Accounting Software Data File (US & Quebec Only)
The Launching Market Center must follow the Year End Process found in Create the New Year AccountEdge Company File (US & Quebec) and AccountEdge - Program Upgrade/Install. Before completing this process, please find the prior year’s YTD Total KW Owner Profit/Loss for use when calculating Loss Carry Forward. For more information, please see Launching Market Center: Calculating Loss Carry Forward (LCF).
This process must be completed once all current year data entry is complete. It is advised that the Market Center does not open a new fiscal year in accounting software until the Regional leadership and Launch Coordinator have completed the pre-transmittal review to ensure no errors in the financials. It is possible to enter the current year’s data prior to this process being completed.
It is important that the prior year’s accounting file is retained for reference; please create a copy of the file as noted in the instructions.
Prior Fiscal Year Closed Transactions and 1099s
Please follow the instructions listed in Launching Market Center: Closed Transactions for booking checks received and paid. The Launching Market Center will need to inform their CPA that, for tax purposes, any DAs processed in the prior year are income for that prior year.
For the current year, the prior year’s 1099 income from the DAs recorded before December 31 of the prior year will need to be deducted from the current year’s 1099 income. Do not include the prior year’s 1099 income in the current year’s 1099. Please consult with your CPA and/or tax professional for assistance completing 1099s if needed.
The Launching Market Center will manually produce an IRS Form 1099 for all commission payments made to Associates within the prior/first fiscal year.
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