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sean  
#1 Posted : Friday, March 4, 2011 7:27:08 AM(UTC)
sean

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 This time of year, one of the biggest issues is not being able to get the right forms (or sometimes any forms) from whichever flavor of tax printer you're using. Depending on the circumstances, there are two very very common issues:

For the desktop program, the most common issue is that you're using Windows Vista or Windows 7, and the Club Accounting program hasn't been set to run as administrator. The two outcomes we see most often for this are either a generic "Serious Error" message, or (and this is a new one this year) a copy of the previous year's tax forms filled in with current information. Regardless of the case, here's the solution:

*With the program closed, click the WINDOWS button in the lower left corner of your screen.
* Go to COMPUTER > C:\ > PROGRAM FILES > ICLUBcentral > CLUB ACCOUNTING 3
--Note: If you have 64-bit windows, the path will be COMPUTER > C:\ > PROGRAM FILES (x86)> ICLUBcentral > CLUB ACCOUNTING 3
* Once inside the Club Accounting 3 folder, right-click on the Club Accounting 3 program icon (it will have the same green visor on a yellow and blue back ground as the shortcut that appears on the desktop or Start menu), then click PROPERTIES.
* On the properties window, click the COMPATIBILITY tab.
* On this tab, click RUN THIS PROGRAM IN COMPATIBILITY MODE.
* Make sure the selection under this shows Windows XP (If there is more than one listing for Windows XP, choose the one with the highest number service pack)

* Also on this tab, click RUN THIS PROGRAM AS ADMINISTRATOR.
* Click APPLY, then OK.
* If you have the User Account Control (also called UAC) active, Windows will now ask you to Cancel or Allow the program when you open it.
Click ALLOW to let the program run as normal.

 

For the myiclub.com tax printer, the absolue most common issue is that the year end allocation was not performed before doing the taxes. The outcome of this is that the club will see k-1 forms only for members who withdrew during the year. The solution to this is as follows:

First, make sure there's a valuation saved on 12/31:
*Go to ACCOUNTING > SECURITIES > CREATE NEW VALUATION
*Enter the date as 12/31 of last year.
*Click CONTINUE
*Make sure all of the stocks listed show a price, and click SUBMIT.

Next, Run the Allocation:
*Go to ACCOUNTING > UTILITIES > ALLOCATE INCOME AND EXPENSES
*Choose last year from the drop-down menu, and click YES to continue
*Fill in dividend and Unrecaptured section 1250 gains (if appropriate) for any non-standard stock listed, then click OK to complete the allocation.

Last, re-do the tax forms:
*Go to TAXES > RUN > REGENERATE
*Make sure to click the Regenerate button near the bottom of the page, otherwise the tax forms will still be the ones that were created without the completed allocation.
*Go through all of the questions on the tax printer.
*Once this is done and you return to the page for downloading the tax forms, all members who were active during the year will have K-1s available.

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