Getting Ready for Year End
Are you ready for the end of the year? Don't wait until January to begin looking at your books. If you have questions you should contact your accountant BEFORE the end of the year while you can still do something about it..
Print a Profit & Loss - This Fiscal Year - and look at it. Is there a large Net Income or loss? Do the numbers make sense to you? Look for the coupon at the end of this newsletter.
I have a Year End Guide available that walks you through what you need to do to get ready. Available for $10.00. |
Year End Payroll & W-2's
There's nothing worse than getting a letter from the Social Security Admin. 2 years later telling you that your W-2's and 941's don't match. Take a few minutes this year to balance them.
After your last paycheck issued in 2008, Print a Payroll Summary for this Calendar Year then print your 4th Quarter 941. Now add all the amounts on line 2 of the 941 from all 4 quarters in 2008 and compare the total to the Payroll Summary Adjusted Gross Wages. Repeat for the amounts on line 3, Federal Withholding. It's much easier to find errors now than in 2 years when you get the letter the SSA.
If you are using Intuit's Assisted Payroll or an outside payroll service, they will make sure these number match for you.
Once they match, you can go ahead an print your W-2's. Remember, you can print them on plain paper.
OTTER - When you complete your 4th quarter OTTER, don't forget to complete the WR (located uder Documents in OTTER). You don't have to send the state copies of the W-2's but you do need to send a WR. |
2009 Payroll Updates
Unemployment
Sometime in December you should receive a letter from Oregon and/or Washington Department.of Revenue regarding your 2009 Unemployment rate. Make sure and keep the letter. If you are using a payroll service (Intuit's or anyone else's) make sure and send them a copy.
If, you are using QuickBooks Payroll, AFTER your last payroll in 2008, go to Lists - Payroll Items - Double-Click on OR Unemployment (or WA Unemployment) and on the 3rd screen change all 4 quarters to your new rate.
OR Workers Benefit Fund (WBF)
Fortunately, the rate for 2009 is not changing, but will remain at .,014/hr
E-Pay & E-File
If you haven't already signed up for these they allow you to e-pay for Federal payroll taxes directly from within QuickBooks. If you're already setup to make your payments at the IRS EFTPS site, you can edit your payments and e-pay. Call if you have any questions. |
3rd Party Applications
Last month I was at a QuickBooks conference and came across two 3rd Party Applications that really excited me.
XpandedReports
This utility let's you create additional reports with the ease of QuickBooks reports. It even looks like QuickBooks and uses Customize and Filters. The advantage is that you can change the type the field to text, date or number. It lets you combine fields from different sections and let's you add fields that calculate. You create the report once, it instantly links to your QB data and does the calculations. There's a free 30 day trial. Please let them know I sent you.
Method Integration
This is a full database program that synchs with your QuickBooks data with ease. Need a CRM? Project Management? Want your sales people to be able to access your data from the field, via the Internet? This is the program for you. It's so easy I could even figure it out! Again, let them know you heard about them from SBA Services, Inc.
|
Greetings!
