So, I’m staring down this N/A form right now and I’ve got some questions: III. EXPENSES - what's the deal with in-kind expenses versus write-off expenses? Does AM go under write-offs? Because my software keeps dumping AM into the in-kind category! Also, regarding V. SUMMARY OF INCOME AND EXPENSES point 2—what is the actual difference between the turnover per the ledger and the reported income??? 2.1. cash deposits?? Here’s my situation: I have incoming funds hitting the account, but they're actually being paid out to third parties (it's just a pass-through item for us). At the end of the year, I put together a full list and handed everything that hit the account over to the FBI to show it isn't considered actual income... so where am I supposed to plug that in now???
Quick question about the OPZ-STAT-1 filing... If I’ve got an invoice from 2013 that didn't actually get paid until January 19, 2016—does that mean I can just leave it off the report?? The thing hit its due date on December 31, 2015, but the cash didn't actually move until the first week of 2016.
So, I’m trying to settle some VAT differences from previous years where the numbers just aren't adding up. Basically, my pro forma invoice was set at 23%, but the actual invoice came out at 25%, so now I'm staring at this annoying VAT discrepancy... If I manually enter the amount I still owe into the December period under the "VAT Adjustments" section—using a negative sign in front of the amount—it adds the total to my December liabilities. That part works fine, but for some reason, the extra VAT paid isn't showing up correctly in the KPI recapitulation. It’s like the math is working one way but the report isn't reflecting it properly. The headache is that I can't figure out how to close it out by just listing that specific VAT amount under "In-Kind Supplies"...?? I have no clue how to balance this without it popping up in the OPZ-STAT reports. If it shows up there, nobody is going to pay me back because these invoices were issued to individuals, not businesses. They aren't going to cut me a check for an error like this! If anyone has dealt with this mess before, please, please let me know!
So, basically, people making income are going to be coughing up a little more than they did back in 2015. ($7.50).
Based on what the text says, the calculation base would look like $1741, which means:
Social Security I: 783.61 Social Security II: 261.20 Medicare: 783.61 Other: 26.12 Employment Tax: 88.81
I might have botched a number somewhere, so my bad on that. What I’m actually sweating over is that IRS filing for income earners. When does it happen? How does it work? And what if we're late on the payment? Are we going to be buried under a mountain of paperwork, or what the hell?
When I'm broke, I pay in tiny increments. Am I going to have to send my IRS filings in tiny little pieces too?
Is there anywhere I can read up on this to get the full story?
Thanks a bunch!
I managed to dig up a few things online: 1. JOPPAC - obligations for January 2016 due by February 15, 2016. 2. It’s super important to make sure the contribution payment hits on the exact same day the IRS filing is submitted. 3. If you miss the Feb 15 deadline (say, you file on Feb 21), the date on the form still has to say Feb 15.
But as for what happens if someone isn't paying their dues properly... honestly, I haven't got a clue... There just isn't much info out there yet...
ruggedlynx63 said:If you ask me, you’ve been out of compliance this entire time because you were only issuing invoices for services that had already been paid for. The rule is simple: you HAVE to issue an invoice the moment a service is completed; when the actual cash hits your account is a completely different matter, especially since you aren't hitting those sales tax obligations until the payment is actually collected. Regarding the OPZ-STAT-1 filing, my take is that you really ought to be reporting all Unpaid prepayments on there, provided you listed them as Unpaid receivables on your DOH forms... and we're talking about those Unpaid amounts going back six years. Anything older than six years doesn't need to be reported...
See, these were basically forced collections, and they were issuing proformas to close out payments from individual debtors. Once everything was squared away, they’d finally drop the actual invoice once that last payment cleared, attaching it to the proforma. From what I can tell, the proforma has every single detail a standard invoice has anyway. Honestly, the service should have been billed immediately after it was provided to the client, but—just to play ball with them—those proformas were issued to their debtors who ended up paying off those debts in random chunks over time. Later on, a formal contract was drawn up with that educational institution regarding how his services would be paid for, just to make sure he wouldn't run into any more trouble.
So, we’re operating under the US VAT system—we're an R2 taxpayer and basically run a service business. We have this deal with a local school district where we handle debt collection for them against their debtors. Instead of billing the school district directly for our services, we collect straight from the debtors themselves (who are just individual people)... Here’s the kicker: there are tons of these individuals and the collection rate is honestly pretty lousy. To manage this, my boss used to issue pro forma invoices whenever a payment actually hit our account. He’d book every single incoming payment against those pro formas as they arrived, even if they came in at totally different times. Once the entire service was fully paid off, he’d finally issue the actual invoice. He refused to cut official invoices earlier because so many people never pay the full amount, and he didn't want to end up stuck with a mountain of Unpaid invoices at the end of the fiscal year! He’s got a backlog of these pro formas dating all the way back from 2006 to 2011 from when he first started working with that district. First off, I have no clue how "by the book" this whole pro forma thing actually is. The payments are being cleared and booked correctly as they come in, they're just tied to that specific pro forma. Like, one chunk might land in 2009, then the rest doesn't show up until 2011. I haven't dealt with this kind of mess before and I'm not sure what the best way to close these out is to keep the auditors happy... Since I started working here, we stopped using pro formas altogether and just go straight to invoicing, mostly because we don't have nearly as many of these debtors to chase anymore. Second—when filling out the standard tax reporting forms, are we supposed to list these partially paid pro formas, or what? From what I can gather, at the end of every fiscal year, any pro formas that haven't been fully settled get lumped into the Unpaid category in the filings... If anyone out there has more experience with this headache, please give me some advice! Thanks
ruggedheron13 said:I'm not sure if you're registered for sales tax or not... I'm thinking about that extreme scenario where you aren't in the system yet, but you're right on the edge of the threshold, and this specific invoice would push you over into being required to register. If that's not an issue, then naturally, there's no problem recording it now in 201x. A receipt technically happens when the bill is actually settled. The fact that it wasn't logged last year, but rather this year, shouldn't be a dealbreaker... unless you're facing that specific tax registration situation mentioned before.
We are definitely in the sales tax system... thanks for everything! 🙂
ruggedheron13 said:No worries at all. That specific invoice is just going to keep popping up in the software as unpaid. It’ll stay right there on your radar until you properly close out and reopen your books at every opening balance phase... until it's finally settled. Besides, if you're running a small business, you're required to maintain an Accounts Receivable and Payable ledger anyway. You have to track every single outstanding bill and uncollected payment through that system...
Thanks so much! Can I pick your brain for one more thing? Since we track our Iraq accounts based on when the cash actually hits, is it cool if an invoice dated 12/31/2014—with a due date of 1/15/2015—doesn't even show up in the system until it's actually paid in 2015? Basically, it wouldn't be entered into the Iraq records during 2014 at all.
ruggedheron13 said:Here’s how you run the year-end closing: pick last year's ledger, look for the "Tools" box on the right side, and head into the year-end close section. Just select date 12/31/201x and a new ledger will pop up. Since we're talking about a sole proprietorship, the KPI stays empty, but the system handles the transfer of unpaid invoices automatically. Once that's done, you can jump into any specific invoice and close it out. In your situation, I wouldn't bother re-entering that 2014 invoice. If you do, you'll just be hitting your revenue account again, which messes up your actual numbers when you're trying to check your sales tax threshold. It's better to just go through the reception module and record the payment manually...
Thanks, ruggedheron13!! But what happens if, say, someone pays off an old invoice from 2011 while we're sitting in 2015?
If you head over to the Tools section on the home screen, you'll see an option for Year-End Closing. Just run that, and it’ll automatically carry all your opening balances over into the new year.
Thanks... I'm guessing there's no way to trigger that right now then, since we gotta wait until the end of the year?
ruggedheron13 said:When you opened your 2015 books, did you carry over the closing balances from 2014? If you did, that invoice should have carried over with a January 1st date, and now you can just go in and update the payment method. Or did you start the new year with a completely clean slate?
Ugh, and how the heck am I even supposed to do that transfer? I'm still basically a total newbie with this software—I definitely didn't carry anything over yet... anyone out there who actually knows what they're doing care to help me out?
So, I’ve got this outgoing invoice from back during the ISIS era—it was logged in my QuickBooks system then, but the actual payment didn't hit until 2015 (using Synesis software) Here’s the headache: if I jump back into the 2014 files and try to mark it as paid on, say, September 17, 2015, it just won't show up in my New York City reports for 2015. Does this mean I have to manually re-enter the whole damn invoice into the 2015 books and set the payment date to 9/17/2015 just so the system actually recognizes it in the 2015 records?? Also, quick question—and yeah, I know, I'm totally new to this and probably asking something obvious—but when I'm entering an invoice into the system at the very top, am I supposed to put the payment date or the actual issuance date for every single individual invoice?
So, my boss is thinking about paying out a monthly commuting allowance of $100 to an employee to cover their travel to and from work? Just for context, a monthly transit pass usually runs about $200 if they're taking the bus... plus, we don't normally pay anyone for travel like this.. Is it actually legal to pay this out tax-free?? And would we be running two separate payments—one for the actual salary and one specifically for the travel expenses?? Like, does that travel reimbursement need its own specific transaction ID, or should it just be tied directly into the payroll report sent to the IRS? If it's paid out at the exact same time as the paycheck, wouldn't it just show up on the same line item in the reporting?
Brenda Chase3 said:Think of it this way: if you didn't record the credit back in June, just record it now in July alongside the sales tax entry, and you're all set. Just make a note on the invoice stating when you actually received it, and there shouldn't be any hiccups. That way, the sales tax balance for those two specific invoices will net out to zero. Essentially, you just handle each invoice individually within the July period—one entry as a credit, one as a debit.
Brenda Chase3 said:You just Enter the original invoice as a positive amount, then enter the credit memo as a negative amount, and your balance will hit zero. Just make sure you run both those entries through your books.
Look, I'm entering them one by one into the accounting software right now—one as a credit, the approval as a debit—only thing is, I'm leaving the payment column totally blank since, well, nothing's actually been paid yet... The invoice date is June 30th, 2015, but we didn't even get our hands on it until late July 2015, so now I'm freaking out wondering if that's gonna be an issue (since June is already closed out, or does it even matter as long as the balance ends up at zero?)... the approval date is July 31st, 2015.
Hey guys, I’ve got a quick question—anybody here an expert who can help me out?
So, here's the deal: I got hit with this bill that was totally the fault of the company that sent it. We didn't owe them a single cent. I went ahead and filed a formal dispute, and they actually came back and said, "Yeah, our bad," and approved it. Now I'm just sitting here wondering—since we haven't paid anything yet, do I actually need to do anything with the original bill or that approval letter? Or can I just toss them both in the trash? thanks
So, has anyone here actually signed up for the "payroll service" yet? From what I can gather, they’ve gone ahead and posted some specific examples over there on how to fill out everything—daily logs, weekly stuff, even annual leave...
Olivia Cruz86 said:Hey there, fellow forum dwellers!
So, quick question—if an employee is out on vacation for the entire week, do I just log them under the GO category for 8 hours every single day? I mean, surely I don't need to be logging their daily or weekly rest periods too, right??