Year-End Tax Reporting - Revision history

Benoit at 15:15, 5 January 2022

2022-01-05T15:15:16Z

← Older revision		Revision as of 08:15, 5 January 2022
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	# Open it and copy last year's tab to a new tab for the current tax year.		# Open it and copy last year's tab to a new tab for the current tax year.
	# Update the "Year" column by 1 for each account		# Update the "Year" column by 1 for each account
			# Update the Current Cost column with the balances from the various matching Asset Accounts.

			We will use the Current Depreciation column in the next section.

			Save the file and email it to accountant.

			=== Year-End QuickBooks Depreciation Entry ===

			We need to make a new journal entry on 12/31/<Tax Year> which represents the Asset Depreciation.
			We will use the data from the Straight Line Depreciation Account worksheet.

			For Every Asset Account, we add 2 entries to the Journal:
			# add a 8300 Depreciation Offset entry: DEBIT for the account's Current Dep from worksheet
			# Comment should have form: "2017 Equip: Orig: <Orig Value> - Salvage: <Salvage> - Dep Basis: <Dep Basis> - Year X of Y @ 20% (dep rate)
			# add a countervailing CREDIT entry for same amount, same comment. If it's equipment, use account 1710, if it's a vehicle, use 1720.

Benoit at 01:11, 5 January 2022

2022-01-05T01:11:27Z

← Older revision		Revision as of 18:11, 4 January 2022
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	== ~~Georgia PT-50 Business Assets~~ Reporting ==		== Asset Reporting for Taxes ==

	Every year, we have to file ~~a PT-50 form~~ with Chatham County ~~which is used to tax the~~ business ~~assets.~~		Every year, we have to report our assets for Tax purpose. We file with the Federal Government for Asset Depreciation, and with Chatham County for business asset taxes.
	~~We need to account for everything we bought that is rental inventory and deduct sold off stock.~~
	~~Luckily, the record keeping should be mostly done as part of currentRMS~~.

	~~We use an Excel worksheet to keep~~ track of all the ~~stuff we bought and wrote off/sold over the year.~~		Lucky for us, CurrentRMS keeps track of all the equipment transactions, so it is relatively simple to extract the data we need.
	~~The Spreadsheet~~ is ~~at v:\ADMIN\Taxes\Chatham County Tax Worksheet.~~

	~~The following is the process~~ to ~~update~~ the ~~worksheet:~~

			=== Yearly Transactions File ===
			The following is the process to generate an excel file to provide the data we will use to udpate Quickbooks and fill the Georgia PT-50 form and the Federal Depreciation Schedule

	# Run the Stock reporting Python script (v:\z-Misc\stock.py) and use option (40) to generate the jml-transactions.csv file		# Run the Stock reporting Python script (v:\z-Misc\stock.py) and use option (40) to generate the jml-transactions.csv file
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	# Print this sheet of disposals to attach to PT-50		# Print this sheet of disposals to attach to PT-50

	# The Recap column is used to calculate the Depreciation Recapture which we use for the ~~Federal taxes~~ and ~~put in the PT-50 Worksheet~~		# The Recap column is used to calculate the Depreciation Recapture which we use in Quickbooks

			=== QBO Equipment Disposal Accounting ===
			In QuickBooks, when we dispose of equipment that is an ASSET, we need to remove the value of the gear from the Asset accounts.
			There is an account for every year we purchase items classified as assets that we use to track depreciation with.

			# Create a new Journal Entry and date is 12/30/<Tax Year>.
			# For every asset account that has disposed of assets, add a Credit entry matching the Asset COST column for that year.
			# Once all years are accounted for, add a 1710 Accumulated Depreciation DEBIT entry with the total Recap value.
			# Add a new entry "7100 Gain/Loss on Equipment Disposal" which will automatically be filled out by QBO so the DEBIT and CREDIT match.

	=== PT-50 Worksheet ===		=== PT-50 Worksheet ===

	In v:\ADMIN\Taxes, there is an excel sheet called Chatham County Tax Worksheet		In v:\ADMIN\Taxes, there is an excel sheet called Chatham County Tax Worksheet

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	# Take the Previous Year's "Asset Cost" and put them in the "Asset Previous" column in the current year		# Take the Previous Year's "Asset Cost" and put them in the "Asset Previous" column in the current year
	# Current Year's Expense Add is "Adjusted Original Cost" - "Asset Add"		# Current Year's Expense Add is "Adjusted Original Cost" - "Asset Add"

			You will use this spreadsheet to fill out the PT-50 form at tax time.




	== Federal Depreciation Worksheet ==		== Federal Depreciation Worksheet ==
			In v:\ADMIN\Taxes, there is an excel sheet called Straight Line Depreciation & Value

			# Open it and copy last year's tab to a new tab for the current tax year.
			# Update the "Year" column by 1 for each account

Benoit at 23:42, 4 January 2022

2022-01-04T23:42:27Z

← Older revision		Revision as of 16:42, 4 January 2022
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	# Add a column which contains the =YEAR(acq. date) to extract the acq date year		# Add a column which contains the =YEAR(acq. date) to extract the acq date year
	# Add a column called Gap, which contains the formula =YEAR(J2)-YEAR(G2)+1		# Add a column called Gap, which contains the formula =YEAR(J2)-YEAR(G2)+1
	# Add a ~~column~~ called ~~Recap~~, with formula =IF(C2="Yes",IF(M2>4,F2,F2M20.2),"")		# Add a Column called AssetCst, with formula =IF(C2="Yes",F2,0)
	# Use Subtotal (in Data menu) On "Year Change" sum "Cost" and "Recap"		# Add a column called Recap, with formula =IF(N2>0,IF(M2>4,F2,F2M20.2),"")
			# Use Subtotal (in Data menu) On "Year Change" sum "Cost","AssetCst" and "Recap"
	# This gives you sales from each year.		# This gives you sales from each year.
	# Put each year's totals in the disposal column.		# Put each year's totals in the disposal column.
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	# Take the total of the Acquisition Sheet and put it in Tax Year's "Additions/Transfers In"		# Take the total of the Acquisition Sheet and put it in Tax Year's "Additions/Transfers In"
	# On the Disposals Sheet, put the disposals by Year in the "Disposals/Transfers Out" Column		# On the Disposals Sheet, put the disposals by Year in the "Disposals/Transfers Out" Column
	# On the Disposals Sheet, take a look at the ~~Recap~~		# On the Disposals Sheet, take a look at the AssetCst and put in the Asset Out column for the correct year
	# On Quickbooks, look at the <Tax Year> Original Asset Value balance, and put that in the "Asset Add" for current year on the PT-50 worksheet		# On Quickbooks, look at the <Tax Year> Original Asset Value balance, and put that in the "Asset Add" for current year on the PT-50 worksheet
	#		# Take the Previous Year's "Asset Cost" and put them in the "Asset Previous" column in the current year
			# Current Year's Expense Add is "Adjusted Original Cost" - "Asset Add"

Benoit at 23:36, 4 January 2022

2022-01-04T23:36:05Z

@@ Line 18: / Line 18: @@
 # Cost column should not be empty.  Cost should be 0.01 to indicate that something is part of a bigger package (Cost in the 1st line of comment field in stock level).
 # Make sure equipment acquisition dates are correct and match a purchase
-# Copy all the sheet content to a new sheet - This removes the filtered out entries
+# Copy all the sheet content to a new sheet - This removes the filtered out entries - Call this sheet Acq
 # Sum up all the costs (column F) - That should be how much equipment we added this year.
 # Go back to original sheet and clear out all filters
-# Filter out Type 2 and 0, and Filter to display Disposal dates for Tax Year
+# Filter out Type 2 and 0
-# Copy the sheet to a temporary sheet
+# Filter to display Disposal dates for Tax Year
 # Add a column which contains the =YEAR(acq. date) to extract the acq date year
-# Use Subtotal (in Data menu) On "Year Change" sum "Cost"
+# Add a column called Gap, which contains the formula =YEAR(J2)-YEAR(G2)+1
 # This gives you sales from each year.
 # Put each year's totals in the disposal column.
-# Print the sheet of disposals to attach to PT-50
+# Make a Copy the disposals sheet
 == Special Reporting Software ==

Benoit at 23:16, 1 January 2022

2022-01-01T23:16:57Z

← Older revision		Revision as of 16:16, 1 January 2022
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	Whenever a new item is added to current, use option 91 to get a list of all the items.		Whenever a new item is added to current, use option 91 to get a list of all the items.
	When a new stock transaction happens, use 92 to get all the stock transactions.		When a new stock transaction happens, use 92 to get all the stock transactions.
	~~You can use 99 to perform 91 + 92 at the same time.~~
	Once all the transactions are imported, then you can use the following:		Once all the transactions are imported, then you can use the following:

			(18) Fetch Specific Stock level from Server (use Id on the Resource Product Page URL)

	(30) Disposal Transactions: Lists all the items that have been disposed of in the file disp.csv		(30) Disposal Transactions: Lists all the items that have been disposed of in the file disp.csv

	(40) Lists ALL the transactions for everything and saves it in jml-transactions.csv		(40) Lists ALL the transactions for everything and saves it in jml-transactions.csv

	(41) Lists the rental item transactions and saves it in jml-transactions-stock.csv		(41) Lists the rental item transactions and saves it in jml-transactions-stock.csv

	(42) Lists the sales items (i.e. expendables) and saves it in jml-transactions-sales.csv		(42) Lists the sales items (i.e. expendables) and saves it in jml-transactions-sales.csv

	We use (41) to tally all the equipment we purchased over the year. For the current tax year, we use that to ADD to the PT-50 Georgia sheet.		We use (41) to tally all the equipment we purchased over the year. For the current tax year, we use that to ADD to the PT-50 Georgia sheet.

	We use (30) to tally everything that sold or was written off in a year. This is used for PT-50 reporting to decrease our taxes since we don't have the equipment anymore.		We use (30) to tally everything that sold or was written off in a year. This is used for PT-50 reporting to decrease our taxes since we don't have the equipment anymore.

Benoit at 20:44, 1 January 2022

2022-01-01T20:44:22Z

← Older revision		Revision as of 13:44, 1 January 2022
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	# Use the Filter to filter out Type 2 (Sale items) so we only have the rental stock displayed		# Use the Filter to filter out Type 2 (Sale items) so we only have the rental stock displayed
	# Use the filter to only show the Tax Year's Transactions		# Use the filter to only show the Tax Year's Transactions
	# Use the Filter to filter out "Find" transactions		# Use the Filter to filter out "Find", "wrOff" and "Sold" transactions (i.e. just the stuff we added)
	# Cost column should not be empty. Cost should be 0.01 to indicate that something is part of a bigger package (Cost in the 1st line of comment field in stock level).		# Cost column should not be empty. Cost should be 0.01 to indicate that something is part of a bigger package (Cost in the 1st line of comment field in stock level).
	# Make sure equipment acquisition dates are correct and match a purchase		# Make sure equipment acquisition dates are correct and match a purchase
			# Copy all the sheet content to a new sheet - This removes the filtered out entries
			# Sum up all the costs (column F) - That should be how much equipment we added this year.
			# Go back to original sheet and clear out all filters
			# Filter out Type 2 and 0, and Filter to display Disposal dates for Tax Year
			# Copy the sheet to a temporary sheet
			# Add a column which contains the =YEAR(acq. date) to extract the acq date year
			# Use Subtotal (in Data menu) On "Year Change" sum "Cost"
			# This gives you sales from each year.
			# Put each year's totals in the disposal column.
			# Print the sheet of disposals to attach to PT-50

	== Special Reporting Software ==		== Special Reporting Software ==

Benoit at 16:57, 1 January 2022

2022-01-01T16:57:00Z

← Older revision		Revision as of 09:57, 1 January 2022
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	The following is the process to update the worksheet:		The following is the process to update the worksheet:

	1. Run the Stock reporting Python script (v:\z-Misc\stock.py) and use option (40) to generate the jml-transactions.csv file
	2. Sort the file by Acquisition Date and then Name		# Run the Stock reporting Python script (v:\z-Misc\stock.py) and use option (40) to generate the jml-transactions.csv file
	3. Use the Filter to filter out Type 2 (Sale items) so we only have the rental stock displayed		# Sort the file by Acquisition Date and then Name
	4. Use the filter to only show the Tax Year's Transactions		# Use the Filter to filter out Type 2 (Sale items) so we only have the rental stock displayed
	5. Use the Filter to filter out "Find" transactions		# Use the filter to only show the Tax Year's Transactions
	6. Cost column should not be empty. Cost should be 0.01 to indicate that something is part of a bigger package (Cost in the 1st line of comment field in stock level).		# Use the Filter to filter out "Find" transactions
	7. Make sure ~~cost is accurate~~		# Cost column should not be empty. Cost should be 0.01 to indicate that something is part of a bigger package (Cost in the 1st line of comment field in stock level).
			# Make sure equipment acquisition dates are correct and match a purchase

Benoit: Created page with "== Georgia PT-50 Business Assets Reporting == Every year, we have to file a PT-50 form with Chatham County which is used to tax the business assets. We need to account for ev..."

2022-01-01T16:56:02Z

Created page with "== Georgia PT-50 Business Assets Reporting == Every year, we have to file a PT-50 form with Chatham County which is used to tax the business assets. We need to account for ev..."

New page

== Georgia PT-50 Business Assets Reporting ==

Every year, we have to file a PT-50 form with Chatham County which is used to tax the business assets.
We need to account for everything we bought that is rental inventory and deduct sold off stock.
Luckily, the record keeping should be mostly done as part of currentRMS.

We use an Excel worksheet to keep track of all the stuff we bought and wrote off/sold over the year.
The Spreadsheet is at v:\ADMIN\Taxes\Chatham County Tax Worksheet.

The following is the process to update the worksheet:

1. Run the Stock reporting Python script (v:\z-Misc\stock.py) and use option (40) to generate the jml-transactions.csv file
2. Sort the file by Acquisition Date and then Name
3. Use the Filter to filter out Type 2 (Sale items) so we only have the rental stock displayed
4. Use the filter to only show the Tax Year's Transactions
5. Use the Filter to filter out "Find" transactions
6. Cost column should not be empty. Cost should be 0.01 to indicate that something is part of a bigger package (Cost in the 1st line of comment field in stock level).
7. Make sure cost is accurate

== Special Reporting Software ==

Benoit designed a python program (stored on V:\z-Misc\stock.py) to be able to track the various stock transactions that happen directly from current.
This is used mainly to keep track of the rental stock we bought and sell or write-off, since this affects taxes at the end of the year.

This is a program that is very user unfriendly but extracts the info we need.

Whenever a new item is added to current, use option 91 to get a list of all the items.
When a new stock transaction happens, use 92 to get all the stock transactions.
You can use 99 to perform 91 + 92 at the same time.
Once all the transactions are imported, then you can use the following:

(30) Disposal Transactions: Lists all the items that have been disposed of in the file disp.csv
(40) Lists ALL the transactions for everything and saves it in jml-transactions.csv
(41) Lists the rental item transactions and saves it in jml-transactions-stock.csv
(42) Lists the sales items (i.e. expendables) and saves it in jml-transactions-sales.csv

We use (41) to tally all the equipment we purchased over the year. For the current tax year, we use that to ADD to the PT-50 Georgia sheet.
We use (30) to tally everything that sold or was written off in a year. This is used for PT-50 reporting to decrease our taxes since we don't have the equipment anymore.