EOY Procedures

System Management System Management EOY Procedures

This document outlines the essential steps and considerations for End of Year (EOY) processing within the FLEX system. It is designed to assist credit union users in preparing for and executing EOY procedures efficiently.

1. Overview and Planning

  • Proactive Review: It is crucial to review these EOY procedures well in advance of the year-end.
  • Procedural Adjustments: Plan for any necessary adjustments to your credit union’s internal procedures based on this documentation.
  • Applicability: Be aware that certain steps outlined in these procedures may not be applicable to all credit unions. Tailor your approach accordingly.

2. Key Pre-Processing Requirement

  • Tax Form Balancing (Critical):
    • Requirement: Credit unions that choose to include Tax Forms 1098 and 1099 INT on Member Year-End statements MUST balance this information.
    • Timing: This balancing MUST be completed PRIOR to initiating any EOY processing. Failure to do so may result in discrepancies or errors in year-end statements.

3. Support Contacts

For assistance and inquiries related to EOY procedures, please utilize the following support channels:

  • FLEX Software Support:
    • Purpose: For questions specifically regarding the EOY procedures themselves.
    • Contact: Please contact the FLEX Software Support team.
  • FLEX Tax Support Team:
    • Purpose: For questions related to tax estimations or the balancing process of tax information.
    • Contact: Please contact the FLEX Tax Support Team.