V12.NET End of Year Procedures

The end of the year is just around the corner, are you prepared? This document instructs users on how to verify the information in V12.NET for tax reporting purposes and also lists the recommendations for performing the EOY steps.

1.       1.  Administration> Business Setup> General

a.       Make sure that you have entered in the business Federal and State Tax ID.

b.      Make sure that the correct address is entered. 

2.       2. Administration> Business Setup> Owners

 

a.       Select the “Last Month for 1099” – determines the final month for the 1099 period. 

3.      3.  Administration> Business Setup> Magnetic Media – for users filing electronically. Users printing 1099’s/ 1042’s forms can skip to the next step (#4).

 

a.       Enter the Transmitter Control Code (TCC) issued by the IRS.

b.      Choose the correct “Select Indicator”

c.       Enter the “Payer Name Control” – business name used for TCC registration

d.      Enter the “Contact Person” for your company.

 4.       Accounting Setup, Vendor Search, Financial Tab

 

a.       Verify that the Federal Tax ID is entered and correct.

b.      Verify that the State Tax ID is entered and correct.

c.       Select the correct Tax Form for the vendor.

 

5.       5.  Owners & Units, Owner Search, Financial Tab

 

a.       Verify that the Federal Tax ID is entered and correct.

b.      Verify that the State Tax ID is entered and correct.

c.       Select the correct Tax Form for the owner. 

After verifying the proper configuration, you will want to print out and save your owner statements and owner balance reports.

6.       6.  Month End> Reports> Owner Statements

 

a.       Enter the correct start date – beginning of 1099 / 1042 period.

b.      Be sure to include all units.

c.       Print Office Copy of Owner Statements for all units.

d.      Save PDF file to your local hard drive. 

7.       7.  Month End> Reports> Owner Balances 

 

a.       Enter the correct date – end of 1099 / 1042 period.

b.      Verify that the Out of Balance amount is zero.

c.       Be sure to review all balances are correct.

d.      Print a copy to PDF.

e.      Save PDF file to your local hard drive. 

8.       8.  Month –End> Print 1099’s and 1042’s> 1099’s

 

a.       Enter the correct year for 1099 reporting period.

b.      Enter minimum amount for 1099’s to print.

c.       Select Owners.

d.      Click on the Print Option for hard copy – E-file see option i below.

e.      Right click on the “1099s PDF file” link and select open 

f.        Printing 1099s requires a special touch. To print - CORRECTLY lined up 1099s, please do the following;
1) Click the printer icon
2) Click page setup
3) Set Page Scaling to NONE
4) Unclick Auto Rotate and Center
5) Click Print

g.       Save PDF file to your local hard drive.

h.      Repeat for Vendors.

i.         Click on Magnetic Media – save file to local hard Drive. This file must be submitted to the IRS.

j.        Repeat for Vendors. 

9.       9.  Month –End> Print 1099’s and 1042’s> 1042’s

 

a.       Enter the correct year for 1099 reporting period.

b.      Enter minimum amount for 1042’s to print.

c.       Select Owners.

d.      Click on the Print Option for hard copy – E-file see option i below.

e.      Right click on the “1042s PDF file” link and select open  

f.        Printing 1042s requires a special touch. To print - CORRECTLY lined up 1042s, please do the following;
1) Click the printer icon
2) Click page setup
3) Set Page Scaling to NONE
4) Unclick Auto Rotate and Center
5) Click Print

g.       Save PDF file to your local hard drive.

h.      Repeat for Vendors.

i.         Click on Magnetic Media – save file to local hard Drive. This file must be submitted to the IRS.

j.        Repeat for Vendors.

 

10.   10.  Month –End> Print 1099’s and 1042’s> 1096’s

 

a.  Enter the correct year for 1099 reporting period.

b.  Enter minimum amount for 1096 to print.

c.  Select Owners.

d.  Choose your Print Preference.

e.  Click on the Print Option for hard copy – E-file see option i below.

f.  Right click on the “1096s PDF file” link and select open   

g.  Printing 1096s requires a special touch. To print - CORRECTLY lined up 1096s, please do the following;
 

1) Click the printer icon
2) Click page setup
3) Set Page Scaling to NONE
4) Unclick Auto Rotate and Center
5) Click Print

h.  Save PDF file to your local hard drive.

i.  Click on Magnetic Media – save file to local hard Drive. This file must be submitted to the IRS.

j.  Repeat for Vendors.