End of Year
As promised, enclosed is the 2017 Year-End Processing Guide. Just like last year, this Guide provides crucial instructions for your responsibilities related to year-end and tax processing, including closing your General Ledger, tax form verification and printing information, CU*NorthWest laser form printing rates, and more.
Be sure to route this Guide to the appropriate accounting and data processing personnel at your credit union.
The first deadline to be met is to enter your Tax Forms Handling Instructions into CU*BASE (Tool# 916) no later than November 20.
Deadlines Are Tight…Please Notify Your Staff Now!
As you will see, there are some tight deadlines on these tasks, especially immediately after year-end. It is very important that you start planning now for which employees will be responsible for completing the necessary verification tasks and allocating appropriate time so that everything can be done by the stated deadlines.
We appreciate that January is an especially busy time of the year. The deadlines are set to give you as much time as possible to complete verifications and other tasks, while still allowing adequate time for processing by CU*Answers and our third-party printing resources. We appreciate your cooperation!
Remember…Your IRA Coordinator should already be performing monthly verifications, to greatly reduce the amount of work that needs to be done during January! You should also already be entering Mortgage Insurance Premium and points data throughout the year in preparation for 1098 forms. Refer to the Guide for further instructions.