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November 2016 Bulletin
Happy Thanksgiving!
Version 12 Production: Release 2016.4 Build 18
Version 12 Production: 2016.5 - This release will be available in December. It will have the updated 1099 processing functions and will have been approved by the IRS for filing electronically.
Version 6 Production: Release 2016.1 Build 1 -  We recommend that everyone still using version 6 update to this version and then convert to Version 12.  Click HERE to get the Version 12 conversion instructions.
Tax Filing
For tax year 2016, the filing dates for filing 1099 MISC forms for non-employee compensation is January 31.  This means all vendor 1099s must be done two months earlier than the owner 1099s.  Whether you are filing electronically or by paper you must do one filing for vendors by January 31 and another filing for owners by March 31.You can file everything in January but we recommend not doing owners until closer to the March 31 deadline so any corrections can be done before filing.  A How-To document is available with the procedure showing how the new tax module works to file separately as required.
Helpful Hints

Q. How can we use or give back part of the security deposit?
A. Go to AR, Release Deposit.  Select the tenant and change the Release amount to what you want to use. When you Post, that amount will be put into the tenant’s open credits. You can then refund or use the open credits to pay off a change. Move the amount from the SD bank to the checking bank if appropriate.


Q. How can we get the owner's balance on the Ledger Unpaid Invoices report?.
A. Modify the report by marking the Balance checkbox on the Report Fields tab and the Group Fields tab.

Q. The IRS has required us to withhold federal income tax for several of our clients. How do we get that  amount on the 1099?
A. The 2016 Tax Reporting module has a field for Tax Withheld. You will edit each appropriate line item and enter the amount so it will be included on the printed form and in the electronic file.
New Service
PROMAS support is now offering bank reconciliation services. A clean, correctly done bank statement reconciliation is one of the prime factors in the ability to pass a state audit with flying colors. It is also the best way to prevent employee theft, fraud or errors.The first step in the process  will be having us do an audit review (see below - $275). Based on the findings we will provide a quote for doing the monthly bank reconciliations.

Request an Audit Review
A service performed by our experienced sup­port staff. We will review your records and analyze your setup. You will receive a full report of our findings and recommendations.
Cost is $275 - based on one posting table.

Email Settings Switch
The program allows different email settings to be set for each computer in Internet Publishing. When switch /pcseparate is entered the last email settings saved at the computer will be used. This lets the Email Document Settings – CC, Reply To, Subject, Body – be customized by computer. See our How to document #377 on how to enter a switch and what switches are available.
Call Center Procedures
If you call in and miss the callback, tell whoever answered the phone that you missed a call. They will put you in for a priority callback.
If you have a tech-on-site please mention that when you call in. That will put you in for a priority callback.
Substitute 1099
We recommend adding a clause to your management agreement to the effect that the owner agrees to receiving a substitute 1099 form. This will allow you to publish or email the form to him instead of mailing it.
TIN Matching
Did you know that if you report an incorrect Name/TIN to the IRS the penalty is $50 for each mismatch? Using the TIN Matching service offered by the IRS at no cost can help you get rid of any mismatches you have now. See How To pdf document #370.
What is TIN Matching?
TIN Matching is an IRS e-Services program that allows you to verify the name and TIN combination given to you by your clients and vendors. The service is offered to payers and authorized agents who submit form 1099 MISC. There are two services available: Interactive TIN Matching for doing up to 25 TIN and name combinations against IRS records and Bulk TIN Matching for using a CSV file in the IRS prescribed format.
What is the process for enrolling in TIN Matching?
Initially, you must register on-line with e-Services using your social security number and create a User Name, Password and PIN that will allow you access to the system electronically. Once the on-line registration is completed, you will receive, mailed to your home address, a confirmation number that you must validate on-line within 28 days of the initial registration. Once you are confirmed as an individual with the IRS website, you must register your company with its EIN. This will link you to your company as its authorized representative with the IRS. After you have completed the two registrations you can begin using Interactive or Bulk TIN Matching.
Detailed information about how to register for e-Services and apply for TIN Matching is available at https://la1.www4.irs.gov/e-services/Registration/index.htm. An on-line tutorial provides a full range of information for Interactive and Bulk TIN Matching as well as other e-Services products.
Hold Money from Owners for Repairs
There are a number of ways to hold money received from the owner for repairs.
Work Order Estimate – keeps the money from being returned when distributing owner surplus but doesn’t prevent using it to pay other invoices.
Unpaid Invoice – same as for work order estimate.
Increase Distribution Reserve – keeps the money from being returned when distributing owner surplus but doesn’t prevent using it to pay other invoices. It is not recommended because when the work is completed the reserve needs to be changed back.
Set Aside – protects the money from being returned and from being used to pay other invoices. It is better for long term accumulation as it is a multi-step process.
Base Reserve – protects the money from being used to pay other invoices automatically. Set the distribution reserve to at least the same amount to keep from being returned. The user can unskip the skipped invoices and pay them.
Base Reserve Enforce Base checkbox marked – Same as base reserve except you cannot unskip invoices in the Scheduled Payables function. You must unmark the Enforce Base checkbox in the profile first.
1099 Submission with Version 6
    Unless there is some overriding reason, you should be on Version 12. Exporting to Version 12 is painless and easy, and there are numerous advantages to being on Version 12.
    A major reason is the ability to easily submit 1099s for tax year 2016. The IRS is requiring that vendor 1099s (paper and electronic) be submitted by January 31, 2017. Owner electronic 1099s are due to the IRS by March 31, 2017, paper 1099s for owners are due to the IRS on February 28.. If you file electronically or print the copy A, it can be done in Version 6 but it is much easier in Version 12. There is a How-To document #252 available for those who choose to submit using Version 6.
    Submitting using Version 12 does not mean that you have to move to Version 12. You can export to Version 12 when you are ready to do 1099s and continue to use Version 6. Using the Version 12 data you can easily submit per the IRS requirements. The Help and How-To document #736 will provide you the steps to follow.
Copyright © 2016 The Promas Landlord Software Center, All rights reserved.


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