BuildSoft® Year End Close-Out Procedures
Contents
1. consulting data building and training Email support buildsoft com Client Care Center www constellationhelpdesk com site_files chs aspx Toll free 800 411 2020 Option 5 Option 1 Support Hours 8 30 AM to 5 30 PM EST Monday through Thursday 8 00 AM to 5 30 PM EST Friday Other Contacts Contact Greg Norwich Director of Client Services Direct 905 943 6141 Email gnorwich constellationhb com 2012 Constellation HomeBuilder Systems Inc All rights reserved ii Table of Contents Product and Company Information ser RE ER REKE ER EER EER EER EER EER EER EER EER EER EER EER EE RE i Table of Contents ss KERKE KERR eee eee eee eens iii Order your Year end Tax Form Information sssssssssusssnnnnnnunnnnnnnnnnnnnnnnnnnnnn 1 Year end Closing Procedures sis K ARE K ARE E ARE EER ARE E KAREE R ARE ERA R EER ARE ARE 2 Year end Closing Notes ss KERKE ER KERR KERR EER E ARE KAREE EER ER EER AR EER ARE ERA R EER ARE ARE 5 Printing 1099 s for 2012 SupplierS ss R REKE ER EER EER EER EER EER EER EER EER EER EER EER EER EER 6 2012 Constellation HomeBuilder Systems Inc All rights reserved iii Order your Year end Tax Form Information e All users Order 1099s and 1096 e Payroll users Also order W2s and W3 Tax Forms may be ordered by contacting the Constellation Forms Division at 1 800 724 8881 or www constellationforms com Remember to order forms early to receive them before year end To view or order for2. above 2012 Constellation HomeBuilder Systems Inc All rights reserved 7
3. lt gt CONSTELLATION HomeBuilder Systems Ai 4 BuildSoft Pro Part I Closing Procedures and 1099 s 2012 Year End Procedures Copyright December 2012 Constellation HomeBuilder Systems Inc All rights ved 2012 Year End Procedures Product and Company Information The information in this document is confidential proprietary information belonging solely to Constellation HomeBuilder Systems Inc a wholly owned subsidiary of Constellation Software Inc This document is supplied under a license and may not be reproduced published or disclosed without prior written authorization Constellation licenses its program products software to the customer in accordance with the terms and conditions of the BuildSoft Pro Software License Agreement No title or ownership of the BuildSoft Pro Software is transferred Any use of the software beyond the terms of the aforesaid license without the prior written authorization of Constellation is prohibited The names of companies products people characters and or data mentioned in screens reports and other data examples are fictitious and are in no way intended to represent any real individual company product or event unless otherwise noted Any rights not expressly granted herein are reserved Trademark and Patent Information BuildSoft Pro BuildSoftSearch and any Third Party Software Installers are products of Constellation HomeBuilder Systems Inc Microsoft SQL Server Micro
4. anced Reports Accounting General Ledger Balance Sheet Single Company o Accounting General Ledger GL amp Financial Reports Balance Sheet 9 Run the Income Statement P amp L choose one of the following versions denotes recommended reports o Enhanced Reports Accounting General Ledger Income Statement Single Company o Enhanced Reports Accounting General Ledger Income Statement Compare with Budget o Enhanced Reports Accounting General Ledger IncomeStatement Compare with Prior Period o Accounting GL amp Financial Reports Income Statement 10 Run two versions of Trial Balance report for the year Both versions will be valuable to your accountant MUST have your Summary Ranges set up Accounting gt General Ledger gt GL amp Financial Reports gt Summary Range Groups Add one Group with account number 140 o Accounting General Ledger GL amp Financial Reports Trial Balance answering NO to showing activity by job and Yes to combining accounts in the summary range group o Accounting General Ledger GL amp Financial Reports Trial Balance answering Yes to showing activity by job and Yes to combining accounts in the summary range group 2012 Constellation HomeBuilder Systems Inc All rights reserved 4 Year end Closing Notes To close the year follow the same month end procedures for closing the period See Appendix C Check Lists in the Building with BuildSoft User manual When the final period of the year is clos
5. ed BuildSoft will automatically post Cumulative Profits to the 2012 Retained Earnings beginning balance The year does not have to be closed before posting activity to the next year Closing out the final period of the year can be done any time after year end and the year can be reopened Closing the year does not affect the preparation of W2 s or 1099 s Year end adjusting entries can be posted to period 13 if needed To create period 13 go to Accounting gt General Ledger gt Company Setup gt Options Place an X in the box Extra Year end Period Once the Extra Year end period has been turn on and transactions have been posted to it DO NOT turn it off 2012 Constellation HomeBuilder Systems Inc All rights reserved 5 Printing 1099 s for 2012 Suppliers To view the instructional video online click link below https constellationhb webex com constellationhb Isr php AT pb amp SP MC amp rID 25179502 amp rKey 3463c3856a849f84 1 Zero the Computed and Additional fields from the previous year IMPORTANT SKIP This Step if you have been operating BuildSoft for less than a calendar year and have entered 1099 amounts for your suppliers using the 1099 Additional fields See section below 1099 Instructions for users that have been operating BuildSoft for less than one calendar year Accounting gt Accounts Payable gt 1099 Information gt Zero 1099 Totals This will NOT affect Checks or Invoices for you
6. ese messages An error report will generate after all the messages Use this report to update BuildSoft with the missing information e If a supplier with check activity for the 1099 period has been removed BuildSoft will warn you Suppliers requiring a 1099 will need to be re entered using the previously assigned number and supplier type the error report will provide this information 2012 Constellation HomeBuilder Systems Inc All rights reserved 6 e The calculated1099 amounts can be adjusted by using the Additional amounts or in the supplier information form in BuildSoft e The limit for number of suppliers in BuildSoft for 1099 calculation is 3850 If you have reached this limit BuildSoft will give you an error when the Computing 1099s Please contact the BuildSoft Solution Center to compute 1099s e Any Worker s Compensation Other Insurance or Insurance Handling fees withheld from subcontractors during 2012 will be included in the calculated 1099 amount e Magnetic media filing Due to format changes BuildSoft does not support magnetic media filing 4 Print 1099 Summary Report to verify amounts Accounting gt Accounts Payable gt 1099 Information gt 1099 Summary Report Enter any necessary adjustments or to the BuildSoft Computed amounts in the Additional column on the Supplier s Information Form Tip Compare this year s amounts to last year s amounts 5 Align 1099 s No changes to the form thi
7. fore year end Only required for Accrual Accounting method BuildSoft does not have an Accounts Payable Aging report as of a specific period therefore it is important to print an Accounts Payable Aging Report on or before the last business day of the year Complete before the Last Business Day of the Year Recommended steps 1 Confirm that Accounts Payable and General Ledger are in balance Print an Accounts Payable Report recommended reports to choose from e Enhanced Reports gt Accounting gt Accounts Payable gt Aging Reports gt Detailed or e Accounting gt Accounts Payable gt Reports gt Grouped by Payee Run a Trial Balance e Accounting gt General Ledger gt G L and Financial Reports gt Trial Balance gt Run for the year end period Example beginning period 1 of 2012 and the ending 12 of 2012 choose NO to Job Detail and Yes to Combining Accounts in a Range Compare the ending balance for accounts payable example account 211 to the accounts payable total on one of the above aging reports The amounts should match Save the Aging Report 2 Handling 2012 invoices that come in after year end During the first week or two of the new year 2013 you may receive both 2012 and 2013 AP invoices So that only the 2012 invoices and not the 2013 invoices are reported on the Accounts Payable Year end report we suggest following these three steps below e Determine a cutoff date for year end Example January 10 2013 D
8. g balance for accounts receivable example account 121 to the accounts receivable total on one of the above aging reports The amounts should match Save the Aging Report 2 Verify that all customers have been properly invoiced for 2012 If all customers have not been invoice then enter ALL 2012 invoices and do not pay any 2012 invoices in BuildSoft Once all 2012 invoices have been entered print and save the Accounts Receivable Aged report then process Accounts Receivable as usual posting the transactions to 2013 OTHER REPORTS TO RUN 1 Runa Trial Balance report for the year Accounting General Ledger GL amp Financial Reports Trial Balance answering Yes to showing activity by job and Yes to combining accounts in the summary range group Review the closing balances in the trial balance to verify that o All jobs that are completed as of the year end have zero closing balances for all Work In Progress WIP accounts 141 143 144 o No amounts are in the closing balances for all WIP accounts 141 143 144 for the OVHDxx jobs or no job o All jobs that have been sold as of the year end have zero closing balances for the Finished Inventory account 151 and the WIP accounts 141 143 144 o All jobs that have been sold as of the year end have zero closing balances in the draw and deposit accounts 200 s o All jobs that were sold during the year reflect the correct sale amount in the Revenue accounts 310s o All jobs that were
9. ms online go to www constellationforms com Click on Tax Forms i Select your software sesse BuildSoft j acar M Select form type ee ee ee Form type Laser Click on search Marketing Communications Checks amp Envelopes Supplies amp Toner Cartridges Forms amp Envelopes General Expense Checks amp Deposit Tickets Item Description Form Number Type Tax Forms 10251 I 9 Employment Eligibility Verification Form Laser with instruction 102608 1 9 W4 Combination Pack with instructions Laser 102609 1 9 W4 Combination Pack with instructions Laser 5100 1096 Transmittal Form 50 sheets pkg Laser 1099 Forms 1096 Transmittal single sheet Laser 1099 MISC Federal Copy A 50 sheets pkg Laser 1099 MISC Recipient Copy B Laser 1099 MISC Payer File State Copy C Recipient Laser e Cop 5120 1099 INT Federal Copy A Laser 5121 1099 INT Recipient Copy B Laser 5122 1099 INT Payer File State Copy C Laser 00 W 3 Transmittal Form 50 sheets pkg Laser 0 W 3 Transmittal Form Single Sheet Laser Employer Federal Copy A Laser Employee Federal Copy B Laser W2 Forms Employee File Copy C and State City Copy 2 Laser Employer State City Copy 1 and File Copy D Laser or Information Return Note BuildSoft does not support W2 form numbers 5205 and higher For more information about a particular item click the item number you are interested in Remember to order these forms W3 Transmittal No 5200 1 W 3 T
10. r suppliers in BuildSoft You will receive this warning message Click Yes This menu option zeros all of the 1099 totals in This warning is referring to LAST year s 1099s each of the vendors sub contractors and services This menu option is done only after year end It Also remember that you can ALWAYS should be done after all the 1099 s have been recompute 1099s for any year printed for the year Both the computed and the additional 1099 totals are zeroed Are you sure you want to zero the 1099 totals 2 Verify the Checking Accounts that are to be included in 1099 computation Accounting gt Banking gt Edit the Checking Accounts For all checking accounts that need to be included in the 1099 calculation verify that there is NOT an X in the box Exclude From 1099 s Note If an X is in the box Exclude From 1099 s BuildSoft will not use the checking account when computing 1099 s therefore any checks written from this checking account will not be included in the 1099 computation 3 Compute 1099 s Accounting gt Accounts Payable gt 1099 Information gt Compute 1099 s BuildSoft will compute an amount for all suppliers BUT will only print 1099 s for those suppliers that have the following information set up Xin the 1099 Box Social Security or Federal ID number Address 1099 Notes and Tips e When the 1099 s are computing BuildSoft will indicate any missing information Press the Enter key through th
11. ransmittal Form single sheet This form should be submitted with the W2 s however BuildSoft does not print in this specific format To generate the information needed to fill out the W3 go to Enhanced Reports gt Accounting gt Payroll gt Tax Reports gt W3 Form 1096 Transmittal form 3 free forms with every order No 5100 1 1096 Transmittal single sheet This form should be submitted with the 1099 s however BuildSoft does not print in this specific format To generate the information needed to fill out the 1099 Summary Report go to Accounting gt AP gt 1099 Information gt 1099 Summary Report 2012 Constellation HomeBuilder Systems Inc All rights reserved 1 Year end Closing Procedures Below is an outline of suggested procedures and reports for Year end To view the instructional video online click link below https constellationhb webex com constellationhb Idr pbhp AT pb amp SP MC amp rlD 25131007 amp rKey 53e4cc6a73dfdc2e IMPORTANT Any items with should be completed before year end Only for users using Accrual Method Accounting in BuildSoft e Run the Accounting Integrity report to verify checking accounts accounts payable and accounts receivable are in balance with the General Ledger Accounting General Ledger GL amp Financial Reports Accounting Integrity Research any lines with on the report e Run the Accounts Payable Report for End of Year should be completed be
12. s year however you should always do an alignment test before printing all 1099s 1099 s print to the Report Printer Accounting gt Accounts Payable gt 1099 Information gt Print Specific 1099 Select 4 to 6 Suppliers requiring 1099 s To adjust the alignment go to Accounting gt Accounts Payable gt 1099 Information gt Configure 1099 Layout Retest before printing all 6 Print All 1099 s Accounting gt Accounts Payable gt 1099 Information gt Print All 1099 For laser printers run this menu option for each copy of the form For tracker feed printers do not separate the forms until after printing 1099 s can be reprinted at any time 7 1096 from Print 1099 Summary Report to fill out the 1096 form Accounting gt Accounts Payable gt 1099 Information gt 1099 Summary Report 1099 Instructions for users that have been operating BuildSoft for less than one calendar year 1 For each Supplier requiring a 1099 manually enter the amounts paid to the Supplier prior to using BuildSoft in the Additional 1099 non employee compensation fields Accounting gt Accounts Payable gt Vendor Subcontractor or Service Functions gt Edit These amounts will be added to the amounts that BuildSoft computes when printing 1099 s Tip While in the Supplier s Information Form verify the Mandatory fields required for printing 1099 s X in the 1099 Box Social Security or Federal ID number and Address 2 Follow Steps 3 through 7
13. soft Word Microsoft Excel Microsoft Access NET Framework and Internet Explorer software products are either registered trademarks or trademarks of Microsoft Corporation in the United States and other countries Crystal Reports are trademarks or registered trademarks of Business Objects in the United States and or other countries Other product and company names mentioned herein might be the trademarks of their respective owners Disclaimer of Warranties and Limitation of Liabilities The staff at Constellation has taken due care in preparing this information however nothing contained herein modifies or alters in any way the standard terms and conditions of the BuildSoft Pro License Agreement by which the product was acquired Nor does it increase in any way Constellation s liability to the customer In no event shall Constellation or its affiliates be liable for incidental or consequential damages in connection with or arising from the use of the product the accompanying documentation or any related materials 2012 Constellation HomeBuilder Systems Inc All rights reserved i Contacting Support and Services Main Office Constellation HomeBuilder Systems Inc 75 Frontenac Drive West Wing Markham Ontario L3R 6H2 Telephone 888 723 2222 Fax 905 475 7204 Web www constellationhb com Customer Care Customer Care assists with software operations and reguests for Professional Services including implementations audits
14. sold during the year reflect the correct cost amount in the Cost of Goods Sold accounts 360s 2 Create the new Overhead job 2012 Constellation HomeBuilder Systems Inc All rights reserved 3 Go to Jobs gt Enter Select Job Type Overhead then click OK BuildSoft will prompt for the year enter 2013 and click OK 3 Update any Service Payees for Charge Items that reference the Overhead job Accounting gt Accounts Payable gt Service Functions gt Edit Select a Service Payee and click on Charge Items To save time use the Up and Down arrow keys in the Service Information Form to move from one service to another 4 NEW optional Enter Edit Company Budget see Company Budgets CO 101 Online Training Document To enter a Company Income Statement Budget go to Company gt System Setting amp Company Budgets gt Edit Income Statement Budget 5 Reconcile the month s bank statement Accounting Banking Check Reconciliation 6 Enter any depreciation and other year end entries provided by your accountant via manual journal entry Accounting General Ledger Journal Entries Enter 7 Close the year by closing the last month When the final period of the year is closed BuildSoft will automatically post Cumulative Profits to the 2012 Retained Earnings beginning balance Accounting General Ledger Close Accounting Period 8 Run the Balance Sheet choose one of the following versions denotes recommended reports o Enh
15. uring the cut off period only enter 2012 invoices and do not pay any 2012 invoices in BuildSoft Post 2012 invoices to the last period in 2012 e After the cut off period print the year end Accounts Payable report and reconcile this report to the year end Accounts Payable balance in the general ledger 2012 Constellation HomeBuilder Systems Inc All rights reserved 2 e Once reconciled print and save the Accounts Payable Aged report then process Accounts Payable as usual posting the transactions to 2013 e Accounts Receivable Report for End of Year should be completed before year end Only required for Accrual Accounting method Complete before the Last Business Day of the Year BuildSoft does not have an Accounts Receivable Aging report as of a specific period therefore it is important to print Accounts Receivable Aging Reports on or before the last business day of the year Recommended steps 1 Confirm that Accounts Receivable and General Ledger are in balance Print a Current and Aged Receivables Report for year end Accounting gt Accounts Receivable gt Current and Aged Report In addition there are various Accounts Receivable reports under Enhanced Reports gt Accounting gt Accounts Receivable gt Aging Reports Review the different reports and choose one to use for year end e Run the Trial Balance through year end and choose NO to Job Detail and Yes to Combining Accounts in a Range e Compare the endin
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