Fiscal Year Adjustments in QuickBooks

Year-end tasks include activities that correspond to your fiscal year as well as activities that correspond to the calendar or tax year. If the fiscal year for your company is different from the calendar year, then you might face some of these year-end tasks in the month your fiscal year ends. You'll need to know about the adjustments QuickBooks performs at the end of your fiscal year. You'll need to decide whether to close your books at the end of the fiscal year. Plus, you'll likely want to check that employee vacation and sick time accruals are set up correctly, and you'll want to back up your data. Read this refresher of fiscal year-end tasks.

I Do My Own Tax Filings

In Standard and Enhanced News:

Tips for Multi-State Employers

I Get Assistance with My Taxes

In Assisted News:

Access Copies of Your Assisted Payroll Filed Tax Forms through QuickBooks

I'm an Accountant

In Accountants News:

Timesaving Tips for Accounting Professionals

Direct Deposit Paychecks: How to Edit or Void

If you want to change direct deposit paychecks after you've sent them, you must first void the paychecks already sent and then create new paychecks. Do not edit the paychecks that you already sent, because doing so will prevent the voiding from being successful. Learn more.

For QuickBooks Direct Deposit Customers

QuickBooks Payroll will not process direct deposits on Wednesday, July 4, 2007, and Monday, Sept. 3, 2007, because of the Federal Reserve Bank's observance of the Independence Day and Labor Day holidays. To comply with the Fair Labor Standards Act, you might need to send your direct deposit payroll earlier than usual. Learn more.

Assisted Payroll Processing Deadlines

If you are a QuickBooks Assisted Payroll subscriber, you must transmit your payroll to Assisted Payroll by 5 P.M. Pacific time two banking days before the check date. Otherwise, your employees may not receive their direct deposits as expected. If you miss the 5 P.M. deadline, you can issue live checks to your employees before you transmit your payroll to Assisted Payroll. To create live checks, make sure the Use Direct Deposit checkbox is unchecked in the Preview Paycheck window for each paycheck.

For more information, visit the Assisted Payroll support site:

• Payroll processing deadlines
• Creating paychecks in QuickBooks

Verify Your Contact Information

QuickBooks allows you to review and verify your contact information—including address, phone number, and e-mail address—on file with QuickBooks Payroll. Please make sure your contact information is up to date. In particular, keeping your payroll e-mail address updated will help ensure that you receive important service announcements from QuickBooks Payroll. Learn how to verify your contact information.

New States Added to E-File & Pay

QuickBooks Enhanced Payroll customers can E-File & Pay their payroll liabilities—no more printing and mailing checks and forms! Find out whether your tax agencies are supported. Check back often, as new tax agencies are added regularly.

Important Payroll Dates

I Do My Own Tax Filings

July 31, 2007: Deadline to file Form 941 for second quarter 2007.

July 31, 2007: Deadline to deposit FUTA tax owed through June if more than $500.

I Get Assistance with My Taxes

July 3, 2007: Deadline for making any changes to your second quarter payroll information. After July 3, all changes to payroll will require an amendment.

July 4, 2007: Banks, the Federal Reserve, and Assisted Payroll will be closed in observance of the Independence Day holiday.

Aug. 6, 2007: Copies of your filed second quarter tax forms are available through QuickBooks.

Sept. 3, 2007: Banks, the Federal Reserve, and Assisted Payroll will be closed in observance of the Labor Day holiday.

I'm an Accountant

June 15, 2007: Deadline for individuals and corporations to file the second installment of estimated tax payments for 2007.

Sept. 17, 2007: Deadline for individuals and corporations to file the third installment of estimated tax payments for 2007.

All Services

July 31, 2007: Deadline to file Form 5500 or 5500EZ for 2006, if you maintain an employee benefit plan. Or, file Form 5558 to request an extension to file Forms 5500 or 5500EZ.

Holidays

July 4, 2007: Federal Reserve bank holiday—Independence Day.

Sept. 3, 2007: Federal Reserve bank holiday—Labor Day.

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If you would like to change your e-mail address in our database, you may do so here: http://intuit.p.delivery.net/m/u/itu/qb/reg.asp?email= or, if you are an Assisted Payroll customer, you can contact a payroll service representative.

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