ACCOUNTS PAYABLE YEAR END PROCESSING

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Step 1

Step 2

Step 3

Step 4

• Verify Your EIN Number • Update 1099 Vendors • Run the 1099 Process • Print and Store year end reports

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Step 1 – Verify your EIN number. From the main menu select SITE PARAMETERS to begin the process.

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Select the OPTIONS / SIGNATURES tab to view and verify your Federal Employer Identification Number. You can edit the number if necessary. Click OK and then EXIT when finished. This completes Step 1.

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Step 2 – Update 1099 Vendors. This step lets you identify which vendors are to receive 1099’s this year and also verify their federal identification numbers. Form the main menu select VENDOR MAINTENANCE..

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Use the NAME SEARCH or ID SEARCH buttons to find and display each vendor subject to the 1099 process. Click the 1099? Box for the current year and a checkmark will automatically be displayed. This step is required in order for a vendor to get a 1099. You must perform this function each year although it can be done at any time during the year. While on the VENDOR MAINTENANCE screen, verify the vendor has a valid Federal ID or Social Security number. Click OK and EXIT when you are done.

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If you need to edit a vendor’s Federal ID number, then from the main menu select PEOPLE-PLACE-THINGS.

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Use the NAME SEARCH or ID SEARCH buttons to find and display each vendor you wish to update. Insert or edit the number in the FED ID field. Once you’ve updated the information on the PEOPLE-PLACES-THINGS screen, the same information will automatically be updated on the VENDOR MAINTENANCE SCREEN. Click OK and EXIT when finished. Step 2 is now completed.

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Step 3 – Run the 1099 Process. This process will create the 1099 records. You will then have the opportunity to edit the data before printing the 1099’s. Printing can occur at any time.

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First, make sure the correct 1099 year is displayed. It should be 2008. You can edit this field if necessary. Click (1) Build to start the process. This will gather the invoice data for all vendors identified to get a 1099. (1) Build is a fairly quick process and it is finished when the hourglass changes back to a pointer. Click (2) Register to print a report of the data gathered as a result of build process.

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Review the 1099 Register . Note any vendors missing a Federal ID number since they will have to be updated prior to printing the 1099’s. Close the print preview window after printing the report.

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Click (3) 1099 Maint to advance to the 1099 Maintenance window. The 1099 Maintenance window is where you can edit 1099 data for particular vendors.

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You can add or remove invoices from 1099 consideration by clicking the VIEW VENDOR INVOICES button.

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This screens allows you to change the 1099TYPE for the vendor’s invoices. Leaving the 1099 TYPE field blank removes the invoices from 1099 consideration. Please note the requirement to rerun (1)Build if you edit the 1099 Type field for any invoice!

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Click (4) Print 1099’s to print the 1099’s. Forms are available from Freedom Systems and can be ordered online at www.freedomsys.com. You can skip (5) Diskette if you do not need to send your data electronically to the government. If you skip (5) Diskette, then Step 3 – Run the 1099 Process is now completed.

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Click (5) Diskette to create an electronic file of your 1099 data which can be sent to the government if you choose that approach.

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Complete the fields on Clickthe (4)1099 PrintDISKETTE 1099’s to print window the 1099’s. and then Forms click are CREATE available DISKETTE from to Freedom create the Systems electronic andfile. can be ordered online at www.freedomsys.com. Step 3 – Run the 1099 Process is now completed.

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Step 4 – Print and Store Year End Reports. This report should be printed as close to the end of the year as possible. It will be a list of all your outstanding invoices as of the end of the year. From the main menu select OUTSTANDING INVOICES.

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Print and store this report for your auditors.

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Continuing withStep 4 – Print and Store Year End Reports. From the main menu select OPEN INVOICES REPORT.

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This is an optional report. Enter 12/31/08 in the date field for the Aging Payables Report. Then click the AGING PAYABLES AS OF button to generate the Retroactive Payables Report. If you do not need this report, then Step 4 – Print and Store Year End Reports is completed.

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The Retroactive Payables Report can be run at any time and will display a list of any payables that were open as of the date entered on the screen before. Step 4 – Print and Store Year End Continuing withStep 4 – Reports is Print and Store Year End completed. Reports. The Accounts From the main menu Payable Year End select OPEN INVOCIES Processing is now REPORTS. completed.

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