Fiscal Year and Calendar Year are different
IMPORTANT:
If the current fiscal year already includes January 2026, there's no need to start a new fiscal year to record transactions in January.
This guidance applies only to companies whose fiscal year begins in a month other than January.
Starting a new fiscal year in BIS is a straightforward process divided into simple steps.
1. Backup
Create a new backup file for each company.
It's
recommended to create at least two copies, label one as the 'Annual
Backup' (which should not be overwritten), and store one copy off-site
if possible.
Backup screen form.
Notes: It
is recommended to include a date reference (e.g., YYYYMMDD format) and
the user's initials in the backup file name. Please make sure to keep
all your backup files in a secure location. A password can also be
assigned to a backup, but it is essential to memorize it and to save it
in a safe place. You won't be able to retrieve the content of a backup
file if you lose its password.
2. Install the latest BIS Update
The
year-end BIS update includes the latest Federal and State tax tables,
along with numerous enhancements and necessary fixes. It
is available for downloading to all BIS customers with current
Software
Update Subscriptions or current BIS Cloud Subscriptions. Users
will receive an email with a download link, along with their
assigned
login credentials and password. Contact customer service if you
haven't received the email.
Once the latest BIS
update is downloaded, follow the given instructions to install
it. After installation is complete, each company must be accessed
individually to ensure the database is updated correctly.
Finally, create a new backup for each company after finishing the update process.
3. Suggested reports to print and save before starting the new fiscal year.
This is a suggested list of reports to print and save before starting the new fiscal year; however, it is recommended to consult with your accountant about which reports are necessary.
- A. Payroll (PR):
- Employee Ledger
- Federal/State Unemployment Tax Liability
- Gross Wages
- Taxable Wages
- Payroll Summary
- B. Tax Information:
- 941 Federal Quarterly Form
- 940 FUTA Report
- W-2s (Forms or Electronic Filing)
- W-3 Transmittal Form
- California Only: DE9C Report
- Quarterly State Unemployment
- 1099s
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