 43 of 41© GPS Financial Services Revised 01/04/2009 How Can I Get the CMStotheMax tm & Cougar-Magic tm Products? You can get cms 2 OE_CollectionComments&Notes tm from your local Cougar Mtn Dealer or GPS Financial Services (aka CMStotheMAX.com and CougarMtnSupport.com) South Street #352 Cerritos, CA Phone Fax


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