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