1) Redundant Backups
The most crucial part of any software is backing up the data. In the case of using Lone Wolf all data is housed in one directory. Usually C:\LONEWOLF\DATA
There are a variety of ways you can back up the data. Here are a few suggestions:
- If you work on a network, save a copy of your project files on a network drive so they are copied on the nightly backup tape. For further information, consult your network administrator.
- If you work on a standalone system, back up your files to an external ZIP drive. You'll need to equip your computer with the necessary hardware and software, but it's relatively inexpensive and well worth the investment.
- At the very least, compress your files into ZIP files and copy them to diskettes. There are several popular compression packages available, some of which you can try out at no cost.
- Performing reliable daily back-ups is one of the most important preventive maintenance steps in order to avoid the loss of important data.
- Even the most dependable computer has mechanical parts, and is capable of system failure eventually. Malicious viruses can also cause system failure and result in loss of data.
Back up your files regularly.
As an added precaution, in case of fire or theft, one current backup copy should be kept at an off-site location.
There are several device/media options to choose from. Generally the determining factor is the required storage capacity. The following list demonstrates the most common back-up methods available.
- External hard drive backup (USB or SATA)
- Tape drive
- Off-site back up service
Details on Year End close procedure can be found in the help menu on your Lonewolf program. Once your CA has reviewed your 2018 data and all adjusting entries have been completed, then your 2018 year can be closed in Lonewolf.
2) Enter Budgets
DUE DATE: Prior to January Transmittal.
Open your Lonewolf RMS.
Enter your budgets and goals.
- Income and Cost of Sales:
These are calculated using the Forecast Model companion file attached to this article.
Download the spreadsheet attached and enter your percentage of sales values along with your GCI and Company Dollar Goals. Reference the values on the goals tab for Income and Cost of Sales and enter on their respective lines.
- Expenses, Other Income, Other Expense account categories:
These values come from your Forecast Model on the goals tab. Enter the values on their respective line.
NOTE: When completed, depending on your Company Dollar, Budget and Owner Profit Goals, your calculated Owner Profit may not match your Goal Owner Profit.
Click on the Set Year End button at the bottom. Set year end to 12/31 of the new year then ok and click on the Account you want to enter numbers for and click on the Budget tab at the top left of your screen.
Reminder—Budgets for Income, Cost of Sales, Other Expense accounts are entered with the exact amount per your market center KW Forecast Model for each month. Most of these numbers should be positive numbers. Lonewolf will convert these numbers correctly to show as an expense.
For any below the line entries, you will need to enter expenses as a positive number and income as a negative number.
Click F 7.
3) Create a new Budget file
DUE DATE: After Transmitting December’s data.
You will need to create a new LWBudgets.xls file.
Anytime a new annual budget is created or changed in Lonewolf (when approved by your Regional Director), create a new LWBudgets.xls file. For example, if budgets are not changed during the year, these procedures are followed only once. If budgets are changed and approved, repeat these instructions at that time. This only happens in January and July.
Open Lonewolf and, from the menu, click F. F.9
Set the Date to 12/31/2019 and click on Export Budget. Set Budget year to the new year and click ok.
NOTE: Be sure to save this file as LWBudgets.xls in
- W:/WinMORE3/mdat/send (if you are using a network version of WinMORE)
4) Export to Caseware
To create a caseware export from Lonewolf,
- Go to F.F.9
- Enter month end date January 31 of the new year
- Click on Send Report to – EXPORT – button and save to the WinMORE location (C: or W: drive) WinMORE3/MDAT/SEND
- This will have created both a caseware.txt file and a banks.txt file
To test the KWFS_Canada spreadsheet:
- Open KWFS_Canada.xls spreadsheet version 3.2
- Confirm the version is 3.2 at the top left of the Layout tab
- Click on Get New Caseware - button
- In the pop up window, the number of the month should appear for which you are transmitting or manually enter in “1” and Click OK
5) Review Data
Review the KWFS_Canada.xls to be sure all data transferred correctly.
- Make sure all MC user defined accounts that are in use have the correct name.
- Your Assets and Liabilities should match as well as all your income/expense numbers to the Lonewolf financial statement for the same period.
- You must have created your new LWBudget.xls file and saved it to your WinMORE3/mdat/send folder for this test to work correctly.
Click on the Prepare Text File button to test that the transmittal file creation is working correctly as well. This process must be completed by January 21st