Year-End 2020 CAMS-ii Road Map

Use this road map to guide your end-of-year processing: IRS Forms Processing and Reporting, General Ledger Closing, and other Year-End tasks.

First, we strongly recommend that you print and read the four attachments to this posting.

1. Click here for the IRS Forms Cover Letter for 2020.

2. Click here for the CBS Service for IRS Electronic Filing Transmittal Sheet for 2020.

3. Click here to access the CAMS-ii Year-End Checklist.

4. Click here for the IRS Tax Form Preparation List.

This road map is divided into two sections: Before Year-End Processing and After Year-End Processing.

Before Year-End Processing

+ Fill out the IRS Electronic Filing Transmittal Sheet.

+ Return the IRS Electronic Filing Transmittal Sheet to CBS per the instructions on the sheet.

+ As necessary — especially for those third-parties that need estimates of the forms that you will need — run Form Estimations for all IRS forms that your credit union uses.

+ Complete Steps 1 through 14 on the Before You Begin the Year-End Batch Processing section of the Year-End Checklist by December 30th.

+ On December 31st, carefully review the reports mentioned in the Year-End Batch Processing section of the CAMS-ii Year-End Checklist.

After Year-End Processing

+ Confirm IRA/HSA settings under Back Office > Standard > Parameters > Control-IRAs/Control-Health Savings. (See the Preparing IRA and HSA Contribution Limits and End Dates section of the CAMS-ii Year-End Checklist for more details.)

+ Complete the Closing the General Ledger section of the Year-End Checklist by January 31st.

+ Complete the IRS Tax Form Preparation List attached to this posting.

+ After 2/15/2020, Create IRS Electronic File for CBS (See the How To Export the IRS Tax Data files to CBS Services on page 5 of the IRS Electronic Filing Transmittal Sheet, attached to this posting).

Please submit any questions regarding this road map and/or its attachments to the CBS CTT.