Peachtree fiscal year conversion

Hi
I need to convert the company to correctly reflected fiscal year of
April 1, 2005-Mar 31, 2007 from our original set up which was Jan 1 ,
2005 - Dec 31 2006. I've rebuild a company by exporting and importing
all the data into this new company with the updated fiscal year.
After the conversion, I was able to enter transactions/make changes
for fiscal year Apr 2005 to Mar 2007. However, I wasn't able to enter
any payroll info for year 2007. The error says "only payroll checks
with dates 2005 and 2006 are allowed". When I set up this new
company, it asked me "What is the first year you will start entering
your payroll?" And I answered 2005 because that was the year we
started to have our payroll info originally. The new company
currently displays the following: current open fiscal years Apr 1,
2005 -Mar 31, 2006 and April 1, 2006 to Mar 31, 2007. Current open
payroll years Jan 1 - Dec 31, 2005 and Jan 1 - Dec 31, 2006. How can I
open payroll year of 2007 and still keeping the fiscal year Apr 1,
2005 - Mar 31, 2007 open?
When I go to year end wizard, there are only 2 options available: (1)
close fiscal and payroll tax years (2) close fiscal year Mar 1, 2005 -
Apr 30, 2006.
What will happen when I need to close the fiscal year in Mar 31,
2007? Do I have to also close 2005 and 2006 payroll years at that
time? Will I be able to view any payroll or financial data for year
2005 and 2006 after I close the fiscal year in Mar 31, 2007?
Reply to
f-n-a
I'm taking a guess here as I am used to working with companies that follow a calendar fiscal year....
Peachtree allows you to have 2 open years at a time. Your financial fiscal years currently are 4/1/05-3/31/06 & 4/1/06-3/31/07. Payroll is always by calendar year to match the w-2 tax info filed by individuals. So the "open" years for payroll are 2005 and 2006 using the normal calendar year independent of your fiscal year.
From the help file:
Peachtree refers to the payroll tax year as the calendar year in which payroll transactions take place. Peachtree keeps two years of payroll activity open at one time. For tax purposes, the payroll tax year must coincide with the calendar year. Closing the payroll tax year not only closes the payroll information; it also closes vendor 1099 information. Therefore, all payroll reports, payroll forms, and 1099 forms must be printed before closing the payroll tax year.
When to Close the Payroll Tax Year Usually there is no need to close a payroll tax year exactly at the end of each calendar year. For example, if 2000 is the first of the two years, you do not need to close this payroll tax year until the end of 2001. On the other hand, if 2000 is the second of the two payroll years, you must close the 1999 payroll tax year before you can enter 2001 payroll transactions.
Peachtree highly recommends that you wait to close the first payroll tax year until all payroll reports, W-2 data, and 1099 data are finalized following the first quarter of the second payroll tax year. If there are mistakes in employee earnings or W-2 data, you have an opportunity to correct them.
If you are unsure as to what two payroll years Peachtree is operating in, you can quickly find out in the Change Accounting Period window.
Do a search in the help file on Payroll tax year and select the topic on Closing Accounting periods. Look for links to payroll years.
Reply to
Laura

Site Timeline Threads

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.