"Insider Advantage"
 Insights for Advantage Law Customers
 October 2015
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Help Desk Q & A

Q:   How can I print a report of ALL my vendors' 1099s for the year?

A: From the home screen, select “Checks”  From “Go To”, select “1099 Printing” and select “Start” to get a list of vendor totals for 1099 printing.  You may also print the 1099s on standard 1099 forms from this screen.

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View our "Frequnetly Asked Questions" at winvantage.com and enjoy a faster, more efficient experience with AdvantageLaw!
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October Insider Tip: Year End Closing

Halloween is just around the corner and that marks the end of the 3rd quarter. It also means it is time to plan for your year-end accounting. What better time to review AdLaw's GL features to accomplish a smooth year end?

When you close the last month of your fiscal year, AdLaw automatically sets up a new accounting year as follows:
  • All expense and income accounts will be set to zero
  • Asset, liability and capital opening balances will be set to the year-end balances
  • Net income (profit/loss) from the closed year are added to “Previous Year Retained Earnings” account as defined in the system Control File.

Sometimes CPAs want to make changes to the closed year. If so, follow these steps: 

  • Select "Financials" and select "Closing Utilities"
  • Enter the closed year journals and the journals as provided by your CPA
  • Click "Closing Utilities", "Re-close Previous Year"
  • This step posts the closed-year journals and recalculates the current year beginning balances.
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