TimeSuite Year End Procedures and Information

1099 Electronic Submissions (efile) Instruction

• TimeSuite produces an electronic file that can be used to electronically submit Form 1099s.
• The electronic file is generated menu selection:
  • Toolbox | A/P | 11. 1099s | 1099 Electronic Submission File (efile)
• The efile can be used with the IRS’s Intake System (IRIS). 
• IRIS User Guide:

Information Returns Intake System (IRIS) Taxpayer Portal User Guide

• • • Help with IRIS Questions
      • Transmission Methods
        • Choose “Portal”
      • You will need two responsible officials (or you will need to start over). And, the responsible officials will need to be contacts (click the box to make them contacts).
    • Due Dates (Page 14 of IRIS User Guide)
      • Furnish Copy to Recipient
        
        • Generally January 31 (see page 14 for exceptions due February 15)
      • Electronic 1099 Series, 1099 Misc
        • March 31
      • Electronic 1099 NEC
        • January 31

• Reports that can be used to verify the data you are sending:
  • Toolbox | A/P | 15. Print Subcontractor Payments

Year End Webinar

• Year End Preparation Webinar Video                  
• Year End Google Doc Documentation
• Topics:
  • Retained Earnings Reconciliation Aids
  • Tests of Balances
  • Year end test of balances issue resolution and lead sheet reports
  • Understanding the reconciling tools within the system
  • Make sure job cost and revenue tie out to your general ledger
  • Make sure other components of your summary of contracts tie out
  • Understand concepts that impact the quality of your financial information
  • True up over/under allocated indirect costs at year end
  • Exception Reports.Insurance Audit Concepts
  • Explain Work Papers