Tenant File Year End Closing Instructions for DESKTOP ONLY
NOTE: WE WILL EMAIL YEAR END INFO FOR ALL VIRTUAL SERVER USERS
The specific instructions for closing out the year are located in your manual. This screen is intended to provide additional information and tips for closing out the year, so please follow it carefully. This documentation is for the current version - if you have an older Tenant File version, you will need to refer to your matching User's Guide for detailed instructions.
Do you need to close out the year? Yes, we highly recommend closing the year, especially if you manage over 100 rental units. Closing the year will make your database smaller and it will run more efficiently. If you follow the directions below, your previous data will be saved in a separate folder, and it will be easy to access. Some users that don't manage a large number of properties like to keep a couple of years in the Tenant File which is normally ok.
NOTE: IF YOU WOULD LIKE FOR A TENANT FILE EXPERT TO CLOSE OUT THE YEAR FOR YOU AND MAKE BACKUPS, YOU CAN BOOK A 30-MINUTE REMOTE SESSION ($60.00). THAT WAY YOU CAN BE SURE IT IS DONE CORRECTLY WITH THE PROPER BACKUPS, AND ACCESS TO YOUR PREVIOUS DATA. BOOK EARLY BECAUSE THERE ARE LIMITED SLOTS. TO BOOK, CLICK HERE.
Before anything, BACKUP! There is nothing more important to closing out the year than making sure you have a good backup of your information. Once you have entered all of the information you can for the previous year, make full backups before closing out anything! You should use a backup utility provided by Windows or another third party backup utility.
Make a full backup of your Tenant File folder (or directory) to a removable media (such as memory stick, flash drive, CD, DVD, etc) so that you can store a copy of your Tenant File information 'off premises'. You will find your files in a folder (or directory) in the path named C:\Tenant File\TF4WIN unless you changed the default path during installation of the Tenant File. In addition to the full backups, copy all files ending with .MDB (your database files) and the files ending with .DAT (your settings) to a separate media and label the disks with the appropriate date period.
Note: To see what folder your Tenant File files are in, just right-click on the shortcut icon that opens the Tenant File, choose 'Properties', and look at the 'Start in' path (NOT the 'Target').
How to copy your current TENANT FILE folder to a new folder for a ‘Previous Year’ backup: Once you are finished posting for the year, and BEFORE CLOSING, make a copy of your Tenant File folder on your computer’s hard drive. That way, you can access last year’s files without having to restore anything. Be very careful to follow the instructions below. Depending on the version of Windows that you are using, the procedure may be slightly different for your computer.
Note: This assumes your files are in a folder named ‘TF4WIN’. If not, substitute the name you assigned instead. (To see where your Tenant Files are located, go to the icon or program shortcut that starts the program, then right-click on that item. Go to 'Properties', and look for the 'Start in' path of your Tenant File program. The file TF4WIN.EXE is NOT part of the path or location! (Note: The steps below assume your Tenant File is in the folder 'c:\Tenant File\TF4WIN' - yours may be different)
Step 1: Open Windows Explorer (or find 'Computer', 'My Computer' or 'This PC').
Step 2: Double-click on your local computer hard drive letter. (Such as drive ‘C:’)
Step 3: Find the folder named ‘Tenant File' and double-click to open it
Step 4: Find the folder named ‘TF4WIN’ and click once on the folder to highlight the folder. (Don’t open it)
Step 5: Press Ctrl-C (or Control-C) to copy the folder. (You won’t see any change)
Step 6: Press Ctrl-V (or Control-V) to paste the folder. (You may not see any change)
Step 7: Find the NEW FOLDER, named ‘TF4WIN - Copy' (or 'Copy of TF4WIN'). (Probably at the bottom of your current window)
Step 8: Right-Click on the new folder, then select ‘Rename’.
Step 9: Type in ‘TF4WIN2023’, or whatever you want to call your previous year file folder.
Step 10: Create a shortcut to the new folder: Double-click to open the folder you just created. Find the program file TF4WIN.EXE, and RIGHT-CLICK on the file. Select 'Create Shortcut', which should create a 'shortcut to TF4WIN.EXE' file in the same folder you are in. Drag that shortcut to your desktop. You should rename the shortcut something that is more descriptive, such as 'Tenant File 2023'. To rename it, simply right-click on the new shortcut on your desktop, and choose 'Rename'.
What happens during closing...
The Year End closing procedure is very simple, really. In the Year End Closing Screen, you will specify a 'Starting Close Out Date' and an 'Ending Close Out Date'. The total of all transactions between these two dates will be carried forward and posted to the 'Starting Balance' in each Owner Ledger, Property Ledger, Unit Ledger, and Tenant Ledger. The 'New Starting Bal. Date' selection on your screen will be the date of your new 'Starting Balance'.
NOTE: If you have not closed out the year for more than one year, BE SURE to specify the correct 'Starting Close Out Date' to include the previous years. For example, if you have transactions dating back to 2018, you must specify the 'Starting Close Out Date' to be 01/01/2018 to include the 2018 transactions in the close out. Next, the Year End closing procedure will delete all of the transactions in each ledger between the dates you specified. None of your Owner, Property, Unit, or Tenant information will change, only the transactions will be affected. The Year End Closing Screen allows you a few CARRY FORWARD options:
For your Owners: The Owner accounting is in the Owner, Property, and Unit Ledgers, so you should either carry forward all 3, or remove the check marks for all 3. If you have paid all of your Owners and there are NO debit or credit balances remaining, you can choose NOT to carry forward the balances by removing the check marks for the Owner, Property, and Unit. (Some Tenant File users that have carried forward high balances from previous years might want to choose not to carry the balances forward). You can always enter any Starting Balances manually into any Owner, Property, or Unit Ledger. Normally, if there are owner balances, you should carry all 3 forward.
For your Tenants: You should always carry forward any balances from your Tenants, so that any amounts due from the previous year will carry into the new year. So, leave the box checked to carry forward the Tenant balances. (You would only remove the check mark if you wanted to clear out all Tenant Ledger totals). Remember, if you want to retain your current balances in your ledgers, you must keep the check marks showing. This is an accounting decision for which you may need to consult with your accountant.
Reports you need to run… The most helpful reports that relate directly to Year End Closing are the Ledger Balances, Listings, Owner Statements (detailed), Income/Expense Reports, and the Account Reports. If you are going to delete the old checks (which you should), be sure to run Check Reports, and Vendor Reports. Be sure that you run the Ledger Balances report before and after closing to see if all of your balances are correct to begin with, and then if they transferred the way you wanted them to. If a balance is incorrect, it is most likely because a particular ledger had an incorrect balance or transaction before closing. This can be caused by an electrical surge or by shutting down the computer without exiting the program correctly. (If a ledger ever shows the wrong current balance, it can be fixed by simply getting into it again - all ledgers automatically recalculate the transactions each time you enter the ledger). If there is an incorrect transfer amount, just make the appropriate Owner, Property, Unit, or Tenant active, and then click on the 'Starting Balance' button. The 'Starting Balance' and 'Starting Date' can be edited just like any other information. (Be sure to use a minus sign to show that the amount is an outstanding balance owed).
Deleting Unused Owner, Properties, Units, and Tenants… At the end of the year is the best time to delete any Owners, Properties, or Units you no longer own or manage, along with the associated Tenants or Vacancies. Do this after you close out, and after you have run all of the appropriate information reports, financial reports, and statements that you need for the Owners and for taxes. Refer to your User's Guide under 'Deleting'. Remember that deleting something is much different than making it 'VACANT'. When you make a Unit or Tenant 'VACANT', all of the Tenant transactions are transferred to the Inactive File. (See 'Common Questions and Answers' and 'Inactive Files'). All Owner, Property, and Unit transactions are retained in the Active File for continued posting. On the other hand, when you delete an Owner, Property, Unit, or Tenant, no information or transactions are saved. Even when a property is sold, you should first make it VACANT to save the Tenant payment history, then run all Owner and financial reports, and finally delete it at the end of the year after closing. Be aware that deleting 'cascades', in other words, deleting an owner deletes ALL properties, units, and tenants for that owner.
Note on deleting unused properties or units: If there is a balance on the property or unit, deleting it will erase that balance! So before you delete anything, make a note of the balance first. Then you can post that balance into the Owner Ledger. We'd suggest that you include a remark such as "balance from deleted rental unit 123 Elm Street".
Deleting Unused Account Categories… At the end of the year is the best time to add new Account Categories or delete any unused Account Categories. Do this after you close out and before you enter any new transactions. The reason for this is that if you edit or delete any account category, it will affect all transactions that use that account category throughout the program.
Deleting Inactive Files… We strongly suggest that you also clear your Inactive Files. If you keep your Inactive Files, the file may become too big in size and increase the risk of database corruption. These files will be saved with your year-end backup if you follow the above instructions. The best way to start off with a new, blank INACTIVE file is to download one from this website. We have provided a NEW, BLANK INACTIVE FILE for VERSION 6, 7, 8, and 9 ONLY. If you have any other older version before 6.0 DO NOT DOWNLOAD this file. You will need to download this file and copy it to your current Tenant File folder, overwriting your existing INACTIVE file of the same name: TFDATAOF.MDB.
Click here to get the BLANK INACTIVE FILE download.
Deleting Old Printed Checks and Deposits… don't skip this step! Your check files can grow rapidly, and contain a lot of detailed information, so you should definitely erase your previous year's CLEARED checks and deposits. This will speed up the program and reduce the risk of database corruption. To erase your cleared checks and deposits, enter the 'Register', then display the CLEARED checks and deposits through the end of the previous year to delete. Be sure to write down the total shown at the bottom of the screen, because you will need to post that amount as a starting balance in the new year. Note: You may want to delete the 'cleared deposits' as a separate step from deleting the 'cleared printed checks' - then you will need to post forward 2 separate amounts, a 'cleared deposits' amount (credit) and a 'cleared checks' amount (debit). You can use the date ranges above the grid to select specific dates – but if you change a date range, re-select your categories at the top left of your screen and be absolutely sure that you only are viewing the checks or deposits you want to delete. (Check to be sure you don't have any checks and deposits prior to the year you are deleting - use an earlier 'Start' date in that case). Be sure you do not delete any 'Pending' checks or deposits. When you have displayed the checks to delete, click on the 'Delete All' button. Also delete any 'Voided' checks or deposits, but don't carry anything forward for those. Don't forget to check your other bank accounts if you have used them. Be sure that you have run a full set of reports on your printed checks and have already printed all checks in the 'Entered' Check File prior to deleting them. Make your backups first.
Database Maintenance… Any time you make a lot of changes in a database, as in the Year End Closing, you should compact the database to 'reclaim' lost space and speed up the program. Refer to 'Database Maintenance' in your Help file or manual. You would want to run the REPAIR FILES and then the COMPACT FILES procedure. (For both the Active and Inactive Files). Also, click the button to CHECK FOR LINK PROBLEMS. This will check for link problems that may have occurred while deleting ledgers. It will also check for invalid transaction dates.
Reminder on restoring your data … If at any time during the year, you need to restore the previous year’s database to view activities, it is important to remember that if you RESTORE the .MDB file into your current TF4WIN folder, it will OVERWRITE your current data. Never restore data from within the Tenant File or from another utility without copying your current data files first. Better yet, restore it to an installation on a different computer or in a different folder, as per our instructions above.
Important Settings Reminder…
The Tenant Files uses the current Windows settings for the date display. You need to make sure that the display shows 4 digits for the year. This is normally done in the 'Control Panel' for your computer settings. We suggest the short date style of mm/dd/yyyy. If you have any questions not covered in the Year End Closing guidelines, and if you have available phone support (see top of screen to purchase) you can call tech support between 10-2 CST Monday-Friday, excluding holidays. You need to have your Customer Phone Support ID# ready. We are busy at this time of the year answering questions, so please be patient. We’re sorry but we cannot answer any questions about backing up your files using your WINDOWS Backup utility or copying files through WINDOWS – only questions that pertain to the Tenant File program. Thank you for your continued support of the Tenant File.
Before anything, BACKUP! There is nothing more important to closing out the year than making sure you have a good backup of your information. Once you have entered all of the information you can for the previous year, make full backups before closing out anything! You should use a backup utility provided by Windows or another third party backup utility.
Make a full backup of your Tenant File folder (or directory) to a removable media (such as memory stick, flash drive, CD, DVD, etc) so that you can store a copy of your Tenant File information 'off premises'. You will find your files in a folder (or directory) in the path named C:\Tenant File\TF4WIN unless you changed the default path during installation of the Tenant File. In addition to the full backups, copy all files ending with .MDB (your database files) and the files ending with .DAT (your settings) to a separate media and label the disks with the appropriate date period.
Note: To see what folder your Tenant File files are in, just right-click on the shortcut icon that opens the Tenant File, choose 'Properties', and look at the 'Start in' path (NOT the 'Target').
How to copy your current TENANT FILE folder to a new folder for a ‘Previous Year’ backup: Once you are finished posting for the year, and BEFORE CLOSING, make a copy of your Tenant File folder on your computer’s hard drive. That way, you can access last year’s files without having to restore anything. Be very careful to follow the instructions below. Depending on the version of Windows that you are using, the procedure may be slightly different for your computer.
Note: This assumes your files are in a folder named ‘TF4WIN’. If not, substitute the name you assigned instead. (To see where your Tenant Files are located, go to the icon or program shortcut that starts the program, then right-click on that item. Go to 'Properties', and look for the 'Start in' path of your Tenant File program. The file TF4WIN.EXE is NOT part of the path or location! (Note: The steps below assume your Tenant File is in the folder 'c:\Tenant File\TF4WIN' - yours may be different)
Step 1: Open Windows Explorer (or find 'Computer', 'My Computer' or 'This PC').
Step 2: Double-click on your local computer hard drive letter. (Such as drive ‘C:’)
Step 3: Find the folder named ‘Tenant File' and double-click to open it
Step 4: Find the folder named ‘TF4WIN’ and click once on the folder to highlight the folder. (Don’t open it)
Step 5: Press Ctrl-C (or Control-C) to copy the folder. (You won’t see any change)
Step 6: Press Ctrl-V (or Control-V) to paste the folder. (You may not see any change)
Step 7: Find the NEW FOLDER, named ‘TF4WIN - Copy' (or 'Copy of TF4WIN'). (Probably at the bottom of your current window)
Step 8: Right-Click on the new folder, then select ‘Rename’.
Step 9: Type in ‘TF4WIN2023’, or whatever you want to call your previous year file folder.
Step 10: Create a shortcut to the new folder: Double-click to open the folder you just created. Find the program file TF4WIN.EXE, and RIGHT-CLICK on the file. Select 'Create Shortcut', which should create a 'shortcut to TF4WIN.EXE' file in the same folder you are in. Drag that shortcut to your desktop. You should rename the shortcut something that is more descriptive, such as 'Tenant File 2023'. To rename it, simply right-click on the new shortcut on your desktop, and choose 'Rename'.
What happens during closing...
The Year End closing procedure is very simple, really. In the Year End Closing Screen, you will specify a 'Starting Close Out Date' and an 'Ending Close Out Date'. The total of all transactions between these two dates will be carried forward and posted to the 'Starting Balance' in each Owner Ledger, Property Ledger, Unit Ledger, and Tenant Ledger. The 'New Starting Bal. Date' selection on your screen will be the date of your new 'Starting Balance'.
NOTE: If you have not closed out the year for more than one year, BE SURE to specify the correct 'Starting Close Out Date' to include the previous years. For example, if you have transactions dating back to 2018, you must specify the 'Starting Close Out Date' to be 01/01/2018 to include the 2018 transactions in the close out. Next, the Year End closing procedure will delete all of the transactions in each ledger between the dates you specified. None of your Owner, Property, Unit, or Tenant information will change, only the transactions will be affected. The Year End Closing Screen allows you a few CARRY FORWARD options:
For your Owners: The Owner accounting is in the Owner, Property, and Unit Ledgers, so you should either carry forward all 3, or remove the check marks for all 3. If you have paid all of your Owners and there are NO debit or credit balances remaining, you can choose NOT to carry forward the balances by removing the check marks for the Owner, Property, and Unit. (Some Tenant File users that have carried forward high balances from previous years might want to choose not to carry the balances forward). You can always enter any Starting Balances manually into any Owner, Property, or Unit Ledger. Normally, if there are owner balances, you should carry all 3 forward.
For your Tenants: You should always carry forward any balances from your Tenants, so that any amounts due from the previous year will carry into the new year. So, leave the box checked to carry forward the Tenant balances. (You would only remove the check mark if you wanted to clear out all Tenant Ledger totals). Remember, if you want to retain your current balances in your ledgers, you must keep the check marks showing. This is an accounting decision for which you may need to consult with your accountant.
Reports you need to run… The most helpful reports that relate directly to Year End Closing are the Ledger Balances, Listings, Owner Statements (detailed), Income/Expense Reports, and the Account Reports. If you are going to delete the old checks (which you should), be sure to run Check Reports, and Vendor Reports. Be sure that you run the Ledger Balances report before and after closing to see if all of your balances are correct to begin with, and then if they transferred the way you wanted them to. If a balance is incorrect, it is most likely because a particular ledger had an incorrect balance or transaction before closing. This can be caused by an electrical surge or by shutting down the computer without exiting the program correctly. (If a ledger ever shows the wrong current balance, it can be fixed by simply getting into it again - all ledgers automatically recalculate the transactions each time you enter the ledger). If there is an incorrect transfer amount, just make the appropriate Owner, Property, Unit, or Tenant active, and then click on the 'Starting Balance' button. The 'Starting Balance' and 'Starting Date' can be edited just like any other information. (Be sure to use a minus sign to show that the amount is an outstanding balance owed).
Deleting Unused Owner, Properties, Units, and Tenants… At the end of the year is the best time to delete any Owners, Properties, or Units you no longer own or manage, along with the associated Tenants or Vacancies. Do this after you close out, and after you have run all of the appropriate information reports, financial reports, and statements that you need for the Owners and for taxes. Refer to your User's Guide under 'Deleting'. Remember that deleting something is much different than making it 'VACANT'. When you make a Unit or Tenant 'VACANT', all of the Tenant transactions are transferred to the Inactive File. (See 'Common Questions and Answers' and 'Inactive Files'). All Owner, Property, and Unit transactions are retained in the Active File for continued posting. On the other hand, when you delete an Owner, Property, Unit, or Tenant, no information or transactions are saved. Even when a property is sold, you should first make it VACANT to save the Tenant payment history, then run all Owner and financial reports, and finally delete it at the end of the year after closing. Be aware that deleting 'cascades', in other words, deleting an owner deletes ALL properties, units, and tenants for that owner.
Note on deleting unused properties or units: If there is a balance on the property or unit, deleting it will erase that balance! So before you delete anything, make a note of the balance first. Then you can post that balance into the Owner Ledger. We'd suggest that you include a remark such as "balance from deleted rental unit 123 Elm Street".
Deleting Unused Account Categories… At the end of the year is the best time to add new Account Categories or delete any unused Account Categories. Do this after you close out and before you enter any new transactions. The reason for this is that if you edit or delete any account category, it will affect all transactions that use that account category throughout the program.
Deleting Inactive Files… We strongly suggest that you also clear your Inactive Files. If you keep your Inactive Files, the file may become too big in size and increase the risk of database corruption. These files will be saved with your year-end backup if you follow the above instructions. The best way to start off with a new, blank INACTIVE file is to download one from this website. We have provided a NEW, BLANK INACTIVE FILE for VERSION 6, 7, 8, and 9 ONLY. If you have any other older version before 6.0 DO NOT DOWNLOAD this file. You will need to download this file and copy it to your current Tenant File folder, overwriting your existing INACTIVE file of the same name: TFDATAOF.MDB.
Click here to get the BLANK INACTIVE FILE download.
Deleting Old Printed Checks and Deposits… don't skip this step! Your check files can grow rapidly, and contain a lot of detailed information, so you should definitely erase your previous year's CLEARED checks and deposits. This will speed up the program and reduce the risk of database corruption. To erase your cleared checks and deposits, enter the 'Register', then display the CLEARED checks and deposits through the end of the previous year to delete. Be sure to write down the total shown at the bottom of the screen, because you will need to post that amount as a starting balance in the new year. Note: You may want to delete the 'cleared deposits' as a separate step from deleting the 'cleared printed checks' - then you will need to post forward 2 separate amounts, a 'cleared deposits' amount (credit) and a 'cleared checks' amount (debit). You can use the date ranges above the grid to select specific dates – but if you change a date range, re-select your categories at the top left of your screen and be absolutely sure that you only are viewing the checks or deposits you want to delete. (Check to be sure you don't have any checks and deposits prior to the year you are deleting - use an earlier 'Start' date in that case). Be sure you do not delete any 'Pending' checks or deposits. When you have displayed the checks to delete, click on the 'Delete All' button. Also delete any 'Voided' checks or deposits, but don't carry anything forward for those. Don't forget to check your other bank accounts if you have used them. Be sure that you have run a full set of reports on your printed checks and have already printed all checks in the 'Entered' Check File prior to deleting them. Make your backups first.
Database Maintenance… Any time you make a lot of changes in a database, as in the Year End Closing, you should compact the database to 'reclaim' lost space and speed up the program. Refer to 'Database Maintenance' in your Help file or manual. You would want to run the REPAIR FILES and then the COMPACT FILES procedure. (For both the Active and Inactive Files). Also, click the button to CHECK FOR LINK PROBLEMS. This will check for link problems that may have occurred while deleting ledgers. It will also check for invalid transaction dates.
Reminder on restoring your data … If at any time during the year, you need to restore the previous year’s database to view activities, it is important to remember that if you RESTORE the .MDB file into your current TF4WIN folder, it will OVERWRITE your current data. Never restore data from within the Tenant File or from another utility without copying your current data files first. Better yet, restore it to an installation on a different computer or in a different folder, as per our instructions above.
Important Settings Reminder…
The Tenant Files uses the current Windows settings for the date display. You need to make sure that the display shows 4 digits for the year. This is normally done in the 'Control Panel' for your computer settings. We suggest the short date style of mm/dd/yyyy. If you have any questions not covered in the Year End Closing guidelines, and if you have available phone support (see top of screen to purchase) you can call tech support between 10-2 CST Monday-Friday, excluding holidays. You need to have your Customer Phone Support ID# ready. We are busy at this time of the year answering questions, so please be patient. We’re sorry but we cannot answer any questions about backing up your files using your WINDOWS Backup utility or copying files through WINDOWS – only questions that pertain to the Tenant File program. Thank you for your continued support of the Tenant File.