Year-End Tips for Sage 50 (Peachtree)

December 15, 2016
 
 

  

 

Just a quick note of some things you may need to think about as the year-end approaches:  

  • VEC Rate for 2017 - DON'T WAIT...If you process your own payroll, you'll want to make sure you update your VEC rate.  You do not need to wait until January to enter this rate for 2017.  To update Sage 50, go to File, Payroll formulas (depending on your version), user-maintained, click on the VASUI16 formula, in the Formula ID field, change the 16 to a 17.  In the Name field, change it to read VASUI16, in the formula box, type the percentage over the top of the rate that's already there.  Do not delete any quotation marks or semi-colons).  Save.  This creates a 2017 formula and leaves the one for 2016.  Your formula name may be slightly different.  You can call 1-800-897-5630 to obtain your rate if you haven't received your Tax Rate Notice.
     
  • W-2s for 2016 - If you process your own payroll, you will not need to purchase W-2 forms, the forms will print on plain paper.  You can order the employee copy with instructions on the back (4-part perforated paper), but it is not required.  I sell the forms (visit www.ailsworthaccounting.com).  Be sure that all four quarters of your 941 forms agree to your W-3 form, if you need assistance, please let me know.
     
  • 1099s for 2016 - If you print 1099s from Sage 50, you will need to purchase the pre-printed IRS forms.  I sell the forms (visit www.ailsworthaccounting.com) or visit your local office supply store.  Keep in mind, you need to prepare 1099 forms for sole proprietors and partnerships if the amount for services totals $600 or more.  If you need assistance with the settings in Sage 50 (Maintain, default information, vendors, 1099 settings), please let me know.  Note, if you need 1-5 forms (2 1099s per page), I will be happy to send them to you at no charge.
     
  • W-9 Forms - I recommend that all employers who use subcontractors have them submit a W-9 form to let you know if they are incorporated or not; you'll want to keep these on file.  Some of my clients do not issue payments to subs until they receive the W-9 form.
If you have any questions or if I can help you in any way, please let me know.  Happy holidays!

Lynn Ailsworth
Ailsworth Accounting & Software Solutions