Year-End Guide Peachtree Simple Payroll and Peachtree Select Payroll

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

2 2008 Year-End Guide

3 Registration and Customer Support Information View Peachtree Products and Services Register Peachtree Products: Outside United States: Purchase Customer Support Plans: 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 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: Aatrix Software, Inc. All rights reserved Access Softek, Inc. All rights reserved Adobe Systems Incorporated. All rights reserved AMYUNI Consultants. All rights reserved AMYUNI Technologies, Inc. All rights reserved The Apache Software Foundation. All rights reserved Business Objects SA. All rights reserved Developer Express Inc. All rights reserved devsoft, Inc. All rights reserved FarPoint Technologies, Inc. All rights reserved Inner Media, Inc. All rights reserved Innovision Corporation. All rights reserved Macrovision Corporation. All rights reserved Iron Mountain. All rights reserved Pervasive Software Inc. All Rights Reserved United Parcel Service of America, Inc. All rights reserved ComponentOne LLC All rights reserved Wintertree Software Inc. All rights reserved WinZip International LLC. All rights reserved Xceed Software, Inc. All rights reserved DataBlox, Inc. All rights reserved.

4 Trademarks 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. Microsoft, MS-DOS, Excel, Outlook, Windows, Windows NT, Windows Vista, the Windows logo, and the Microsoft Internet Explorer logo are registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Business Objects and the Business Objects logo, Business Objects and Crystal Reports are trademarks or registered trademarks of Business Objects in the United States and/or other countries. Seagate and the Seagate logo are registered trademarks of Seagate Technology, Inc. The First Data name, logo and related trademarks and service marks, owned by First Data Corporation, are registered and/or used in the United States and many foreign countries. UPS, the UPS brandmark, and the color brown are registered trademarks or trademarks of United Parcel Service of America, Inc. Innovision is a registered trademark of Innovision Corporation. Iron Mountain is a registered trademark of Iron Mountain. America Online and AOL are registered trademarks of America Online, Inc. DynaZIP is a registered trademark of Inner Media, Inc. WinZip is a registered trademark of WinZip Computing, Inc. Director, Macromedia and Flash are registered trademarks of Macromedia, Inc. Quicken and QuickBooks are registered trademarks of Intuit, Inc. Amyuni and the Amyuni logo are trademarks of Amyuni Technologies Inc. Sentry Spelling Checker Engine is a trademark of Wintertree Software, Inc. Pentium is a registered trademark of Intel Corporation. Adobe, the Adobe logo, Acrobat, the Adobe PDF logo, Distiller, and Reader are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. Other product names mentioned may be service marks, trademarks, or registered trademarks of their respective companies and are hereby acknowledged.

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6 Table of Contents Introduction and Getting Help What s New This Year Peachtree Payroll Tax Solutions How to Subscribe to One of the Payroll Tax Solutions Peachtree Fixed Assets Tax Update Service Peachtree Checks and Forms Peachtree s Internet Web Site Peachtree Technical Support Before You Contact Technical Support Peachtree Technical Support Information Sheet Print the Peachtree Technical Support Information Sheet Payroll Year-End Procedures When to Close the Payroll Year Determine the Two Open Payroll Years in Your Company Payroll Year-End Checklist Step 1: Make sure your program and forms are up to date If you subscribe to one of the payroll tax solutions for Peachtree. 15 If you do not subscribe to any payroll tax solution for Peachtree. 18 Install the Latest Fixed Assets Tax Service Update Step 2: Verify Your State Unemployment Wage Limit and Percentage Rate Release 2008 and Earlier Release 2009 and Later Step 3: Synchronize Direct Deposit Payroll Transactions Step 4: Print Payroll Year-End Reports and Forms Checklist Preparing Quarterly Payroll Reports and Forms Printing the Quarterly Earnings Report Printing Quarterly Employer Payroll Tax Reports Printing 941 Forms Preparing Annual Payroll Reports and Forms Printing the Payroll Exception Report Printing the Yearly Earnings Report Printing Employee W-2 Forms Printing Vendor 1099 Forms Printing Company 1096 Forms Printing the 940 Form Make Payroll Adjustments Step 5: Close Payroll Year Using the Year-End Wizard to Close the Payroll Year Before Starting the Wizard Starting the Year-End Wizard The Wizard Windows After-the-Fact Payroll Entering After-the-Fact Payroll Information for Employees After-the-Fact 1099 Payment Information i

7 Table of Contents Peachtree Accounting Year-End Guide Entering After-the-Fact Payment Information for 1099 Vendors. 46 Update User-Maintained Tax Tables/Payroll Formulas to the New Payroll Year Update Employer State Unemployment (SUI ER) Tax Table/Payroll Formula Updating SUI ER Tax Tables Using the User-Maintained Tax Table/Payroll Formula Wizard Updating SUI ER Tax Tables/Payroll Formulas Manually Troubleshooting Payroll Year-End Troubleshooting 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 Amounts are not Printing in the Correct Boxes on the Employee W-2 Form The W-2 Forms Print in Employee Social Security Number Order Troubleshooting Problems after Printing Vendor 1099 Forms An Incorrect Payment Total is Printing on Your 1099 Form Forms are not Printing for a Vendor Incorrect Vendor Name and/or Address is Printing on the 1099 form The Payment Amounts are Printing in the Wrong Box on the 1099 Form Troubleshooting Payroll Tax Calculation Errors During Payroll Entry Common Reasons Peachtree Displays Payroll Tax Table/Payroll Formula Errors Troubleshooting Example General Ledger Year-End Procedures When to Close the Fiscal Year Determine the Two Open Fiscal Years in Your Company General Ledger Year-End Checklist Step 1: Complete All Transactions Step 2: Fixed Assets Year-End Procedures Installing the Latest Peachtree Fixed Assets Tax Update Service Closing Fixed Assets Calculate and Post Fixed Asset Depreciation Amounts for Each Accounting Period before Closing the Current Fiscal Year Step 3: Reconcile G/L Accounts Step 4: Printing Year-End Reports Checklist Step 5: Audit Reports and Make Adjustments Step 6: Close Fiscal Year Before Closing the Fiscal Year Close the Fiscal Year ii

8 Closing the First of the Two Open Fiscal Years Purge Unnecessary Data Troubleshooting Fiscal Year End You Must Post and Print Before Closing Periods Not Updating When Closing Fiscal Year No Transactions Under Open After Fiscal Year Close Frequently Asked Year-End Questions How is Peachtree preparing for the increased call volume? What can I, as a Peachtree customer, do to improve my year-end call experience? What has happened thus far to ensure a smooth Year-End closing for Peachtree customers needing support? Will Peachtree provide support for Year End? Will Peachtree provide Live Chat Assistance support for Year End? Explanation of fields on the Federal W-2 form Explanation of fields on the Federal 941 form 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? The current year tax tables/payroll formulas will not install properly. How do I correct this problem? iii

9 Table of Contents Peachtree Accounting Year-End Guide iv

10 Introduction and Getting Help Overview 1 This 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. 1

11 Introduction and Getting Help Peachtree 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. 2

12 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, usermaintained, 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. 3

13 Introduction and Getting Help Peachtree Accounting Year-End Guide 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 If you do not have Web access, call 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. 4

14 Peachtree Checks and Forms Peachtree Checks and Forms How to Subscribe to One of the Payroll Tax Solutions 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. Note 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 5

15 Introduction and Getting Help Peachtree Accounting Year-End Guide 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 screenback 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 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 6

16 Peachtree Technical Support Peachtree Checks and Forms 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 Note 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, 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). 7

17 Introduction and Getting Help Peachtree Accounting Year-End Guide 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. 8

18 Peachtree Checks and Forms Peachtree 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 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. and chat support is available to customers with a support contract through the Peachtree Knowledge Center ( 9

19 Introduction and Getting Help Peachtree Accounting Year-End Guide 10

20 2 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 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. 11

21 Peachtree Year-End Procedures Peachtree 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 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. 12

22 Payroll Year-End Checklist Payroll Year-End Checklist When to Close the Payroll Year 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 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 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

23 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide After-the-Fact Payroll and Payment Information The following procedures may be required if you need to enter afterthe-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 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 ( You will need to register but it is free. 14

24 Payroll Year-End Checklist Step 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 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. 15

25 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide Note 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 to avoid getting the error: There are no updates available at this time. To find this article, go to 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: If you are registered for the Tax Service, your registration year will appear here. 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. 16

26 Payroll Year-End Checklist Step 1: Make sure your program and forms are up to date To register the update from within Peachtree: 1 From Peachtree's Help menu, select Tax Service Registration. Click this link to register your tax service. 2 Click the link for You must have an internet connection for this and the following steps. Note 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 taxregister/. After completing a short questionnaire, you will be provided with a tax registration number. By calling Sage toll free at If you are located outside the United States, please call 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: 17

27 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide 1 From Peachtree's Help menu, select Tax Service Registration. Enter your tax registration number here. 2 Enter your tax registration number. For Release 2007, you must have Service Release 6 installed! Note 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 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, usermaintained, overview in your Peachtree Help. Note 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. 18

28 . Payroll Year-End Checklist Step 1: Make sure your program and forms are up to date 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. Note We recommend that you check for updates every five days during the month of December. 4 Select Check Now. Note 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 When a tax update is available, it will be listed in the window, similar to the following. 19

29 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide 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. 20

30 Payroll Year-End Checklist Step 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. 21

31 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide 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 = ; 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= 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. 22

32 Payroll Year-End Checklist Step 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 = ; "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= 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 prenotes and payroll transactions. Once pre-notes and transactions are found for processing, the information will be displayed. 23

33 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide 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. Note 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. Note 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). 24

34 Payroll Year-End Checklist Preparing 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. To do this... Go here Print Quarterly Employee Earnings report See page 25 Print Quarterly Employer Payroll Tax See page 26 reports Print 941 forms See page 26 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 25

35 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide 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 onscreen 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. 26

36 Payroll Year-End Checklist Preparing 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 /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 27

37 Peachtree Year-End Procedures Peachtree Accounting Year-End Guide 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 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 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 28

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