|
Sage MAS 500 Year-End Updates
With January 31 right around the corner, now is the time to prepare for 1099s! Sage wants your 1099 season to be a successful one. To help ensure this, please take a moment to review the following valuable 1099 processing information.
Sage MAS 500 - Processing 1099s for Year 2009
1099 printing and Electronic Filing for 2009 will be available on Sage MAS 500 versions 6.3, 7.0, 7.05, 7.2 and 7.3 (prior versions are not supported).
This year, we will provide 1099 updates for Sage MAS 500 versions 6.3 through 7.2 as stand-alone installs. These updates contain changes for 2009 1099s only. To install the 2009 1099 update for Sage MAS 500 versions 6.3 through 7.2, you must have installed the December 2008 (or later) monthly update.
The 2009 1099 update for Sage MAS 500 version 7.3 will be available as a stand-alone install, as well as included in the December product update. For version 7.3, the original GA release shipped in November 2009 is sufficient as the prerequisite. These downloads will be available mid-December on the Sage Support Web site.
Sage MAS 500 - Support Tips
Year-End Close - The Process Period End task performs the year-end close when the Current Period field in Set Up GL Options is set to the last period of the current fiscal year defined in Set Up Fiscal Calendar. Before closing, backup, post all transactions and adjustments, reconcile, and print final financial statements. For detailed instructions, see How to process period-end closing or year-end closing in Sage MAS 500.
Closing Modules in the Appropriate Order: The recommended order of closing modules at year-end is as follows:
1. Inventory Management
2. Accounts Payable
3. Accounts Receivable
4. Cash Management
5. Multicurrency
6. General ledger
Changing General Ledger Fiscal or Calendar Year Structure: Current and future accounting period dates can be changed for fiscal years that contain accounting data. Use the Set Up Fiscal Calendar task to modify the end dates for the periods, and select to recalculate when saving the new fiscal year dates. To configure more than one fiscal year within a 12-month period, select the Allow Multiple Fiscal Years per Calendar check box in Set Up GL Options. For details and examples, see How to change G/L fiscal or calendar year structure in Sage MAS 500.
Forms: Sage MAS 500 supports the following forms: 1099-DIV, 1099-INT, and 1099-MISC. Sage MAS 500 prints two vendors or individuals on the 1099-DIV and 1099-MISC forms, and three vendors on the 1099-INT form. If using a local forms provider, please be sure to order forms with the tear-off strip on the right and be prepared to make adjustments to the form in Crystal Reports. Sage only supports Laser Jet printing of 1099 forms. You may purchase the appropriate 1099 forms from Sage’s preferred forms provider, Altec. Contact Altec at 800-765-7751 800-765-7751 .
Ordering 1099 Forms and Tax Forms: To order forms, contact Sage Customer Service by calling 800-538-5514 800-538-5514 or go to the Sage Forms Division Web site.
Electronic Filing: The IRSTAX file is an electronic file for 1099 reporting. To create this file in Sage MAS 500, expand Accounts Payable, Insights, and 1099 Reports. Double-click 1099 Forms.
You will be prompted for the drive on which to save the file. The IRS no longer accepts 3½-inch diskettes for filing information returns. You therefore must file your 1099s electronically. To file electronically, a Transmitter Control Code (TCC) is required. Complete and submit Form 4419 (Application for Filing Information Returns Electronically).
To enter starting balances or edit 1099 balances for Sage MAS 500: Use the the 1099 Beginning Balances task to establish 1099 information tracked outside of Sage MAS 500.
|