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Posted by Laura on February 14, 2007, 7:45 pm
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> Hi
>
> I need to convert the company to correctly reflected fiscal year of
> April 1, 2005-Mar 31, 2007 from our original set up which was Jan 1 ,
> 2005 - Dec 31 2006. I've rebuild a company by exporting and importing
> all the data into this new company with the updated fiscal year.
> After the conversion, I was able to enter transactions/make changes
> for fiscal year Apr 2005 to Mar 2007. However, I wasn't able to enter
> any payroll info for year 2007. The error says "only payroll checks
> with dates 2005 and 2006 are allowed". When I set up this new
> company, it asked me "What is the first year you will start entering
> your payroll?" And I answered 2005 because that was the year we
> started to have our payroll info originally. The new company
> currently displays the following: current open fiscal years Apr 1,
> 2005 -Mar 31, 2006 and April 1, 2006 to Mar 31, 2007. Current open
> payroll years Jan 1 - Dec 31, 2005 and Jan 1 - Dec 31, 2006. How can I
> open payroll year of 2007 and still keeping the fiscal year Apr 1,
> 2005 - Mar 31, 2007 open?
>
> When I go to year end wizard, there are only 2 options available: (1)
> close fiscal and payroll tax years (2) close fiscal year Mar 1, 2005 -
> Apr 30, 2006.
>
> What will happen when I need to close the fiscal year in Mar 31,
> 2007? Do I have to also close 2005 and 2006 payroll years at that
> time? Will I be able to view any payroll or financial data for year
> 2005 and 2006 after I close the fiscal year in Mar 31, 2007?
I'm taking a guess here as I am used to working with companies that follow a
calendar fiscal year....
Peachtree allows you to have 2 open years at a time. Your financial fiscal
years currently are 4/1/05-3/31/06 & 4/1/06-3/31/07. Payroll is always by
calendar year to match the w-2 tax info filed by individuals. So the "open"
years for payroll are 2005 and 2006 using the normal calendar year
independent of your fiscal year.
From the help file:
Peachtree refers to the payroll tax year as the calendar year in which
payroll transactions take place. Peachtree keeps two years of payroll
activity open at one time. For tax purposes, the payroll tax year must
coincide with the calendar year. Closing the payroll tax year not only
closes the payroll information; it also closes vendor 1099 information.
Therefore, all payroll reports, payroll forms, and 1099 forms must be
printed before closing the payroll tax year.
When to Close the Payroll Tax Year
Usually there is no need to close a payroll tax year exactly at the end of
each calendar year. For example, if 2000 is the first of the two years, you
do not need to close this payroll tax year until the end of 2001. On the
other hand, if 2000 is the second of the two payroll years, you must close
the 1999 payroll tax year before you can enter 2001 payroll transactions.
Peachtree highly recommends that you wait to close the first payroll tax
year until all payroll reports, W-2 data, and 1099 data are finalized
following the first quarter of the second payroll tax year. If there are
mistakes in employee earnings or W-2 data, you have an opportunity to
correct them.
If you are unsure as to what two payroll years Peachtree is operating in,
you can quickly find out in the Change Accounting Period window.
Do a search in the help file on Payroll tax year and select the topic on
Closing Accounting periods. Look for links to payroll years.
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