Freight Management Systems, Inc.
 P.O. Box 290343
Ft. Lauderdale, Fl 33329
(954) 252-0031

LOADPlus Year End Closing Check List

December 17th, 2007

You Must be on LOADPlus version 11.5x Build 1018 before running Year End Close and following these procedures.

Dear LOADPlus User,

We have created the following instructions to assist you in closing 2007 and opening 2008. Please review and follow all instructions VERY CAREFULLY.

In the past, many users have encountered problems due to not following the instructions provided and not running a COMPLETE Dataflex directory backup and SAVING IT. We cannot stress the importance of maintaining backups, especially at Year-end. We know that many of you have closed the year in LOADPlus before, however to avoid making mistakes please take the time to review the following instructions. If your Company does not close the General Ledger at CALENDAR Year-end, please retain the General Ledger section of this information for your fiscal Year-end. All other sections of Year-end close apply to your Company at this time.

During Year-end we experience our highest volume of support calls, so please be patient during this time. As always, calls are returned in the order received. Calling multiple times will not improve our response time. If you have questions regarding Year-end and would like to AVOID DELAYS in having your questions answered, PLEASE TAKE THE TIME NOW to contact Technical Support at (954)252-0031 or e-mail us at support@freight-mngt.com Please take advantage of our e-mail when possible for support questions. Do NOT use support email to solicit a phone call. Support email is only for questions that can be asked and answered via email. Please give full detailed questions including all information that will help. Also include your name and company name on every email.


Freight Management Systems, Inc.

YEAR END CHECKLIST


ACCOUNTS RECEIVABLE

1. Complete all invoicing that will be dated 2007. Make sure that you have UPDATED the final invoice run.

2. Receive all checks that will be included in 2007.

3. Age and print a DETAILED Aging Report. This report should be saved for your accountant.

4. From YEAR END MENU, run Open Customer A/R. This program resets your Year to Date totals to zero.
    NOTE: This step should be run prior to entering any accounting for 2008.




ACCOUNTS PAYABLE

The following items in the Accounts Payable Vendor Master Record are due to IRS requirements.

  • D.B.A. Owner Name & Social Security Number - If a company is a D.B.A., the 1099 must be reported using the Owner=s Name and Social Security Number, NOT the D.B.A. Name and Federal Id number.

  • W9 on file - Allows you to keep track of what companies returned a completed W9 to you.

  • 1099 Amt Code - Type 1 is rent. Type 7 is non-employee compensation.

  • 1099 Correction - If you are creating corrected 1099's, enter [Y]es for each vendor to be included in the corrected run.

    1. Be sure that all Accounts Payable transactions that will be dated 2007 have been entered.

    2. Enter all Advances & Deductions that will be dated 2007.

    3. Write all checks to be included in 2007.

    4. Age and print a DETAILED Aging Report. This report should be saved for your accountant.

    5. From YEAR END MENU, run 1099 Maintenance/Print. Check the audit report and make any necessary corrections. Print 1099's. (If you are not ready to print 1099's this step can be done at any time.)

    6. From YEAR END MENU, run Open Vendor A/P. This program resets your Year to Date totals to zero.
    • NOTE: This step should be run prior to entering any accounting for 2008.




PAYROLL

1. Process all Payroll that will be dated 2007.

2. From the PERIOD QUARTER & YEAR END MENU print all required Federal and State reports.

3. Print W-2's. (If you need to run a 2007 payroll prior to printing W-2's they can be printed at any time after closing the payroll year by using the Change Payroll Year Utility.)

4. POST PAYROLL TO THE GENERAL LEDGER PRIOR TO CLOSING THE PAYROLL YEAR!!

DO NOT DO THE NEXT STEP UNTIL YOU HAVE POSTED PAYROLL!!!!

5. From the PERIOD QUARTER & YEAR END MENU run Start New Payroll Year.

6. Review your Circular E Employer=s Tax Guide. Make any necessary adjustments to tax tables, withholding allowances, social security & medicare deductions.

7. Review your State Tax Guide. Make any necessary adjustments to your State tax tables.



GENERAL LEDGER

DO NOT POST ANY ACCOUNTS OR MAKE ANY JOURNAL ENTRIES FOR 2008 UNTIL YOU HAVE CLOSED THE 2007 YEAR.

1. Post all December 2007 transactions for Accounts Receivable, Accounts Payable, Bank Account, Payroll & Recurring Entries. Be sure depreciation entries, etc. have been made. (Payroll should already be posted! If it is not the Payroll year should still be on 2007!)

2. Make all necessary Journal Entries for 2007.

3. Close December 2007, and print all reports.

THE FOLLOWING STEPS APPLY ONLY IF YOU ARE ON A CALENDAR (January to December) FISCAL YEAR!!

4. From the GENERAL LEDGER MENU go to General Ledger Controls and verify that ALL MONTHS ARE CLOSED. If all months are not closed you MUST close them now.

5. From the YEAR END MENU run G/L-Update Accounts. You will then be ready to begin General Ledger entries for 2008. This step automatically creates a backup of your GL files and clears all 2007 entries.
    NOTE: This step automatically creates a backup of your GL files. There is no need for you to back up these files manually at the DOS prompt.
**NOTE: If your system locks up during this step contact Freight Management.**

NOTE: ALL POSTINGS AND JOURNAL ENTRIES MUST BE COMPLETED PRIOR TO CLOSING THE YEAR!! YOU CANNOT MAKE ADJUSTMENTS TO A PRIOR YEAR!!