Version 12 Production: Release 2016.5 Build 12 - This version has the updated 1099 processing functions. The test files that were submitted have been declared good for federal reporting. Cloud users will be automatically updated.
Version 6 Production: Release 2016.1 Build 1 - The IRS has approved electronic submissions from this version. 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.
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Holiday Hours
We expect to be short staffed during the last 2 weeks of the year.
Friday, December 23 - Office Closed
Monday, December 26 - Office Closed
Friday, December 30 - Office Closed
Monday, January 2 - Office Closed
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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.
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End of Year Questions
Q. Who gets a 1099?
A. All active and inactive owners with taxable income totaling over $600 for the calendar year will get a 1099. Only account codes with an Account Type of Taxable Income are included. Typically that would be rent, late fee, forfeit security deposit. Distributions to the owner have NO bearing on the 1099 calculations.
Tenants whose interest on security deposits is greater than $10.
Vendors who have received payments totaling more than $600 for the calendar year. They must have a taxpayer ID and the Send 1099 checkbox marked in their profile. Use the AP, Adjust Vendor Payments to make any adjustments.
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Q. When do the annual statements get published?.
A.Unless you choose differently, they will publish at the same time as the January statements.
Q. Our statements are done at the end of each month. How can we do the annual statement at an earlier date?
A. In Internet Publishing, Owner Settings, unmark the Generate Monthly Statement checkbox and mark the Generate Annual Statements Checkbox. Save and Publish. When finished, change the settings back as they were.
Q. What is the recommended end of year statement style?
A. One with a Body Style of Unit Account Summary or Unit Balance Summary and only the Exclude Notes checkbox marked.
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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.
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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.
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New Employee Training
On our website, www.promas.com: Click on User Login
Training – short specific function sessions
Webinars – up to one hour general sessions
How to PDF documents - an index to all our How-To documents with step-by-step instructions. Also a section for your computer techs.
Documentation – copy of the manual in pdf format
Remote Training – 3 hours by appointment, remote control via internet; $240
On Site training – call for details
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