Year End Update

The Year End Update routine updates one or more organization's data into the next year. It makes the following adjustments to data:

Creates new check rows for each gift with existing check rows.
Populates new check rows with check dates that have been incremented one year from the previous year's check dates.
For gift annuities, copies check amounts from the previous year, but replaces $0 and partial check amounts in the new check rows with full check amounts.
For CRUTs, populates new checks that have dates prior to the CRUT's next annual valuation date with the last check amount from the previous year. Remaining check amounts set to $0.
For CRATs, copies check amounts from the previous year, but replaces $0 and partial check amounts in the new check rows with full check amounts. Confirms that the total check amounts in the new year match the funding amount and payout rate of the trust. If not, Year End Update recomputes these check amounts based on the CRAT's funding amount and payout rate.
For PIFs, all check amounts set to $0.
Updates the Gift Status of fixed term gifts that terminated in the previous year from Current to Finished and requests an Account Closed Date for each one.

When to run: You should run this routine after you are done producing all checks and electronic funds transfer files for the organizations for the current year and before you produce 1099-R tax forms for the organizations' gift annuitants.

If you update an organization's data to the next year by mistake, you can use the Year End Update routine to update its data back to the previous year.

1. Verify your data using Setup > Verify Person and Gift Data and fix any data problems identified. $image\chiclet.gif$ How?

2. Click Actions > Year End Update in the Menu Bar.

3. Select the organization(s) whose data you wish to update to the next year (or previous year).

4. Select the year to which you want to update the organization's data, and then click OK.

5. If the data being updated includes any gifts whose fixed term ending in the year being updated from, you will be asked for an Account Closed Date for each of them.

For each of these gifts:

$image\onestep.gif$ Identify the gift from the information provided, and then click OK.

$image\onestep.gif$ Enter the Account Closed Date, and then click OK.

6. If you see an error log, be sure to fix the errors it identifies after completing Year End Update.

You can print the error log or save the log in a file that you can print or review later. Click Continue and go to the next step in the procedure.

7. Click Yes to confirm you want to proceed with updating the data.

Year End Update should take from a few seconds to a few minutes to complete its work, depending primarily on the number of gift records in the organization(s) it is updating. While other factors can affect its speed, there is likely something wrong with the updating process if you don't see a "Year End Update completed" message within one hour of starting the update process. Year End Update updates data as it runs. If it does not run to completion, it may update only some of the data that it should update. The best approach in this situation is to recover your data from backup and run Year End Update again on the recovered data.

8. Click Close to close the page.