Deposit Year-end |
  
|
Navigation: Year-end Processing >
Deposit Year-end |
|
To ensure your year-end statements and forms are printed correctly, GOLDPoint Systems requires that you fill out the PDF-fillable Client Year-end Reporting Setup Form for Deposits each year. This form gives us the needed information to properly set up the deposit end-of-year processing. GOLDPoint Systems will send this form to your institution's year-end liaison sometime in October each year. You need to fill out, sign, and return the completed year-end form by October 30.
GOLDPoint Systems will run a test of year-end processing for your institution around the first of November, using the October monthend file. The reports, forms, and statements created from this test will be available in GOLDView Plus (in CIM GOLD) to verify and confirm the accuracy of the information. If any part of the test run appears to be incorrect, contact your GOLDPoint Systems deposit account manager and tell him or her of the errors. Please do not assume the live run will be correct. Reruns of year-end are billable if the problem appeared in the test run and was not handled at that time.
Your cooperation in completing the year-end form, verifying year-end tests, and expressing year-end concerns with your account manager early is necessary for a successful year-end.
 |
Note
Any program changes, enhancements, or requests needed for year-end must be included on the Client Year-end Reporting Setup Form for Deposits. This includes any Proxy, reports, and all other requests that need to be done by December 31 |
|---|
Some states require interest be calculated for reserve balances on mortgage loan accounts. When this occurs, reserve interest is reported on a 1099-INT and combined with the deposit accounts by the Social Security number of the IRS owner on the 1099-INT form. You need to contact your loan department to verify that this reporting is done for this type of interest payment. See Does your state require interest paid on reserves to be reported to the IRS (1099-INT)? in the General Loan Questions in the Loan Year-end Booklet. |
No CIF changes (name, address, etc.) should be done until year-end forms and reports are received and verified by your institution. CIF records do not have a year-end file. Any rerun after December 31 looks at a live CIF file. You should make any updates to CIF before December 31 and the year-end processes.
|
Accounts payable customers will need to fill out the Client Year-end Reporting Setup Form for Loans/Accounts Payable form. For more details on the Accounts Payable part of year-end process, see: Accounts Payable 1099-MISC and 1099-NEC Year-end. |
The 1042-S form (Foreign Person Withholding) will automatically be put into IRS GOLD at year-end if the 1042-S Form Required field is checkmarked on the Withholding Information tab on the Interest Fields screen (under Deposits > Account Information in CIM GOLD). Your institution must print your own 1042-S forms from IRS GOLD and mail them to your customers by January 31. |
