Profit Share History Confirmation

Due Date: After the December All Associates download and before the transmittal of December data.
During the year there may be a change to an associate profit share tax ID code. Sometimes this is an error and will result in multiple profit share statements being sent. These accounts are labeled as “suspect accounts.” They are not always in error (as maybe a valid change to the profit share recipient occurred such as incorporating or the passing of an associate). The goal is to avoid two or more 1099s for a profit share recipient when only one is really correct.

Step 1
In WinMORE click on “Year End” and then select “Profit Share History Confirmation.”

Step 2
Click “Suspect Accounts.”

Profit Share History Confirmation
Step 3
Click on the name of the suspect account to review.

Step 4
Correct the profit share recipient amounts on the right so that the entire amount appears in the row with the current correct Tax ID and $0.00 appears in the rows with all other instances. Click “Save.”

If there are two instances with the same Tax ID, one will need to be deleted after the total is updated in the correct row.

If no corrections are needed, click “Save.”