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Solomon User Group Meeting Year End Closing for Dynamics SL WELCOME!

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Presentation on theme: "Solomon User Group Meeting Year End Closing for Dynamics SL WELCOME!"— Presentation transcript:

1 Solomon User Group Meeting Year End Closing for Dynamics SL WELCOME!

2 Year End Closing for Dynamics SL  1099 YEAR-END CHECKLIST  AP Setup ( )  Vendor Maintenance ( )  1099 Preview Report ( ) and Vendor Trial Balance Report ( )  AP Integrity Check ( ) – Rebuild 1099 History  1099 Forms ( ) and Generate 1099 Magnetic Media ( )  1099 Calendar Year Control ( )

3 NEW!! 1099 Reporting Requirement

4  Additional information required in Recipient’s Name Box  TIN Name (i.e. Joseph Smith)  Recipient Name 2 (i.e. American Interiors)  Database changes have already been made in SL2011  Customizations may be necessary for earlier versions  Are waiting for Microsoft Year-end updates to determine if this has been addressed

5 1099 Form Trivia  TIN Incorrect Notice – What is that field?

6 Payroll year end checklist Process final payroll for 2011 Print these reports:  941 Quarterly Federal Tax Worksheet ( )  Unemployment Tax Worksheet ( )  Earnings & Deductions report ( ), Detail and Totals formats Balance these reports:  941 Quarterly Federal Tax Worksheet.  Unemployment Tax Worksheet with the Earnings & Deductions report, Totals format. Make a BACKUP of the database.

7 Payroll year end checklist (cont.) Close GL ( ) for the year. Update deduction and earnings information for Employees such as new SUTA rates, insurance rates, etc. Update the Payroll tax table information. Delete detail using Delete PR Detail ( ) Print and review Earnings & Deductions report, Detail and Totals formats.

8 Payroll year end checklist (cont.) Generate Magnetic Media ( ) and verify information if filing electronically. Run the W-2 Calculation ( ) process. Print the W-2 Forms ( ) to plain paper and review for accuracy. Verify the totals balance to the totals from the Earnings & Deductions report, Totals format. If necessary change W-2 amounts, in Initialize Mode, by accessing Employee W2 History ( ) If changes are necessary re-run the W-2 Calculation. When ready, print the W-2s on the appropriate forms.

9 Payroll Reports Balancing Tips Reconcile wages, withholdings, etc. from the four quarterly 941s filed for the year to the totals on the W-2s and Earnings & Deductions report, Totals format. Use the Earnings & Deductions totals to balance the W-2 information for state wages and state withholding amounts to the forms that are filed with your state taxing authority. Print the General Ledger Trial Balance ( ), and compare with the Earnings & Deductions report, Totals format to balance the wage accounts, liability accounts, etc. The QTD and YTD information on the Earnings & Deductions report and the Unemployment Tax Worksheet come from the data in Employee History ( ). If an error is found on either report, you can use Initialize Mode to correct the information for an Employee in Employee History and then reprint the report.

10  General Ledger Year End Closing Make a BACKUP of the database, which you can restore in case undesired loss of data occurs. Selecting a Closing Type of 'Year' in GL Closing (01.560) will: perform all of the functions of a month-end closing, set the current year and period to the first period of the new year, establish the new year beginning balances for the asset and liability accounts, move the old year's net income to the retained earnings account, and retain the old year's period-to-date and year-to-date history. All other modules must be closed prior to closing General Ledger.

11 New! 1099 Vendor Audit Module for SL7.0 This module provides the functions needed to: o Audit and update vendor 1099 information. o Audit and update payments made to 1099 vendors. o View vendor check information. o Report on 1099 detail. o Reset 1099 year if accidentally closed.

12 Don’t forget to order the forms!  You can order forms formatted specifically for your accounting application from the Intellitec website.

13 Business Forms for Microsoft Dynamics


15 W-2/W-3 and 1098/1099 Forms

16 How to obtain specific year end updates  Will be available on Customer Source for download.  The 2011 Year End Updates include changes for 1099 and W-2 reporting to comply with 2011 tax year regulations.  Included with the update files will be technical documents which details the changes being made with this update along with detailed installation instructions.

17 Thank you ! Intellitec Solutions Reading, Wilmington, Washington DC

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