This article outlines reports that can be used in the process of generating year-end forms for Payroll and Accounts Payable tax reporting and closing the year in General Ledger.
Payroll tax reports:
- 5-1-3-21 Federal Tax Report - Use this report to reconcile the 940 Federal Unemployment Report and the 941 Federal Quarterly Report. Run this report by Check Date for the month, quarter, or year in question. This report displays amounts for Taxable Gross, combined employer and employee Social Security (FICA), combined employer and employee Medicare, Federal Income Tax, and Federal Unemployment tax. In this report, the Taxable Gross column represents gross income subject to Federal Income tax.
- 5-1-4-21 State Tax Report – Use this report to reconcile your State Quarterly report. Run this report by Check Date for the month, quarter, or year in question. This report displays amounts for Taxable Gross, State Income Tax, Employee State Unemployment Insurance (if any), Employer State Unemployment Insurance, and Employee State Disability Insurance. In this report, the Taxable Gross column represents gross income subject to State Income Tax.
- 5-1-1-27 Employee List with Earnings and Pay Rates – Use this report to reconcile Social Security and Medicare wages on Form W-2. This report displays the employee salary or hourly rate, quarterly and year-to-date totals for Gross Wages, Social Security Wages (FICA), Medicare Wages; and, quarterly and year-to-date amounts for each payroll calculation assigned to the employee.
Affordable Care Act reports:
- 5-4-3-21 ACA Full Time Equivalent Count – Use this report to determine if the company is subject to ACA filing requirements based on Full Time Equivalent (FTE) employee count.
- 5-4-3-31 ACA Employee Count Reconciliation – Use this report to reconcile the company’s employee count for ACA form 1094/1095 C.
- 5-4-1 1095/1094-B – Use this form to process 1095/1094- B Health Coverage Information Returns.
- 5-4-1 1095/1094-C – Use this form to process 1095/1094-C Employer-Provided Health Insurance Offer and Coverage Information Returns.
Reports to use for Accounts Payable:
- 4-1-1-61 Vendor 1099 Report – Use this report to determine the Vendor’s 1099 Type, Tax ID, and Tax Year 1099 balance.
- 4-1-5-61 Vendor 1099 Payments – Use this report to view the individual 1099 payments to a vendor.
- 4-5 1099-MISC- Use this form to report total payments made during the tax year in the amount of $600.00 or more to individual vendors (not employees) who have performed services on your company’s behalf.
- 4-5 1099-INT- Use this form to report interest income of at least $10.00 or more, received during the tax year, from banks, brokerages, and other financial institutions.
Reports to use for General Ledger:
- 2-4-21 General Ledger - The General Ledger report displays a list of your general ledger accounts and their individual transactions with columns for debit, credit, and balance. This report can be run for the current period or ranged on particular periods. It can only process full periods; not date ranges.
- 2-1-21 Trial Balance - The Trial Balance report lists the balances in each general ledger account for a period range. This report can only be run on a range of periods. The report displays account balances and beginning and ending debit and credit totals. Beginning total debits should match the beginning total credits and ending total debits should match the ending total credits.
- 2-2-21 Balance Sheet – The Balance Sheet report lists the total of each Asset, Liability, and Equity account as of (equal to) a particular accounting period. Total Assets should equal Total Liabilities plus Equity.