The information in this article applies to:
This article includes the following:
Year-End Procedures
Frequently Asked Questions
Backup
Bank Account Reconciliation
Reports
1099s
The following procedures should be performed at the end of each year.
Is your backup adequate?
Even if your firm is making regular backups, we recommend that you occasionally
restore the data from one of your backups to a directory other than the program
working directory to check the integrity of the data. Also make sure that
you rotate your backup media so that you always have more than one backup.
It is important that the Data File Integrity Check program be run before making
backups and particularly important that it be run before making a year-end
backup. The purpose of running the Data File Integrity Check program is to
verify that there are no errors in the data files before making a backup. Make
sure that the year-end backup is performed before deleting any trust accounts or
purging trust transactions. Many firms save their year-end backup as a
permanent historical record. See KB Article R10456, "Testing Your Backup System" for
more information.
Do I have to complete the bank account reconciliation before entering
information for the next
year?
No. The bank account reconciliation can be run at any time.
Which reports should I print before entering information for the next
year?
Run the same reports that you would normally run at the end of each month with appropriate
year-end cut-off dates. Consider including the following reports for your year-end
procedure: Check Register by Check Number, Check Register by Trust Account, Check
Register by Payee, Voided Check List and 1099 Report and/or Forms.
The 1099 report hasn’t been printed yet because we aren’t finished
entering transactions for the current year. Can we still enter transactions for next year
before printing 1099s?
It is okay to enter transactions for next year. Figures for the 1099 Report are retrieved
from the transaction file. As long as you do not purge any transactions for the current
year before printing 1099s, you will have no problems.
At what point will I lose the ability to print 1099 Forms for the previous year?
You will lose the ability to print accurate 1099 information if transactions have
been purged for that year.
I tried to run a 1099 Report for a payee but it did not print. I checked the
payee record and found that the 1099 info field was set to None instead of one of the box
numbers. Is there any way to still get accurate 1099 information for this Payee?
Yes. You can change a payee's 1099 Info field at any time and still get accurate 1099
amounts. (Note: Make sure the payee's Federal ID # is entered in the Federal ID # field.)
After printing a 1099 Report I realized that a particular payee that should receive
a 1099 was not included on the report. I checked the payee record and verified that the
payee was set up to receive a 1099 and that the Federal Tax ID was entered. Why isn’t
the payee included on the report?
The problem is most likely with the payee name. Carefully compare the payee name shown on
a Payee List with the payee name shown for the check on a Client Trust Ledger or Check
Register. If the payee name is not identical to the payee name in the payee file, a 1099
will not be printed. When check transactions are entered, the operator has the option of
specifying a payee that has been predefined in the payee file or simply typing in a payee
name "on the fly". 1099s are not generated for payees that have been typed in
"on the fly". Payees that require 1099s should always be selected from the payee
window. This problem can be corrected using one of two methods. If no other checks have
been written to the payee, use the Rename Payee program to change the name of the existing
payee record to the name used on the check. If other checks have been written, you will
have to void the check and reenter it. The program does not allow the payee name to be
edited once a trust transaction has been saved.
I have several of the same vendors in APS that I have as payees in TAS. Is there a
way to combine the totals for the two systems so that I can print a single
1099 Form for each vendor?
Yes! In TAS, run the Create APS 1099 Merge File program. This program creates a file
containing the 1099 information for trust accounts that are set up to use the firm as the
payer. Once this program has been run, the APS 1099 Report, 1099 Forms and 1099 Disk File
will include the information from TAS. The information for common entities (i.e., an APS
vendor with the same Federal ID # as a TAS payee) will be combined.
We file our 1099-MISC forms electronically with the IRS. Does TAS support electronic
filing (i.e., e-filing)? Is there a way to electronically file TAS 1099s?
TAS does not support direct creation of a 1099 Disk File for electronic filing;
however, APS does. If you want to file TAS 1099s electronically, you must be using
both TAS and APS. In TAS, run the Create APS 1099 Merge File program, and then
in APS run the Create 1099 Disk File program. This will merge all of the payees
in TAS and vendors in APS to a single list of entities, combining those with
identical Federal Tax ID and 1099 Box numbers, and generating 1099 records for all that
exceed the minimum amount listed in the Minimum YTD Amount to Print field.
TAS users who are not using APS cannot create an electronic file with 1099-MISC
information.
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