Deltek Vision Q4-2012 Year-End UGM
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These slides are from the fourth quarter 2012 Deltek Vision User Group Meetings that covered year-end information and how to get the most out of your Deltek Vision Project Accounting Software during this crucial time. For a list of upcoming Deltek Vision UGMs in San Antonio, Houston, Denver, Honolulu, and web-based UGM visit http://www.bcsprosoft.com/events/user-group-meetings/
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Deltek Vision Q4-2012 Year-End UGM
- 1. Deltek Users Group Meeting December 2012
- 2. Agenda • Deltek News – Bryan Grabowski • Year End Processing • Quick Tip • Q&A http://www.bcsprosoft.com
- 3. Quick Confession http://www.bcsprosoft.com
- 4. 3 Tips for Year End Processing 1. Make a copy/backup of your data – and test it! 2. Close your door before you start – No interruptions, please 3. Be Prepared with a Plan http://www.bcsprosoft.com
- 5. Deltek Vision Year End Guide http://www.bcsprosoft.com
- 6. Guide/Update • 2012 Year End Guide available 12/1/12 • 2012 Year End Update available 12/15/12 http://www.bcsprosoft.com
- 7. Customer Care Connect Site • http://support.deltek.com • You need a valid login to access this site • Chat will be dedicated to year end questions December and January • Call Deltek Customer Care at 1.877.457.7765 • Or call BCS ProSoft – we’re always ready to help http://www.bcsprosoft.com
- 8. Overview: Year End Processes • Initialization of Utilities • Processing with Two Fiscal Years Open • Year End Checklist (Hand-out Available this week on Kona site) • Ordering Deltek Supported Forms http://www.bcsprosoft.com
- 9. Supported Deltek Form Providers • Deluxe Small Business Services 1.800.328.0304 • Emily Business Forms, Inc. 1.800.392.6018 • Forms Fulfillment Center 1.800.411.2588 http://www.bcsprosoft.com
- 10. Preparing Vision for Year End • Establish a Disaster Recovery Plan • Verify the Version of Microsoft SQL and Application Server • Make MSDE-SQL Server and SQL Server Backups • Restore MSDE and SQL Backups http://www.bcsprosoft.com
- 11. Disaster Recovery Notes Review the Deltek Vision Technical Installation guide • Available from the Knowledge Center tab of the Deltek Customer Care Connect site, for complete information. • Or, contact Vision Customer Care Technical Support at 1.877.457.7765. http://www.bcsprosoft.com
- 12. Installing the 2012 Year End Update • Before You Install – Complete AP Processing – Complete PR Processing • Install the Update – http://support.deltek.com – Select Product Downloads tab, run Deltek Software Manager – Select Checkbox for Hotfix & Year End Update – Download & let script run automatically http://www.bcsprosoft.com
- 13. New Period/New Fiscal Year • Run a Backup Prior to Opening a New Period/Fiscal Year • Areas that Reset to Zero after you Open a New Fiscal Year • Opening the New Period/Fiscal Year • Audit Trail Implications http://www.bcsprosoft.com
- 14. Benefit Accruals • Benefit Accruals Checklist – 2012 Year End Guide • Run a Backup Prior to Opening the New Benefit Accrual Year • Opening the New Benefit Accrual Year • Verify Benefit Accrual Settings • Open New Benefit Accrual Year • Audit Trail Implications http://www.bcsprosoft.com
- 15. Accounts Payable • Accounts Payable Checklist – 2012 Year End Guide • Initializing for a New 1099 Year • Verify 1099 Settings for Vendors • Run the 1099 Initialization Utility • Verify Payments Utility • Form 1099 Processing http://www.bcsprosoft.com
- 16. Payroll • Payroll Checklist – 2012 Year End Guide • Payroll Year End Processing and Adjustments • Updating FICA Tax Rates and Wage Base • Opening a New W-2 Quarter/Year http://www.bcsprosoft.com
- 17. Payroll, cont’d • W-2 Processing • Printing a Test Run • Process a Bonus Run • Additional Taxable Income in the Form of a Benefit • Additional Non-Taxable Income in the Form of a Benefit http://www.bcsprosoft.com
- 18. Closing the 2012 Fiscal Year • Prior to Closing the Fiscal Year • Closing the Fiscal Year/Period • Calendar Year End Tasks http://www.bcsprosoft.com
- 19. Calendar Year End Tasks The beginning of a new fiscal or calendar year is an ideal time to perform year end tasks and review procedures. http://www.bcsprosoft.com
- 20. Task List 1. Re-evaluate account number ranges for your General Ledger 2. Review default account mappings 3. Review Accounts Receivable mapping of accounts 4. If applicable, enable Cash-Basis Reporting 5. Re-evaluate the Overhead Calculations for the new year 6. Re-evaluate the Billing tables with the rates for the new year 7. Review Consultant Accruals 8. Review Adjust Salary Job cost 9. Review Labor Cross Charge 10. Review Timesheet periods 11. Enter the Holiday Calendar for the new year http://www.bcsprosoft.com
- 21. Vision “QUICK TIP” http://www.bcsprosoft.com
- 22. Replace the Memo field with a UD Grid http://www.bcsprosoft.com
- 23. Standard Report Using the Memo Field http://www.bcsprosoft.com
- 24. Selecting the UD Grid on the Options Tab in Reporting http://www.bcsprosoft.com
- 25. Standard Report Using the User Defined Memo Field http://www.bcsprosoft.com
Editor's Notes
- I have never processed a live year end with Deltek Vision. Having said that, I’ve helped hundreds of customers processing accounting year ends over the 27 years that I’ve been supporting computerized accounting systems. Luckily, Deltek publishes a really good year end processing document and today we’re going to step through some of the highlights. You can download a copy of the document from Deltek.com or you can get it from our Deltek Users Group Space on Kona. But before we begin…
- Open the Year End Guide Deltek posted the 2012 Year End Guide available on December 1, 2012.You can find the guide at support.deltek.comor on the Kona User Group Space
- Initialization of UtilitiesYou can run separate initialization utilities to complete the year end process. For example, you can open the New Year without finishing the old year for Payroll and Accounts Payable purposes. You must only perform the initialization steps once. Performing more than once may make it necessary to restore your backup.When you run the separate initialization utilities, Vision records the process on the Posting Log as an AL transaction type, indicating an Audit Log posting. The transaction will appear in the period in which the action was performed.Open Vision Utilities.Open New Period/New Fiscal Year: Perform this at the beginning of the General Ledger fiscal year. (Utilities/Open New Period). Do not open a period until you are ready to post to it.Open New Benefit Year: this utility zeros out all year-to-date benefit hour information. If the benefits are to carry over, Vision adds the current year’s unused hours to the new benefit year’s starting balances, based on limits specified. (Utilities/Open new Benefit Year).1099 Initialization (for Accounts Payable Users): this utility resets the vendor year-to-date values to zero and transfers the Paid This Year amount to the Paid Last Year field. You must complete all Accounts Payable payment processing and adjustments before running the 1099 initialization. You cannot process the 1099-MISC forms before initializing a new 1099 year. (Utilities/1099 Initialization). Processing with Two Fiscal Years OpenIn Vision, it is possible to open and process in multiple periods spanning multiple fiscal years.In Accounts Payable, you must complete all Accounts Payable payment processing and Accounts Payable Disbursements before running the 1099 Initialization utility for the new 1099 year.Once the new 1099 year is open, it is possible to enter new Aps for the 2013 processing year. This ensures that the year-to-date figures are properly updated for the vendors.Payroll Processing in 2013: When two fiscal years are open, you must complete all Payroll processing and payroll related adjustments for 2012 in W-2 quarter 4 before running the Open New W-2 Quarter/Year.
- Deltek strongly recommends that you develop a disaster recovery plan for your organization; including a maintenance plan for your Vision databases and that you test it periodically. Year end is a good time to review your backup and recovery procedures.Create two complete year end backup sets and keep them separate from your normal backup set. One year end set should be stored off-site in case of fire or other disaster. Ask attendees about what their disaster plans include.
- Before you install the Year End Update:Make a complete backup (at least two sets)Complete all 2012 Accounts Payable processingComplete all 2012 Payroll processingTo Install:Log onto the Deltek Support site at http://support.deltek.comSelect the tab called Product Downloads and run the Deltek Software ManagerSelect the check box for the Hotfix for Year End UpdateClick DownloadMake sure no jobs are running in Vision (you can temporarily stop the Process Server)Allow the script to run automatically
- Prior to opening the New Period/New Fiscal Year, make a note of the last date that the process was run. Areas that Reset to Zero after You Open a New Fiscal Year:Time Analysis ReportProject Reports for Overhead Type ProjectsOverhead Allocation Calculation for the New YearYear to Date figures on Key Financial Metrics reportYear to Date values on accounting reports, such as the Cash Journal or Check RegisterIncome Statement accounts close out to the prior year’s Retained Earnings account on the Balance SheetWhen you open a new fiscal year, the year to date totals zero out or, are cleared out. The transactions are not gone; you can always go to a prior period, see the transactions and run the reports.Open Vision to Transaction Center/Posting Log Review report. Audit Trail Implications: When a new fiscal year is opened, Vision will record it and it will be visible on the Posting Log Review report. The entry will be an AL type. This information is useful as an audit trail for all changes that updated your database during a specific period. The transaction appears in the period in which the action was performed.
- When you open a New Benefit Accrual Year, Vision zeros out all Year-to-Date accrual totals for all employees. This process includes year-to-date hours earned and taken. Run this process only once.The benefit accrual year can be the calendar year or your company’s fiscal year. However, most benefit years match the payroll year and are therefore on a calendar year basis.Open the New Benefit Year only when it is needed to start tracking time earned and taken for 2013.Verify benefit accrual settings: check the carry over limits and check the employee info center for carry over amounts. Also in the Employee Info Center, you can override the default settings in Configuration.Note: If there are no carry-over or pre-accrue hours, you must process the first benefit accrual for 2013 to see the new benefit hour amounts.
- Open Vision Utilities/1099 InitializationAs with the other initializations, Vision will record the process on the Posting Log Review report as an AL transaction type. Open Vision/1099 Processing/Show where to Generate a Work File.A work file can be generated as many times as necessary however, the previous work file will be deleted as will any manual edits to the previous work file.Note: if you generate a 1099 work file prior to completing all Accounts Payable processing in 2012, you must generate a new 1099 work file to include any updates since the last time the file was generated. If you do not re-generate the work file, your changes will not be reflected in the current 1099 file without manual updates.Vision only prints on the 1099-MISC form. The Gross Proceeds paid to Attorney (box 14) and Rents (box 1) must be entered manually on the 1099-MISC form.
- PayrollOpen Vision Human Resources Drop-down list. With multi-period processing, Payroll is accessible in prior periods. Once the new W-2 Quarter/Year is opened, regular type Payroll runs, regardless of the period/year in which they are processed, are associated with the new W-2 Quarter/Year. Note: For this reason, it is important that you not open the New W-2 quarter/year until all Payroll payment processing and payroll adjustments are completed in the prior year first.Updating the FICA Tax Rates and Wage Base: Deltek recommends you use the System method for the FICA-OASDI and FICA-HI. The FICA-OASDI wage base for 2013 is $113,700.00. To update the tax rates, tax tables and wage base limits, you must install the Year End Update.You must verify withholding and contribution codes if their values should be reset to zero for the new calendar year. If you don’t reset the limits, vision continues to accumulate amounts until the limit is reached, instead of starting at zero for the new calendar year. (Configuration/Payroll/Withholding Codes (or Contribution Codes)).Vision supports the reporting of the cost of employer-sponsored health coverage. If applicable, the amount is reported using code DD in Box 12 of the W-2.Vision supports the reporting of Designated Roth contributions under a governmental section 457b plan. If applicable, the amount is reported using code EE in Box 12 of the W-2. Do not use this code to report elective deferrals under code G. 401K Withholding code Limit:For employees under the age of 50, the 2013 limit is $17,500.00 (increased by 500.00)For employees over the age of 50, that want to catch-up, the 2013 limit is $22,500.00Employee compensation limit: $255,000.00 (increased by 5,000.00)Opening a New W-2 Quarter/Year: You must open the new quarter/year after the last payroll and all benefit adjustments of 2012 have been completed and before processing the first payroll of 2013.
- Payroll, cont’dOpen Vision to the W-2 generation section. Vision prints W-2s on the two-per-page form only. Before printing a final set of W-2s, you should print a test run. This test confirms that all of the W-2s print correctly and are properly aligned.Vision checks the FICA Taxable and Withheld amounts when generating the W-2 work file. If the amounts in Box 4 (Social Security Tax Withheld) and Box 6 (Medicare Tax Withheld) do not equal the amount expected based on actual taxable earnings times the appropriate percentages in the FICA settings, Vision will display a warning message. If this warning displays, you should investigate the reason for the difference between the actual and the expected amounts and resolve the discrepancy.Note: for Multi-company users, W-2s are generated for an employee within the active company only. You must perform the process within each company.Processing a Bonus Run: When processing a bonus run, Vision will increase an employee’s gross pay and apply the appropriate withholding amount for the taxes. There are two options for bonuses, use gross pay or net pay or use other pay. Note: You should process a taxable bonus before opening the new W-2 Year and before installing the Year end Update. Additional Taxable Income in the Form of a Benefit:To process additional taxable income in the form of a benefit, Vision increases an employee’s gross pay, applying the appropriate withholding for any selected Federal (including FICA), State, City and Local taxes. Examples of this type of benefit would include, but are not limited to, a company car, moving expenses, life insurance premiums over $50,000.00. This is also known as an “in and out” pay; the employee does not receive the amount of the benefit although taxable earnings are increased by the amount of the benefit. Note: You should process this taxable benefit income before completing the final payroll for 2012. Additional Non-Taxable Income in the Form of a Benefit:To process additional non-taxable income in the form of a benefit for an employee, vision increases an employee’s gross and net pay by the amount of the benefit, without withholding Federal (including FICA), State, City and Local taxes. Examples of this type of pay would include, but are not limited to, third-party sick pay, living expenses or health care benefits. Note: You must process this non-taxable benefit income before completing the final payroll for 2012.
- Closing the 2012 Fiscal YearBefore Closing the Fiscal Year, Run the Open New Period Utility to open the New Fiscal Year. If using Vision to calculate overhead for regular projects, click Accounting/Overhead Allocation to run the allocation program. If using Vision to calculate revenue, click Accounting/Revenue Generation. Then, post the resulting journal entry.If applicable, run the Adjust Salary Job Cost process and the Consultant Accrual process.Print a full batch of Year End Accounting Reports. You can complete adjustments in a prior period. However, if those adjustment s affect 2012 amounts, you will need to re-run the financial reports.While it is not required in Vision that you close periods, Deltek recommends that you close a period after you process all data and print all reports for that period. This prevents users from posting transactions in the incorrect period and/or year.Audit Trail: When you close a period, Vision records the closing of the period on the Posting Log Review report as an AL transaction type.
- Calendar Year End Tasks1. Re-evaluate account number ranges for your General Ledger2. Review default account mappings3.Review Accounts Receivable mapping of accounts4.If applicable, enable Cash-Basis Reporting5. Re-evaluate the Overhead Calculations for the new year6. Re-evaluate the Billing tables with the rates for the new year7. Review Consultant Accruals8. Review Adjust Salary Job cost9. Review Labor Cross Charge10.Review Timesheet periods11. Enter the Holiday Calendar for the new year