Peachtree Year-End Guide 2008 - quantumbuyers.compdf\paweoy.pdf · Peachtree Complete Accounting, Peachtree Premium Accounting and Peachtree Quantum applications, related products

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Year-End Guide 2008Peachtree Simple Payroll and Peachtree Select Payroll

2008 Year-End Guide

Registration and Customer Support Information

View Peachtree Products and Services www.peachtree.comRegister Peachtree Products: www.peachtree.com/register 1-800-388-4697 Outside United States: www.peachtree.com/register 770-492-6333Purchase Customer Support Plans: www.peachtree.com/support 1-800-336-1420

Copyright

Information in this document is subject to change without notice. Company names and data used in examples herein are fictitious unless otherwise noted. No part of this document may be reproduced or transmitted in any form or by any means without the express written permission of Sage Software, Inc.

© 1992-2008 Sage Software, Inc. All rights reserved.

Portions of the Peachtree First Accounting, Peachtree Pro Accounting, Peachtree Complete Accounting, Peachtree Premium Accounting and Peachtree Quantum applications, related products and services, and associated documentation were created by third parties and are hereby acknowledged as follows:© 1995-2007 Aatrix Software, Inc. All rights reserved.

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Sage, Sage Software, the Sage Software logo, Peachtree, Peachtree Software, the Peachtree logo, Peachtree Complete, Peachtree Direct Deposit, Peachtree First Accounting, Peachtree Passport, Peachtree Payroll Service, Peachtree Premium, Peachtree Today, Peachtree Web Accounting, Peachtree WebsiteTrader, Peachtree Web Transaction Center, Peachtree WebsiteCreator, WebsiteCreator Pro, ePeachtree, PeachSync, ACT!, Timeslips, TAL, DacEasy, FAS, MAS 90, MAS 200, "Your Business in Mind," "Accuracy. Control. Results," "Get The Insight Behind Your Numbers," and "Accounting Behind the Screens" are registered trademarks or trademarks of Sage Software, Inc. or its affiliated entities.

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Table of Contents

Introduction and Getting Help . . . . . . . . . . . . . . . . . . . . . 1What’s New This Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Peachtree Payroll Tax Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

How to Subscribe to One of the Payroll Tax Solutions . . . . . . . . . . . .4Peachtree Fixed Assets Tax Update Service . . . . . . . . . . . . . . . . . . . . . . . 4Peachtree Checks and Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Peachtree’s Internet Web Site . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Peachtree Technical Support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Before You Contact Technical Support . . . . . . . . . . . . . . . . . . . . . . . . .7Peachtree Technical Support Information Sheet . . . . . . . . . . . . . . . . . .8

Print the Peachtree Technical Support Information Sheet . . . . . . . 8

Payroll Year-End Procedures . . . . . . . . . . . . . . . . . . . . . 11When to Close the Payroll Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Determine the Two Open Payroll Years in Your Company . . . . . 11Payroll Year-End Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Step 1: Make sure your program and forms are up to date . . . . . . . .15If you subscribe to one of the payroll tax solutions for Peachtree. 15If you do not subscribe to any payroll tax solution for Peachtree . 18

Install the Latest Fixed Assets Tax Service Update . . . . . . . . . . . . . . .20Step 2: Verify Your State Unemployment Wage Limit and Percentage Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

Release 2008 and Earlier . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Release 2009 and Later. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Step 3: Synchronize Direct Deposit Payroll Transactions . . . . . . . . .23Step 4: Print Payroll Year-End Reports and Forms . . . . . . . . . . . . . . .24Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24Preparing Quarterly Payroll Reports and Forms . . . . . . . . . . . . . . . . .25

Printing the Quarterly Earnings Report. . . . . . . . . . . . . . . . . . . . . . 25Printing Quarterly Employer Payroll Tax Reports . . . . . . . . . . . . . 26Printing 941 Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Preparing Annual Payroll Reports and Forms . . . . . . . . . . . . . . . . . . .29Printing the Payroll Exception Report . . . . . . . . . . . . . . . . . . . . . . . 29Printing the Yearly Earnings Report . . . . . . . . . . . . . . . . . . . . . . . . 31Printing Employee W-2 Forms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Printing Vendor 1099 Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Printing Company 1096 Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Printing the 940 Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Make Payroll Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35Step 5: Close Payroll Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36Using the Year-End Wizard to Close the Payroll Year . . . . . . . . . . . .36

Before Starting the Wizard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Starting the Year-End Wizard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38The Wizard Windows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

After-the-Fact Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42Entering After-the-Fact Payroll Information for Employees. . . . . 43

After-the-Fact 1099 Payment Information . . . . . . . . . . . . . . . . . . . . .46

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Table of ContentsPeachtree Accounting Year-End Guide

Entering After-the-Fact Payment Information for 1099 Vendors. 46Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Update Employer State Unemployment (SUI ER) Tax Table/Payroll Formula . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

Updating SUI ER Tax Tables Using the User-Maintained Tax Table/Payroll Formula Wizard . . . . . . . . . . . . . . . . . . . . . . . . . 49Updating SUI ER Tax Tables/Payroll Formulas Manually. . . . . . . 49

Troubleshooting Payroll Year-End . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Troubleshooting Problems after Printing Employee W-2 Forms . . .50

No Amounts or Incorrect amounts are Printing on Employee W-2 Forms for Boxes 1, 3, 5, 16 or 18 . . . . . . . . . . . . . . 51Amounts are not Printing in the Correct Boxes on the Employee W-2 Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56The W-2 Forms Print in Employee Social Security Number Order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Troubleshooting Problems after Printing Vendor 1099 Forms . . . . .59An Incorrect Payment Total is Printing on Your 1099 Form . . . . 591099 Forms are not Printing for a Vendor . . . . . . . . . . . . . . . . . . . 60Incorrect Vendor Name and/or Address is Printing on the 1099 form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62The Payment Amounts are Printing in the Wrong Box on the 1099 Form. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Troubleshooting Payroll Tax Calculation Errors During Payroll Entry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63

Common Reasons Peachtree Displays Payroll Tax Table/Payroll Formula Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64Troubleshooting Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

General Ledger Year-End Procedures . . . . . . . . . . . . . . 67When to Close the Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67

Determine the Two Open Fiscal Years in Your Company. . . . . . . 67General Ledger Year-End Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Step 1: Complete All Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . .69Step 2: Fixed Assets Year-End Procedures . . . . . . . . . . . . . . . . . . . . . .69Installing the Latest Peachtree Fixed Assets Tax Update Service . . . .70Closing Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70

Calculate and Post Fixed Asset Depreciation Amounts for Each Accounting Period before Closing the Current Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Step 3: Reconcile G/L Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72Step 4: Printing Year-End Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . .72Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72Step 5: Audit Reports and Make Adjustments . . . . . . . . . . . . . . . . . . .73Step 6: Close Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74Before Closing the Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74Close the Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74

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Closing the First of the Two Open Fiscal Years. . . . . . . . . . . . . . . . 75Purge Unnecessary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

Troubleshooting Fiscal Year End . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76You Must Post and Print Before Closing. . . . . . . . . . . . . . . . . . . . . 76Periods Not Updating When Closing Fiscal Year . . . . . . . . . . . . . . 78No Transactions Under Open After Fiscal Year Close . . . . . . . . . . 80

Frequently Asked Year-End Questions . . . . . . . . . . . . . 83How is Peachtree preparing for the increased call volume?. . . . . . 83What can I, as a Peachtree customer, do to improve my year-end call experience?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83What has happened thus far to ensure a smooth Year-End closing for Peachtree customers needing support? . . . . . . . . . . . . . 84Will Peachtree provide e-mail support for Year End? . . . . . . . . . . 84Will Peachtree provide Live Chat Assistance support for Year End? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84Explanation of fields on the Federal W-2 form. . . . . . . . . . . . . . . . 85Explanation of fields on the Federal 941 form . . . . . . . . . . . . . . . . 85After installing my payroll tax solution update, I do not see the 2009 tax tables under File, Payroll Tax Tables/Formulas, Peachtree-Maintained. How do I correct this? . . . . . . . . . . . . . . . . 90The current year tax tables/payroll formulas will not install properly. How do I correct this problem? . . . . . . . . . . . . . . . . . . . . 90

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Table of ContentsPeachtree Accounting Year-End Guide

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• Introduction and Getting Help •
OverviewThis guide will help manage year-end activities while using Peachtree. Depending on how your company data is set up, you may need to do the following:

• Payroll Year-End Procedures—This may include printing yearly earnings and tax reports, printing employee W-2 and vendor 1099 and 1096 forms, and closing the payroll year (if necessary). For more information, see “Payroll Year-End Procedures” on page 11.

• General Ledger Year-End Procedures—This may include making year-end adjustments, printing annual reports, running the Internal Accounting Review, and closing the fiscal year (if necessary). For more information, see “General Ledger Year-End Procedures” on page 67.

• Purge Unnecessary Data (optional)—After closing payroll and fiscal years, you may want to purge unnecessary data in your Peachtree company. This may include removing old time and expense tickets, old quotes, closed purchase and sales orders, old transactions, account reconciliations, reimbursable job expenses, and inactive records. For more information, consult the Peachtree Help.

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Introduction and Getting HelpPeachtree Accounting Year-End Guide

What’s New This Year

Release 2009 now includes:

• Vacation/Sick Time tab: You can use this tab in Maintain Employees to set up individual vacation and sick time amounts for employees. You can also specify a maximum number of accrued hours for each employee. This includes a new Vacation and Sick Time report.

• Updated Payroll Setup: You can now use the Payroll Setup Wizard/Payroll Settings wizard to create a greater variety of deductions, such as retirement plans, insurance plans, and flexible spending accounts. In addition, Peachtree 2009 offers you the ability to manage additional company liabilities, such as several state training taxes, industrial insurance, and more.

• Withholding tab fields: You can now enter amounts for flex spending, retirement plans, and catch-up contributions on the Withholding Info tab.

For more information on all the new payroll features in Release 2009, click Help, What’s New in Peachtree from the Peachtree program toolbar.

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Peachtree Payroll Tax Solutions

Peachtree Payroll Tax Solutions

If you have already subscribed to one of the payroll tax solutions for Peachtree, thank you! As you know, using Peacthree Simple Payroll or Peachtree Select Payroll are fast, easy, and economical ways to help you stay compliant with ever-changing tax laws; and this year-end guide will help you manage your year-end activities, specifically those activities related to payroll.

If you haven't subscribed yet, you should consider doing so. With tax tables changing many times a year, nothing gives you more peace of mind than knowing you’re up-to-date with ever-changing tax laws. Our payroll tax solutions make it easier than ever to keep your Peachtree product updated with current tax information.

If you choose not to subscribe to any of the payroll tax solutions for Peachtree, you must research all applicable changes for your company and update your formulas and tables as necessary. Non-subscribers should update their User-Maintained tax tables for federal, state, and local taxes. For more information, look up tax tables, user-maintained, overview in your online Peachtree Help index.

The payroll tax solutions will make the latest changes to your Peachtree-Maintained payroll tax tables and tax forms, including changes to employee W-2 forms, company W-3 forms, vendor 1099 forms, and 1096 forms, necessary for 2008 reporting. In addition, there will be other maintenance changes for the current and new payroll year.

• You'll get updates for the latest federal payroll tax regulations, plus coverage of tax law changes for two states of your choice. Additional states may be purchased, including all 50 states, Puerto Rico, and the Virgin Islands.

• Changes for 941, 940, W-2, W-3, 1099, and 1096 printed forms are provided in the tax service.

• Federal, state, and some key local tax formulas and tables are updated for you, with the tax service.

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How to Subscribe to One of the Payroll Tax Solutions

The payroll tax solutions are available to registered users of the 2007, 2008, and 2009 releases of Peachtree products. Don't risk being uninformed about important regulatory changes. Reduce your exposure to costly penalties and interest; order your tax solution today.

For more information or to subscribe to one of the payroll tax solutions, visit our Web site at www.peachtreepayroll.com. If you do not have Web access, call 1-800-336-1420 Monday through Friday, 8:30 A.M. to 5:30 P.M. eastern time.

Peachtree Fixed Assets Tax Update Service

If you are using FAS for Peachtree*, Peachtree offers an additional Fixed Assets Tax Update Service, which provides updates in asset calculations and depreciation limits based on current federal government regulations.

*Additional fees may be required if used with more than 200 Assets.

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Peachtree Checks and FormsHow to Subscribe to One of the Payroll Tax Solutions

Peachtree Checks and Forms

You can save time and money with Peachtree's complete line of checks and forms. All of our checks and forms are compatible with Peachtree so you can be sure checks and forms will print out correctly. Choose from a wide selection of colors, styles, and customized options—all at low prices. Plus, Peachtree provides a choice of 8 type styles and over 50 standard logos. You'll also have peace of mind because your checks and forms have the latest tamper-resistant features; you can use them with confidence.

You can print W-3s, 940s, and 941 forms to plain paper; however, IRS regulations require that employee copies of Form W-2 be printed on perforated paper and individual filing instructions be given to each employee.

Supported forms do not include PR and US VI.

Checks, Forms, and Other Products Peachtree Provides

Save time and money with checks from Peachtree.

• Payroll Checks

• Accounts Payable Checks

• Multi-purpose Checks

• Direct Deposit Advice Forms

Let Peachtree print your invoices and purchase orders.

• Product Invoice

• Service Invoice

• Statements

• Purchase and Sales Orders

• Customer Quotes

Customize your forms for a professional image.

• Custom Forms

• Pre-Inked Rubber Stamps

• Deposit Tickets & Envelopes

• Tax Forms (1099, 1096; the 941 form will print to blank paper.)

• IRS-approved perforated paper W-2 form

Note

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For Your Security

Peachtree Checks have the latest tamper-evident features:

• Safety-Paper: Includes safety stain to indicate chemical tampering.

• Micor-Print Signature Line: Reads “Authorized Signature,” but appears as a broken line if reproduced.

• High-Resolution Border: Loses detail if copied.

• Padlock Icon: Directs readers to back for checklist.

• Security Checklist: All security features listed on the back of each check.

• Security Screen: Back of each document displays a screen-back security seal.

Peachtree’s Internet Web Site

Sage provides updated information on all our various products and services on the Internet. Visit our Web site at www.peachtree.com.

You must have access to the Internet to visit our Internet Web site. If you are using America Online, CompuServe, or other integrated service networks, access their respective Internet browsers to get to our Web site.

Knowledge Center

You can always receive help from Peachtree through the Internet. This online service is a valuable and convenient resource for answering frequently asked product questions, displaying the latest product refinements, and communicating with Peachtree support technicians. Visit our Web site for information on products, services, and support at www.peachtree.com.

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Peachtree Checks and FormsPeachtree Technical Support

Peachtree Technical Support

If you require technical assistance with Peachtree, take a moment to read about various Customer Support options included in the Peachtree Products and Services brochure that came with your software package. Support information is also available in Peachtree Help. Search for “technical support” in the online Help index.

Prior to obtaining technical support, we ask you to register your product. After registering your product, you will be provided information on how to receive technical support.

➤ For more information on support plan memberships, call 1-800-336-1420.

Peachtree Customer Support information mentioned in this manual, the Peachtree Products and Services brochure, and Peachtree Help is subject to change without notice.

Before You Contact Technical Support

There are several options that you need to try before calling Peachtree Customer Support:

• Register your Peachtree product, if you have not already done so.

• Read the section in the Help or manual about the procedure you are doing.

• Consider examining the technical tips and frequently asked questions Sage provides through our Knowledge Center available at the Peachtree’s Web site, www.peachtree.com.

• Attempt to duplicate the error in the sample company provided with your software.

The Peachtree representative answering your call will need certain information to help you. To help the representative provide you with the best service, please do the following:

1 Be at your computer.

2 Have your manuals available (either printed or PDF copies).

3 Know the telephone number you have registered your product under or have your customer ID available.

4 Know the release and batch or build of your product (found under Help, About Peachtree Accounting).

Note

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5 Write down the steps you performed prior to the problem occurring.

6 Write down the exact error message(s) displayed on your screen.

7 Print the Technical Support Information Sheet.

If you are operating on a network, you will need to provide the type of network, the location of the Peachtree program (program path), and the location of your Peachtree data (data path).

If you are experiencing problems printing a report, form, or financial statement, you will need to know the type of printer and possibly the printer driver used. Note: For printing errors, consider printing to an alternate printer to help isolate the problem. Also, open the sample company and try printing the same report, form, or financial statement. This helps determine if the problem is specific to your company data.

Peachtree Technical Support Information Sheet

Before contacting Peachtree Customer Support, print the Technical Support Information Sheet. This important information can help Peachtree Customer Support technicians resolve your problems, address your comments, or forward your enhancement requests about Peachtree products and services.

Print the Peachtree Technical Support Information Sheet

1 Open Peachtree and your Peachtree company (if it is not already open).

2 From the Help menu, select Customer Support and Service, Technical Support Information. The Technical Support Information window appears.

3 Choose the type of request (Problem, Comment, Question, or Enhancement) by selecting the down arrow at the side of the Category entry box.

4 Complete the form, including a brief description of your comment or concern.

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Peachtree Checks and FormsPeachtree Technical Support Information Sheet

5 For complete system information, select the PAWxx.INI check box. Support technicians can use this information to help resolve your problem more quickly.

6 Select the Print button. In Release 2009, you can e-mail this form.

Your comments, and other information required by technical support, will print.

7 After the report prints, have the information available prior to contacting Peachtree Customer Support.

E-mail and chat support is available to customers with a support contract through the Peachtree Knowledge Center (www.peachtree.com).

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• Payroll Year-End Procedures •At the end of each payroll year, you should perform certain procedures to prepare to enter a new payroll year. These Year-End procedures include some of the following tasks:
• printing annual reports to verify your payroll

• installing any tax updates, if you subscribe

• printing or e-filing the 940 forms, 941 form(s), W-2's, and W-3’s

• closing the payroll year

To help with these tasks, we have created a Payroll Year-End Checklist that will guide you through the entire year-end process.

While the ultimate goal is to close the payroll year, you may be unsure as to when you should close the payroll year. So, before we get to the Payroll Year-End Checklist, let’s take a look at when you should close the payroll year.

When to Close the Payroll Year

Usually there is no need to close a payroll year exactly at the end of the calendar year. For example, if 2008 is the first of the two payroll years that you have open, then you do not have to close the 2008 payroll year until the end of 2009. In other words, if you want to enter transactions in 2009, you need to make sure that the 2007 payroll year is closed.

Peachtree highly recommends that you wait to close the first payroll year until all payroll reports, W-2 data, and 1099 data are finalized. If there are mistakes in employee earnings or W-2 data, you have an opportunity to correct them. You should probably wait to close the first year until you have completed your tax returns for the year you’re closing.

Determine the Two Open Payroll Years in Your Company

The current accounting period is displayed at the top center of the Business Status Center.

If you are not sure what accounting periods or payroll years are open in your Peachtree company, you can quickly find out.

➤ From the Tasks menu, select System, then Change Accounting Period. The Change Accounting Period window appears.

The Change Accounting Period window displays both the current fiscal year accounting period and the “Open Payroll Tax Years.”

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Peachtree Year-End ProceduresPeachtree Accounting Year-End Guide

If the open payroll tax years are 2008 and 2009, there is no hurry to close your 2008 payroll year after printing all year-end payroll forms and reports for 2008. In fact, you should wait until after the first quarter of 2009 to close the 2008 payroll year, to make sure no additional changes will be required.

You can wait until sometime after the first quarter of 2009 before you close the 2008 payroll year. In this way, you can make adjustments to payroll if necessary.

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Payroll Year-End ChecklistWhen to Close the Payroll Year

Payroll Year-End Checklist

If your company enters payroll transactions in Peachtree, it is important that you follow the year-end procedures in the order listed below.

1 Make sure your tax calculations and forms are up to date.

If you subscribe to one of the payroll tax solutions for Peachtree, you should install the latest update, if you haven’t already done so. See “Step 1: Make sure your program and forms are up to date” on page 15. This will ensure that you have accurate 941, 940, 1099, 1096, W-2, and W-3 forms for the current payroll year. For customers using the Fixed Assets module, install the latest Fixed Assets Tax Service Update.

If you do not subscribe to one of the payroll tax solutions for Peachtree, you should check to make sure there are no changes to federal or state forms for the current year. Check www.irs.gov for federal changes and your state tax authority for any state forms changes, if applicable.

2 Verify that your state unemployment wage limit and percentage rates are correct.

See “Step 2: Verify Your State Unemployment Wage Limit and Percentage Rate” on page 21. This ensures that your unemployment calculations for the current payroll year are accurate prior to printing payroll tax reports and forms.

3 If you use the Peachtree Direct Deposit service, synchronize direct deposit payroll transactions.

See “Step 3: Synchronize Direct Deposit Payroll Transactions” on page 23.

4 Print reports and forms needed for auditing, adjusting, or year-end closing purposes. Some reports cannot be printed after closing the Payroll year.

See “Step 4: Print Payroll Year-End Reports and Forms” on page 24. This may include adjusting payroll withholdings, printing yearly earnings and tax reports, and printing employee W-2 and vendor 1099 and 1096 forms.

5 Close the current payroll year (may not be required).

See “Step 5: Close Payroll Year” on page 35.

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After-the-Fact Payroll and Payment Information

The following procedures may be required if you need to enter after-the-fact information before you print payroll forms and close the payroll year.

• See “After-the-Fact Payroll” on page 42.

• See “After-the-Fact 1099 Payment Information” on page 46.

After Closing the Payroll Year

You will need to update the employer's state unemployment (SUI ER) tax table/payroll formula and adjust new limits and rate percentages. See “Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year” on page 48.

Troubleshooting

The following procedures may be required if you encounter problems before and after payroll year-end.

• See “Troubleshooting Problems after Printing Employee W-2 Forms” on page 50.

• See “Troubleshooting Problems after Printing Vendor 1099 Forms” on page 59.

• See “Troubleshooting Payroll Tax Calculation Errors During Payroll Entry” on page 63.

If there is a procedure that you are not sure how to handle within Peachtree, for example, how to print fringe benefits in box 1 and box 12 of W-2s, then visit the Peachtree Knowledge Center at Peachtree’s Web site at www.peachtree.com. There are many frequently asked questions and procedures available at our Web site or in the Peachtree Online Help files. You can also find help from the online Peachtree community (http://community.peachtree.com). You will need to register but it is free.

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Payroll Year-End ChecklistStep 1: Make sure your program and forms are up to date

Step 1: Make sure your program and forms are up to date

Before beginning payroll year-end procedures, you need to make sure you have the latest forms and product updates. To make sure you have the latest product update, run Check for Updates from the Services menu. For step-by-step instructions for this procedure, see “Checking for and Installing Online Tax Updates” on page 19. To see if there are changes to the federal payroll forms (941, 940, 1099, 1096, W-2, W-3), consult www.irs.gov.

If you subscribe to one of the payroll tax solutions for Peachtree

You should install the latest update, if you haven’t already done so. This will ensure that you have accurate 941, 940, 1099, 1096, W-2, and W-3 forms for the current payroll year. In some cases, product updates involving tax regulations may be provided with the tax update.

The time when you install your update is very important. Your payroll tax solution will provide important updates to Peachtree-Maintained payroll tax tables, employee W-2 and vendor 1099 forms, and other maintenance changes for the current and upcoming payroll year.

Load/Update Payroll Tax Tables/Formulas

Peachtree-Maintained tax tables and payroll forms can be updated using your payroll tax solution (Peachtree Simple Payroll or Peachtree Select Payroll). The update will update tax information for federal, state, and some local taxes. It will also provide 941, 940, 1099, 1096, W-2, and W-3 form changes.

➤ When installing the January 2009 Peachtree Tax Update, follow the instructions included with the CD or online update. The update includes a setup program that will automatically install the new Peachtree-Maintained tax tables/formulas and payroll forms. It will also include a bulletin.chm file that describes all changes included on each update.

➤ FAS for Peachtree will be updated separately for federal tax depreciation charges when necessary if you subscribe to the Peachtree Fixed Assets Tax Service. Follow instructions on the update disk or online update.

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For Release 2007 and 2008, tax updates must be installed on ALL computers that will be used to print tax forms. The tax forms are stored locally on each workstation.

If you are installing your payroll tax solution on a network and you print tax forms. . .

Please read Knowledge Base Article 21526 to avoid getting the error: “There are no updates available at this time.” To find this article, go to www.peachtree.com.

Register your Payroll Tax Solution

To see if you are registered, simply select About Peachtree Accounting from the Help menu. On the left-hand side of the window, the last item should say Registered Tax Service: 2009.

If you subscribe to one of the payroll tax solutions for Peachtree, you must register with Peachtree. Registration is required each payroll year. It ensures that you will receive current, accurate payroll tax formulas and forms.

You can register your update in several ways, but we highly recommend that you register from within your Peachtree product, following the instructions below.

If you are registered for the Tax Service, your registration year will appear here.

Note

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To register the update from within Peachtree:

1 From Peachtree's Help menu, select Tax Service Registration.

2 Click the link for www.peachtree.com/taxregister.

You must have an internet connection for this and the following steps.

3 Follow the steps on the web page.

4 When you have finished entering your tax registration information, click OK to close this window.

You can also register your tax solution in the following ways:

• By visiting Peachtree's Web site at www.peachtree.com/taxregister/. After completing a short questionnaire, you will be provided with a tax registration number.

• By calling Sage toll free at 1-800-718-1592. If you are located outside the United States, please call 770-492-6333. Please have your Peachtree serial number, as well as your name, company address, and telephone number available before speaking with a Peachtree Customer Service representative. The Customer Service representative will then give you a tax registration number. This service is available Monday through Friday 8:30 A.M. to 8:30 P.M. eastern time.

Once you have your Tax Registration number, you can enter it as follows:

Click this link to

register your tax service.

Note

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www.peachtree.com\taxregister




1 From Peachtree's Help menu, select Tax Service Registration.

2 Enter your tax registration number.

For Release 2007, you must have Service Release 6 installed!

3 When you have finished entering your tax registration information, click OK to close this window.

If you do not subscribe to any payroll tax solution for Peachtree

You should check to make sure there are no changes to federal or state forms for the current year. Check www.irs.gov for federal forms changes and your state tax authority for any state forms changes, if applicable.

While it is unlikely that there will be actual tax calculation changes for the current year at the end of the year, you should make sure that your tax tables and formulas are correct prior to closing the year and printing year-end forms and reports.

Federal, state, and local tax calculations are set up in User-Maintained Payroll Tax Tables/Formulas for nonsubscribers. See “tax table, user-maintained, overview” in your Peachtree Help.

Peachtree’s support technicians will only be able to support customers who subscribe to one of the payroll tax solutions for Peachtree. If you do not subscribe and update your tax tables manually, you should refer to Peachtree’s online Help or contact a Peachtree Certified Consultant for assistance.

Enter your tax

registration number

here.

Note

Note

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Checking for and Installing Online Tax Updates

Once you have purchased and registered your tax solution, you can set up Peachtree to receive and install tax updates online. To do so, follow these steps:

1 Open your company in Peachtree.

2 From the Services menu, select Check for Updates.

3 On the Peachtree Online Update window, check Remind me to check for updates and enter 15 for the number of days.

.

We recommend that you check for updates every five days during the month of December.

4 Select Check Now.

You must have an internet connection for this and the following steps. In addition, you must have your tax solution pre-registered to be notified that an update is available. To register your solution, see “Register your Payroll Tax Solution” on page 16.

5 When a tax update is available, it will be listed in the window, similar to the following.

Note

Note

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6 Check the Tax Service Update and click Download.

7 When the download is complete, click OK.

8 Close Peachtree and all applications.

9 The installation program will start. Follow the steps for the installation.

10 On the Setup Complete window, make sure you check the box that allows you to view information about the update you just downloaded. Then, click Finish.

Install the Latest Fixed Assets Tax Service Update

The fixed assets module will be updated separately, when necessary, for regulatory changes. For regulatory compliance, you must subscribe to the FAS for Peachtree Tax Service. To install updates, follow the instructions on the update CD.

The latest FAS for Peachtree Tax Service update must be installed before you perform the following procedures:

• Calculate Fixed Asset depreciation for the payroll and fiscal year you are about to close. This is needed to ensure accuracy of depreciation calculations for both the current and new calendar years. Please refer to the tax bulletin that accompanies your Fixed Assets Tax Service Update for detailed information on these changes.

For more information on subscribing to the service and loading updates, see “Peachtree Fixed Assets Tax Update Service” on page 2.

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Payroll Year-End ChecklistStep 2: Verify Your State Unemployment Wage Limit and Percentage Rate

Step 2: Verify Your State Unemployment Wage Limit and Percentage Rate

It is very important to verify that your company's current employer state unemployment (Peachtree's SUI ER) wage percentage and limits are accurate before printing annual payroll tax reports and closing the payroll year. This ensures proper tax reporting. Employer state unemployment (SUI ER) percentage rates and wage limits can depend on your company location or type of business. Therefore, you maintain the SUI ER tax tables/payroll formulas and must update them each year. Updates in employer state unemployment percentage rates and wage limits are not covered by the Peachtree Payroll Tax Update Service.

Some “employee-paid” state unemployment tax table updates are included your payroll tax solution. The procedure below is only intended for employer-paid state unemployment tax tables (although it would work for employee-paid tax tables if you do not subscribe to any of the payroll tax solutions).

To verify that your state unemployment rates are correct, first locate your company's current state unemployment documents or contact your state unemployment tax authority. To check your state unemployment wage base limit and percent in Peachtree, follow these steps:

Release 2008 and Earlier

1 From the File menu, select Payroll Tax Tables, then User-Maintained.

Verify that the LIMIT and PERCENT

values are correct.

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2 Select the current SUI ER tax table ID for your state in the User-Maintained tax table list (for example, GASUI ER 09).

3 In the Formula box, click twice; then locate the LIMIT= and PERCENT= lines. Below is an example of how the formula may appear.

LIMIT = 8500; PERCENT = 3.00000; TAXABLE_GROSS = YTD_LIMIT (ADJUSTED_GROSS, LIMIT); ANSWER = -TAXABLE_GROSS * PERCENT%

If your state unemployment wage base limit and percentage are incorrect, you will need to edit the tax table formulas. You may need to make a General Journal entry to adjust the affected G/L account balances.

Note: When entering a PERCENT value, use at least two decimal places. For example, if your percentage rate is 3%, then enter PERCENT=3.00, if your percentage rate is 2.7%, then enter PERCENT=2.70.

4 If required, change the limit and percent displayed in the formula.

If you are unsure, check with your state unemployment authority to determine if your area has a new unemployment limit and percent.

5 Select Save, then Close to exit the window.

Release 2009 and Later

1 From the File menu, select Payroll Formulas, then User-Maintained.

Verify that the LIMIT and PERCENT

values are correct.

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Payroll Year-End ChecklistStep 3: Synchronize Direct Deposit Payroll Transactions

2 Select the current SUI ER tax table ID for your state in the User-Maintained tax table list (for example, GASUI ER 09).

3 In the Formula box, click twice; then locate the LIMIT= and PERCENT= lines. Below is an example of how the formula may appear.

LIMIT = 8500; "This value pulled from Taxinfo.dat" PERCENT = 3.00000; "Secondary State Unemployment Rate: (%) entered by the user" TAXABLE_GROSS = YTD_LIMIT (ADJUSTED_GROSS, LIMIT); ANSWER = -TAXABLE_GROSS * PERCENT%

If your state unemployment wage base limit and percentage are incorrect, you will need to edit the tax table formulas. You may need to make a General Journal entry to adjust the affected G/L account balances.

Note: When entering a PERCENT value, use at least two decimal places. For example, if your percentage rate is 3%, then enter PERCENT=3.00, if your percentage rate is 2.7%, then enter PERCENT=2.70.

4 If required, change the limit and percent displayed in the formula.

If you are unsure, check with your state unemployment authority to determine if your area has a new unemployment limit and percent.

5 Select Save, then Close to exit the window.

Step 3: Synchronize Direct Deposit Payroll Transactions

If you subscribe to the Peachtree Direct Deposit Service, you need to synchronize direct deposit payroll transactions before you print payroll year-end reports and forms.

Direct deposit payroll entries are processed in the PeachSync Wizard - Direct Deposit Confirmation window, which appears once you have started synchronization from the previous PeachSync Wizard - Select Services window. The wizard begins by checking for direct deposit pre-notes and payroll transactions. Once pre-notes and transactions are found for processing, the information will be displayed.

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1 From the Services menu, select PeachSync Wizard. You can also get to the wizard through the Peachtree Direct Deposit Center.

2 In the PeachSync Wizard - Select Services window, select Peachtree Direct Deposit, and then Next.

The wizard checks for existing direct deposit information, after which the PeachSync Wizard - Direct Deposit Confirmation window appears.

3 View the transaction information, and make sure everything is correct.

4 Enter the PIN, which is a special security code you chose when you signed up for Peachtree Direct Deposit.

5 Click the Next button to begin sending the paychecks.

Before paychecks are sent, a pre-note is sent to verify bank account information. You must resync to view the approval for the pre-note that will be sent to you at a later time.

Once the pre-note approvals are in, you create your direct deposit paychecks and run the PeachSync wizard three banking business days prior to the pay date to process the direct deposit paychecks.

For Release 2009, you need only TWO banking days prior to the the pay date to process direct deposit paychecks.

Step 4: Print Payroll Year-End Reports and Forms

Checklist

Below are some reports or forms you'll want to print. Place a check mark next to each completed task (if applicable).

________ Quarterly and Yearly Earnings Report—This report displays payroll earnings and withholdings by payroll period, payroll quarters, and payroll year. This is a record of all payroll earnings for the selected payroll year.

________ Payroll Tax Report—This can be used for paying the payroll taxes for your company. The tax reports that can be printed are: FICA EE, FICA ER, FUTA, MEDICARE, AND XXSUI ER (where XX represents your state code).

Note

Note

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Payroll Year-End ChecklistPreparing Quarterly Payroll Reports and Forms

________ State Quarterly Forms—You do not need pre-printed forms; the Payroll Tax Form feature will print on plain paper.

________ 941 and 940 Forms—These forms are used for filing quarterly and annual payroll information with the federal government. The Payroll Tax Form feature will print on plain paper.

________ Employee W-2, Company W-3, and Vendor 1099 and 1096 Forms—You will need to print these forms prior to closing the payroll or fiscal year. When using the Payroll Tax Forms feature, you will need to obtain IRS-approved perforated paper W-2 forms.

Making Payroll Adjustments

After printing reports and forms, you may need to make adjustments. It is important to make any required adjustments before printing final employee W-2 forms, or closing the current payroll year, because it is difficult to correct errors afterward. For more information, see “Make Payroll Adjustments” on page 35.

Preparing Quarterly Payroll Reports and Forms

The quarterly reports you might want to print are the Quarterly Earnings Report, the Employer Tax Reports, and Quarterly 941 forms.

Printing the Quarterly Earnings Report

The Quarterly Earnings report displays all paycheck information for each employee with subtotals for the selected quarter of the calendar year. Each payroll field is displayed with totals. These totals are included in the 941 Worksheet, W-2, and other payroll tax forms.

To print the Quarterly Earnings report

To do this... Go here

Print Quarterly Employee Earnings report See page 25

Print Quarterly Employer Payroll Tax reports

See page 26

Print 941 forms See page 26

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1 From the Reports or Reports and Forms menu (Release 2008 and later), select Payroll. The Select a Report (or Form) window appears.

2 In the Report list, select the Quarterly Earnings report. Then, select the Print icon. (To view the report onscreen, double-click the report in the report list.)

3 In the filter window, accept the default or choose which quarter to print in the Date drop-down list. Then, select OK to begin printing the report.

Printing Quarterly Employer Payroll Tax Reports

The Payroll Tax report displays each employee's gross pay, taxable (adjusted) gross, and the amount of tax levied for a specified type of payroll deduction--FICA, FUTA, MEDICARE, and so on. This report is mainly used for employer payroll taxes (for example, state unemployment). Using the information on this report, you can prepare (most) state payroll tax forms.

To print the employer tax reports:

1 From the Reports or Reports and Forms menu, select Payroll. The Select a Report (or Form) window appears.

2 In the Report list, select Payroll Tax Report. Then, select Print or Preview/Display to display the report.

If you double-click the report in the report list, it displays on-screen instantly. To change the payroll tax, you must select the Options icon to display the Filter window.

3 In the filter window, enter or select the tax ID of the payroll tax you want the report to display. The list is populated with tax IDs for the earliest payroll year that you have open.

Note: Only tax tables with Taxable_Gross in their formulas will appear in this list, and they must also have the box Appears on Payroll Tax Menus checked.

4 Accept the default or choose which quarter to print. Then, select OK to begin printing the report.

Printing 941 Forms

Peachtree prints earnings and tax information for the company for the current quarter. Use the Payroll Tax Form feature to print on plain paper.

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Payroll Year-End ChecklistPreparing Quarterly Payroll Reports and Forms

Before printing the form, you must set up the Advanced EIC and Nonqualified boxes on the W-2 form and must have payroll fields set up for FICA and MEDICARE. These items are set up in Employee Defaults. Before printing 941 or 941B forms, install the latest Peachtree Tax Update Service update to ensure that you have Peachtree forms that are in current compliance with government regulations. If you do not subscribe to any of the payroll tax solutions for Peachtree, check the IRS Web site to make sure the form didn’t change for the current year.

This procedure will print all appropriate forms.

1 Insert blank paper into your printer.

2 From the Reports menu, select Payroll (Release 2007); or select Reports and Forms, then Forms, Tax Forms (Release 2008 and later). The Select a Report (or Form) window opens.

3 Double-click Payroll Tax Forms.

4 Highlight 2008 941/Schedule B/941-V Report in the Available Forms box.

5 Select the filing period information.

6 Click OK and follow the steps on-screen to complete the process, supplying the correct information when asked.

Why the 941 report could disagree with the earnings reports

There could be instances when the 941 reports are correct and the earnings report would be incorrect.

This would be due to the differences in the calculation of Social Security or Medicare. The 941 report does not pull the Social Security or Medicare deductions that were actually entered. It calculates the amount based on the taxable earnings. This could cause rounding differences of a few cents. There are other situations where the Social Security or Medicare was not calculated correctly when the client entered a payroll check.

Examples of Social Security or Medicare not calculating

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correctly:

• This would occur if a check number is entered first and then an amount is manually entered into the “tips” box. (Or any other pretax amount that affects payroll taxes. The program will stop calculating.) In other words, the Social Security and Medicare would not be calculated again with “tips” included in the Adjusted-Gross.

• This could also occur if at any point throughout the year the Adjusted Gross was set up incorrectly. Even if the Adjusted Gross is now set up correctly, all previous payroll entries would have to adjusted/corrected.

• Also, when you start entering current payroll so that the employees can be paid. Then the previous month’s payroll entries are entered. After entering in the previous month’s payroll, an employee reached the Social Security limit. Peachtree would have been calculating Social Security on the current employee’s check since the system did not know of the previous month’s entries.

If the 941 is incorrect:

1 If it is indicated that the 941 is not reporting all earnings, check the employee records for any employee for whom the FIT calculation has been removed and an Amount has been entered on that line. If a calculation is not used, then the 941 has nothing on which to base its calculation of adjusted gross. The FIT calculation must be selected on all employee records prior to running the 941.

2 Verify that the Earnings report is totaling properly. Print the Quarterly Earnings report. Manually add the checks for each employee and see if the system is calculating properly. If not, change the accounting period to period 1. Make a backup of the data. After this is complete, refer to Knowledgebase Answer ID 378.

If you are unable to solve the problem, call Technical Support. Print the Quarterly Earnings Report and the 941 Form generated by Peachtree. You may need to fax or e-mail them to Technical Support.

Error “Could not find (calculation name) when running 941”:

There is also a chance that a Sales Rep may be the issue. If the above resolutions fail, select Maintain, Employee/Sales Rep, select each Sales Rep, and change them to Employee. Enter the Withholding Information field that corresponds with the error. Then, change Employee back to Sales Rep and save. For more information, see the online Peachtree Knowledgebase Article 382 at www.peachtree.com.

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Payroll Year-End ChecklistPreparing Annual Payroll Reports and Forms

Preparing Annual Payroll Reports and Forms

The annual payroll reports you might want to print include the exception report, the yearly earnings report, the 940 form, employee W-2 forms, and the company W-3 form.

Printing the Payroll Exception Report

The Exception Report helps you identify and correct employees with incorrect withholdings. Incorrect withholdings are often the result of manually calculated paychecks that were figured incorrectly. Also, Peachtree may make a rounding error in some cases (usually by a penny). This report shows the actual amount withheld (as entered in Peachtree) as opposed to the calculated amount withheld.

This report filters differently from other reports. First, you need to select Tax to Check from the drop-down list. This lists all EmployEE and EmployER payroll fields that require a calculation using taxable (adjusted) gross. Additional filters you can select are Employee ID, Employee Type, and whether the employees are active or inactive.

To print or display the Payroll Exception report


2 In the reports list, select the Exception Report report. Then, select the Print icon to print the report or the Preview/Display icon to display the report.

3 In the filter window, enter or select the tax ID of the payroll tax you want to check.

To do this... Go here

Print Payroll Exception report to correct differences between calculated withholdings and actual withholdings

See page 29

Print Yearly Earnings report See page 31

Print employee W-2 forms See page 31

Print vendor 1099 forms See page 32

Print 940 form See page 34

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4 Accept the default or choose which quarter to print. Then, select OK to begin displaying or printing the report.

For the tax selected and quarter filtered, the default Exception report displays:

• Employee ID, Employee Name, Social Security Number, State: Employee information found in the General Tab of Maintain Employees window

• Quarter: The quarter in which the payroll exception took place

• Taxable Gross: Total taxable gross amount for the quarter

• Amount Withheld: Total amount actually withheld of filtered payroll field

• Calculated Amount: Total amount of payroll field recalculated

• Difference: The net change from Amount Withheld and Calculated Amount

To adjust payroll taxes using the Exception report

You can choose to have Peachtree make correcting entries for you. We recommend you first display the report to examine the differences.

5 Once you are comfortable with the differences, select the Prepare Correcting Entries check box in the report's Filter window.

If the report is displayed on-screen, select the Options icon to display the Filter window.

Note: If you use the batch method of posting, and you decide to check the Prepare Correcting entries box, make sure you post Payroll before you continue.

6 Next, choose the Tax to adjust from the drop-down list.

This lists all EmployEE payroll fields available (even if they do not use a calculation). Notice that you cannot adjust to an EmployER payroll field. The Fed_Income field will typically be chosen.

7 Select the Quarter for which the adjustment will need to be calculated and entered.

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8 Optionally, select additional filters such as Employee ID, Employee Type, and whether the employees are active or inactive.

9 Select OK to accept the filter and make the correcting entries.

The report will appear just as it did without selecting Prepare Correcting Entries. However, Peachtree made General Ledger entries in the background adjusting the taxes you selected. You can examine these entries by selecting Payroll Entry from the Tasks menu. Then, select the List/Open icon. An entry for the employee who is being adjusted appears. If there is an error, you can simply delete the transactions.

Printing the Yearly Earnings Report

The Yearly Earnings report displays all paycheck information for each employee with subtotals for each quarter of the calendar year. Each payroll field is displayed with quarterly and annual totals. These totals are included in the 941 Worksheet, W-2, and other payroll tax forms.

To print the Yearly Earnings report


2 In the Report list, select the Yearly Earnings report. Then, select the Print icon.

To display the report on-screen, simply double-click the report in the report list.

3 In the filter window, accept the default (This Year) or choose which quarter to print in the Date drop-down list. Then, select OK to begin printing the report.

Printing Employee W-2 Forms

You must print employee W-2 forms before closing the payroll year. To print on perforated plain paper use the Payroll Tax Forms feature. IRS-approved perforated paper W-2 forms can be purchased from Peachtree Forms or various office supply retailers.

If you subscribe to one of the payroll tax solutions: Before printing W-2 forms, install the latest Payroll Tax update to ensure that you have Peachtree forms that are in current compliance with government regulations. For example, before printing 2008 W-2 forms, install the January 2009 Payroll Tax Update.

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If you do not subscribe to one of the payroll tax solutions: Before printing W-2s, check the IRS Web site (www.irs.gov) to make sure the format did not change this year.


1 Insert perforated blank paper into your printer.

2 From the Reports menu, select Payroll (Release 2007); or select Reports & Forms, then Forms, Tax Forms (Release 2008 and later). The Select a Report (or Form) window opens.


4 Highlight 2008 W-2.

5 Select the appropriate values in the Select filing period area.

6 Click OK and follow the on-screen steps. You will have the opportunity to check all information that will go on each W-2 form, including employee name, address, social security number, and all wages and deductions.

Printing Vendor 1099 Forms

Before closing the payroll year, you must print 1099 forms. Annual 1099 forms are required for independent contractors and vendors that your company has paid interest to for services on loan. Peachtree prints 1099 information on pre-printed 1099 forms, not blank paper. Federal 1099 forms can be purchased from Peachtree Forms (1-800-617-3224), government agencies, or various office-supply retailers. For more information, see Answer ID 494 in the Peachtree Knowledge base on the Internet.

Peachtree highly recommends that you first print vendor 1099 forms on plain paper to verify vendor payment totals and form alignment. The 1099 Vendor Report is a good tool to verify information as well.

You have the choice of printing 1099-MISC to report compensations, or 1099-INT to report those vendors to whom you paid more than $10 in interest a year. You can specify several different types of non-employee compensations; and the lower limits vary depending on the type of compensation. For instance, Nonemployee Compensation has a lower limit of $600, while Royalties have a lower limit of $10. When you enter a vendor in Maintain Vendors, there is a field for 1099 Type on the General tab.

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To verify company information

Before printing the 1099 forms, you must verify that your company information is set up correctly.

➤ From the Maintain menu, select Company Information. In the Maintain Company Information window, ensure that your company's address and telephone number are entered correctly.

To print vendor 1099 forms

You must print your vendor 1099 forms before you close the payroll (calendar) year.

1 Insert blank, pre-printed 1099 forms into your printer. Peachtree only prints the 1099 Miscellaneous and the 1099 Interest forms.

2 From the Reports menu, select Accounts Payable (Release 2007); or from the Reports & Forms menu, select Forms, Tax Forms (Release 2008 and later). The Select a Report (or Form) window appears.

3 Scroll down through the report list and double-click the 1099 Forms folder. A list of 1099 forms appears. Double-click the desired form type to print.

Select either the 1099-INT Preprinted form or the 1099-MISC Preprinted form.

4 In the Filter window, enter or select a vendor ID range or accept the default of all vendors. Verify that the payroll year is correct. Then, select OK.

You can click the Adjust Limits button to adjust the lower limits, if necessary, for the various types of payments.

5 In the Print window, the default printer appears. If you want to print to a different printer, select one from the list. Otherwise, select OK to begin printing the forms.

If you get a message that there were no forms to print, you may not have vendors set up as 1099 type vendors or the 1099 vendors do not meet the minimum payment requirement.

To print multiple copies, repeat the above procedure.

If you experience problems printing 1099 forms, see “Troubleshooting Problems after Printing Vendor 1099 Forms” on page 59.

Note

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Printing Company 1096 Forms

After printing 1099 forms, you may also print a company 1096 form before you close the payroll year. Company vendor payments and other vendor information must be printed on a preprinted 1096 form, not blank paper. Federal 1096 forms can be purchased from Peachtree Forms (1-800-617-3224), government agencies, or various office supply retailers.

1 Insert a blank, pre-printed 1096 form into your printer.

2 From the Reports menu, select Accounts Payable (Release 2007); or from the Reports & Forms menu, select Forms, Tax Forms (Release 2008 and later). The Select a Report (or Form) window appears.

3 Scroll through the report list and double-click the 1096 Forms folder. Double-click the desired 1096 form to print.

4 Verify that the payroll year is correct. If you need to manually adjust lower limits, which are established by the federal government, click Adjust Limits.

5 In the Filter window, enter a contact name. This name will appear in the Name of the person to contact box printed on the 1096 form. Then, select OK.

6 In the Print window, the default printer appears. If you want to print to a different printer, select one from the list. Otherwise, select OK to begin printing the form.

Printing the 940 Form

The Peachtree 940 form prints information for completing the annual Employer's Federal Unemployment (FUTA) Tax Return for the current calendar year. Peachtree is designed to print a portion of information required for this form to be completed. You will have to complete the remaining information manually before submitting the form to the government.


1 Insert blank paper into your printer.

2 From the Reports menu, select Payroll (Release 2007); or select Reports & Forms, then Forms, Tax Forms (Release 2008 and later). The Select a Report (or Form) window opens.


34

Payroll Year-End ChecklistMake Payroll Adjustments

4 Highlight 2008 940.

5 Select the appropriate values in the Select filing period area.

6 Click OK and follow the on-screen steps. You will have the opportunity to check all information that will go on the 940 form.

Make Payroll Adjustments

If you need to make adjustments after printing payroll reports, you must enter a second adjusting paycheck. This will update the employee's earnings and W-2 information. When entering an adjusting paycheck, only include the payroll fields or G/L accounts that you need to change. Other payroll fields will contain zero amounts.

Peachtree highly recommends that you never delete an employee payroll transaction after paying an employee. If the paycheck was already printed and given to the employee and you need to change a deduction or addition amount, it could affect the check amount (net), which also impacts account reconciliation. Also, the employee now does not have an accurate record of his or her earnings.

When you print a second adjusting paycheck, the transaction provides a record for the employee and an audit trail for your company.

Step 5: Close Payroll Year

Peachtree refers to the payroll year as the calendar year in which payroll transactions take place. Peachtree keeps two years of payroll activity open at one time. Payroll years must be operated on a calendar basis for tax purposes. Closing the payroll year not only closes the payroll information, it also closes vendor 1099 information. Therefore, all payroll reports, payroll forms, and 1096 and 1099 forms must be printed before closing the payroll year.

Please follow the instructions below to close the payroll year. If you are unsure about when you should close the payroll year, go to “When to Close the Payroll Year” on page 11.

If your company's fiscal year matches the calendar year, you must close the payroll year prior to closing the fiscal year. To close the Chart of Accounts, vendor purchase records, and customer records, use Close Fiscal Year.

Warning

35


Using the Year-End Wizard to Close the Payroll Year

The Peachtree Year-End Wizard walks you through the multi-step process of closing your company’s open fiscal and/or payroll tax year or years. At every point in the process, you know exactly what actions the wizard is taking and why.

In some cases, the wizard won’t be able to proceed because you haven’t met certain preconditions to year-end close. But it will tell you how to accomplish these tasks as well so that you can resume and complete the close process.

Before Starting the Wizard

Before you launch the wizard, there are a number of tasks you should perform. These include clearing the Waiting on Bill check box in the Purchases/Receive Inventory window for any outstanding vendor purchases, purging inactive transactions and records in the database, and printing any unprinted items such as payroll checks.

1 Before starting the wizard, you should clear the Waiting on Bill check box for any purchases that have not been billed yet and that will fall in the year that you are closing.

➤ Go to the Purchases\Receive Inventory window, and select the Open toolbar button (List toolbar button if you are using Release 2007 or higher). In the window that opens, the Waiting? column will indicate any purchase invoices that are waiting on bills. You can then open these invoices, assign them an invoice number, and clear the check boxes for each and save.

36

Payroll Year-End ChecklistUsing the Year-End Wizard to Close the Payroll Year

For more information on the Waiting on Bill check box, look up “purchases, entering invoices” in the Peachtree Help index.

2 Also, you should purge inactive records before starting the wizard.

For more information about purging, look up Purge Wizard, overview in the Peachtree Help index.

3 Finally, you should print any unprinted items you know about, but you can start the wizard without having done so. As you proceed, the wizard will tell you what you need to do in each case and how to do it.

Open any invoices that are waiting on bills...

...then clear the Waiting on Bill check

box.

37


Starting the Year-End Wizard

Since the close process may take quite a while to complete, we recommend that you start the process at the end of your business day, making sure you leave the computer running. Also, you should make sure that all other applications are closed before you begin.

➤ From the Tasks menu, select System, and then select Year-End Wizard.

Depending on a variety of pre-existing conditions, you may see a message window before the first Year-End Wizard window appears. The following is an important message:

You would see this message if your two open fiscal years are 2008 and 2009 and you are attempting to close 2008 with your current system date falling within the first twelve open accounting periods. That is, the current system date is set for a day in 2008.

Since frequently there will be unposted transactions, purchases awaiting vendor bills, and other loose ends to tie up before the last accounting period of a given fiscal year, we strongly recommend that you wait to close until the last period of the year. However, if you still want to continue with year-end close, select the Yes button in the message window to start the Year-End Wizard. Select No to close the message window without starting the wizard.

Note

38


If there are no messages displayed or if you select Yes in a message window to launch the Year-End Wizard, the first of the wizard windows appears.

Read the introductory information; then click Next.

This information includes your company’s current open fiscal and payroll tax years, which appear in the two boxes toward the bottom of the window. Now you can make an informed decision about which years to close as you proceed. To do so, click the Next button; Peachtree displays the Year-End Wizard - Close Options window, and you’re on your way.

39


The Wizard Windows

While working in the wizard, you’ll see the following windows:

• Close Options: In this window the wizard asks you which open years you want to close. You can close either the displayed fiscal year, the displayed payroll tax year, or both fiscal and payroll tax years. Select the option corresponding to the year or years you want to close.

When you select Next, the wizard will determine if you have any purchases still waiting on bills from vendors. If so, the Cannot Proceed window will appear, telling you that you must clear the Waiting on Bill from Vendor check box for each of the purchases before you can continue with year-end close.

If you don't have any outstanding purchases but do have items such as invoices and payroll checks that haven't been printed yet, you will see the Unprinted Items window. It will list all items that still need to be printed. At this point, you can select Cancel to close the wizard and then print out these items, or you can select the Next button to continue without printing the items.

• Print Fiscal Year-End Reports: Peachtree strongly recommends that you print out all fiscal year-end reports; this will give your company a proper audit trail. All year-end reports are preselected in the table that appears at the center of the window. If there are any reports you don’t want to print, just clear the check box corresponding to that report. Then select the Print button, and Peachtree will print all selected reports. If you want to print the reports separately instead of having Peachtree do it automatically, select the Cancel button, print the reports, and return to the wizard when finished.

• Run the Internal Accounting Review (optional): Peachtree strongly recommends that you run the Internal Accounting Review. This review searches your company files for common transaction mistakes and transactions, or conditions that do not adhere to Generally Accepted Accounting Principles.

• Back Up Company Data: Before closing out the year, you need to make sure there is at least one backup of your company data and customized forms. Click the Back Up button at the center of the window; then follow the on-screen instructions to complete the backup process. Note: You must make a backup from this window to continue. Clicking Cancel will close the Year-End Wizard.

Note

40


It’s best to have at least two backup copies of your company data, so make sure you create an additional copy or copies of the backup file the wizard has generated. Keep one file on hand so that you can retrieve old data or perform the year-end close process again in case you've made an oversight. For added security, store the second copy in some safe off-site location.

• New Open Fiscal Years: Here, you can review the accounting periods in your current open fiscal year and/or next fiscal year. Just select the appropriate option button. If needed, you can change the date range of the accounting periods in your next fiscal year. However, since Peachtree automatically adjusts the dates of the accounting periods, it is generally not necessary to make changes to them yourself.

• Confirm Year-End Close: Before you proceed, make sure that the dates to close, as displayed in the window, are correct. The window also displays the date ranges of your new open fiscal and payroll tax years following the close.

• Begin Close-Year Process: You’re now ready to close the year. Select the Begin Close button. The Now Closing... progress bar at the bottom of the window will show you what percent of the close process is complete.

Note: Depending upon on the size of your company data files, this process may take several hours.

Note

41


• Congratulations! When you see this window, the chosen year or years are closed. The wizard displays again the years you have closed and your new open fiscal and payroll tax years. In addition, it tells you the date range of your company’s current accounting period. Click the Finished button to close the wizard.

Want to learn more about the Year-End Wizard windows? Click the Help button in the individual window.

After closing the payroll year

You will need to update employer's state unemployment (SUI ER) tax table and adjust new limits and rate percentages. See “Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year” on page 48.

After-the-Fact Payroll

Payroll can be a little more complex than just entering in payroll checks, printing reports and forms, and closing the payroll year. For example, if an employee needs a W-2 form at the end of 2008, but no payroll checks have been entered for that particular employee during 2008, you must enter “after-the-fact” payroll information in order to print the form. The same can be true of 1099 vendors. If you have vendors that need a 1099 form printed, but they are not entered in the system and payments have not been made to the vendors, this is considered “after the fact.”

42

Payroll Year-End ChecklistAfter-the-Fact Payroll

Before printing payroll and 1099 forms, install the latest Peachtree Payroll Tax Update Service. This ensures that your forms will be in compliance with current federal regulations. For example, before printing 2008 year-end tax forms, you must install the January 2009 Peachtree Payroll Tax Update Service.

Entering After-the-Fact Payroll Information for Employees

Release 2008 and earlier

1 Verify the default information for your employee W-2 forms.

• From the Maintain menu, select Default Information, then Employees. The Employee Defaults window appears.

• Select the General tab and click the W-2 button.

• Verify that the appropriate payroll fields are assigned to each box on the W-2 form.

You may need to create additional formulas and deductions if the employee has deductions and such that are unique to that employee.

2 Set up the employee's record (if it is not already).

• From the Maintain menu, select Employees/Sales Reps. The Maintain Employees/Sales Reps window appears.

• Enter the information needed to establish a new employee record. Then, select Save to establish the employee record.

• Repeat the above procedure for each new employee.

3 Enter the 2008 payroll balances for each employee who needs an “after the fact” W-2. This information is to be entered on the individual's employee record.


• Enter or select the employee ID. Once this employee's record appears, select the (Employee) Beginning Balances button on the General tab.

• Enter the last date of the current payroll year in the Date field of the first vacant column. For example, if you are printing 2008 after-the-fact W-2 forms, enter 12/31/08 in column 1.

• In the new year-end column, enter each payroll field's year-to-date total for this one employee. For deductions, include a negative sign (-) at the beginning of each amount that is to be subtracted from gross pay. Select Save to record the W-2 totals.

Note

43


• Repeat the above process for each new employee that requires a W-2 form.

Employee beginning balances do not affect Peachtree’s General Ledger. They are only used to update employee year-to-date earnings and print quarterly and annual payroll forms.

4 Print the Yearly Earnings report.

This report will help to verify that correct beginning balance amounts were entered in Maintain Employees/Sales Reps. These amounts will be printed on employee W-2 forms.

If any adjustments need to be made for the employee's year-to-date earnings, return to the employee's record in Maintain Employees/Sales Reps and edit the beginning balances.

Release 2009 and later

1 Verify the default information for your employee W-2 forms.

• From the Maintain menu, select Payroll, then Payroll Settings.

• Click Taxes on the left column. Then, click Assign Tax Fields below it.

• Click the W-2 Fields button.

• Verify that the appropriate payroll fields are assigned to each box on the W-2 form.

You may need to create additional formulas and deductions if the employee has deductions and such that are unique to that employee.

2 Set up the employee's record (if it is not already).


• Enter the information needed to establish a new employee record. Then, select Save to establish the employee record.

• Repeat the above procedure for each new employee.

Note

44

Payroll Year-End ChecklistAfter-the-Fact Payroll

3 Enter the 2008 payroll balances for each employee who needs an “after the fact” W-2. This information is to be entered on the individual's employee record.


• Enter or select the employee ID. Once this employee's record appears, select the (Employee) Beginning Balances button on the General tab.

• Enter the last date of the current payroll year in the Date field of the first vacant column. For example, if you are printing 2008 after-the-fact W-2 forms, enter 12/31/08 in column 1.

• In the new year-end column, enter each payroll field's year-to-date total for this one employee. For deductions, include a negative sign (-) at the beginning of each amount that is to be subtracted from gross pay. Select Save to record the W-2 totals.

• Repeat the above process for each new employee that requires a W-2 form.

Employee beginning balances do not affect Peachtree’s General Ledger. They are only used to update employee year-to-date earnings and print quarterly and annual payroll forms.

4 Print the Yearly Earnings report.

This report will help to verify that correct beginning balance amounts were entered in Maintain Employees/Sales Reps. These amounts will be printed on employee W-2 forms.

5 If any adjustments need to be made for the employee's year-to-date earnings, return to the employee's record in Maintain Employees/Sales Reps and edit the beginning balances.

To print after-the-fact employee W-2 forms

After verifying that the employee's payroll information is entered correctly (see above), you can print W-2 forms. To do this, see “Printing Employee W-2 Forms” on page 31.

45


After-the-Fact 1099 Payment Information

Before closing the payroll year, you must print 1099 forms. 1099 forms are required for independent contractors to whom you paid amounts or for vendors that your company has paid interest for services on loan.

If you have vendors that need a 1099 form printed, but they are not entered in Peachtree and payments have not been made to the vendors, this is considered “after the fact.”

Before printing payroll and 1099 forms, install the latest Payroll Tax Update. This ensures that your forms will be in compliance with current federal regulations. For example, before printing 2008 forms, you must install the January 2009 Payroll Tax Update.

Entering After-the-Fact Payment Information for 1099 Vendors

The following steps will show you how to print after the fact 1099 forms for Vendors or Contractors.

1 Set up the vendor's record (if it is not already set up).

• From the Maintain menu, select Vendors. The Maintain Vendors window appears.

• Enter the information needed to establish a new vendor record.

• In the General tab, select the 1099 type--miscellaneous vendor or a 1099 interest income vendor.

• Select Save to establish the vendor record.

• Repeat the above procedure for each new 1099 vendor.

2 Next, you will need to enter an “after the fact” payment for the vendor.

• From the Tasks menu, select Write Checks. The Write Checks window appears.

• Enter or select the “after the fact” vendor ID and enter in the total amount paid to the vendor for the current payroll (calendar) year. Enter a check date (within the calendar year you are printing 1099 forms) and a check number.

It is not necessary to print the disbursement check. Unprinted check totals are included when printing 1099 forms.

46

Payroll Year-End ChecklistAfter-the-Fact 1099 Payment Information

If you do not want the payment to affect your General Ledger, use the same account ID in the cash account and the G/L account (expense account) fields. You should use the Expense account in BOTH fields so that the payment will be handled correctly based on your 1099 settings in Vendor Defaults.

• Select Save to record the payment transaction to the General Ledger.

3 Before printing the 1099 forms, you must verify that your company information is set up correctly, as well as vendor payment totals are entered correctly.

To verify payment information, run the Vendor Ledger report to verify the cash disbursement figures. Payments are listed as CDJ transaction types in the Vendor Ledger.

To print after-the-fact vendor 1099 and 1096 forms

After verifying that the vendor's payment information is entered correctly (see above), you can print 1099 and 1096 forms. To do this, see “Printing Vendor 1099 Forms” on page 32.

Remember to print 1096 forms for 1099-type vendors after printing all after-the-fact 1099 forms. To do this, see “Printing Company 1096 Forms” on page 34.

Select the after-the-fact vendor.

Then enter a date in the appropriate

year and the amount to appear

on the 1099.

If this payment should not affect your general ledger balances, make sure that the Cash Account and Expense Account fields reference the same account.

47


Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year

The Payroll Tax Update updates your Peachtree-Maintained tax tables/payroll formulas, which include standard federal and state payroll tax calculations. However, you must manually update user-maintained tax tables/payroll formula each payroll year, including your employer state unemployment (SUI ER) tax table. User-Maintained tax tables/payroll formula include calculations that are unique to your business. If you created tax tables/payroll formulas (for example, vacation accrue, sick accrue, 401K, or employee loan calculations), these too must be updated each year.

Update Employer State Unemployment (SUI ER) Tax Table/Payroll Formula

Employer state unemployment (SUI ER) wage limits and percentage rates can depend on your company location or type of business. Therefore, you maintain the SUI ER tax tables and must update them each year.

Some “employee-paid” state unemployment tax table updates are included in the Tax Update. The procedures listed below are only intended for employer-paid state unemployment tax tables/payroll formulas.

You can use this procedure to update other company tax tables that you created (for example, vacation accrue, sick accrue, 401K, or employee loan calculations) unique to your business.

You can update the employer state unemployment (SUI ER) and other user-maintained tax tables in two ways:

• Using the Update User-Maintained Tax Table/Payroll Formula Wizard

• By manually entering the information in User-Maintained Tax tables/Payroll Formulas

If you choose to update the tables using the wizard, you don’t actually have to do anything at this point. Once you enter a payroll transaction that uses the tax table, Peachtree will automatically detect that you need the new tax table and display a message that will allow you to use the wizard to update the tax tables.

However, if you want to go ahead and update the tax tables now, you should update them manually.

48

Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year

Updating SUI ER Tax Tables Using the User-Maintained Tax Table/Payroll Formula Wizard

The User-Maintained Tax wizard is used to quickly update existing user-maintained tax tables to the current payroll tax year. It examines all user-maintained tax tables set up for the previous payroll tax year, including those used by inactive employees. You will be given the opportunity to select tax tables you want to update as well as modify limits and percentages that could have changed.

Peachtree displays the wizard when a user-maintained tax table/payroll formula required to complete the payroll transaction exists, but has not been updated to the current payroll tax year. If you exit the wizard without selecting tax tables to update, you must reproduce the payroll tax error once again to display the wizard.

Once the wizard appears, follow the steps listed, using the Next button to proceed.

Updating SUI ER Tax Tables/Payroll Formulas Manually

To manually update the SUI ER tax tables, follow the step-by-step instructions on page 21. If you need additional information, consult your Peachtree Help.

49


Troubleshooting Payroll Year-End

Additional procedures may be required if you encounter problems during payroll year-end. The following section outlines common errors and provides possible solutions.

If there is a procedure that you are not sure how to handle within Peachtree—for example, how to align a W-2 form—consult the following section, your product Help, or visit the Peachtree Knowledge Center or the Peachtree Year-End Center at www.peachtree.com. There are many frequently asked questions and procedures available at our Web site.

Troubleshooting Problems after Printing Employee W-2 Forms

The following section discusses common problems that you may encounter when printing employee W-2 forms. Adjusting your default payroll settings usually solves these problems. Listed are several possible problems and their solutions.

Peachtree highly recommends that you never delete an employee payroll transaction after paying an employee. If the paycheck was already printed and given to the employee and you need to change a deduction or addition amount, it could affect the check amount (net), which also impacts account reconciliation. Also, the employee now does not have an accurate record of his or her earnings.

If this occurs... Go here

Some W-2 forms did not print See page 51

No amounts or incorrect amounts are printing on employee W-2 forms for boxes 1, 3, 5, 16 or 18

See page 51

Amounts are not printing in the correct boxes on the employee W-2 form

See page 56

Multiple state and/or local withholdings are not printing on the employee W-2 form

See page 58

The W-2 forms did not print out in alphabetical order

See page 59

Warning

50

www.peachtree.com

Troubleshooting Payroll Year-EndTroubleshooting Problems after Printing Employee W-2 Forms

When you print a second adjusting paycheck, the transaction provides a record for the employee and an audit trail for your company.

No Amounts or Incorrect amounts are Printing on Employee W-2 Forms for Boxes 1, 3, 5, 16 or 18

To solve this problem, check the following areas:

1 Make sure you have not changed the order of payroll fields after recording payroll transactions.

2 Display or print the Payroll Yearly Earnings report. Verify that the year-to-date totals on this report are different from the year-to-date totals on the W-2 form. If the report matches the form, the error could have been made during payroll entry.

For more information, see “Make Payroll Adjustments” on page 35.

3 If the Yearly Earnings report is correct and the W-2 form is incorrect, then you need to verify that the payroll field's Gross Pay adjustments are set up correctly.

• From the Maintain menu, select Default Information, Employees. The Employee Defaults window appears.

• Select the EmployEE fields tab. Select the payroll field line that represents the withholding that is printing incorrect amounts. (For example, the Soc_Sec or Medicare field.)

• Select the Adjust button to see which fields are selected to be included in the Adjusted Gross. The fields that are selected will be combined together as the Adjusted Gross when printing the W-2 form. If you see an error here, make the correction and click OK.

For example, if federal income taxes for your employee’s wages should be calculated after subtracting the 401(k) deduction, on the Calculate Adjusted Gross window for the Fed_Income, both the K401 and Gross check boxes should be checked.

Check the Use check box next to the K401 and Gross field names. If the employee’s gross was $1,000.00 and 401(k) contributions were $22.56, the Adjusted Gross that would show in Box 1 on the W-2 form would be $1,000.00 - $22.56 or $977.44.

Note

51


If you make corrections on this window by checking or unchecking fields to include in the Adjusted Gross, the Box 1 amount on the W-2 form will reflect these corrections. However, the actual amount withheld shown in Box 2 will not change.

• On the Employer tab (Company Fields tab in Release 2009 and later), select the payroll field line that represents the incorrect withholding amount—for example, Soc_Sec_ER. Select the Adjust button to display the Calculate Adjusted Gross window. This window shows which fields will be included in the Adjusted Gross. The checked fields will be combined in the Adjusted Gross when printing the W-2 form. If you see an error here, make the correction, and then click OK.

For example, if your employer’s Social Security taxes for your employee’s wages should be calculated after subtracting the 401(k) deduction, on the Calculate Adjusted Gross window for Soc_Sec_ER, both the K401 and Gross check boxes should be checked. Note: Check the Use check box next to the K401 and Gross field names.

• Select OK to save your default settings and close the window.

4 If your default information is correct, then the problem could be on the actual employee's record.

• From the Maintain menu, select Employees/Sales Reps. The Maintain Employees/Sales Rep window appears.

52


• Enter or select the employee ID with the incorrect W-2 form. Then, select the EmployEE fields tab.

• Make sure that both the Standard/Use Defaults check box (STD) and the Calculate check box (CALC) are selected (checked) for the particular payroll field that is printing in error. Also, the correct tax name must be used in the Tax Name or Calculation Name box so that Peachtree includes the correct amounts.

If the employee has a nonstandard deduction or calculation, you may need to check the Standard (Use Defaults) check box to resolve a W-2 form problem and then uncheck it before running the next payroll. For example, if an employee has requested that a flat rate of federal income taxes be deducted each pay period, you must check the Standard (Use Defaults) box on the employee’s Fed_Income line to print the W-2 form. After the W-2 is printed, you would change the employee’s record back to the original setting.

• Select Save to update the employee record.

5 Verify that the default information for printing payroll fields on the W-2 form is correct. To do this, make sure that the W-2 box descriptions in the payroll defaults match the appropriate payroll fields. This information is used for the Form 941 Worksheet, W-2s, the Payroll Tax Report, and the Tax Liability Report.

• Select Maintain, Default Information, then Employees. The Employee Defaults window General tab appears.

• At Assign Payroll Fields for, click the arrow button to the left of W-2s.

(Note: In Release 2009 and later, follow these steps:

• Select Maintain, Payroll, Payroll Settings. Then, click Taxes in the left column, and then Assign Tax Fields below it.)

Note

53


• Make sure the descriptions for the W-2 boxes match the payroll field names. If they don't, click the arrow button to the right of the box, and select the correct name from the drop-down list. The selected field and the amounts associated with it will now appear in the appropriate box on the W-2.

• If employees have tips subject to Social Security, in the box next to the FICA Tips label, select the name of your payroll field for tips.

• If you need to record fringe benefits and other special items, click the arrow button to the right of Box 12, and select the appropriate payroll field from the drop-down list. Note: Peachtree does not currently support Box 12d on the W-2 form.

• If you have a 401(k) program, include the correct code as well as the 401(k) payroll field name in Box 12.

• If you don't have a special deduction to record, leave None as the default.

In Release 2008 and earlier, the window

appears like this:

In Release 2009 and later, the

window appears like this:

54


• Click OK twice (in Release 2009 and later, click OK and then Finish) to save your default settings and return to the Peachtree main menu.

Year-to-year totals for Federal Income tax, Social Security, Medicare, and State and Local taxes usually print on W-2s automatically, but other deductions such as union dues, health insurance, cafeteria plans, and 401(k) deductions need to be set up to print correctly on W-2s.

6 You may have modified the order of the payroll field descriptions on the Employee fields tab or the EmployER fields (Company Fields in Release 2009 and above) tab of the Employee Defaults window. If so, after you’ve entered payroll transactions, the W-2 amounts may print in the wrong boxes on the W-2. The order is sometimes modified to change the payroll field order printed on paychecks. This is not recommended if you have already entered payroll transactions.

• If the modification occurred after payroll entries were made, delete all payroll entries that have the new modified fields; change the fields back to the way they were; and then reenter the checks. Use a printed copy of a payroll earnings report that has the previous order when changing the fields back.

• Depending on the number of incorrect entries, you may want to consider doing the W-2 forms manually and making the corrections in Peachtree before you process payroll for the next year.

7 If the previous solutions don't resolve the problem, you may need to run a synchronization test on your data. This will correct year-to-date errors on paychecks.

• Change to period 1.

• Run the Peachtree Integrity Check.

For more information, see “integrity check/data repair, run integrity check” in the Peachtree online Help index.

• Under Data Synchronization Tests, check the Employee/Journal box.

• Select OK to continue. The test will run and synchronize each beginning balance and payroll transaction entered, correctly adding up the year-to-date totals for the appropriate field amounts.

8 Finally, reprint employee W-2 forms for the employee(s).

Note

55


Amounts are not Printing in the Correct Boxes on the Employee W-2 Form

Release 2008 and earlier

You need to verify that the appropriate W-2 box descriptions match the appropriate payroll fields. To do this, follow the procedure below.

1 From the Maintain menu, select Default Information, then Employees.

The Employee Defaults window appears.

2 In the General tab, select the W-2s button.

Make sure the description in the W-2 boxes matches the payroll field description's name. If this is incorrect, select the appropriate payroll field from the drop-down list.

Release 2009 and later

You need to verify that the appropriate W-2 box descriptions match the appropriate payroll fields. To do this, follow the procedure below.

1 From the Maintain menu, select Payroll, then Payroll Settings.

2 Click Taxes on the left column; then, click Assign Tax Fields below it.

3 Select the W-2 Fields button.

56


Make sure the description in the W-2 boxes matches the payroll field description's name. If this is incorrect, select the appropriate payroll field from the drop-down list.

Payroll Field Positions

Did you ever modify payroll field setup by shifting the order? For example, did you rename an existing payroll field set up in Employee Defaults, then enter a second payroll using the old payroll field's description. This is sometimes done to change the payroll field order that is printed on paychecks, which is not recommended if you have already entered payroll transactions.

Peachtree retains payroll amounts for the first field position, the second field position, and so on, regardless of the payroll field name. If the order of the payroll fields changes, the year-to-date amount stays in the old field position and does not move to the new field positions.

57


If you shifted the payroll field order and you were using Release 2007 or 2008, was this done after some payroll transactions were entered into Peachtree? You must delete all payroll transactions that have the new modified fields; change the fields back to the way they were; then enter the checks again. To determine the old Payroll field order, locate an old printed copy of a payroll earnings report that has the previous order. If you still are having problems, contact Technical Support.

Multiple State or Local Income Taxes

If you use multiple state income tax or local income tax payroll fields, then employee W-2 forms will need to be printed twice. Before you print the W-2's for the second state or local payroll field, you must change the W-2 default setting (see the procedures above). Select the second payroll field for either the State Income Tax or Local Income Tax box drop-down list.

To change the name of a state or locality that is printing on a particular employee's W-2 form, you need to change the employee setup.

1 From the Maintain menu, select Employees/Sales Reps. The Maintain Employees/Sales Rep window appears.

2 Enter or select the employee ID with the incorrect W-2 form.

3 In the Withholding Info tab, enter the correct two-character state ID or the local abbreviation in the appropriate Withholding Information field.

4 Select Save to update the employee record.

Do not change the order of these fields

once payroll transactions

have been recorded.

58

Troubleshooting Payroll Year-EndTroubleshooting Problems after Printing Vendor 1099 Forms

The W-2 Forms Print in Employee Social Security Number Order

Peachtree prints W-2 forms in employee Social Security number order based on the data entered in the Maintain Employees/Sales Reps window in the Social Security # field.

Troubleshooting Problems after Printing Vendor 1099 Forms

The following section is designed to help solve common problems encountered when printing your 1099 forms. Adjusting the Vendor's record or the amount of payments made to that vendor usually solves these types of problems. Listed are several possible problems and their solutions.

An Incorrect Payment Total is Printing on Your 1099 Form

The easiest way to locate an incorrect payment amount is to examine the Vendor Ledger report or the 1099 Vendor Report.

1 From the Reports menu, select Accounts Payable (Release 2007); or from the Reports and Forms menu, select Forms, Tax Forms (Release 2008 and later). The Select a Report (or Form) window appears. Select Vendor Ledgers from the report list; then select the Preview/Display icon.

2 In the Filter window, select “This Year” in the Date drop-down list.

3 Enter or select the vendor ID of the vendor experiencing the problem.

4 Click OK to display the Ledger onscreen. This will display all transactions for the year for the selected vendor.

If this occurs... Go here

An incorrect payment total is printing on your 1099 form

See page 59

1099 forms are not printing for a vendor See page 60

Incorrect vendor name and/or address is printing on the 1099 form

See page 62

The amounts are printing in the wrong box on the 1099 form

See page 62

59


5 Check the accuracy of the Debit amounts, those with a type of CDJ. One or more of these payments will be incorrect.

Double-click the amount of any incorrect payment to drill-down and display the transaction detail in the Payments window. Correct the payment, post the payment, and return to the Vendor Ledger report window. Continue this process for each incorrect payment.

6 If you suspect that a vendor check is missing, you may have entered an incorrect date. For example, the check date could have been mistakenly entered in a previous year or a future year.

With the Vendor Ledger displayed in the Report window, select Options to display the Filter window. In the Filter window, select ALL in the Date drop-down list. Then select OK. Locate the check, adjust the date, and post the payment.

7 Finally, reprint the 1099 forms for these vendor(s).

Please keep in mind that the revised check amount will affect reconciliation of this cash account and financial statements.

1099 Forms are not Printing for a Vendor

1 First verify that the vendor is set up as a 1099 vendor in Peachtree.


• Enter or select the vendor ID in question.

• Check the 1099 Type field. Choose either Independent Contractor (to report non-employee compensation on the 1099-MISC form) or Interest (to report those vendors to whom you paid interest on the 1099 INT form).

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Troubleshooting Payroll Year-EndTroubleshooting Problems after Printing Vendor 1099 Forms

2 If the 1099 Type field is correct, verify that the payroll year has not already been closed.

From the Tasks menu, select System, then Change Accounting Period. The Change Accounting Period window displays the current accounting period, the open fiscal years, and the open payroll tax years.

You must print Vendor 1099 forms before closing the current payroll year. Closing the Payroll Year also closes the vendor 1099 information. For example, to print 2008 vendor 1099 forms, the open payroll tax years must include 2008. If the open payroll tax years start with 2009 or later, a backup made before closing the Payroll Year for 2008 must be restored.

3 If the Open Payroll Tax Years are within the acceptable range, you can check the payment history of the vendor.


• Enter or select the vendor ID in question. Then, select the History tab.

• Verify that payments were made to the vendor and that the total payments were equal to or greater than the limit specified when printing the 1099 forms. You can check the limits for the various types of compensation by clicking Adjust Limits on the Filter tab (or Print/E-mail tab for Release 2008 and later) when printing the 1099 forms.

• If no payments are shown for 2008 on the History tab and the vendor qualifies as a 1099-type vendor, you must enter a payment. For more information, see “Entering After-the-Fact Payment Information for 1099 Vendors” on page 46.


Select the 1099 vendor type here.

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Incorrect Vendor Name and/or Address is Printing on the 1099 form

1 From the Maintain menu, select Vendors. The Maintain Vendors window appears.

2 Enter or select the vendor ID in question.

3 Enter the correct information in the Vendor Name and Address fields. Then, save the vendor record.

Make sure that the correct address is entered as the Mailing Address on the Maintain Vendors window. If the address fields are blank when the Mailing Address is selected, no address will print on the 1099.


The Payment Amounts are Printing in the Wrong Box on the 1099 Form

You must verify that the vendor is set up with the correct 1099 type in Peachtree and you must verify that the appropriate general ledger expense accounts have the correct 1099 box number selected on the 1099 Settings tab in Vendor Defaults.

1 From the Maintain menu, select Vendors. The Maintain Vendors window appears.

2 Enter or select the vendor ID in question.

3 Check the 1099 Type field. Choose either Independent Contractor (to report compensation on the 1099-MISC form) or Interest (to report those vendors to whom you paid interest on the 1099 INT form).

4 Repeat this process for any other vendors, as necessary.

5 Open Vendor Defaults by selecting Maintain, then Default Information, then Vendors.

6 Select the 1099 Settings tab.

7 Scroll to the Expenses section of the list of general ledger accounts and make sure that the correct box number is selected for the appropriate accounts.

Warning

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Troubleshooting Payroll Year-EndTroubleshooting Payroll Tax Calculation Errors During Payroll Entry

8 Click OK.


Troubleshooting Payroll Tax Calculation Errors During Payroll Entry

Peachtree checks both the Payroll Tax Tables/Formulas and the employee setup information when calculating paychecks during Payroll Entry. If Peachtree runs across an error while calculating or displaying a paycheck, it displays the following:

“Could not find the [XYZ] calculation”

[<X=Tax Table Name> <Y=Year><Z=Filing Status>]

Example:

“Could not find the GASIT 08 Married calculation.”

There are several situations that can cause this message to appear. To determine the cause of the error, you must break apart the message content. First determine if the tax table/payroll formula even exists. If it does, do you have the current year tax table the message states that it can't find? Finally, is there such a filing status as the one listed in the message?

Make sure that the general ledger

accounts are set up for the correct box on

the 1099. The 1099 will print based on

the box specified here for payments

that go to that particular expense

account.

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Common Reasons Peachtree Displays Payroll Tax Table/Payroll Formula Errors

Below are scenarios that may produce payroll tax errors during payroll entry.

Could Not Find the Federal Income (FIT) Calculation

The tax tables/payroll formulas for the current year are probably not loaded. From the File menu, select Payroll Tax Tables/Formulas, then Peachtree-Maintained. In the Peachtree-Maintained tax tables list, determine if you have the current year's tax tables loaded (in this case, the Federal Income or FIT calculation). If you had them at one time, and this message just started displaying, you may want to reload the tables. Also ensure that your tax solution update and tables are registered. To verify the year registered go to Help, Tax Service Registration, and look in the lower left corner (for more information, see “Register your Payroll Tax Solution” on page 16).

Could Not Find the State Unemployment (SUI ER) Calculation

If you just started a new payroll year and received this message, then you need to update this to the new payroll year. SUI tax tables are maintained by you in the user-maintained tax tables/payroll formulas and are not updated with the Peachtree Payroll Tax Update Service. For more information, see “Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year” on page 48.

Also, make sure that the correct state abbreviation is used in employee records. Go to Maintain Employees/Sales Reps. Check the state line of the withholding information table on the Withholding Info tab. If the wrong state abbreviation is selected, change the state and save the employee record.

Could Not Find a State Income (SIT) Calculation

The employee may not have been set up correctly. Make sure that you have entered the correct state's initials in the employee's State/Locality box in the Maintain/ Employees window. For example, Georgia's State ID field is GA, not GE or GR. Some states require unique filing statuses. You may have set the employee up with an invalid filing status. Check your state's valid filing status in the Peachtree Help file under the topic “state tax filing statuses.” The employee may have been set up with a filing status that is not valid for the state. For example, with the NJSIT calculation, an employee cannot have a simple “Single” or “Married” filing status. New Jersey uses “Special A-E” as filing statuses.

64

Troubleshooting Payroll Year-EndTroubleshooting Payroll Tax Calculation Errors During Payroll Entry

Also, make sure that the correct state abbreviation is used in employee records. Go to Maintain Employees/Sales Reps. Check the state line of the withholding information table on the Withholding Info tab. If the wrong state abbreviation is selected, change the state and save the employee record.

Could Not Find a Local Income (LIT) Calculation

Check the Local field in the Payroll Tax Tables/Formulas and compare it to the Locality ID entered in Maintain Employees/Sales Reps on the Withholding tab. These must match exactly (including character spaces). Examples of localities for New York City (NYLIT) are “NYC Res,” and “YONK Res.” Please note that IDs are case-sensitive fields and MUST be typed exactly as in the formula.

Could Not Find a Calculation That You Created

If the message indicates that a calculation you created (for example, 401K, Vacation, Sick, and so on) cannot be found, make sure the new tax table/payroll formula is listed in the User-Maintained tax table/payroll formula list and the employee is set up properly to use the tax table. Make sure that at the end of the calculation name, there is a space followed by the current calendar year (for example, K401 08 or VAC_Rem 08). For more information, see “Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year” on page 48.

If the error persists after trying all of the above, contact Peachtree Technical Support.

Troubleshooting Example

Could not find the GASIT 08 Married calculation.

• Do you have a GASIT (Georgia State Income Tax) calculation listed in the Peachtree-Maintained tax tables/payroll formulas?

• Do you have the 2008 version of the calculation? You can determine this by scrolling through the Peachtree-Maintained tax table/payroll formula list. If you don't, you need to update the calculation, either manually or by installing a tax update.

• Is there a “Married” filing status for the state of Georgia? You can determine valid filing statuses by reviewing the Peachtree Help topic “state tax filing statuses.”

65


The most probable cause of the last error is employee setup. Georgia does not have a “Married” state filing status. According to the Peachtree Help file, Georgia accepts only “Married/2 Incomes,” “Married/Jointly,” and “Married/Separately.” To correct the problem, change the employee's state filing status to one of the three valid choices in the Maintain Employees/Sales Reps window.

66

3
• General Ledger Year-End Procedures •
When to Close the Fiscal Year

Usually there is no need to close a fiscal year exactly at the end of the last accounting period. Peachtree keeps two years of transaction activity open at one time. For example, if your fiscal year is based on 12 accounting periods, then period 13 is the “first” period of the second open fiscal year. Period 24 is the “last” period of the second fiscal year.

Peachtree highly recommends that you wait to close the first fiscal year until near the end of the second fiscal year, for instance, in November or December if you run on the calendar year. You can operate your company in Peachtree’s second open fiscal year (for example, periods 13-24). The first fiscal year (periods 1-12) holds the previous year's transaction detail and allows you to make adjustments, if necessary. You cannot move past period 24 until you close the first fiscal year. After closing the first fiscal year, period 13 becomes period 1.

For example, if 2008 is the second of the two fiscal years, you must close the 2007 fiscal year soon in order to enter 2009 transactions.

Determine the Two Open Fiscal Years in Your Company

The current accounting period is displayed in the top right of the screen.

If you are not sure what accounting periods or payroll years are open in your Peachtree company, you can quickly find out.

➤ From the Tasks menu, select System, then Change Accounting Period.

The Change Accounting Period window displays the current accounting period, the open fiscal years, and the open payroll tax years.

67

General Ledger Year-End ProceduresPeachtree Accounting Year-End Guide

The open accounting periods will be listed in the Open Accounting Periods box. For example, if your fiscal year is based on 12 accounting periods, then period 13 is the “first” period of the second open fiscal year. Period 24 is the “last” period of the second fiscal year. You cannot move past period 24 until you close the first fiscal year. After closing the first fiscal year, period 13 becomes period 1.

Peachtree highly recommends that you wait to close the first fiscal year until after you have sent your tax returns for the previous year. You can operate your company in Peachtree’s second open fiscal year (for example, periods 13-24). The first fiscal year (periods 1-12) holds the previous year's transaction detail and allows you to make adjustments, if necessary.

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General Ledger Year-End ChecklistStep 1: Complete All Transactions

General Ledger Year-End Checklist

It is important that you follow the year-end procedures in the order listed below.

1 Complete all transactions for the fiscal year you intend to close.

See “Step 1: Complete All Transactions” on page 69.

2 Complete and post all fixed asset depreciation entries to the General Ledger (available only in Peachtree Complete, Premium, or Quantum Accounting).

See “Step 2: Fixed Assets Year-End Procedures” on page 69.

3 Reconcile all G/L accounts for the fiscal year you intend to close.

See “Step 3: Reconcile G/L Accounts” on page 72.

4 Print reports to keep a historical, hard copy of your accounting information.

See “Step 4: Printing Year-End Reports” on page 72.

5 Audit reports and make adjustments (if needed). You can run the Internal Accounting Review to help you find potential discrepancies.

See “Step 5: Audit Reports and Make Adjustments” on page 73.

6 Close the current fiscal year (may not be required).

See “Step 6: Close Fiscal Year” on page 74.

Step 1: Complete All Transactions

Before closing a fiscal year, all transactions must be completed for that year. For example, if you intend to close the 2008 fiscal year, complete all transactions dated 1/1/08 to 12/31/08 (assuming the fiscal year structure matches the calendar year) before closing the year.

Step 2: Fixed Assets Year-End Procedures

The following information applies only if you are using FAS for Peachtree with Peachtree Complete Accounting.

69


Installing the Latest Peachtree Fixed Assets Tax Update Service

Occasionally, the IRS will change or modify fixed asset regulations and depreciation limits for the calendar (tax) year. The FAS for Peachtree Tax Service includes such changes to ensure compliance with the IRS. Please refer to the tax bulletin that accompanies your FAS Tax Update Service for detailed information on these changes. Only members of the FAS for Peachtree Tax Update Service will receive a Fixed Asset update. Subscribing to the FAS Tax Update Service is necessary for regulatory compliance.

For more information on subscribing to the service and loading updates, see page 2.

Closing Fixed Assets

There are certain procedures that must be completed at the end of a tax year in FAS for Peachtree.

Calculate and Post Fixed Asset Depreciation Amounts for Each Accounting Period before Closing the Current Fiscal Year

All Fixed Asset deprecations must be calculated and posted to the General Ledger before closing the fiscal year in Peachtree. Final depreciation amounts for the current tax year must be included in the Peachtree General Ledger and financial statements before closing the fiscal year. Depreciation should be calculated in Fixed Assets every accounting period.

1 Open FAS for Peachtree (if it is not already open).

2 Make all necessary additions, changes, deletions, and dispositions of assets you have set up.

Any changes to the asset master file relative to adding new assets, changing existing assets, erasing asset records, or disposing of assets for current tax year must be completed at this point.

3 Verify that the Month Fiscal Year-End is accurate. In FAS for Peachtree, this field is on the Book Defaults page (File menu, Edit Company).

70

General Ledger Year-End ChecklistClosing Fixed Assets

4 If you subscribe to the FAS for Peachtree Tax Update Service and received an update, it must be installed before calculating the final Fixed Asset depreciation for the current tax year. Please refer to the FAS Tax Update Service bulletin that accompanies your Tax Update for detailed information on government changes to depreciation calculations and asset limits.

5 Calculate and post the depreciation to Peachtree General Ledger for each month through the end of the tax year. For example, you must calculate each month in 2008 before posting to the Peachtree General Ledger and closing the 2008 fiscal year.

Peachtree highly recommends that each month be calculated and posted to the General Ledger separately.

• In Peachtree Complete, Premium, or Quantum, change accounting periods to the first accounting period of the current tax year. From the Peachtree Tasks menu, select System, then Change Accounting Period.

• In your fixed assets program, calculate depreciation for the first month of the tax year and post. In FAS for Peachtree, select Depreciate (and after that, Post Depreciation) from the Depreciation menu.

• Calculate Fixed Asset depreciation for the payroll and fiscal year you are about to close. This is needed to ensure accuracy of depreciation calculations for both the current and new calendar years. Please refer to the Help file in FAS.

• Repeat the above steps for each accounting period through the end of the tax year.

6 From the Fixed Assets Reports menu, select and print all reports needed for 2008 or the year you are ending or about to close in Peachtree.

7 Make a separate and complete backup of your company data files.

Depreciation for the first period of the new tax year can now be calculated and posted to the Peachtree General Ledger.

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Step 3: Reconcile G/L Accounts

You cannot reconcile accounts (for example, checking or credit card accounts) whose bank statements are dated in a closed fiscal year. Therefore, we recommend that you reconcile these accounts before closing the fiscal year.

If you choose to not reconcile accounts using previous bank statements, the items will be available to clear in the new fiscal year. However, the account reconciliation will be difficult to manage and audit.

For more information on reconciling accounts and using account reconciliation reports, refer to the “General Journal and Banking Tasks” chapter of the Peachtree User’s Guide.

Step 4: Printing Year-End Reports

Checklist

The following is a list of reports Peachtree recommends that you print prior to closing the fiscal year. Keep these reports in a secure location. These reports will act as a hard copy of your historical Peachtree information; they can be helpful during audits. Place a check mark next to each completed task (if applicable).

________ Accounts Receivable—Print reports such as Sales Journal, Cash Receipts Journal, Customer Ledgers, Customer Statements, Aged Receivables, Taxable/Exempt Sales, and the Invoice Register.

________ Accounts Payable—Print reports such as Check Register, Aged Payables, and 1099 Forms.

________ General Ledger—Print reports such as G/L Trial Balance and General Ledger report.

________ Financial Statements—Print reports such as Balance Sheet, Cash Flow, and Income Statement.

________ Payroll—Print reports such as Payroll Check Register, Quarterly Earnings Report, Yearly Earnings Report, Payroll Tax Reports, State Quarterly Report Forms and Federal Forms (940, 941, W-2, and W-3).

________ Inventory—Print reports such as Inventory Valuation Report, Item Costing Report, Inventory Unit Activity Report, and the Inventory Profitability Report.

72

General Ledger Year-End ChecklistStep 5: Audit Reports and Make Adjustments

________ Jobs—Print reports such as Job Ledgers, Job Profitability Report, and Job Register.

The General Ledger, Financial Statements, and Payroll Reports cannot be printed for a closed payroll or fiscal year.

For more information on printing reports or forms, refer to the Peachtree User’s Guide.

Step 5: Audit Reports and Make Adjustments

Usually in the last accounting period of a fiscal year you need to make adjusting entries. These might include the following:

• Write off customer bad debts

• Record old outstanding checks re-entered back into the bank account as miscellaneous income

• Verify that fixed asset purchases and dispositions have been properly recorded

• Record depreciation expenses

• Record a physical inventory count and compare to Peachtree's quantity on hand

• Manage outstanding notes payable and receivable items and recording or adjusting interest expense or income

Once the above adjustments have been made (if necessary), you are ready to begin closing the fiscal year. The type of adjustment required depends on where in Peachtree the correction needs to be made.

• General Ledger adjustments are entered in the General Journal.

• Inventory adjustments are entered in the Inventory Adjustments Journal.

• Payroll adjustments can be made through Payroll Entry.

• Accounts Receivable adjustments can be made through Sales/Invoicing or Receipts.

• Accounts Payable adjustments can be made through Purchases or Payments.

After you have made the necessary adjustments, reprint any affected reports so that you have a correct copy. You can run the Internal Accounting Review to help you identify potential discrepancies and items that might be audited. To run this feature, select Reports, then Internal Accounting Review.

Note

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Step 6: Close Fiscal Year

Peachtree refers to the fiscal year as the year in which General Ledger transactions take place. Peachtree keeps two years of General Ledger transaction activity open at one time. Each fiscal year has the same number of accounting periods, which you establish when initially setting up your company. Normally, you change accounting periods as you enter transactions. Fiscal years do not have to start at the beginning of the calendar year. For example, some companies may start their fiscal year July 1 and end it June 30.

Peachtree refers to the payroll year as the calendar year in which payroll transactions (earnings) take place. If your fiscal year is operated based on the calendar year (starts January 1 and ends December 31), then you should close the payroll year first before closing the fiscal year.

Before Closing the Fiscal Year

Before you close the fiscal year, if you are using batch posting mode, you need to post and print all journals and the Yearly General Ledger report. Also, you need to print all open invoices, vendor and payroll checks, and back up all of your data. The program will prompt you to perform these functions. If you are using batch mode, the program will not let you continue a fiscal year close until all transactions are posted.

Usually in the last accounting period of a fiscal year you need to make adjusting entries. Once the adjustments have been made (if necessary), you are ready to begin closing the fiscal year.

Close the Fiscal Year

After closing a fiscal year, all transactions posted to the General Ledger in that year cannot be edited. However, these transactions can be viewed if they have not been purged. In addition, ending balances and some limited historic information are available in reports, when requested.

74

General Ledger Year-End ChecklistPurge Unnecessary Data

Closing the First of the Two Open Fiscal Years

Before you close the fiscal year, you will need to post and print all journals and the Yearly General Ledger report. You should also print all open invoices, vendor and payroll checks, and then back up all of your data. The program will prompt you to perform these functions when you use the Year End Wizard. If you are using batch mode, the program won't let you continue a fiscal year close until all transactions are posted.

1 From the Tasks menu, select System, then Year-End Wizard.

It is important that you never shut off your computer during the close-year procedure. Also, the process may take some time, depending on your computer system, memory, and size of data. Peachtree recommends that you begin the process at the end of the day so it will not interfere with your regular workday. If your company has data in excess of 50MB, you should begin the close prior to leaving for a weekend or holiday.

2 Peachtree may show several warnings before beginning the close process if your company data meets certain conditions. These could include

• You may get a message that if Payroll or vendor 1099s are being used, you must close the payroll year first. Select No or Cancel if you haven't closed the payroll year and you need to.

• You may get a message saying you should print invoices or checks before closing the year. This means you have paychecks or customer invoices that do not have reference numbers assigned in the year that is about to close.

3 Follow the wizard screens to continue closing your fiscal year. Refer to “The Wizard Windows” on page 40 for more about using the Year-End Wizard.

Purge Unnecessary Data

Purging is the process of removing inactive customers, vendors, employees, quotes, invoices, purchases, and so on, from the records of a company. Purging reduces the size of the files of a company and frees valuable disk space for current and active data. This is usually recommended after closing a fiscal year, to save disk space and to improve system responsiveness and speed. For each type of transaction to purge, you can enter a date through which the transactions will be deleted.

Warning

75


For more information about purging, look up Purge wizard, overview in the Peachtree Help index.

Troubleshooting Fiscal Year End

Here are some common error messages you could receive during fiscal year-end procedures, and how to correct them.

You Must Post and Print Before Closing

If you are using Batch posting, go to the Tasks menu and select System, and then select Post. From the Post window, choose All Journals, and then click OK.

If you are using Real-time or SmartPosting (Peachtree Quantum only) posting, go to the Maintain menu and select Company Information. Click the Posting Method arrow button, select the Batch posting method, and click OK. Select OK to close the Maintain Company Information window. From the Tasks menu, select System, and then select Post. From the Post window, choose All Journals, and then click OK.

If posting All Journals does not work, try posting each individual journal.

If you have posted all journals and the problem persists, follow the steps below:

1 Make sure that Peachtree is closed on your machine.

2 Start Peachtree with Integrity Check:

You should be on the latest batch update of Peachtree before running integrity checks. You can verify this by using the Online Update feature or by visiting www.peachtree.com on the Web. For the procedure for running the online update, see “Checking for and Installing Online Tax Updates” on page 19. The procedure is the same for other types of product updates.

➤ In Windows 2000, XP, or Vista: Click once on the Peachtree Icon. Next right click to Properties. On the Shortcut tab and then target path line, click the cursor behind the last character then type (space) -i.

This will load Peachtree with two new options under the FILE menu. Never choose these options without being instructed to do so by a Peachtree Technical Support representative.

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www.peachtree.com

Troubleshooting Fiscal Year EndPurge Unnecessary Data

3 Change to Period 1.

4 Choose File, and then select Integrity Check.

5 Choose to make a backup.

6 In the Integrity Check window, run these tests:

• Select Reindex Files on the left. Choose Chart on the right, and then click OK.

• Go back to the File menu and select Integrity Check. Click Continue.

The journal file is divided into two files— jrnlheader and jrnlrow. Each of these files should be reindexed.

• Select Reindex Files on the left, choose Jrnl Header, and click OK. Repeat the process, selecting Jrnl Rows.

• Return to the File menu and choose Integrity Check. Select Continue.

• Select Chart of Accounts/Journal under the Data Synchronization Tests, and then click OK.

If this still did not help, it’s possible that Beginning Balances were not posted correctly. Follow the steps below. This may be a lengthy procedure. Do not interrupt the process.

1 Make sure you are using the batch posting method.

From the Maintain menu, select Company Information. Click the Posting Method arrow button, select the Batch posting method, and then click OK. Select OK to close the Maintain Company Information window.

2 Change your accounting period to Period 1.

From the Tasks menu, select System, and then select Change Accounting Period. Select Period 1 from the Open Accounting Periods box and then click OK.

3 From the Tasks menu, select System, and then select Unpost.

4 Clear the All Journals checkbox, and then select each individual journal box.

Each journal should have a checkmark beside it, (except for the All Journals option).

5 Click OK.

This will unpost each journal, one at a time.

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6 When the unposting is completed, go to the Maintain menu and select Chart of Accounts. Click the Beginning Balances arrow button.

7 Select the period in which you entered Beginning Balances, and then click OK.

8 In the Beginning Balance screen, press and hold down the Enter key. Keep holding down the Enter key to scroll through the accounts.

9 When you reach the end, release the Enter key. Answer Yes to save the beginning balances.

10 When finished, go to the Tasks menu and select System, Post, and then OK. When completed, try closing again.

Periods Not Updating When Closing Fiscal Year

This error message indicates that the closing of the fiscal year is encountering a problem assigning new period numbers to each transaction in the system. Follow the steps below to resolve the problem.

1 Restore the backup made before you attempted to close the fiscal year.

2 From the Help menu, select Help, Customer Support and Service, and File Statistics.

3 The title bar of this window will say, “Data File Statistics for XXXX” where XXXX is your company's folder name in Windows. Write this name down.

4 Exit Peachtree.

5 From the Start menu, select Programs, and then choose Windows Explorer.

6 Find your company folder under the Peachtree directory on the drive where your data is stored.

7 In this directory, there should only be files ending in .DAT, .PTB, .DDF, .RPT, .PWP, and .FRM, as well as a VERSION.TXT, DETAILS.INI, *.PRT, and ~PVSW~.LOC. If you see any other extensions or files, delete those files.

78


Tip: Other files that may cause problems and may be deleted include the following: JRNLCLS.DAT, files whose filenames include a dash or an underscore, STATUS.DAT, OPTIONS.DAT, SERIAL.DAT,ENVUSER.DAT, ENVSESS.DAT, and PEACHTDAT.LOC.

8 Run the Data Verfication procedure. Go to File, Data Verification.

9 Choose the option to run Both Tests, and click Start.

10 Make a backup to a secure location. If you do not make a backup, the test will not complete.

11 Once the backup has finished, the Data Verification test will begin automatically.

12 Once the Data Verification is complete, close the dialog box and attempt to close your fiscal year. If it still fails, continue the steps below:

13 Follow the steps below to run a test on your data:

• Load Peachtree with Integrity Check

You should be on the latest batch update of Peachtree before running integrity checks. You can verify this by using the Online Update feature or by visiting www.peachtree.com on the Web.

➤ In Windows 2000, XP, or Vista: Click once on the Peachtree Icon. Next right click to properties. On the Shortcut tab and then target path line, click the cursor behind the last character then type (space) -i.


• From the Tasks menu, select System, and then Change Accounting Period. Change the accounting period to Period 1.

• From the File menu, select Integrity Check.

• Choose to make a backup.



• Return to the File menu and choose Integrity Check. Click Continue.

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• Select Inventory/Journal under the Data Synchronization Tests, and then click OK.

This test may take a while. Take note of any errors encountered.

• When finished, change back to period 13 and try closing the fiscal year.

No Transactions Under Open After Fiscal Year Close

After closing the fiscal year, the transactions for each period do not show in Open/List unless you choose to show All Transactions.

Follow these instructions to fix this problem:

1 Restore the backup you made prior to closing the Fiscal Year.

2 From Windows Explorer or File Manager, open your company data folder.

If you are not sure which folder is your company data folder, open Peachtree, go to the Help menu, and choose Customer Support and Service, File Statistics. Your company folder name is displayed in the Directory field at the bottom of this window.

3 In your company folder, leave only files ending in .DAT, .PTB, .DDF, .RPT, .PWP, .FRM, PRT, and a VERSION.TXT, DETAILS.INI, and ~PVSW~.LOC files. Delete anything that does not end in the file extensions mentioned above. Also, delete the following files, if present: JRNLCLS.DAT, EVNTCLS.DAT, SERIAL.DAT, ENVUSER.DAT, ENVSESS.DAT, and PEACHTDAT.LOC.

Tip: Other files that may cause problems and may be deleted include the following: files whose filenames include a dash or an underscore, STATUS.DAT, and OPTIONS.DAT.

4 Follow the steps below to run a test on your data:

• Load Peachtree with Integrity Check

You should be on the latest batch update of Peachtree before running integrity checks. You can verify this by using the Online Update feature or by visiting www.peachtree.com on the Web.

➤ In Windows 2000, XP, or Vista: Click once on the Peachtree Icon. Next right click to properties. On the Shortcut tab and then target path line, click the cursor behind the last character then type (space) -i.

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• From the Tasks menu, select System, and then Change Accounting Period. Change the accounting period to Period 1.

• From the File menu, select Integrity Check.

• Choose to make a backup.



• Return to the File menu and choose Integrity Check. Click Continue.

• Select Inventory/Journal under the Data Synchronization Tests, and then click OK.

This test may take a while. Take note of any errors encountered.

5 When complete, close the fiscal year again.

6 After the year is closed, check for the transactions under Open/List. They should now appear under each period in the system.

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4
• Frequently Asked Year-End Questions •We have included troubleshooting sections in both the Payroll and General Ledger Year-End chapters to help you with specific questions about closing both the payroll and fiscal year. This chapter, however, is dedicated to answering general questions about Year-End.
How is Peachtree preparing for the increased call volume?

We are continuing our Year-End efforts to ensure we're fully prepared, including significantly increasing our call center staff, to handle the increased volume without sacrificing the quality of the assistance you have come to expect when contacting us for support. And, as always, we will be expanding our hours of operation to allow for even better accessibility of our support representatives.

Extended Hours for Peachtree Customer Support

From Monday, December 29th through January 16, 2009, Sage will offer extended hours for Peachtree Customer Support. During this period, support specialists will be available from 7:30am until 8:30pm, EST. Please note that our busiest days during this period are the first four business days of the year.

We will also offer support on Saturday, January 3, 2009, and Saturday, January 10, 2009, from 9am-5pm, EST.

What can I, as a Peachtree customer, do to improve my year-end call experience?

To ensure your questions are handled promptly and with minimal impact to your busy schedule at this time of year, we recommend that you contact Peachtree as early as possible for any Year-End support questions, even as early as December. We also recommend that you make sure both Peachtree and your Payroll Tax Solution are registered. By planning to contact us you can avoid the Year-End rush for support that can often result in experiencing longer hold times than you would otherwise receive when contacting us throughout the year.

Also, you can visit the Peachtree Year-End Center at www.peachtree.com/yearend or the Peachtree Knowledge Center at www.peachtree.com.

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www.peachtree.com

Frequently Asked Year-End QuestionsPeachtree Accounting Year-End Guide

What has happened thus far to ensure a smooth Year-End closing for Peachtree customers needing support?

Registration processes for the Peachtree Payroll Tax Update Service have been improved to expedite the time you spend getting up and running with your Tax Update Service! Now you can register your tax update service over the phone at the time you purchase your 2009 Payroll Tax Update Service. The registration key will be provided at that time so that you may start using your subscription even before you're ready to start your 2009 Tax Year.

We have also included additional Year-End questions and answers in the Peachtree Knowledge Center to provide you with a quick and easy, “self-service” option, allowing you to answer questions 24/7 without the need to contact a Peachtree Customer Support Representative.

Will Peachtree provide e-mail support for Year End?

Yes, support contract customers can take advantage of e-mail support, which is available in the Peachtree Knowledge Center. Simply select the Ask a Question feature to post your question. The response to your question will be automatically sent to the e-mail address associated with the Passport account you used to log into the Peachtree Knowledge Center.

Will Peachtree provide Live Chat Assistance support for Year End?

Yes, support contract customers can take advantage of Live Chat Support, which is available Monday-Friday from 9am until 5:30pm EST via the Peachtree Knowledge Center. Once logged into Passport, click the left hand pane of the screen and select the option for Peachtree Support Chat and E-mail Support. Then, log in. Next, click on the Live Chat tab, and enter your Customer ID and other information on this screen.

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Explanation of fields on the Federal W-2 form

The following table explains how each box on the W-2 form corresponds with information entered into Peachtree.

Explanation of fields on the Federal 941 form

The following table explains how each box on the 941 corresponds with information entered into Peachtree.

W-2 Box Number Where the Information comes from

Boxes b, c, 15b (State ID Number)

Pulls fields from the Maintain Company Information window.

Boxes a, e, 13a, 15 (State Abbreviation), 20

Boxes a, e, and f are pulled from the General tab of the Maintain Employees/Sales Reps window and boxes 13a, 15, and 20 are pulled from the Withholding Information tab.

Boxes 1, 3, 5, 16, 18 Pulls values from the EmployEE Fields tab of the Maintain Employees/Sales Reps window. The box's tax value is based on information that is set up by clicking the Adjust button. The sequence of the payroll fields on these two tabs should never be changed.

Boxes 2, 4, 6, 7, 8, 9, 10, 11, 12, 14, 17, 19

Pulls the value based on the Yearly total for the payroll fields. These field names were set up on the EmployEE and EmployER/Company Fields tabs of the Employee Defaults window (Maintain, Default Information, Employees).

Note: If the tax is selected as the STD, then check the Maintain, Default Information, EmployEE Fields tab.

1. Go to Maintain, Default Information, Employees.

2. Select the EmployEE Fields tab.

3. Click the Adjust button on the Fed_Income line.

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941 Box Explanation of Data

Where the information comes from

Address Box Company Name, Address, Federal Employer ID

Maintain Company Information

Report for this Quarter

Box 1 Number of employees in the pay period

Pulls the value based on the number of employees who received at least one paycheck during whichever quarter the form is being filed for.

Box 2 Wages, tips, and other compensation

Pulls values from the EmployEE Fields tab of the Maintain Employees/Sales Reps window. The box's tax value is based on information that is set up by clicking the Adjust button. (Note: If the tax is selected as the STD [Default], then check the Maintain, Default Information, EmployEE Fields tab.)

Box 3 Total income tax withheld from wages, tips and other compensation

Pulls the value based on the Quarterly total for the payroll fields. This amount represents the total amount of federal withholding for the quarter. This should match the federal withholding column of the Quarterly Earnings Report.

Box 4 No wages subject to social security or Medicare

This line is left blank. You would manually enter a checkmark if this applies.

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Box 5a, 5b, 5c--Column 1

Total social security wages, social security tips, and Medicare wages and tips

Pulls values from the EmployEE Fields tab of the Maintain Employees/Sales Reps window. The box's tax value is based on information that is set up by clicking the Adjust button. The sequence of the payroll fields on these two tabs should never be changed.(Note: If the tax is selected as the STD [Default], then check the Maintain, Default Information, EmployEE Fields tab.)

Box 5a, 5b, 5c--Column 2

Tax Liability for boxes 5a, 5b, and 5c

Automatically calculates based on the information printed.

Box 5d Total social security and Medicare taxes

Automatically calculates based on the information printed.

Box 6 Total taxes before adjustments

Automatically calculated (line 3 + 5d = line 6).

Box 8 Total taxes Automatically calculates based on the information printed.

Box 9 Advanced Earned Income Credit (EIC) payments made to employees

Pulls the value based on the Quarterly total for the payroll fields. These field names were set up on the EmployEE and EmployER/Company Fields tax of the Employee Defaults window.

Box 10 Net taxes Automatically calculates based on the information printed.

Box 11 Total deposits made for the quarter

Total Deposit for the Quarter must be entered directly onto the form.

Box 12 Overpayment Automatically calculates based on the information printed.



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Box 13 Apply to next return. This line is left blank by Peachtree. You would manually enter a checkmark if this applies

Box 13 Send a refund This line is left blank by Peachtree. You would manually enter a checkmark if this applies

Box 13 Net Taxes Automatically calculates based on the information printed.

Page 2

Box 14 State where you made your deposit

Manually enter the abbreviation for the state where you made the deposit.

Box 15 Month 1, Month 2, Month 3, Total

Monthly totals for Federal Income Tax, Social Security Tax (EE and ER) liability and Medicare (EE and ER) liability (Box 15 Month 1, Month 2, and Month 3). Quarterly total for Federal Income Tax, Social Security Tax (EE and ER) liability and Medicare (EE and ER) liability (Box 15 Total).

Pulls the monthly (Month 1, Month 2, Month 3) and quarterly (Total) total for Fed_Income, Soc_Sec, Medicare, Soc_Sec_ER, Medicare_ER.

Box 15 Line 10 is less than $2,500

This line is left blank by Peachtree. You would manually enter a checkmark if this applies

Box 15 You were a monthly schedule depositor for the entire quarter


Part 3, Information about your business

Overpayment Manually enter the information that applies to your business.



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Part 4, Third-Party Designee

Manually indicate whether or not you want to allow an employee, tax preparer, or another person to discuss this form with the IRS.

Part 5, Sign here

Manually enter the Name and Title of the signer in the appropriate boxes and enter the date and your telephone number in the boxes provided.

Part 6, For paid preparers only

This part is optional and only applies to those using a paid tax preparer. Manually enter the appropriate information and have the preparer sign the return.

Self-employed checkbox

Check if you are self-employed


Schedule B

Employer identification number

Federal Employer ID Maintain Company Information

Name Company Name Maintain Company Information

Report for this Quarter

Month 1 Pulls the daily tax liability for Month 1 of the quarter

Tax liability for Month 1

Automatically calculated based on information printed.






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After installing my payroll tax solution update, I do not see the 2009 tax tables under File, Payroll Tax Tables/Formulas, Peachtree-Maintained. How do I correct this?

To view the tax tables after installing the update, you must first register your tax tables. For information on registering your tax service, see “Register your Payroll Tax Solution” on page 16.

The current year tax tables/payroll formulas will not install properly. How do I correct this problem?

If the Tax Update disk did not install properly, you can manually install these files by following the steps below.

1 Select the Start button on the Windows Task bar and then select Run. In the Command line, type Explorer and click the OK button. The Windows Explorer window will appear.

2 Click one time to highlight the Peachtree folder on your C drive. The default directory is C:\Program Files\Sage Software\Peachtree. In your Peachtree folder, find the TAXTABLE.DAT file.

Note: If you are on a network, you must browse to the Peachtree directory on your network drive.

3 Highlight the TAXTABLE.DAT file. From the File menu, select Rename. Rename the file from TAXTABLE.DAT to TAXTABLE.OLD.

4 Highlight TAXINFO.DAT. Rename this file to TAXINFO.OLD.

5 Highlight and rename the folder FORMVIEWER.




Total liability for the quarter




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6 Now place your Tax Update CD in your CD drive. Right-click the CD-Rom drive icon on the left side of Windows Explorer. This will display the contents of the CD in the drive. Double-click the TAXINSTALL folder; then double-click the TAXFILES folder. You will see a TAXTABLE.DAT file on the right side of Windows Explorer.

7 Select the TAXTABLE.DAT file on your CD-Rom drive and select Copy from the Edit menu.

8 On the left side of the Windows Explorer, select the Peachtree folder on the C drive (or the folder in which you installed your Peachtree Accounting data files). From the Edit menu, select Paste.

9 You may need to remove the “Read Only” attribute from this file. To do so, select the file, then click the right mouse button and select Properties from the menu. Clear the Read Only checkbox and click OK.

10 Repeat steps 6-8 for TAXINFO.DAT.

11 Repeat steps 6-8 for the folder FORMVIEWER.

This will complete the manual loading of the Tax Tables into your Peachtree-Maintained Tax Tables.

Your tax tables are now installed.

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92

Index

Numerics1099 forms

ordering pre-printed 5printing 32printing after-the-fact 46troubleshooting 59

940 EZ formsordering pre-printed 5printing 35

941 formserror while printing 28ordering pre-printed 5printing 26what to do if incorrect 28why they may disagree with

earnings reports 27

Aaccount reconciliation

year-end 72accounts payable

entering after-the-fact 1099 information 46

adjustingpayroll 35

after-the factentering payment

information and printing 1099s 46

entering payroll information and printing W-2s 42

annual payroll reports and formspreparing 29

auditing reportsGeneral Ledger year-end

procedures 73

Bbacking up

company data 40customized forms 40

Ccalculating

depreciation of fixed assets 70

calendar yearclosing payroll year 36

checklistsGeneral Ledger year-end

procedures 69payroll year-end procedures

13printing General Ledger year-

end reports 72printing payroll year-end

reports and forms 24checks

ordering pre-printed 5clearing Waiting on Bill check box

40close options 40close-year process, begin (Year-End

Wizard) 41closing fiscal year

before closing 74overview 74procedure 74

closing payroll yearoverview 36when to close 11

company databack up 40

could not finda calculation that you created

65federal income calculation 64local income calculation 65state income calculation 64state unemployment

calculation 64current system date (Year-End

Wizard) 38customized forms

backing up 40

Ddate

current system (Year-End Wizard) 38

depreciation amountscalculating and posting 70

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Guide Hint

When displaying this document in Adobe Reader software, click the topics below to jump to the corresponding page.

IndexPeachtree Accounting Year-End Guide

Eerrors

"could not find" 63tax calculation,

troubleshooting 63

FFAS for Peachtree

installing tax updates 20, 71year-end procedures 69

FAS for Peachtree Tax Servicefixed asset updates 4

fiscal yearbefore closing 74closing 74closing (procedure) 74new open (Year-End Wizard)

41fixed assets

year-end procedures 69forms

1099 32940 EZ 35941 26ordering pre-printed 5preparing annual payroll

reports and forms 29preparing quarterly payroll

reports and forms 25W-2 31

GGeneral Ledger year-end

proceduresauditing reports 73checklist 69closing fiscal year 74closing fiscal year (procedure)

74complete all transactions 69fixed assets 69printing reports 72reconciling accounts 72

global tax tablesPeachtree Tax Service 3

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Ppayroll

adjusting at year-end 35entering after-the-fact 42

Payroll Exception reportprinting 29

payroll tax solutionfixed asset updates 20installing updates 15update needed for payroll

year-end close 15payroll taxes

installing tax updates 15tax updates 3

payroll yearclosing (overview) 36when to close 11

payroll year-end proceduresadjusting payroll transactions

35checklist 13closing payroll year (overview)

36entering after the fact payroll

42entering after-the-fact 1099

information 46troubleshooting 1099 forms

59troubleshooting W-2 forms 50

payroll year-end reports and formsprinting 24

PeachtreeInternet web site 6

Peachtree Accountingregistering 7Year-End Wizard 36

Peachtree Checks and Forms 5Peachtree Client Support Services

overview 7Peachtree Knowledge Center

technical tips and frequently-asked questions 6

Peachtree Tax Servicefixed asset updates 70overview 3subscribing to 4

Peachtree-Maintained tax tablesPeachtree Tax Service 3

Peachtree-maintained tax tablesinstalling updates 15

postingdepreciation amounts of fixed

assets 70preparing

annual payroll reports and forms reports 29

General Ledger year reports 72quarterly payroll reports and

forms reports 25pre-printed forms

ordering 5printing

1096 forms 341099 forms 32940 EZ forms 35941 forms 26fiscal year-end reports and

formsprinting before closing

40Payroll Exception report 29payroll year-end reports and

forms 24Quarterly Earnings report 25Quarterly Employer Payroll

Tax reports 26troubleshooting 1099 forms

59troubleshooting W-2 forms 50unprinted items before using

the Year-End Wizard 37W-2 forms 31Yearly Earnings report 31

printing reportsGeneral Ledger year-end

reports 72purging data

before using the Year-End Wizard 37

QQuarterly Earnings report

printing 25Quarterly Employer Payroll Tax

reportsprinting 26

quarterly payroll reports and formspeparing 25

Rreconcile

G/L accounts for the fiscal year 72

reportsfiscal year-end 40Payroll Exception report 29preparing annual payroll

reports and forms 29preparing quarterly payroll

reports and forms 25Quarterly Earnings report 25Quarterly Employer Payroll

Tax reports 26Yearly Earnings report 31

Sstarting the Year-End Wizard 38state unemployment

update new wage limit and percentage rate 48

verify wage limit and percentage rate 21

subscribePeachtree Accounting Tax

Service 4SUI ER

update new state unemployment wage limit and percentage rate 48

verify state unemployment wage limit and percentage rate 21

system datecurrent (Year-End Wizard) 38

Ttax calculation errors

troubleshooting 63tax updates

FAS for Peachtree 20, 71fixed assets 4, 20, 70installing 15

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IndexPeachtree Accounting Year-End Guide

Peachtree Tax Service 3technical support

before contacting 7contacting 7printing Technical Support

Information sheet 8Technical Support Information

Sheetprinting 8

technical tips and frequently-asked questions

Peachtree Knowledge Center 6

transactionscompleting for the fiscal year

69troubleshooting

"could not find" errors 63printing 1099 forms 59printing W-2 forms 50tax calculation errors 63

Uunprinted items (Year-End

Wizard) 40updates

installing tax updates 15Peachtree Tax Service 3

WW-2 forms

ordering pre-printed 5printing 31printing after-the-fact 42troubleshooting 50

Waiting on Bill check box 36, 40web site (Internet)

Peachtree 6

Yyear-end

fiscal reports 40year-end close, confirm (Year-End

Wizard) 41year-end procedures

FAS for Peachtree 69

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payroll checklist 13year-end reports and forms

General Ledger 72payroll 24

Year-End Wizard 36back up company data 40begin close-year process 41clearing Waiting on Bill check

box before using 36close options 40confirm year-end close 41Congratulations! window 42current system date and 38finish 42new open fiscal years 41print fiscal year-end reports 40printing unprinted items

before use 37purging data before use 37starting 38unprinted items 40

Yearly Earnings reportprinting 31

Documents

Peachtree Year-End Guide 2008 - quantumbuyers.compdf\paweoy.pdf · Peachtree Complete Accounting, Peachtree Premium Accounting and Peachtree Quantum applications, related products