Get ready. The End-Of-Year is Coming.
Tempus fugit, a phrase taught in nearly every Latin 101 class, means “time flies”. It has particular importance to the credit union industry – especially in the month of December. Being a financial institution, a credit union has specific obligations and liabilities, foremost among them the EOY (End-Of-Year) report.
The bad news is time flies. The good news is you’re the pilot. — Michael Althsuler
What makes EOY so significant is that it contains vital information that must be reported to the IRS (Internal Revenue Service). This information, such as interest paid on a mortgage or interest accrued on a savings account, can be the difference between your members owing money or receiving a refund. This financial information is filed with the IRS with forms 1099-INT for interest income and form 1098 for mortgage interest.
Although time is flying, you are indeed the pilot. And we’d like for you to think of us as your co-pilot. We can take a lot of stress off of your EOY. We can prepare your financial data, process it, transmit it to the IRS and then print and mail paper copies of the forms to your members. The only thing that your credit union needs to do is transmit the data to us.
To make your data the most accurate it can be, please consider the following suggestions.
Read and Follow EOY Documentation
To make your EOY as painless as it can possibly be we’ve created a step-by-step document that guides you through EOY processes with FORZA3™. Download our 2015 Year-End Processing Manual and this could be your easiest EOY yet. This documentation will take you through the end-of-year statement process as well as what transpires after the statements have been sent. It includes your IRS sign off, member forms and files that need to be sent. It also gives clear examples of how to walk through the first quarter of the year without getting bogged down with tasks that can be completed quickly.
Verify Member Accounts
Make sure all member information on the account within the FORZA3™ Statistics area is accurate. This is the information that will be transferred to the IRS forms and files, and it’s very important that it is correct. This helps to ensure that the member will both receive the correct information for reporting and get their correct forms at tax time.
Balance your General Ledger
This does not need to be complete to close the EOY right up front, but making sure that things are in balance as much as possible before the final days of 2015 will help in finishing out this task. Using the various reports within FORZA3™ to help complete this can ease this process.
The holiday season always flies by, and with it comes the urgency to make the proper preparations for End-Of-Year. We’re always here to help make the yearly transition smooth and painless. Use these helpful tips or feel free to contact Client Services at 1.800.456.5750 for assistance. We’re here for you 24/7/365.