Make sure all your Home Equity Loans are coded to print a 1098. In Loan Master Maintenance, the variable rate type should be set to 2 (Fixed Mortgage/Home Equity) or 3 (Variable Mortgage/Home Equity).

Make sure the member's accounts balance and transactions are in balance. You will need to run a Balance Verification Report. You will find this report from the main menu by entering 3 for the Reports Menu, 2 for the Monthly Reports Menu and 1 for the Balance Verfication Report.

Make sure your member's side is in balance with the G/L. You will need to run a Member Quick Trial Balance Report. You will find this report from the main menu by entering 3 for the Reports Menu, 1 for the Daily Reports Menu and 2 for the Member Quick Trial Balance Report.

If you have a VRU, turn the VRU completely off before you run Member Side Close and leave it off until you have run daily startup for January.

Run Daily Startup for 12/31 so your dividends and reports use the end of the year date. Please note December 31st is a Saturday this year.

If you post dividends on the last day of the period, create a temporary Member side backup by running the Zip Backup Program before doing dividend rebuild and posting dividends. In the Zip Backup Program, you will want to select the Backup CompuShare Data Files Only.

If you post dividends on the last day of the period, run a dividend rebuild. From the master menu, select 5 for the Utilities Menu, 7 for the Recover Damaged File Menu, and 1 for Recover Damaged Member File. In the listbox, scroll down to the bottom of the list. You will see Dividend File Recovery - SELECT ONLY ONE BELOW. Select Dividend File and process the recovery by selecting "Recover Files" from the Options menu.

If you post dividends on the last day of the period, post dividends and then run the G/L Summary Totals Update program to post the dividends to G/L. You will find the G/L Summary Update program from the master menu by selecting 3 for the Reports Menu, 1 for the Daily Reports Menu and 5 for the G/L Summary Totals Update program.

Make sure the member's side is still in balance with G/L after posting dividends. You will need to run the Member Quick Trial Balance. You will find this report from the master menu by selecting 3 for the Reports Menu, 1 for the Daily Reports Menu, and 2 for the Member Quick Trial Balance program.

Make sure the member's accounts balance and transactions are in balance. Use the Balance Verification Report. You will find this report from the master menu by selecting 3 for the Reports Menu, 2 for the Monthly Reports Menu and 1 for the Balance Verification program.

Run Month End and/Period End Job Streams or manually print your Period Year End Reports and any additional Year End Reports you need.

Run the Period Closing program with the Daily Startup. This is found on the master menu. Make sure the Daily Startup date is set for the first business day you will be opened in the new year.

Once you have ran Daily Startup and before posting any transactions, run a Member Quick Trial Balance to make sure the Member side is still in balance with G/L. The Year End Closing program will open any sub accounts coded as closed, but have a balance. This will cause the Members side to be out of balance with the G/L.

If you post dividends on the first day of the following quarter:
Rebuild dividend history from history. To do this from the master menu, select 5 for the Utilities Menu, 7 for the Recover Damaged File Menu and 1 for the Recover Damaged Master File. Scroll down the list until you find Dividend File with History. Check the box next to the name, click Options and select Recover Files from the menu. Make sure the effective date is 1/1 and post the dividends.

You can now bring your VRU back On-Line.

1099 Forms and Magnetic Media

Can be done anytime after dividends for the year are posted. Set minimum amount parameter for $10.00. Can be run from history.

1098 Forms and Magnetic Media

Same as 1099's except normal minimum amount is $600.00. If the Credit Union wants to print forms for all Mortgages and Home Equity loans, set the minimum amount to $0.00.

1099R Forms and Magnetic Media

This form reports IRA Distributions for current year. Should be done after all postings to IRA's is complete for current year. Can be done from history. Minimum amount does not apply, set parameter to $0.00. The Magnetic Media disk is created and forwarded to CSG for processing.

1099Q Forms and Magnetic Media

This form is used for payments from qualified Education Programs if member made a distribution from a qualified tuition program defined under the Coverdell education saving account definition.

5498 Forms and Magnetic Media

Should only be done after April 15th.

1099C Form Only

These forms are for reporting Charged Off Loans for current year. No Magnetic Media disk.

1098E Forms Only

These forms are for reporting Student Loans. Should be done after all loan processing is complete for current year. This can be done from history. It is very important that the Credit Union set the parameters correctly in the program. They must specify the loan type ranges of the student loans. Otherwise, this will print 1098E's for all loan types.

IRA Fair Market Value Report

This report should be ran after the year end closing program has been completed. As of January of the new year, this report will print all IRA's that were opened in the previous year with their Fair Market Value or balance as of 12/31. The Credit Union should send a copy of this report to CSG along with their 5498 Magnetic Media disk.

IRA Contribution Report

This report This can be done anytime prior to the year end close. This can be done from history. This report will print a list of all IRA's that had a contribution in the current year and provide totals by contribution type. The Credit Union should send a copy of this report to CSG along with their Magnetic Media disk.

IRA Summary Report

This report can be run anytime prior to year end close. This can be done from history. This report will print all IRA's with a summary of their contributions and distributions for the current year.