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Tax Table Update: If you are on a current Best Software subscription plan, you should automatically receive your tax table update at no charge in late December. Do not load it until after your 2002 W-2s have been run, but before the first payroll of 2003. Timing is critical! (See below for more options.) Magnetic Media: If you are running W-2s for more than 250 employees and/or form 1099 for more than 100 vendors, the Internal Revenue Service requires that you file this information electronically. There is a module available for the Federal filing process. Contact Trish for more information. Non-cash Fringe Benefits: In payroll, your non-cash fringe benefits must be calculated at the same time your last payroll for the year is processed. This will correctly calculate your non-cash fringe benefits and appropriate taxes relating to those fringes, for proper reporting to the IRS. Important Tax Dates: Payroll W-2 and 1099 forms are due to employees and vendors respectively by February 1, 2003. Payroll Hints: From the Payroll Setup menu, select Payroll options. Then select the "Retain year-to-date check history check box". This will allow printing of year-to-date earnings and withholding information on your employees' paychecks. You should also select the "Retain perpetual payroll history" check box. Quarter-end processing does not affect these field settings, but it is important to have these checked before updating any payroll checks. W-2 Hints: MAS 90/200 requires that you print your 2002 W-2 forms before performing a year-end closing in the Payroll module, and before processing your first payroll for the new year (2003). This may be difficult if your first payroll for 2003 occurs before you are ready to print and process your W-2s. If you fall into this scenario, just follow these steps to resolve the problem:
Tax Forms: Be sure to order all of your tax forms early to ensure you have enough and you have them on time. If you need a source, contact Trish. Review the Technical Reference & Support Guide (TRSG) under Year-End Procedures for complete detailed instructions on the Order of Closing Chart, Checklist, etc. To access TRSG on your workstation, go to the Start button, Programs, Best or Sage Software or MAS 90, then select TRSG.
General Ledger Auto Budget: MAS 90/200 General Ledger has an option for an Automatic Budget. If you have this option turned on during year-end processing, your 2003 budgets will be created automatically. However, if you have already entered budget information for 2003, it will be overwritten during the year-end closing process. In order to prevent this from happening, prior to beginning your year-end close in General Ledger, go to General Ledger options and turn the Auto Budget option to "None." This will prevent any budget that was set up for 2003 from being written over. General Ledger Number of Years to Retain Transaction History: There is an option for Number of Years to Retain Summary History under General Ledger | Options. You want to be sure that both of these are set for at least three years in order to retain the information. Be sure to look at this option prior to beginning your year-end close, as you could unintentionally lose some history. If you want prior year comparison(s), the two following conditions must be met: The "Number of Years to Retain Transaction History" field in GL options should be set to at least three years, representing the current year and two prior years. The "Number of years to Retain Summary History" field in GL Options should be set to at least three years. This field can be set as high as "99". If set to "1", the transaction and summary history will be removed during year-end processing. In GL options, the Journal Number Reset field defaults to "Year End". If you do not want the Register and entry numbers to be reset to "one" at year-end, set the Journal Number Reset field to "Do not reset." |
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Guide my keystrokes,
Amen
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December 24th at noon
From all of us to all of you, we wish you a safe, healthy, happy and a very merry!
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Solution Strategists LLC 312 North Avenue East · Suite 7 · Cranford, NJ 07016 908.276.2270 · fax: 908.272.5404 e-mail: info@solstrat.com website: www.solstrat.com |
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