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The following courses will be offered at the end of each calendar year:
The IRS requires that payments to individuals above a certain amount within the calendar year be reported using a 1099 form. Types of payments that must be reported include, but are not limited to rent, royalties, interest, dividends and non-employee compensation.
The 1099 program allows firms to generate the 1099 forms and electronic files to be filed with the IRS! Additionally, the 1099 program generates the 1099 forms to be given to individuals.
3E Year End Close
In 3E every Unit must open their fiscal year to perform the following:
- To update the balance in the owner's capital account, accountants close revenue and expense at the end of each fiscal year or, occasionally, at the end of each accounting period.
- Generate and transfer net effect of revenue and expense items from the income statement to the balance sheet net Income/Retained Earnings for each operating unit.
- Roll forward balances for each Balance Sheet Account into the Opening Balance in the subsequent fiscal year. Assets, liabilities, and the owner's capital accounts (Retained Earnings, Drawing Accounts and other capital accounts).
Enterprise has two stand-alone programs for use with processing 1099 forms and electronic files, the 1099 Generator and 1099 Status Editor. These programs are independent of Elite’s software and platform; however they can run within the application. A single executable for the 1099 Generator will operate for different versions of Elite. This session will cover the steps needed to produce 1099 forms for firm vendors and attorney vendors.