December 2017

In This Edition
7 Year-End Must-Do's
State W-2's and 1099-MISC: What You Need to Know
Social Security Administration Announces Revised 2018 Taxable Maximum Amount 
Outstanding Forms Message in QuickBooks Online
How to Verify Data in QuickBooks
Another Year, Another Version of QuickBooks
Directory of QuickBooks and QuickBooks Online Certified ProAdvisors

6 Year-End Must-Do's
Keeping your financial records in order is very important to the success of your business and ensures that your financial statements are accurate. Follow these steps to make the close of your fiscal year easy to execute.
1. Review your profit and loss statements in mid-December.
What does your revenue look like now that the year is almost over? Do you anticipate future invoices or expenses to greatly affect your profit? If your profit is large, talk to your tax advisor to see if there are ways to lessen your tax burden.
2. Verify your vendor and lender files.
Review information relating to any current outstanding loans. Verify vendor 1099 information is up-to-date and you have accurate W-9 Forms. Forms 1099 and 1096 are due to the IRS by 1/31/18.
3. Take inventory.
If you sell products, take a physical inventory and compare the results to the QuickBooks Inventory Valuation Report. Make any necessary adjustments in QuickBooks.
4. Reconcile all of your accounts.
Reconcile your credit card and bank accounts.  Verify the statements match your records and investigate any unexplained discrepancies.
5.  Review and update employee info.
  • Run reports for year-end (Employee Details, Payroll Details, Wage and Tax Summary). 
  • Confirm your employees' social security numbers, legal names, and current addresses.
  • Make sure all employee paychecks have been recorded (handwritten, termination, commission, and bonus checks). Verify employee wage and benefits are correct.
  • Review sick and vacation policy settings; confirm sick and vacation hours used. 
  • Review tax rates and settings. 
  • Update state unemployment insurance (SUI) rates effective 1/1/18. 
  • Review and update any federal or state deposit schedules. 
  • Prepare and file payroll tax forms (940, 941, W-2's and W-3) by 1/31/18. 
  • Distribute employee W-2s by 1/31/18.  Wisconsin W-2s are due by 1/31/18 and Minnesota W-2's are due by 2/28/18. 
6. Create a budget for the next year.
Review your financial statements from the current year and create a budget  to plan for the next year. By taking stock of your expenditures from the current year, you'll have a better understanding of where to focus your efforts moving forward.

Author: Beth Kirchner, Certified QuickBooks ProAdvisor

State W-2's and 1099-MISC: What You Need to Know
Wisconsin and Minnesota wage statement and information returns must be electronically filed if you have 10 or more wage statements (W-2s) or 10 or more information returns (1099-MISC). These forms can be submitted directly through QuickBooks. 
Electronic filing of Wisconsin W-2 forms are supported using the standard payroll forms feature within QuickBooks. Through File Forms, click on WI State W-2s - WI State W-2 Worksheet (E-file Only).
Minnesota State W-2s can be filed via uploading a spreadsheet prepared by QuickBooks. In the Other Activities area of File Forms, click E-File State W-2. Click Continue and the wizard will walk you through creating the spreadsheet that you can then save as a .txt or .csv file and upload via Simple File.
QuickBooks will also upload your 1099 Forms for a fee.  When you prepare 1099 Forms within QuickBooks, the final step in the wizard is to choose a filing method. To e-file the forms, click Go to 1099 E-File Service. This will prompt you to sign up with, Intuit's Preferred Partner.  The fees start at $2.90 per form.
The State of Wisconsin also requires that boxes 16 (state tax withheld) and 17 (state/payer's state no.) be completed on Form 1099-MISC.  At this time, QuickBooks forms do not allow data entry in these two boxes. If you use the QuickBooks 1099 E-File service, QuickBooks will pay the $10 penalty for you.  You will need to start a refund process and provide your information along with a copy of the penalty notice. If you print and mail the forms, you can handwrite the information into the boxes.  

Author: Debbie Denny, Advanced Certified ProAdvisor
Social Security Administration Announces Revised 2018 Taxable Maximum Amount 
On November 27, the Social Security Administration announced the REVISED maximum amount of earnings subject to social security tax of $128,400. This replaces the previous maximum announced on October 13 of $128,700.  Please see this press release for additional information:
Outstanding Forms Message in QuickBooks Online
When you log into Quickbooks Online, do you see the message below on your home page? This may be puzzling when you're certain you filed your payroll forms!

Click on each of the File now links to make sure the forms say they were submitted. If the form says it was submitted, you can ignore the notice on your home page. Intuit is aware that some users are getting the outstanding forms message in error and are working to correct it.

Author: Becky Doyle, Advanced Certified QuickBooks ProAdvisor

How to Verify Data in QuickBooks
Verifying data is a QuickBooks utility that can help you determine whether or not your data file has become corrupted.
Common reasons to use the Verify feature include when:           
  • Fatal errors occur when you use QuickBooks Desktop
  • You notice discrepancies on reports, such as invoices or bills, that are posting with negative values
  • Deposited payments show up in the Payments to Deposit window
  • Balance Sheet reports do not show all accounts or are not balancing
  • Names are missing from lists
  • Transactions are missing
  • You run a well-data checkup to make sure the data is "healthy" and error free
If any of these situations occur, run the Verify Data utility. 
  1. From the File drop down menu, choose Utilities > Verify Data.
  2. If you have open windows, a message Before verifying your data, QuickBooks will need to close all open windows. Do you want to continue?  Click OK.
  3. If the Verify Data completes with the message QuickBooks detected no problems with your data, the data is clear.
  4. If the Verify Data completes with a message saying that The data has lost integrity, the file is damaged, you'll want to rebuild the file.
To Rebuild the file:
  1. From the File drop down menu, choose Utilities > Rebuild Data.
  2. QuickBooks will prompt you to make a backup copy of the file.  The rebuild will start as soon as the backup completes.
  3. When the rebuild process has finished, the message Rebuild has completed will appear. You can then choose View Issues or Close.
  4. Most issues can be resolved with the Rebuild Data utility.
While the Verify Data and Rebuild Data utilities cannot fix all problems, they do provide you with some means of trying to repair damaged files. If there are more complex problems, we always suggest you contact your Hawkins Ash CPAs QuickBooks ProAdvisor.

Author: Sue Woznick, Certified QuickBooks ProAdvisor

Another Year, Another Version of QuickBooks
QuickBooks, as usual, has gotten a jump-start on the New Year by offering the 2018 version of QuickBooks Pro, Premier, Accountant, and Enterprise 18.0. The new versions of QuickBooks offer a variety of improvements and additions.
New in all Versions of QuickBooks 2018
Multiple Monitor Support
QuickBooks now offers the ability to spread the program across two monitors, allowing for more viewing space for windows within the program. It is important to note, however, that this function will only work if your monitors are the same size. Also, if you access QuickBooks via a hosted environment, meaning QuickBooks is not installed on your PC but rather accessed from a remote server, the multi-monitor mode will not work.
Past Due Stamp
Invoices will now have the option to include a "Past Due" stamp. This stamp, which looks similar to the "Paid" stamp, is enabled in the Invoice Template Basic Customization Window. Enabling this feature will automatically include the stamp on any invoice dated after the due date. This feature may be turned off for individual invoices without changing the template settings.
Copy-Line and Paste-Line Keyboard Shortcuts
2018 adds two new keyboard shortcuts; Copy-line and Paste-line. When creating/editing invoices, estimates, sales receipts, sales orders, credit memos, purchase orders, and timesheets, the keyboard shortcuts CTRL+ALT+Y and CTRL+ALT +V can be used to copy and paste an entire line, respectively. In prior versions, this function was only available via an edit menu.

Note: These keyboard shortcuts are different from the more commonly known copy selection (CTRL+C) and paste selection (CTRL +V).
Also new in all versions of QuickBooks 2018: A search box is available in the Chart of Accounts window and a Cash/Accrual Toggle is available on the face of a report. The Chart of Accounts search box is located in the top left corner of the window and is able to search both alphabetically and numerically. The Cash/Accrual toggle, also located in the top left corner of a report, switches the selected report from cash basis to accrual basis. This feature was previously only available by opening the Customize Window on the selected report.
New in Selected Versions of QuickBooks 2018
Payroll Liability Payment Reminder
This feature is available to users that have the Enhanced Payroll Subscription.
Seven days prior to a liability becoming due, a visual reminder will show up on the Pay Liabilities icon on the home page. The reminder will look like a red circle with a white exclamation in its center.
Inventory Report Customization
This feature is available in Premier, Accountant, and Enterprise 18.0.
Inventory Valuation Summary, Inventory Valuation Detail, Inventory by Stock Status by Item, and Assembly Shortage by Item (only available in Enterprise 18.0) will all now have added customization features. Previously the only customizable feature in the aforementioned reports was to change the report date range. Now the reports can be customized so they show only the columns that are selected in the Customize Window.
Merge Vendor Reports
This feature is available in Accountant and Enterprise 18.0 but can be accessible in Pro and Premier with the Accountant Tool Box. This feature is a remedy in case a new vendor is created for an already existing one that used a slightly different name. This feature allows you to merge the records of up to four different vendors at once; previously only two could be merged at a time. Of the existing vendors, a master vendor is selected and the remaining vendors will be merged into the vendor. It is important to note that this feature will not work with tax authorities, vendors that have been paid using online banking, payroll service vendors, and vendors with direct deposit.
Available only in Enterprise 18.0
Two new features available only to Enterprise users are Mobile Inventory Scanning and an improved Sales Order Fulfillment Workflow. For both of these features, users must also have an advanced inventory subscription.
The Mobile Inventory Scanning allows for a barcode device or Android phone, first connected to QuickBooks, to record inventory and pick quantities in a warehouse or remote location.

The Sales Order Fulfillment Workflow feature gives real-time access to the status of sales orders and picklist details via a mobile device that is connected to QuickBooks.
One important requirement across all 2018 versions of QuickBooks is the need to have Internet Explorer v11. Many functions within QuickBooks will not be available to use without this specific Internet browser. 

Author: Anna Weinberger , QuickBooks Online Certified ProAdvisor

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