Year End Timeline and Checklist
The below End of Year processes need to be completed in a timely manner to close out each production and accounting year. These processes ensure that
- our associate and market center tax records are accurate in compliance with federal regulations,
- our associates, teams, groups, expansions, and market centers are recognized for their achievements based on accurate information,
- our market center goals are set for the coming year, and
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our profit share members are contacted for personal information updates and payment of the annual renewal fee.
Links to the specific instructions are included in the checklist below and in the printable checklist attached to this article. Click on the MCA Support Knowledge Base article link for each step to the instructions.
And keep in mind that KWRIMC Services offers a Close Your Books: Let Us Bring Cheer to Your End of Year service. The deadline to purchase this service is December 16, 2022. Check the Marketplace for any current discounts.
Handy Resources
Save time by reaching out directly to the department you need on the first try: KW Support Cheat Sheet: Who to Contact for Common Issues.
It’s also a good idea to have the following “market center board of directors” contacts handy as well:
- Attorney
- CPA
- Tax Advisor
- 1099 Preparer
Download a printable PDF copy of this checklist at the bottom of this article.
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Data Review—November Tasks |
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Due Date |
TASK |
Software |
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First (3) Business Days of November |
Transmit October Data |
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November |
Verify your Associate names, SSN, addresses, anniversary dates & cap amounts. There are great Ad Hoc reports in the Other – Ad Hoc Reports – Report Library – Associates folder to easily pull this information for review.
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Verify Associate and Company TINs for 1099/T4As |
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November |
Verify your Associate's Company names, EIN, addresses, and confirm that this information is correctly entered into the associate's WinMORE profile under the Commission Tab (and the Profit Share tab if appropriate). |
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November |
Verify your Team & Group info includes all Team/Group members and their Awards totals are accurate. At KWConnect > Reports, review the Team Awards reports under "Awards" to confirm all DAs have been applied to the Team/Group. Keep in mind that any Team/Group formed mid-year will only have Award totals from the date of Team/Group formation.
If you have a Team/Group that has transferred this year from a non-KW brokerage, it is necessary for you to input their January – join date GCI & Units from their former brokerage into their team information in the Team Management Tool. Review the Team & Group reports under Reports - Teams & Groups for details. |
Print Award Verification Reports (US and Canada)
Add and Remove Team Members including back-dating start dates
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November |
Verify your posted DAs. You can print a DA list for each associate of their Posted DAs for 2022 under the Print menu. Distribute with a deadline and have your Associates confirm the information, including GCI, units, Type for R(esidential), C(ommercial), or L(and). |
Adjustment DA: Update GCI and/or Units
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November |
In AccountEdge, verify your Vendor 1099 payments in Purchases – Print 1099s & 1096. |
Print Vendor 1099 List in AccountEdge (begin at Preparation Step 8) |
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November |
Print Award Verification Reports; Review and approve their Awards numbers. (Distribute reports to individuals/teams/groups where applicable for their verification). See notes below for additional detail. |
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November |
Check your state's document retention policies and work with your Broker to ensure you are following your state's closed opportunity compliance document retention policies. Continue or begin your closed opportunity compliance document backups out of CommandMC. Each state's requirements are different and you may be required to hold your backups in a secondary location. |
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Data Review—December Tasks |
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Due Date |
TASK |
Software |
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First (3) Business Days of December |
Transmit November Data |
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First Business Day After Transmittal |
Print list of VR status associates for the annual associate renewal fee. Send out letters to VR associates. |
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December |
Corrections in WinMORE and AccountEdge —Tax ID, Address, and 1099/T4 Total Corrections. |
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December
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Verify non-KW transfer associate’s production volume, units, and GCI for awards purposes. These agents may have pending deals at their previous brokerage that haven't closed when the initial entry was entered into their MORE Profile. |
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December |
Confirm all members of teams and groups are correct in the Team Management Tool BEFORE you transmit December data. Any adjustments needed to teams and groups must be completed by the MCA by 12/31/2022 at 11:59 pm CT. This is a hard date and not dependent when you transmit. |
Add and Remove Team Members including back-dating start dates |
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December (before AA) |
Print Year End – Associate T4A/1099 Proof Report and Run the Year End - EOY Update |
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December 20 |
Submit awards update requests to MCASupport@kw.com.
For individuals, must include WinMORE DA List January 1 – December 31 KWConnect > Reports > Associates > Closed Transactions Report
For teams/groups, must also include KWConnect > Team Statistics Portal > All Team Members Report January 1 – December 31 KWConnect > Reports > Associates > Closed Transactions Report for all associates on the team |
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December 21 (or next Business Day) |
Download/Load All Associates File |
Download All Associates and Statements
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December 21 (or next Business Day) |
Print and distribute Profit Share Statements and Critical EOY Reports |
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After Dec 21 |
Profit Share History Confirmation |
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December 31 (or last business day of December) |
Enter Market Center Goals for upcoming year into CommandMC |
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Before December Transmittal |
BEFORE transmitting December data, re-run WinMORE End of Year Update |
Preparing for Final Year End Transmittal – End of Year Update in WinMORE |
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By December 31 |
Quebec Only - Purchase RL-1 (If NOT provided within the AccountEdge software. |
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Data Review—January Tasks |
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Due Date |
TASK |
Software |
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First (3) Business Days of January |
Transmit December Data |
Transmittal Checklist |
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January (First Business Day After Transmittal) |
AccountEdge - Create the New Year AccountEdge Company File and update the tax tables. PYYY = 2022 CYYY = 2023 |
Create the New Year AccountEdge Company File (US & Quebec) |
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January (First Business Day After Transmittal) |
Complete AccountEdge/Lonewolf budget entry |
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January, along with agent billing
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Invoice A and PO associates for $25 annual associate renewal fee. (Can be combined with your monthly agent billing).
Certified Mail to VR associates for $25 annual associate renewal fee for those who did not pay or decline in December |
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January (no earlier than the 7th business day) |
Final Awards review after KWConnect Reports update by the 7th business day of the month.
Email MCASupport@kw.com with awards update requests.
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January 15 (or business day following if the 15th falls on a weekend) |
Submit VR Declinations and Removal Requests ahead of All Associates to be removed before the February fee withdrawal |
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January 31 |
Print the Associate Renewal Report and record Associate Renewal fees to KWRI. |
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January 31 |
U.S. Only - Form 1096 and all copy A 1099 forms must be postmarked by midnight to the IRS. |
US |
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Data Review—February Tasks |
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Due Date |
TASK |
Software |
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First (3) Business Days of February |
Transmit January Data |
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February |
U.S. Only - Upgrade AccountEdge Software (Instructions will be made available in separate document) Purchased the End of Year Service? Your MC Services partner will complete this for you to ensure you have the historical data you need. |
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February(no earlier than the 7th business day) |
Print the Associate Renewal Report and record ACH for Associate Renewal fees to KWRI. |
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February 15 (or business day following if the 15th falls on a weekend) |
Submit VR Declinations and Removal Requests ahead of All Associates to be removed and a credit applied if the associate appears on your Associate Renewal Report |
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February 24 |
Annual Renewal Fee withdrawal appears in your market center bank account (on or about) |
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February 28 |
Lonewolf Only - T4A/T4 along with Summaries must be postmarked by midnight to Canada Revenue |
Lonewolf |
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Data Review—March Tasks |
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Due Date |
TASK |
Software |
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First (3) Business Days of March |
Transmit February Data |
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March 31 (or last business day when the 31st falls on a weekend) |
Submit VR Declinations and Removal Requests ahead of All Associates to be removed and a credit applied if the associate appears on your Associate Renewal Report
NOTE: documentation that does not meet the requirements detailed in the Knowledge Base instructions will not be accepted and will not result in removal or a credit to the market center. |
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