FAQ - End of Year

WHAT IS THE DIFFERENCE BETWEEN CALENDAR AND FISCAL YEAR END?

The Calendar Year ends on December 31, and pertains to 1099's and W2's and not your Company's Chart of Accounts. A Fiscal Year ends whenever your tax accounting year ends and pertains to your Company Chart of Accounts. Some companies have tax accounting years that end on dates other than December 31. If your company's books do not close in December such as March, June or September, your general ledger is a Fiscal Year end. The Fiscal Year end is your company's 12-month accounting period when the company files corporate tax returns.

WHAT DO I DO IF I HAVE JANUARY PAYROLL AND I HAVEN’T RECEIVED MY ENHANCEMENTS FOR THE NEW PAYROLL TAX TABLE?

The Circular E booklet contains the payroll tax table for the New Year and you can use it to Edit the Payroll Tax Table. Be sure to use the Annual tax table for single and married payroll. If you do not have the new tax table, using the old tax table will not make a significant difference in tax withheld for one or two pay periods. You can call Roughneck and we will fax you a copy or you can check out our website at www.ruff.com to download it.

CAN I PRINT PAYROLL CHECKS FOR JANUARY BEFORE ZEROING THE W2’S AND PRINTING PAYROLL YEAR-END REPORTS?

Yes! Derek does not zero any values, therfore you can continue.

IF DECEMBER REVENUE IS NOT RECEIVED UNTIL JANUARY - WHAT SHOULD I DO?

December production should be booked when you receive it in January. It is next year's revenue and 1099's for next year.

CAN I PRINT OPERATING STATEMENTS AND CHECKS FOR JANUARY BEFORE I HAVE ZEROED 1099’S FOR OWNERS?

Yes, you can print your Operating Statements and checks because you do not have to close or zero any values.

I POSTED REVENUE USING TRANSACTION DATES OF DECEMBER BUT THIS IS OCTOBER PRODUCTION. WHEN DO I PRINT 1099’S?

Once you have printed and updated your December Operating Statements you are ready to print 1099 reports and forms.

I DO NOT GET REVENUE FOR DECEMBER PRODUCTION UNTIL THE NEXT YEAR. WILL MY 1099’S BE CORRECT WITHOUT DECEMBER PRODUCTION REVENUE POSTED?

December production should be booked when you receive it in January, therefore 1099’s should be printed. Checks printed and updated with January transaction dates are 1099 values for the next year.

CAN I ENTER ACCOUNTS PAYABLE INVOICES FOR JANUARY WHEN I HAVEN’T ZEROED 1099’S FOR VENDORS?

Yes, because you don't have to zero 1099s in Derek.

CAN I POST MANUAL PAYMENTS TO ACCOUNTS PAYABLE INVOICES OR PRINT CHECKS FOR JANUARY BEFORE I ZERO 1099’S FOR VENDOR’S?

Yes, because you don't close or zero 1099s in Derek.

CAN I PRINT OPERATING STATEMENTS AND CHECKS FOR JANUARY BEFORE I HAVE ZEROED 1099’S FOR OWNERS?

Yes, because you don't close or zero 1099s in Derek.

HOW DO I MAKE ADJUSTING JOURNAL ENTRIES?

You should make adjusting journal entries in the Transaction file using Enter Journal Entry.

1099's and W-2's

WHEN SHOULD I PRINT 1099 REPORTS OR FORMS FOR OWNERS OR VENDORS?

After December Operating Statements and transactions for December have been updated.

WHEN DO I NEED TO PRINT W2’S?

When the last payroll checks are updated with transaction dates of December.

DO I HAVE TO RELEASE EVERYONE FROM MINIMUM WITHHOLD TO PRINT 1099's?

No, if you don't release the money in minimum withhold the amount will stay there until they do meet the minimum. We do suggest that you release everyone's minimum withhold amounts so you can send Investor's a 1099 for all revenue earned that is in minimum withhold. Refer to the Statement Summary and Operating Statements section in Manual for instructions on releasing amounts.

WHEN SHOULD I PRINT 1099's?

After all transactions dated December have been updated for Operating Statements.

CAN I PRINT A SUBSTITUTE FOR 1099-MISC FORM?

You need to contact the IRS to find out the regulations to see if you are qualified to send substitute 1099-MISC forms. Operators that have to file 1099's by E-file (250 or more 1099's) usually send a substitute 1099-MISC form to owners, they can't send paper 1099 forms if you exceed 250 1099 forms.

CAN I PRINT A 1099 FOR JUST VENDORS OR JUST OWNERS?

Yes, you can. If you want to print a 1099 for only vendors then you need to enter for a beginning owner number as 99999 and a ending owner number as 99999. You also need to specify the minimums as 99999999 amounts and this will allow you to print only a Vendor 1099. The same goes if you are only wanting to print 1099's for just the owners you need to follow the same steps, but put the 99999's in the vendor numbers.

WHAT IF I DON’T HAVE THE W2 FORMS, BUT I HAVE PAYROLL THE FIRST WEEK OF JANUARY?

You can print payroll checks for a New Year because Derek is date sensitive and will allow you to print the last years' W-2 at anytime.

HOW MANY TIMES CAN I PRINT THE 1099 REPORTS OR FORMS FOR THE OWNERS OR VENDORS?

You can print the 1099 reports or forms as many times as you need to because Derek stores that data indefinitely.

CAN I PRINT A 1099 FOR ONLY ALL VENDORS OR FOR ONLY OWNERS?

Yes, you can specify to print for only vendors or owners on the 1099 report filter.

CAN I PRINT A SUBSTITUTE 1099-MISC. FORM FOR OWNERS?

You need to contact the IRS to find out the regulations to see if you are qualified to send a substitute for the 1099-MISC. forms.

MINIMUM CHECK WITHHOLDING

DO I HAVE TO RELEASE EVERYONE FROM MINIMUM CHECK WITHHOLDING AT THE END OF THE YEAR?

No, but we recommend releasing all minimum check withheld amounts. Refer to ‘Statement Summary’ and ‘Operating Statements’ in manual for instructions on releasing minimum withhold amounts.

DO I HAVE TO RELEASE EVERYONE FROM MINIMUM WITHHOLD TO PRINT 1099's?

No.

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