All invoicing will come through the email with a CBI Form and a Summary spreadsheet. These items will give you the parent and the child information, all invoices are booked under the child.
All invoicing will come through the email with a CBI Form and a Summary spreadsheet. These items will give you the parent and the child information, all invoices are booked under the child.
After each Payroll:
Use the Payroll Register Report from the payroll reporting
1 Go to the appropriate year tab in this workbook
2 Enter the check date of the payroll from the Payroll Register
3 Look for each employee in the Payroll Register and enter their IRA contribution in to the worksheet
At the beginning of each month:
1 Total all contributions from the previous month
2 Run the memorized report in QB -- Memorized Reports -> Accountant -> American Funds Contribuition by Employee
3 Make sure the total in this spreadsheet matches the total in QB
4 Save a PDF version of this report on the Server in the American Funds folder
4 Log into the American Funds website
5 Select an Action from the Salary Deferral-Simple IRA dropdown -- Select Submit a Roster
6 Enter the total contribution by employee for the month from this workbook
7 Make sure the total ties to the total on the QB and the totals in this SS
8 Submit the Roster
9 Confirm the transaction and save a PDF of the confirmation in the American Funds Folder
10 Got back into QuickBooks
11 Pull up the American Funds vendor
12 Copy the check from the month before
13 Update the amounts by employee and save the transaction.
January Match
1 Copy the calucator in the monthly spreadsheet
2 Enter each employee's total compensation for the year
3 Total all of their Simple IRA contributions for the year
4 Calculate the Employer match.
5 Log into the American Funds websit
6 Select an action from the Employer Contribution - Simple IRA -- Select Submit a Roster
7 Follow the same steps as above except label the entries as employer match.
When a new employee starts at Mitchell Metals, Tracy will meet with the employee first to get them to fill out their I-9, G-4, F-4, employment application and emergency contact form.
Tracy will also take set them up so they can use the biometric time clock (if needed) and she will do the initial setup on Paypro.
When you arrive at the office, Tracy will have the new employee's file ready for you. Tracy will also take care of the E-Verify.
You will need to login to Paypro (iSolved)
Find the name of your employee on the Employee list and work your way down the menu.
Sales Tax Liability Report
Check every state.
Alabama
This is one of the most complicated states because we pay state tax, county tax, and city tax.
This means that two returns will be filed -- a state return and a county / city return. These return are located on the home page when you log into the website.
NOTE: If you need to file a zero return, you file only the state return as zero. You do not need to file a city/county return.
State sales tax:
When everything has been entered into to the return. Push NEXT.
Save the confirmation as (last day of month) Alabama State Tax Pay Conf
County and City Tax
This a a mess. Alabama has different sales tax numbers for a small number of their counties and cites. To get the sales tax numbers, you will need to apply with them. Work with Tracy to get that done. Once you have gotten the new numbers, will need to save those certificates and emails on the server.
Here is where all of the licenses are on the server:
P:Shared Company FilesFormsGeneral Office ManagementBusiness License
All of the licenses are located here along with the emails and information from the cities and counties. Use the numbers provided when filing taxes in these counties / cities.
If you do not have a number, use the state number for filing.
Choose the correct filing month on the next screen.
Choose file or view a return on the next screen
The gross amounts for the cities and the counties are on the Sales Tax Liability Spreadsheet.
The Locality Name is based upon what county or city has sales tax in your spreadsheet.
You will need to look them on on zip to tax to figure out how the county and city work together.
In this table, you will need to fill out the following:
Tax Type = Sales Tax
Rate Type = General
City/County Tax Acct #: Look up on P:Shared Company FilesFormsGeneral Office ManagementBusiness License to see if they have a their own license number.
If not use LCL-R008315599, which is the Mitchell Metals Local tax filing number.
Gross Amount = enter the Taxable Sales number from the spreadsheet
Click OK. You will get a message about adding other counties or cities. If you used, zip to tax to check everything you should know exactly what needs to be filed.
Once the Return table is valid. click Next
On the next screen, save the return as:
(last day of month) Alabama Local Tax Ret
Save the payment confirmation as:
(last day of month) Alabama Local Tax Pay Conf
Click on the Adjust button.
Login into the FL website. Top login that requires the User ID and Password.
Look for any important messages on the Bulletin Board page and Press Next.
Select Tax Website - Choose Sales and Use Tax
Choose Activity - File and Pay - Choose DR-15EZ (Sales and Use Return)
The State of Florida is one of our easiest returns because we do not have to file by county. We pay the tax directly to the state.
Enter you name on the signature line along with your phone number and the accounting email.
Enter the Gross Sales, Exempt Sales and Taxable sales. (the math should be correct)
Enter total tax due.
Click Next.
One last check, and choose Enter Payment.
NOTE: If this was a zero return, at this point you could choose Submit Return only. Save copies of the Zero return and you are done.
Debit Date: Change the date to the 19th. Cannot send the debit on the 20th because it will be considered late.
DO NOT check the box for the banking information on file. Use the Bank Routing Number and the Bank Account Number that is saved under the Florida login on the apngroup.org page.
Sign the return, enter your phone number and the accounting email.
Choose Next.
Check over everything one more time. Click on Submit.
Save the return and the payment confirmation as:
(last day of month) Florida Sales Tax Ret and Pay Conf
Go into QuickBooks and enter the payment.
Login into the GA Website.
Chose under Accounts - Sales and Use Tax
Look for the correct month and choose File Return.
To determine the form --- See Answers to the questions below:
Using the Sales Tax Liability Report enter the following numbers from the GEORGIA STATE line.
The math should match the Taxable Sales on the Sales Tax Liability Report.
Enter the total tax collected and choose Next.
Look at the state tax calculation. Make sure it is close to what QuickBooks calculated.
Overwrite the counties that were used int he previous return and enter the sales for each county.
Clean up the return if extra counties are left or add rows if more are needed.
Check the sales tax calculation as you entry. This is where you will catch tax rate changes to the items in QuickBooks. Make notes on the liability report as you go so you can make those changes once you are done.,
When all of the counties are entered, look at the total tax calculation. Make sure it is close to what you would expect it to be.
Once you are happy with the return. Click Next.
Total amount due should be the calculated Sales/Use Tax - Vendors Comp.
This return has the yearly prepaid calculation which is making the amount due much lower. Book a journal entry to change the prepaid amount on the balance sheet.
Make notes on the sales tax liability report and choose submit.
Click on Print Return and save as:
(last day of month) Georgia Sales Tax Ret
Click on Print Confirmation and save as:
(last day of month) Georgia Sales Tax Conf
Click on Make a Payment
Change the Payment Date to the 20th
Confirm the amount
Choose Submit
Save the Payment Confirmation to the server as:
(last day of month) Georgia Sales Tax Pay Conf
Book the payment in QuickBooks
Kentucky has a strange login.
Click on Begin your Registration.
Login is in the top right corner.
Once logged in click on MITCHELL METALS LLC
On the next page, it will likely tell you there are two filings due. Click on File Taxes
Choose the account number 000309481
Find the correct return date and click on File Now. If there is a second return there, it is likely for the next period.
When entering the Total Receipts, do not include cents.
If you do need to report any Deductions, choose "Sales for which resale certificates received (Revenue form 51A105)" as the reason and enter the amount.
Check to make sure the amount calculated is close to the amount on the Sales Tax Liability Worksheet.
Submit and sign the return.
View and Print the return and save it under this name:
(last day of month) Kentucky Sales Tax Ret
This will take you back to the Dashboard.
Click on MITCHELL METALS LLC
Then, on the next page, it will likely tell you there are two filings due. Click on File Taxes
Choose the account number 000309481
Find the correct return date and click on File Now.
Click on the tab called Filing History and find your return that is "In Process"
Make sure the following fields have been filled out:
Click on "In Process" and then click on "Original". This will take you the payment screen.
Click on Make a Payment.
Change the name to your name and click Next
Verify the tax account and choose the payment type -- ACH/Electronic check. See Below.
Submit the payment and save the payment confirmation as:
(last day of month) Kentucky Sales Tax Pay Conf
Nothing is saved to the website so all of the contact information has be entered each month.
See below:
This is where it gets complicated.
Enter the Gross Receipts and the Receipts exempt from sales tax.
Enter the Total Taxable sales in line 4 - Gen. State rate.
The County Rates are tricky:
2.0% = 2% County Rate
2.25% = 2.25% County Rate
2.5% = 2% County Rate + .5% Transit County Rate
2.75% = 2.25% County Rate + .5% Transit County Rate
The .25% Transit County rate does not apply.
Put together your calculations prior to hitting next because you will be entering the tax only (not sales on the next part of the return) -- See Below
It will ask you to re-enter the Bank Account number and hit NEXT.
Save both Returns e-500 (state) and e-536 (county). Save as:
(last day of month) North Carolina State Sales Tax Ret
(last day of month) North Carolina County Sales Tax Ret
Save the payment Confirmation:
(last day of month) North Carolina Sales Tax Return Pay Conf
Login into the Oklahoma Website
Choose Vendor Use Tax.
If a payment is needs to be made....Most of the time this is a zero return.
The payment screen look a lot like the State of Georgia Payment screens. Follow those instructions.
Save the return and payment as:
(last day of month) Oklahoma State Sales Tax Ret
(last day of month) Oklahoma State Sales Tax Pay Conf
If it is a zero return, you can insert the word zero into the file name so it is easy to find.
Log into the South Carolina Sales tax website.
Click on MyDorway
Login
Click on Sales and Use Tax
Find the correct month and click on the date.
Answers to Questions:
Check the box if it is a zero return.
Otherwise, enter the Gross Proceeds.
To enter an exempt sale balance in the Out state purchases, you will use the View/Edit State Deductions -- choose Tax Exempt as reason an enter the amount there.
If everything calculates correctly, click Next.
You have to list all of the counties including the counties that have zero percentage of tax.
See the table below.
Print the Confirmation and Summary Report. Save as:
(last day of month) South Carolina State Sales Tax Conf
(last day of month) South Carolina State Sales Tax Ret -- print summary report
Click Pay
Authorize the payment and save the payment confirmation as:
(last day of month) South Carolina State Sales Tax Pay Conf
Log into the Tennessee Sales Tax Website
Choose to file the Sales and Use Tax
Find the correct date and click on File Return
Answers to the question:
Will you be submitting a file provided by your software vendor? NO Click Next
Next screen confirms the location -- Click on the Location ID 0105298653
Do you have any sales to report for this period? YES / NO Choose one (if NO, click ok and it will prepare the zero return)
If yes, more questions:
Are you ready to report sales based on delivery destination? YES
This takes you into the return.
Do not enter cents.
If you have exemptions, it asks for more info. See below:
Next you will have to click on the blue box to report Local tax.
Last question:
Do you have any single article sales, aviation fuel sales, or special rates on energy, water, vending, or specified digital products to report? NO
Check the calculation on the return to make sure it is close to the QuickBooks calculation and click OK.
If you owe the tax choose the ACH option. Update the Period. Change the date of the payment to the 20th of the month. Enter the amount twice.
Once paid, save the return and the confirmation as:
(last day of month) Tennessee State Sales Tax Ret and Pay Conf
Log into the tax website. See below.
Click on File/Pay Use Tax from the Menu
Choose the correct filing period from the list. Click on File Now.
If there were no sales click on the box beside "There were no sales made during this reporting period". Click Create Return and you are done. Just need to save the return.
If there are sales, click on all of the localities listed with sales on the liability report.
See below. Enter the sales for the Localities:
Print the return and the confirmation -- Save as:
(last day of month) Virginia State Sales Tax Ret and Pay Conf
Enter the payments in Quick Books
Go to Vendors --> Sales Tax --> Pay Sales Tax
Make sure you understand how each state is paid. For example, AL (below) is paid with two bank transfers. One transfer goes to the state and the other goes to the cities / counties.
Once you have determined how the state is paid you have to pick all of the entries that go with that payment. For example, we are paying the state of Alabama below, We just need to pick the entry for the state. We will pay the cities and counties in a separate transaction.
Change the obvious fields.
Check Date should be the 20th of the month.
Check number should be debit.
Your entries should be checked and they will total in the Amt Paid column highlighted on the right so you can determine if you need to make an adjustment. In this case we do so we are going to push the Adjust button.
Make all of the necessary changes again.
Change the date to the 20th.
Entry No. should say Sales Tax.
Update adjustment account to Other Income.
Determine what the adjustment is and enter the amount.
Click OK.
Check all of the obvious fields -- date, check number.
Make sure our entry and your adjustment equal the amount owed to the state.
If it does press OK and QuickBooks with register the payment and a journal for the adjustment.
Do this with every state. I usually pay every state as I work through the returns to save time.
Open a new sheet in Excel.
Rerun the reporting in QB but sort by Name and do not total by customer. Clean up the spreadsheet so it can bee used for a pivot table
In a separate sheet setup the pivot table. Sum by name and amount.
****Quote Sheets: Company P: drive, Job Files and Job Files (Material Only), Find Customer
- Contract Documents: Quote and Worksheet, Most Recently Saved Quote Sheet
Run a Balance Sheet as of the prior month (if working on Jan financials, pull December)
Look at non-inventory
enter the beginning balance ( Blue) on the non inv stock allocation tab of financial statements
Run P&L for the month you are currently working on by class (if working on Jan finacials pull Jan)
look at total income - sort by class and total by class
enter install sales and Material sales (yellow)
Column C is your journal entry
look at non-inventory cogs and find the previous journal entry
create copy and update with the non inv stock allocation numbers
Since they moved to cash basis. This is probably no longer needed.
Talk with Tracy about watching out for these big expenses and start booking them as a regular expense
Run P&L from beginning of review month through the current day.
pull up the Gross Profit detail.
customize and add in debit and credit columns
Sort by name
Total by customer
Drop into Excel workbook, save Gross Profit by Job
Debit = expenses, credit = income
Look at each job
If engineering fees and no invoice, leave it alone.
Invoices - look all of the entries and make sure the correct dates are on the expenses. All expenses need to be associated with the invoice. When changing the date make sure you do not change the due date.
Make list for Tracy for items that have dates in the current month that have not billed.
Check to make sure they have not billed in prior months. The expense could be old.
Run p&L year to date and total by month - have a few months to compare
look for trends, margins, etc.
clean up suspense
Warehouse expense miscellaneous - make sure it was not a COG
look at salaries, look for swings from month to month
look for missing expenses
APN bill needs to be moved most of the time.
look for repairs that can be capitalized
Taxes other - fine to put business licenses there but income taxes need to be moved to distribuu
Balance Sheet Review
Look at client deposit accounts - Candace should keep an eye out. Look for in and outs quarterly
make sure the bonus account is cleaned up - same thing about ins and outs.
simple ira is cleaned up - matching for the year, Paulette to move
look at total revenue - find the bonus tier
calculate gross profit percent take total gross profit / total Income
find the correct tier and make put in the correct month.
Find last journal entry, copy and accrue for this month expense dated EOM (paid in next month)
***if new employee, not eligible until 90 days. On the first day of following month they are eligible. If start 1/15/20 then 90 days is 4/15/20, eligible for bonus on May 1st so May Revenue. First bonus in first payroll in June.
do not forget to add int the gross profit line in the P&L. - ***ADD IN GROSS MARGIN PERCENTAGE
Likes to see the current AR aging - as of that day, not end of month
**** when looking at MISC inventory items, ERP is shown in feet. To convert to inches here is the calculation: (ERP Qty * ERP Length in inches)/12 inches/Length Piece Comes in per Worksheet/QB
