Minimum Check Withhold Detail

This report reads revenue, tax, federal backup withhold, state tax withhold, expense, prepayment, suspense release and prior balance values in the Minimum Check Withhold Detail file (WHDINFO). Values are written to this field each time you update Operating Statements. Make sure you print this report before you close the year.

Select Close - Calendar Year Close Reports

NOTES ON FIELDS FOR MINIMUM CHECK WITHOLD REPORT

Minimum check withheld amount is by owner, not by unit. Current revenue, tax, federal backup withhold, state tax withhold, expense, prepayment, suspense release and prior balance values may be part of the Minimum Check Withhold Detail file. Values are affected during the update for Operating Statements.

When you update Operating Statements, values for current revenue and tax are stored in the WHDINFO file until the owners minimum check withhold amount is released. Only expense values, federal tax withhold and state tax withhold are updated to the DOI file when an owner’s revenue and tax are part of minimum withhold amount.

When the owner reaches the specified minimum check amount and that amount is released, the revenue and tax value will be updated to the DOI file to keep 1099 information correct.

DROP DETAIL FOR RELEASED AMOUNTS?

When you drop detail for released minimum check amount, the detail of where this amount came from will be removed from the WHDINFO file. Detail information for minimum check withheld amounts not yet released will remain in the WHDINFO file. The Minimum Check Withhold Summary report lists month to date and year to date values that are stored in the Owner/Customer file. The Minimum Check Withhold Detail report lists detail of where minimum check amounts came from by owner. Detail information is stored in the file (WHDINFO).