MONTH ENDS
WHAT ARE THE TIME PERIODS FOR THE BALANCE SHEET AND PROFIT & LOSS
BALANCE SHEET - AS OF
PROFIT AND LOSS - PERIOD OF TIME
IF I RECEIVE A DOCUMENT FROM A CLIENT ON MAY 5TH 2022, WHAT SHOULD THE FILE NAME ALWAYS BEGIN WITH?
YEAR.MONTH.DAY BLAH BLAH BLAH
WHAT IS OUR (THE ER) RESPONSIBILITY WHEN WE RECEIVE GARNISHMENTS IN THE MAIL?
1. SAVE TO SF
2. NOTIFY THE CLIENT
3. CREATE DEDUCTION
4. ADD NOTE TO PAYROLL TASK
5. CUT A CHECK FOLLOWING EACH PAYROLL WITH THE CASE / DOCKET NO. AND SS #.
WHEN DOES THE IRS "CLOSE" AND "RE OPEN" EACH YEAR?
CLOSE - FOLLOWING THE 10/15 DEADLINLE
RE OPEN - EARLY FEBRUARY
WHAT ARE THE 7 FINANCIAL DUE DATES?
GIVE 4 EXAMPLES OF WHEN / WHERE YOU WOULD USE YOUR STAMP.
1. WHEN SENDING CHECKS FROM OUR OFFICE
2. WHEN INPUTTING OR CONFIRMING PAYROLL
3. WHEN PROCESSING DOR FILINGS
4. ON FEDERAL TAX WORKSHEETS (OR ON THE FOLDERS IF YOU INPUTTED THE ENTIRE RETURN)
5. MISC. PROCEDURES WHERE WE PROCESS SOMETHING ONLINE AND SCAN IN OUR SUPPORT. (SMART PAY / ONLINE PAYMENTS / EXTERNAL REPORTING)
BALANCE SHEET
941/944
EXPLAIN THE DIFFERENCES BETWEEN CASH VS. ACCRUAL AND USE AN EXAMPLE.
CASH - "ACTUAL"
ACCRUAL - "ACCRUE" THIS WILL SHOW BILLS THAT HAVE BEEN INCURRED BUT NOT YET PAID, THIS WILL ALSO SHOW INCOME BILLED BUT NOT YET RECEIVED.
IF YOU CREATED A BILL FOR YOUR CLIENT'S RENT ON 7/31/22 BUT IT WAS PAID ON 8/15. IF YOU RUN THE P&L CASH BASIS THE RENT WILL NOW AFFECT NI UNTIL 8/15/22, IF YOU RUN THE P&L ACCRUAL WE WILL SHOW THE RENT WE ACCRUED ON THE 31ST, THAT WE HAVE NOT YET PAID.
DEBIT SALES
CREDIT SALES TAX LIABILITY
WHAT IS EXPECTED WHEN YOU ARE CC'D IN AN EMAIL WITH MULTIPLE TEAM MEMBERS AND THER IS EITHER INFORMATION PROVIDED OR A TASK?
TO "REPLY ALL" IF IT IS SOMETHING REGARDING YOUR CLIENT AND FOLLOW THROUGH WITH GETTING THE ANSWER TO THE CLIENT AND / OR TASK COMPLETED.
WHAT IS THE 941/944 FORMULA
FIT + EE SS + EE MED + ER SS + EE MED EQUAL?
WHAT ARE THE 4 FEDERAL TAX FILING DEADLINES
3/15, 4/15, 9/15 AND 10/15
WHAT DO WE PAY ATTENTION TO / EDIT WHEN PRESSING: "CUSTOMIZE REPORT"
"DATE PREPARED" , "TIME PREPARED, " FOR INTERNAL USE ONLY"
WHAT ARE TWO EXAMPLE OF WHY MY LINE 2 ON MY FORM 941 MIGHT NOT MATCH MY GROSS WAGES PAID FOR THAT PARTICUALR QUARTER WHEN WORKING WITH SS AND/OR MED COMPUTATIONS?
CASH TIPS / PAYROLL TRIPS / PRE TAX HEALTHCARE DEDUCTIONS / RETIREMENT BENEFITS
NAME THE 6 FEDERAL FORMS WE WORK WITH.
FORM 1040
FORM 1041
FORM 1065
FORM 1120
FORM 1120S
FORM 990
ORDER OF MONTH-END CLOSE
WHAT IS COVERSHEET, BALANCE SHEET, PROFIT & LOSS YTD, PROFIT AND LOSS FTM, RECONS, STATEMENTS
WHAT ARE FIVE ITEMS WE NEED IN ORDER TO RUNNING OUR CLIENT'S FIRST PAYROLL
1. EIN
2. TN ER ACCOUNT #
3. CONFIRM ER BANKING INFO (TEST DEPOSIT)
4. PRIOR WAGES PAID (IF APPLICABLE)
5. EE INFORMATION - W4 AND DD
EXPLAIN THE DIFFERENCES / RELATIONSHIP BETWEEN ACCOUNTS RECEIVABLE, UNDEPOSITED FUNDS, RECEIVE PAYMENTS, SALES AND CASH
1.INVOICE CREATED AND SENT TO CLIENT: DR. ACCOUNTS REC CR/ SALES
2. "DEPOSITS IN TRANSIT" CLIENT PAID OR WE KNOW THE CHECK HAS BEEN SENT, BUT HAS NOT PHYSICALLY BEEN RECEIVED. - DR. UNDEPOSITED FUNDS CR. ACCOUNTS REC
3. CASH RECEIVED AND ACCOUNTED FOR IN REGISTER - DR. CASH CR. UNDEPOSITED FUNDS