The following list of items should be considered at year end

Review your Billing Records

Recurring charges are generally affected in a new year. If a property's billing amounts are changing, it is recommended that you set the ending date of any current billing records that reflect the current year end and enter NEW billing records for the new year.

Doing this will avoid double billing a property, whether the billing is automated through VMSQueue or you manually post through AR | Billing .

Click this link to review how to manage billing: Community billing setup

It is strongly encouraged that you run a Resident Billing report for January in the new year to insure you know what will be charged to your clients.

Prepare for EOY Entry

VMS can manage EOY in two different ways. While veteran clients may have this already in place, any new associations should be reviewed as this is a setting that you can not go back and forth on.

•If you have an Capital Account selected for each of your Departments under Setup | Property Setup | Accounting | GL | Departments there is no need to do an EOY GL Entry because the system reviews this setting and the Annual Accounting Period to automatically calculate the Net Income to the selected Capital Account when generating balance sheets and manages the accounting period's income / expense for Income reports based on the date parameters used. The system does not post any physical entries but just a calculation used in your reports. Financial reports rendered for the new year will automatically display the new year amount. See Managing EOY for more details.

•If you do not have a Capital Account defined for each department, you will need to do a manual EOY GL Entry through Entry | General Ledger | EOY Closing tab. This screen is designed to help you do the manual EOY GL Entry - it will populate the reversing entries for all income and expense accounts and you just need to enter in the Retained Earnings account and verify the calculated amount before posting it. This method actually shows an EOY Entry in your GL. See Processing EOY Closing for more details.

•If you find any properties that do not have a Capital Account then those will need to be closed using the EOY Closing tab

Prepare for 1096 / 1099 Printing

•Review the Vendor settings through Program Defaults | Vendor | Information making sure that you have their EIN number entered. If the No 1099 box IS checked, the vendor will NOT get a 1099.

•By default, the total amount will be printed in Box 7 of the 1099 form. If you need the amount to be reported in Box 1 for Rents then the Vendor Type must be RENTS. If you need to report the amount in Box 14 as Gross Proceeds to an Attorney then the Vendor Type must be ATTORNEY. ( If these options are not available in your drop-down listing then you will need to add them to Program Defaults | Codes – Vendor Type, making sure they are entered exactly as RENTS and ATTORNEY.)

•If you brought on any new properties throughout the year, you should review the Linked Vendors for any carryover payments that you need to include in your 1099’s. The amounts paid to the vendor from the previous Management Company can be accounted for by going to Program Defaults | Vendor | Linked Properties and entering the amount paid in the Balance column. Make sure that the Balance As Of Date is within the calendar year and the system will include this amount with any amounts paid through VMS when determining 1099 eligibility and amounts.

•The 1096 form will pull in the Employee information (name, email, phone and fax) for the Employee record that is designated as the Type of Accountant in Property Setup | Employee. Make sure you have only one employee of this Type.