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January's FAQs |
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See also: December 2003 FAQs November 2003 FAQs October 2003 FAQs September 2003 FAQs August 2003 FAQs July 2003 FAQs June 2003 FAQs May 2003 FAQs April 2003 FAQs March 2003 FAQs February 2003 FAQs January 2003 FAQs |
Below you'll find the most commonly-asked
questions about Clients & Profits for January 2004. These questions
are compiled from telephone calls and e-mails sent to the Clients &
Profits Helpdesk.
Q. Why would I use the 1099 "preview" report? A. The 1099 Preview report helps you verify that the year's checks are correctly categorized as "reportable" or "exempt." The right category depends on the type of payment you are making, as well as the payee (be sure to see the IRS instructions or your CPA for guidance here). Don't be concerned with the dollar amount of the checks at this point, since Clients & Profits will not print a 1099 form for a payee who is under the IRS limit (currently $600). Note that the report will list every check within the date range you specified on the report. The report is divided into two sections: 1099 reportable payments and 1099 exempt payments. This is driven by the 1099 checkbox on each individual check. Be sure the checks are categorized properly before printing 1099 forms. (The 1099 status on a check can be edited without unposting the check. Click on the Edit button on the check to change the status). The 1099 "preview" is a good report to send to your CPA if they prepare your 1099 forms.  Q. I have payments other than non employee compensation to report. How do I make the amounts appear in the correct box on the 1099 form? A. Clients & Profits will only print amounts in the "non employee compensation" box. If you have other types of reportable payments, you will need to manually type these 1099s. Q. How do I record a stop payment for a check? A. Choose Accounting > Checkbook. Find the check. Choose Edit > Check Tools > Void Check. A journal entry is made to reverse the check from the General Ledger. If the check was a vendor payment, the balance is restored to the vendor invoice. and you'll now be able to add a new check to pay the vendor invoice. Q. Is there a report that will total the vacation and sick time that was added for each staff member on time sheets? A. Yes. Choose Snapshots > Job Costs. Select to print Task Costs. Enter the date range you wish to review. Click on the pop-up menu and select to print costs by task. Enter the task code for vacation/sick time. Mark the option to only include time. This report will sort by task and staffer with a subtotal for each staff member. Q. I'm ready to close the year. What do I do now? A. If you're prepared, closing the accounting year in Clients & Profits is easy: just run the Close Year tool in the General Ledger and C&P does the rest. But preparing for year-end closing is a different story -- and something that Clients & Profits can't do for you. You'll find step-by-step instructions in the General Ledger chapter of your user guide. You can also review a 20-minute on-line tutorial explains the entire year-end closing process, including how to prepare to close the year. Q. What actually happens when Clients & Profits closes the year?  The database
is inspected for out-of-balance journal entries (the process stops if
any are found). The database
is checked for unposted journal entries through period 12. If it finds
any it will stop the close year process. Then you can post or delete them
and restart the close year procedure. The total
profit or loss is calculated by adding together all the YTD amounts for
the income and subtracting the YTD amounts for job costs and expense accounts.
This amount will be posted to Retained Earnings. The account
totals from the previous fiscal year are replaced with the current year's
totals. The current year's totals are then cleared, making room for the
new year's work All journal
entries from the current year are purged, making room for new JEs. Beginning
balance JEs are created for each asset, liability, and equity account
that has a balance. Any new
A/P invoice, A/R invoice, check, or client payment posted into periods
13-24 is moved into periods 1-12. The YTD
totals for clients, vendors, and staffers are reset. Any G/L
account that is marked as "inactive" and doesn't have a balance
is deleted. Any pending
recurring payables added for periods 13-24 are moved to periods 1-12.
Q. If we use job types, do we need to reenter the disclaimer that was added in Preferences? A. Yes. The disclaimer in a job type/spec sheet will override the standard disclaimer entered as the estimate option in Preferences. This give you the opportunity to customize the disclaimer to the type of work that is being done. If you want to use the same disclaimer for all jobs, simply copy and paste the disclaimer from your preferences into each job type. Choose Setup > Job Type/Spec Sheets and click on the button estimate options.
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