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Flex Accounts


The Flexible Spending Account Administration Solution

How do I start a New Fiscal Year?

Company data for a each fiscal year must reside in a unique folder (directory) on your computer or network server, so there is a small, one-time-per-year procedure you must go through for each company (and individually for each of its divisions, if applicable) whose cafeteria plans you administer. The good news is that starting a new fiscal year with Fast-Flex Plus is painless!

1.  Go to Main Menu>File>Select Company/Divsn to choose the company for which you need to start the new fiscal year


2.  Next, go to "Start New Fiscal Year" (Main Menu/File/New Fiscal Year) in Fast-Flex Plus. Follow the on-screen instructions to create a new directory (named WLMART15, for example, in 2015) to hold the main Company's NEW fiscal year's data. The main company existing employee database (minus terminated employees - see page 52 in the manual to get rid of terminated employees) and your existing "company setup" data and other main company critical files will be automatically copied to this new directory by Fast-Flex Plus, ready to accept transactions in the new fiscal year.


A word of caution:  Even though you have just created a new data folder for the next fiscal year, you are still actually working with employees and transaction data in the current fiscal year that you last selected from Main Menu>File>Select Company/Division until you revisit Main Menu>File>Select Company/Division and choose the new fiscal year data folder that you just created.  In other words, if you go immediately to Main Menu>File>Company Setup and start to enter new fiscal year dates, you are actually changing the dates and other information for the current fiscal year.  


If (and only if) you have several divisions (branches) of the main company that appear in the "Company/Divsn" window after you select the "Data Path" (refer to: Main Menu>File>Select Company/Division) then you must repeat the above process for each division, one at a time.  This is also a two-step process:


3.  Go back to Main Menu/File/Select Company/Division and select the same main company in the Data Path window.  Next, select the Division code for which you need to create the new fiscal year:


4.  Go to Main Menu/File/New Fiscal Year.  Next, you need to enter the EXACT same new fiscal year identifier (Ex. WLMart15, that you entered for the main company) into the box under Main Menu>File>New Fiscal Year. This will copy the necessary files for the division (branch) into the new fiscal year folder.  


Repeat Steps 3 and 4 for each division, if any, of the main company  


Once completed, you are finally ready to update the New Year's company setup data (Main Menu>File>Company Setup) and withholdings for the first pay period of the new fiscal year.  Note that once you have updated the Company Setup information for either the Main Company or one division, you do NOT need to update/change the company setup data for other divisions because the data in that file is shared (the same) for all divisions of a main company. 


You should always verify which fiscal year's data you are working in by looking at the yellow data path that appears on the main menu.

That's all there is to it! You can view any fiscal year's data at any time by selecting "Main Menu>File>Select Company/Division".