2016 is officially over, and it's time to begin the process of closing the year's books, distributing 1099's and paying taxes (yay.) Year-End is our busy season at TOPS, as everyone is calling support at once, trying to get their books closed on time this year! To help make it easier, we've compiled instructions for you on end of year processing for all of our products - TOPS Professional, TOPS iQ and TOPS [ONE]:
TOPS [ONE] Year End
The community year-end closing procedure is now live and can be accessed in the Admin section. In the community panel, if you’ve set up your new accounting year, a new button will appear to start the closing procedure:
You'll also find a new 1099 Summary and Export Report in the reports menu. Read the full instructions to process year-end and setup your new year in TOPS ONE in the new year end guide:
If you are using TOPS Professional or TOPS iQ, we've prepared a document that will walk you through the steps you need to perform to close your books, how to get your W-2s and 1099s in order, due dates, tax tables, even what paper stock to buy. (Pay attention to the deadlines, they have changed from last year.)
To help keep track of all the procedures you need to remember for year-end, download this handy checklist. The checklist gives you an easy way to ensure that you've dotted all the i's and crossed all the t's when it comes to year-end. Simply check off each procedure as you've done it!