Once you have completed the last payroll of the current year and are ready to move on to the new year, follow these steps below to close the current business year and to prepare for filing Form 1099-MISC:
· Close the Current Business Year
To allow maximum flexibility for you to process your year-end, APL does not automatically impose the procedure to close a year for you. You must manually close the year after you have completed the last payroll for the year, including both new business and renewal and before the first payroll for the next year.
The year-end procedure is very simple:
1. Make sure that you are running the latest version of APL.
2. Make a backup of the database
3. Select menu item Options/Tools/Special Functions
4. Select Year End
5. Click OK to start the process
Next, define the ranges of accounting periods to be included in the appropriate tax year:
1. Set the Tax Year.
2. Specify the range of the new business periods to be included in the tax year.
3. Specify the range of the renewal periods to be included in the tax year.
4. For manual ledger transactions without new business or renewal periods, specify the range of records by ledger date to be included in the tax year.
Click OK to proceed with the year-end procedure.
The year-end procedure will store the current year-to-date Form 1099 information for the filing process and recalculate all year-to-date information for the next business year.
· Preparing and filing Form 1099-MISC
After Year-End procedure, you can use the Form 1099-MISC module to review and print the Form 1099-MISC information for the last business year. You will be able to make changes to this information before printing the 1099-MISC forms.
1. Please review carefully all information on this screen. All information will be printed on the form.
2. You may make any changes to the information before printing.
3. Use the “Print” button to print Form 1099-MISC. You must fill in the Transmittal Form 1096 manually.
Because of the strict IRS regulations on printing Form 1099-MISC, APL will only print information that goes on the forms but not the form itself, similar to printing checks. You must purchase the blank laser Form 1099-MISC from your office supplier separately.
For your reference, you can purchase the blank laser Form 1099-MISC from NEBS:
Please ask the sales representatives of NEBS for the Form 1099-MISC (Laser) for your state.
If you are filing for more than 250 forms, you may be required to file these forms electronically. Please consult the IRS or your accountant for details.
If you are required to file the Form 1099 electronically, you will need to do so through third party software. Advanced Micro Solutions, Inc. is one vendor of this type of software:
Advanced Micro Solutions, Inc. 800-536-1099
APL can export to any software that supports electronic filing.
Contact APL customer service if you need further assistance.
· Other Reference
IRS Contact Information
General – (800) 829-1040
Forms - (800) 829-3676
www.irs.gov/formspubs/lists/0,,id=97817,00.html
Last updated: 12/28/2005 10:58:00 AM