Create the new year AccountEdge Company File
In this process you are going to:
1) Make a backup of your Accountedge company file that will stay in the fiscal year that just ended.
2) Convert the working copy to the fiscal (tax) year that just started.
(Example: In January of 2023, you will create a backup that will stay in fiscal year 2022 and then convert your working copy to fiscal year 2023
NOTE: In this article CYYY represents the current or new accounting year being created, PYYY is the prior year. For example, if you are moving from 2022 to 2023, CYYY represents 2023 and PYYY represents 2022.
After transmitting the December data, open your AccountEdge Company data file for the New Year. Use this task list as you complete each step.
Make redundant backups of your AccountEdge program and data for safe keeping.
Verify and optimize your Market Center data file.
Copy/Paste your AccountEdge Company File so that you have a PYYYKWR_MC##.MYO file that contains your PYYY Fiscal Year data and a KWR_MC##.MYO file for the current year.
Start a New Payroll Year in your current Market Center data file KWR_MC##.MYO (where MC## indicates your MC# i.e. 0099).
Start a New Fiscal Year in your current Market Center data file.
AccountEdge CYYY Payroll Tax Table Update
Start entering CYYY data & budgets into your current Market Center data file for the CYYY Fiscal Year.
After you create a new .myo file, update your backup process to include any new files or folders you created.
1) Redundant Backups
Before creating your CYYY company file, be sure to do multiple backups of your AccountEdge PYYY folder.
Options for redundant backups are
- External hard drive backup
- Thumb drive
- Google Drive
- MS360 OneDrive
- Off-site back up service – KWRI-approved backup vendor is Logos Data Services Information.
Open your AccountEdge company file and click “File – Backup.” Click “Company File Only” and then click “Continue.” Click “Save.”
Update Your Backup Process - After you have created a new .MYO file, be sure to update your backup process to include any new files you created.
2) Verify and Optimize your AccountEdge Data File
DUE DATE: After transmitting December data
- Open AccountEdge and click “File – Verify Company file.” If your data files are ok, you’ll see a message “No errors were found in your data file.” If an error message displays, please contact AccountEdge Technical Support at firstname.lastname@example.org or 1-800-836-1812 for free support and have your AccountEdge Serial # ready before you call. Your AccountEdge Serial # is displayed in Help/Registration menu in the AccountEdge program.
- Click “File – Optimize Company File.” Click OK to start the Optimization. When you see a message “That’s it! Your company file has been optimized,” click “OK” to exit. This process can take a long time if the file is large. If an error message displays, please contact AccountEdge Technical Support at 1-800-836-1812 for free support and have your AccountEdge Serial # handy before you call. Your AccountEdge Serial # is displayed in Help/Registration in the AccountEdge program.
3) Create a copy of your AccountEdge Company File for use in the new year.
DUE DATE: After transmitting December data.
Once you have transmitted for December PYYY and before you make any accounting entries in January, you will create a CYYY company file separate from the PYYY file to use for the current year.
Follow the steps associated with how your current data file is named:
PYYYKWR_MC##.myo - If the company file you are using for the PYYY data entry is already named PYYYKWR_MC####, follow the steps below and then skip to starting a new payroll year.
1. In the AccountEdge PYYY folder, right click on PYYYKWR_MC####.myo and click Copy.
2. Click in the AccountEdge PYYY folder, right click and click Paste.
3. Highlight this new file (“Copy of PYYYKWR_MC####.myo) and press F2 to edit the file name. Change the file name to KWR_MC####.myo. Use this file for your CYYY data entry as you complete the year end process.
WR_MC##.myo - If the company file you are using for the PYYY entry is named KWR_MC####, follow the steps below then continue to starting a new payroll year.
1. In the AccountEdge PYYY folder, right click on KWR_MC####.myo and click Copy.
2. Click in the AccountEdge PYYY folder, right click and click Paste.
3. Highlight this new file (“Copy of KWR_MC####.myo) and press F2 to edit the file name. Change the file name to PYYYKWR_MC####.myo. The PYYYKWR_MC####.myo file will contain your PYYY detailed data and must remain in the fiscal year & payroll year for PYYY.
It is critical that you create two files. One should be named “PYYY KWR_MC####.MYO,” and you should no longer enter data into this file so that your PYYY data can be maintained. The second file is “KWR_MC####.MYO.” This is the working file for the current year.
|Helpful tip: Go to Setup → Preferences – Security in your PYYYKWR_MC####.myo file and change the lock period to 12/31/PYYY. This will alert you in the event you mistakenly try to enter data in the PYYY company file. In addition, move the PYYY file out of the current year folder to prevent other workstations with AccountEdge access from opening the prior year file.|
4) Start a New Payroll Year
NOTE: Complete these steps even if you outsource payroll to an outside company.
1. Open AccountEdge and open the KWR_ MC####.MYO data file.
NOTE: If you have named your CYYY data file anything other than this i.e. CYYYKWR_ MC##.MYO, please change the file name to the KW standard of KWR_ MC####.MYO. Be sure not to do these steps in your PYYYKWR_MC####.MYO file.
2. Click File – Start a New Year – Start a New Payroll Year. Click “Next” twice.
3. You will see this screen with CYYY displayed in “New Payroll Year Ends:” If, for some reason, your payroll year is still showing a prior year, please redo these steps until the “Payroll Year Just Completed” is PYYY and the “New Payroll Year End” is CYYY. Click “Next.”
4. Click “Start a New Payroll Year.” When it completes successfully, you will be returned to the AccountEdge Command Center. If you experience any error messages, call AccountEdge Technical Support at 1-800-836-1812 for free support. Have your AccountEdge serial number available.
5) Start a New Fiscal Year
1. Click File – Start a New Year – Start a New Fiscal Year. Click “Next” twice, and you should see the “Define Your New Fiscal Year” screen. Click next again.
2. Make sure you check the “Keep Receipts Grouped with Undeposited Funds”, “Keep Disbursements Grouped with Electronic Payments”, and “Keep Unpaid Payroll Liabilities Accruals” choices. Click “Next.”
3. Audit Trail Entries. Be sure “Purge Audit Trail Entries” and “Purge Item Movement Entries” are both checked. Click “Next.”
4. Click “Keep Closed Transactions from Prior Fiscal Years” and make sure the “Keep From the Date Forward” is FY PYYY or prior (if your Market Center keeps transactions from previous years). Ensure that “Keep Closed Transactions for Prior Fiscal Years,” “Keep Paychecks from Prior Fiscal Years,” and “Keep Vendor Transactions for 1099s from Prior Fiscal Years” are all checked, with “FY PYYY” selected. Click “Next.”
|NOTE: Pay careful attention to the date in the dropdown - that's as far back as your transactions will show in your new year file. If you want to be able to easily pull up last year's DPs and agent payments and agent accounts, be sure that the drop down shows FY PYYY; do not update to FY CYYY. If you have AccountEdge or MC Services creating your new year files, be sure to pro-actively alert them to your preferences for this.|
5. Ensure the option beginning with “Keep closed Invoices…” is checked, click Next.
6. Click all cash accounts and check that there are no undeposited funds before starting by clicking the undeposited funds account in this process. Then click “Next.” Make sure ALL cash account numbers used by your Market Center are checked. If you DON’T click the cash accounts, you will have to do the bank reconciliations in your PYYY Market Center data file and then carefully change your CYYY Market Center data file Beginning Balances. Click “Next”
7. Click “Start a New Fiscal Year.” If your data is large, this might take a few minutes. When it is done, you’ll be returned to the AccountEdge Command Center.
8. Once the process completed, click “Setup – Company Information” and make sure it displays the “Current Fiscal Year” as CYYY.
6) AccountEdge Product Updates and Payroll Tax Table Updates
DUE DATE: Prior to first CYYY payroll entry.
NOTE: DO NOT complete this task until you have processed your final payroll for PYYY. DO complete these steps even if you outsource payroll to an outside company.
1. Install Product Updates:
After you created the new CYYY company file in the previous step, follow the steps below to update your payroll tax tables:
- Open the current Account Edge company file.
- Click Help on the top menu.
- Select the "Check for Product Updates" link.
- A new window will open. If updates are available you will be given a Download option on the right hand side of your screen.
- Close the Account Edge company file.
- Double click on the download link and follow the prompts.
- A pop up box will advise when the update is complete.
- In order to confirm the current file, go back to step 1 - 3.
- This time you should see a message that states "Your Version is Current."
2. Install Payroll Updates:
- Click on Setup – Payroll Updates
- In the Payroll Taxes section in the middle, if an update is available click Load
- A confirmation box appears, click Load New Tables
- Click OK when the process completes.
3. Overview of Printing of PYYY W-2s When you are ready to print W-2s for PYYY you will need to do the following:
- Open the PYYYKWR_ MC##.MYO file that you created in Step 3.
- Click Prepare Payroll Tax Forms from the Payroll Command Center.
- Follow the instructions on this window and refer to the help system for more information.