The Helper
Fifth Point Enterprises, Inc.January 2013
In This Issue
Critical 940/FUTA Liability QuickBooks Issue
Update QuickBooks Payroll Prior to 2013 Payroll
Fifth Point Withdraws Versa Check Endorsement
2013 State Unemployment Rate Changes

Contact Fifth Point before you Purchase


Fifth Point can often offer special discounts that are not advertised by Intuit.  If you are thinking of upgrading, or considering adding services (such as the Intuit Merchant Account or Payroll) contact us before purchasing.  We can probably save you  money.  Call or e-mail Wanda or Tammy for details. 

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Wanda Green

Tammy Maxwell
Covington, Ga
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Critical 940/FUTA Liability QuickBooks Issue


If you are preparing your 940 Form for 2012 and paying your FUTA taxes from the Pay Liabilities window, you will notice that the numbers do not match. If you pay only what is indicated in the Pay Liabilities window, you will be underpaying your liability (which could result in late pay fees, etc.). QuickBooks does not automatically make an adjustment to your FUTA liability if you paid State Unemployment taxes in a "credit reduction" state, such as Kentucky and Georgia. The liability shown on Form 940 will not match the liability shown in the "Pay Scheduled Liabilities Window". Here's what to do (if Fifth Point handles your Payroll Liabilities/Taxes, we are taking care of this for you-there is nothing for you to do):


On Form 940, determine the total amount to be paid for FUTA. Go to your "Pay Scheduled Liabilities" window. Generate the FUTA liability for payment and view the liability check.

Click on the "Expenses" tab of the liability check. In the "amount" field, enter the amount that you need to adjust the liability (per the amount on the Form 940).

Use "Payroll Expenses" as the Account (or the FUTA expenses subaccount if you track FUTA separately). Click on the "recalculate" button to adjust the total amount of the check

Save and Close.

Update QuickBooks Payroll Prior to 2013 Payroll 


Due to the federal government's last-minute changes in the payroll tax tables, it is IMPORTANT that you download the latest QuickBooks Payroll Updates PRIOR to generating your first 2013 payroll. The net pay on your paychecks will be incorrect unless you install this critical update.


Additionally, as Congress will be working on payroll changes over the next few weeks and month, we recommend Updating Payroll before each of your payroll runs in January and February.


It is also highly likely that unless you Update the Full QuickBooks Program before you run payroll, some of the functions and calculations may not operate correctly. So once again, we recommend spending a few minutes to Update the Full QuickBooks Program prior to running 2013 payroll. There is a slight chance that if you have QuickBooks 2012, the most current update may cause a malfunction of the program if you have Direct Deposits for your Employees. If you have 2012, update to the latest Revision, and experience problems with the file when attempting to run payroll, contact either Wanda or Tammy and we will walk you through the solution. The importance of the update is so critical, and the possibility of the problems with the 2012 update so small, we recommend running all of the updates.

Fifth Point Withdraws Versa Check Endorsement



Until this week, we have been strong advocates of the Versa Check system for generating checks without the expense of purchasing them from your bank, Intuit, or a third-party vendor.  Fifth Point has used Versa Check for years with no problems or complaints.


However, we recently attempted downloading a Windows 7 version of Versa Check.  During that attempted download, we identified multiple problems with the Versa Check program.  As a result, we can no longer endorse Versa Check.  In addition, we have read many other customers' reviews of Versa Check.  Approximately 99% of the reviews of the product and the support team for Versa Check are negative.


Because we appreciate the flexibility of Versa Check, as well as the cost savings of printing our own checks, rather than purchasing them from Intuit (or any other source), we are actively seeking a comparable system that functions similarly to Versa Check.  If you use a program that you like and works well for your company, please e-mail either Wanda or Tammy at the e-mail addresses on this e-card.  We would appreciate your input.


Meanwhile, if you are purchasing checks from Intuit, let us know and we would be happy to pass on our Intuit discount to you so that you can save money on your purchases.

2013 State Unemployment Rate Changes


Most businesses had a change in their State Unemployment Rate, effective January 1, 2013. Make certain that you make the applicable changes in your State Unemployment Payroll Item prior to making your first payroll run for 2013. If you did not make the change and have already generated a payroll, change the rate now and QuickBooks will "catch up" on the on the next paychecks. If Fifth Point is handling your Payroll, we will take care of this for you - - - there is nothing for you to do.