"THE PROPERTY MANAGEMENT SYSTEMS & software solutions SPECIALISTS”
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"THE PROPERTY MANAGEMENT SYSTEMS & software solutions SPECIALISTS”
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DICK JONILONIS & ASSOCIATES5811 AMAYA DR. #204LA MESA, CA 91942(619) 460-89252004 END OF YEAR PROCEDURES –Manage-IT
Activate Inactive Properties -If you have Inactive Properties that are currently identified as Inactive through the use of the List function, re-activate those properties that were active sometime during 2003 so that final year end reports and 1099's can be printed. Print Archival Reports -You need to print reports for your own records and, if you are a fee manager, for the owners. We recommend that you print and retain as many reports as possible for the entire year. At a minimum, print the following: Income Statement or Cash Flow Statement, Balance Sheets if used, General Ledger by Property, Historical Tenant Ledger, Vendor Ledger, Check Register, Deposit Register, and the Transaction Register. Make at Least 2 Backups -Make at least two backups of your data, one to keep in your office, the other for off-site safekeeping. Use your backup to create a 1099 directory for the sole purpose of generating 1099s, and then save that directory just in case the IRS loses the data or cannot process it. Note: This directory is also the only source of a clean or unadjusted December set of totals and transactions. Note: * Paragraphs - * Indicates Production Directory - ** Indicates 1099 Directory * & ** Close the Month -You must close out the last month of the year (or fiscal year) before closing the year. Closing the month zeros out the month-to-date totals. Note: Yardi Windows Version 3 has an Automatic Year-End option in Setup -Accounts & Options. After you close the month all the properties that are set to year end close in that month will close. Current Owner Contributions and Draws to Prior Year Owner Contributions and Draws in order to start those balances over for the new year. This was necessary because the Owner Draw and Owner Deposit accounts are Balance Sheet accounts, and would carry over into the new year. This often would be a problem at the end of January when the owner gets a cash flow statement showing a large YTD amount for Owner Draw along with a small current Owner Draw check when he/she was expecting the current activity to match the new YTD activity. This simplifies the traditional year end procedure for most Balance Sheet Accounts included in the Cash Flow Report. However, most owners will probably prefer to maintain an ongoing net Tenant Deposit Balance instead of changing to a YTD balance each year which is of little or no significant value. This means that the Tenant Deposit Balance will therefore require an Out & In transaction to satisfy the need for Change in the Balance to show the Balance in the New Year. This can be done using the G/L Post Transfer to zero the balance at the end of December and then bringing the total back in January. This approach however, is not a perfect solution. It means your January Current and YTD Tenant Deposits will be the same, (if there is no actual January change), and Current will include January changes plus the carryover if there is a change. The result therefore is wrong for January, but should be correct for the rest of the year. Other Balance Sheet Accounts may also require similar processing operations as Tenant Deposits although it is quite unlikely for the vast majority of our local users. * Close the Year -You must close 2003 before closing January 2003. This might seem obvious to you, but it's an easy mistake to make. If you inadvertently close January 2003 before closing 2003, misleading financial statements will result. You will also need to restore from a backup made before closing the month and re-enter data. Also, close the year before printing 1099s (closing the year does not affect calculations for 1099s). Print Owner, Vendor and Tenant 1099 Forms Must have Management Company Vendor defined; Management Company address and contact information must be complete; 1099 Vendor box must be unchecked in Management Company Vendor Setup. Must have TCC number designated in Setup>Utilities>1099 Settings. ** Printing Vendor 1099s -The program prints 1099s for vendors who were paid more than $600 during the year, have Federal Tax ID or Social Security Number in the Federal ID field on their Vendor information form, and the 1099 Vendor box is checked. If you are running more than one directory and have paid a vendor $600 combined, create a payable on your 1099 directory making the appropriate entry so that the program will print a 1099 for that vendor. As of 1997 1099's require that the "Payer" will now have a phone number on the last line of the Payer Address Fields. * * * Note 1099 Options Presentation. - ** Print Owner 1099s -Owners whose properties earned more than $600, and have the Send 1099 box checked will receive a single 1099 reporting the gross income all properties they have an interest in. * Delete Unused Vendors & Owners- Print a vendor directory. Delete vendors you did not do business with in 2003. * Delete Unnecessary Tenants -When you delete a tenant, the unit revenue and status information are also deleted for the period the deleted tenant was an occupant so you need to consider how much unit history you want to keep before deleting a tenant. Note: An annual support agreement, can be obtained from Dick Jonilonis & Associates starting at $300. IRS requires Magnetic Media be used in addition to the 1099 Forms if more than 250 Vendors / Owners 1099's are prepared. Contact IRS for a TCC TD- (Transmission Control Code)- We are offering a number of services this year to help our clients get through the year end scramble. We can run the 1099's on our laser printer and also complete the entire 1099 processing including magnetic media if you are required to do so. All you need to do is give us a copy of your EOY disk ready to go with complete info re: your vendors. We can also come to your office and help you with your EOY procedures and 1099s if needed. ADDITIONAL SERVICES THROUGHOUT THE YEAR INCLUDE: Training/Tutoring -Onsite training and/or individual tutoring can be provided for new staff, special projects and advanced systems functions. We also offer regular off site workshops for extended hands on training. New Windows Professional Workshops will be offered soon. Temp Services -We usually have staff available to cover employee leave of absence, maternity, wedding leave or unexpected resignations at your site. We can also assist with new special projects, new business, and other demands that might over burden your current staff. Placement Services -With our present client Yardi Windows Professional user base of 100 plus, we often receive calls from people who need Yardi trained staff positions filled. We are contacted by both experienced Yardi users and by those who would like to receive training on Yardi as a career opportunity. We can make these resumes available to our current Yardi users. A placement is charged only if a hiring takes place with our assistance and information. Support Agreement Plans -At a reasonable cost to Yardi users, we will provide you with unlimited priority phone service, low cost workshop fees and low hourly rates for onsite consulting or training. Yardi Systems Santa Barbara has significantly increased their hourly phone support rates, and cannot offer most of the services we provide on a regular basis.
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