CenterPoint Accounting - Year-end Frequently Asked Questions

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Document #: 3120 Product: CenterPoint Accounting Payroll

 

The following topic covers the most common questions the Red Wing Software support team receives during year-end.


Important 2018 1099 Filing Deadline for 2019:The Internal Revenue Service filing deadline for 1099-MISC forms reporting non-employee compensation such as payments to independent contractors is January 31, 2019.

Note: The deadline listed above was taken directly from the form instructions on the Internal Revenue Service website and is subject to change by the Internal Revenue Service.

Red Wing Software Website

Q. I'm attempting to log into the Red Wing Software website, but it does not recognize my Email and/or Password?

A. Follow the instructions below for information about the Red Wing Software website.

To Log in to the Red Wing Software Website:

  1. In your web browser, enter www.redwingsoftware.com, and press Enter.
  2. In the upper-right of the Red Wing Software home page, click Log in.
  3. Enter your Email Address and your Password.

IMPORTANT: From now on, your Email Address will be used to log in, rather than a Username. The username will no longer be needed. Once logged in, the My Member Account page will display where you can locate specifics about your Customer Care Membership, Auto-Renewal Information, Product Updates, E-newsletters, etc. If your email address has changed since you registered on the Red Wing Software website, you will need to register again using your new email address. Please see the "To Register on the Red Wing Software website" section below for more information.

  1. Click Login.

To Register on the Red Wing Software website:

If you have not previously registered or logged in on the Red Wing Software website, please follow the steps below:

  1. In your web browser, enter www.redwingsoftware.com, and press Enter.
  2. In the upper-right of the Red Wing Software home page, click Log in.
  3. Click Register.
  4. In the Account Number box, enter your company Account Number. Your Account Number can be located in a few different places:
    1. On the Support Certificate that you receive upon renewing Customer Care Membership.

    2. Red Wing Software sends customers a renewal form for Customer Care Membership. This renewal form contains your account number.

    3. Invoices you’ve received from Red Wing Software contain your account number.

    4. If others at your company have already registered, they can sign in to their account and find your company’s account number at www.redwingsoftware.com/home/myaccount.

  5. Continue entering your Title, First and Last Name, Email Address (which is your login) and a Password.
  6. Enter the displayed Security Verification code, and then click Submit.

To Retrieve a Forgotten Password:

  1. In your web browser, enter www.redwingsoftware.com, and press Enter.
  2. In the upper-right of the Red Wing Software home page, click Log in.
  3. Click the link.
  4. Enter/verify your Email Address.
  5. Enter the Security Verification code, and then click Send. Click Close.
  6. Wait until you receive an email that includes instructions to reset your password.
  7. Click the link in the email that you received from Red Wing Software.
  8. Enter the Validation Code which was included in the email. If you enter the code and it is not recognized, copy and paste the code from the email. The Validation Code expires in 24 hours.
  9. Enter a New Password and then Re-enter the New Password.
  10. Click Submit.
  11. Click OK.

To Log Out of the Red Wing Software website:

  1. At the top of the Red Wing Software home page, click Welcome, (Your Name).
  2. In the displayed menu, select Logout.

General Information

Q. What is the year-end procedure in CenterPoint Accounting?

A. There are no month-end or year-end procedures. You can continue entering transactions and running reports just as you've been doing all year. Just be sure to use the correct dates. Transactions in prior years can also be edited, deleted, etc. at anytime as long as the period is not locked. Year-to-date reports are managed by the date span selected in the report selection screen.

 

Q: Is there a way for me to lock a year or period so that the transactions in that period(s) can no longer be edited or deleted?

A: Yes, after a period or year is complete and financial reports have been printed, the period or year can be locked. This is done by selecting File > Administration > Lock Periods. Select the period to lock and click OK. The selected period and all prior periods will be locked. This menu selection can also be used to unlock a locked period.

 

Q. How can I get the latest version of CenterPoint installed on my computer?

A. To download the latest version of CenterPoint:

  • Select Help > Online Support Services > Check for CenterPoint Updates.

or

  • Log into the Red Wing Software website at www.redwingsoftware.com. From the Welcome (Your Name) menu, select My Account Home, select the Downloads tab, under your product, select Downloads, and then select the latest CenterPoint update. Click the download file and follow the on-screen instructions.

 

Q. Do I need to make a backup at the end of the year?

A. We do recommend that you make a backup at year-end, in fact you should make regular backups throughout the year. We recommend that you make more than one backup of your database. Develop a backup rotation system. It is a good idea to store a year-end backup each year. Select File > Backup Database to easily backup your databases. Refer to the Backup and Restore topics in the Help for step-by-step instructions for more information.

 

Q. I have some account adjustments from my accountant. How do I enter them?

A. Processes > General Journal Entries is the easiest way to record adjusting entries that involve multiple accounts. The general journal grid uses a debit / credit format. Select the account in the Account column. Enter the value in the Debit column or Credit column. Always enter a positive number. Entering the value in the Debit column or Credit column determines the adjustment to the account. Optional details can be entered on each line. If the detail you wish to enter is not available, right-click and select Add/Remove Columns. Select the item and click OK to display the column in the grid. Continue on the next line to select an account. Enter the value in the Debit column or Credit column. Total debits MUST equal total credits to save the transaction. Click Save.

 

PLEASE NOTE: General Journals using accounts in the account categories of Accounts Payable, Accounts Receivable, and Payroll Liabilities will create invoice transactions in CenterPoint. Selecting an Accounts Payable, Accounts Receivable, or Payroll Liabilities account requires assigning a vendor/customer name and an offset account. These account categories store subledger balances based on the vendor/customer name. We recommend entering separate general journals for an Accounts Payable, Accounts Receivable, or Payroll Liabilities account.

If your general journal adjustment includes one or more of these type accounts, omit them from the main general journal and select Retained Earnings equity account as your final account in the main general journal. Click the Difference button in the lower right to balance the main general journal. The amount posted to Retained Earnings will equal the net amount of the Accounts Payable, Accounts Receivable, and Payroll Liabilities accounts that were part of the overall general journal.

Enter a separate general journal for each Accounts Payable, Accounts Receivable, or Payroll Liabilities account. After selecting the account, you will be prompted to select the offset account. Select the same Retained Earnings equity account used in the main general journal. You will also need to select a vendor/customer name to associate to the Accounts Payable, Accounts Receivable, or Payroll Liabilities account. If the Name field does not appear in your general journal grid, right-click in the grid and select Add/Remove Columns. Select Name and click OK. Select the vendor /customer name in the grid and in the general journal “Name” field at the top of the screen. The general journals will have only one row filled in the grid, but will post a balanced transaction between the selected account and Retained Earnings. The invoices created can be cleared using the normal process of paying payables or receiving receivables.

 

Q. How do I compare last year’s data to this year’s data?

A. There are a number of ways financial data can be compared, but the easiest option is to use the comparison financial statements. For Income Statements, we have a 3 Year Comparison, a 5 Year Comparison and a Current vs Year-to-date report that can all be used for data comparison. These are accessible from Reports > Reports > Financial Statements. Similarly, for Balance Sheets, we have a 5 Year Comparison and a Current vs Prior Period report available.

 

Q. I want my Retained Earnings account to represent my net profit for the current year only. How do I begin with zero in the Retained Earnings account in January?

A. A journal entry can be done to move the balance as of December 2018 to a different owner equity account. You will want to enter the journal entry after you have completed ALL transactions in 2018. The journal entry can be entered after entering transactions for 2019. To find the balance of the Retained Earnings account, select Setup > Accounts > Accounts > Balances tab. Select the Company. Expand Equity. Select the period December 2018.

Note the balance for Retained Earnings. Select Processes > General Journal Entries. Select January 1, 2019 in the Date field. The journal entry grid uses a Debit / Credit format. Select the Retained Earnings account in the Account column. Enter the value in the Debit column if Retained Earnings is a positive value in December 2018. Enter the value in the Credit column if Retained Earnings is a negative value in December 2018. Always enter the value as a positive number. Continue on the next line to select the Owner Equity account that stores the prior profit / loss for this company. Enter the value in the opposite column used for Retained Earnings. Total debits MUST equal total credits to save the transaction. Click the Save button to save the transaction. When you begin posting transactions in January 2019, Retained Earnings will represent the net profit / loss for 2018.

 

Q. I have some customers, vendors and accounts that are no longer used. Can I get rid of them?

A. Customers, vendors and accounts that have been used in a transaction cannot be deleted, but they can be deactivated. Deactivating an item on a list provides a way to hide the item from the list WITHOUT altering past transactions to the item. Lists throughout CenterPoint include a filter option that can be used to show only active items. The active status allows you to manage the lists. To inactivate an item, right click on the item in the Setup list (for example, in Setup > Accounts > Accounts, right click on the account to be deactivated) and select Activate/Deactivate. Select the Deactivate All button to inactivate the name for all companies.

 

Q. How can I see a list of my depreciable asset balances that are summarized on the Balance Sheet?

A. Select Reports > Reports > Financial Statements > Account Balances > Fixed Asset Balances. The Fixed Asset Balances report includes asset details and the values of each item.

 

Q. What if I don’t remember if I recorded depreciation and accrued interest every month during the year?

A. The transaction screens for depreciation, accrued interest, distributions, and current portion of long term debt show a list of transactions that can be reviewed.

 

1099 Information

Q: When is the filing deadline for 2018 1099 forms?

A. The Internal Revenue Service filing deadline for 1099-MISC forms reporting non-employee compensation such as payments to independent contractors is January 31, 2019.

Note: This deadline was taken directly from the form instructions on the Internal Revenue Service website and is subject to change by the Internal Revenue Service.

 

Q. Do I need to order 1099 forms or can I print them on plain paper?

A. The majority of your 1099 copies will be printed on plain paper; but the Federal government does require that the Copy A
(often called the “red copy”) be printed on a preprinted form. These forms are available from Computer Forms, Inc. at
http://redwing.computerforms.biz/shop_category.aspx?cid=131 or by calling 800-458-0158. The IRS does require that you also print your 1096 information on a preprinted red copy. CenterPoint/Aatrix will print the data onto the preprinted forms for the 1099 and 1096 red copies and will print the data and the form onto plain paper for all other copies.

 

Note: If you choose to use the Complete 1099 eFiling Service through Aatrix, you do not need to purchase or print any 1099 or preprinted red copy forms.

 

Q. How do I print the 1099 forms?

A. Step-by-step instructions (documents and videos) are available in the Help on the website. Within CenterPoint, select Help > CenterPoint Help. Within the Help from the Search bar, enter 1099, click to view all topics. There are three steps to printing the tax forms:

  1. Transferring Information from CenterPoint to Federal/State Tax Forms (Select Reports > Reports > User-defined/Tax Reports > 1099, verify all Report Selections on the right side of the screen, for example Transaction Date, Company, etc., click Print, and then click Print Tax Forms.)
  2. Review the transferred information using the Federal/State Tax Forms viewer and make any needed changes.
  3. Print or eFile the forms.

 

Note: If you choose to eFile with Aatrix, you do not need to purchase or print any 1099 or preprinted red copy forms.

 

 

Q. I do not see the 1099 form I need on my User-Defined Reports list.

A. All 1099 tax form types that you are required to print need to be added to the list. Select Setup > User-defined/Tax Reports. Click the Tax Reports button. Select a 1099 form and click OK. The form is added to the list. Select the form and click the Detail tab. Click the Account Assignment tab to review accounts/account categories assigned to the 1099 form. After all accounts/account categories are assigned to the 1099 form, click Save.

 

Q. My 1099 statement is missing a vendor?

A. There are three factors to check.

  1. The vendor that requires a 1099 must have the Issue 1099 for this vendor check box selected in Setup > Vendors. Select the vendor and click Edit. Select the Issue 1099 for this vendor check box.
  1. The account used to pay the vendor needs to be assigned to the 1099 User Defined report. Select Reports > Reports > User-defined Reports. Select the 1099 report. Select the Account Assignment tab. On the left side, select the appropriate 1099 row. On the right side, right-click and select Expand All. Select the account or account category. Click the Assign button. Click the Save button.
  2. The total amount paid to the vendor must exceed the minimum amount for the 1099.

Processing Federal/State Tax Forms

Q. I’m trying to process my Federal forms (W-2s, 1099s, etc.), but I keep getting the message “Would you like to register now, or evaluate?”

A. You’ll need to register your Federal tax forms. If you have an internet connection, choose Help > Product Registration > Federal/State Tax Forms Registration. . Your login is your Red Wing Software Email Address and will be recognized from the Red Wing Software website, follow the prompts to create your registration code. If you have not registered on the Red Wing Software website or forgot your password, please see the Red Wing Software website section in this document. If you don’t have an internet connection, call 800-732-9464 and request an Aatrix registration code. If a registration code is faxed to you, do not enter the hyphen included in the number. Enter just the letters and numbers.

 

Q. Why am I getting a “forms update” message, and what do I need to do?

A. At least once a quarter, Aatrix updates the tax forms for the new quarter. You can either follow the prompts to do the mandatory update though the program, or you can log into the Red Wing Software website at www.redwingsoftware.com, from the Welcome (Your Name) menu, select My Account Home, select the Downloads tab, under CenterPoint Accounting, select Downloads, and download and install the Federal/State Tax Forms (Aatrix) update. If you don’t have an internet connection, you can call the Red Wing Software Sales department at 800-732-9464, and we’ll send the updates to you on a CD once a quarter for a minimal annual fee.

Other Information

Q: How can I get the Year-End Frequently Asked Questions document for another Red Wing Software program?

A. If you have Red Wing Software products that are not covered by this document, you may be able to find a document for your specific product by looking at our website. From your internet browser, enter www.redwingsoftware.com to get to our website and then select Menu > Find your product > Help.

 

Q. What hours of the day will I be able to contact Red Wing Software support?

A. We will be open our normal hours of operation, 8am to 5pm CST, Monday through Friday. Red Wing Software will be closed Monday, December 24, 2018, Tuesday, December 25, 2018, Tuesday, January 1, 2019, and will be closing at noon on Monday, December 31, 2018.

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