Drake Accounting 2022 User Manual - Drake Software

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Copyright

The Drake Accounting 2022 User's Manual, Drake Accounting, Drake Tax Software, and any other related materials are copyrighted material. All rights reserved by Drake Enterprises, LTD., including all ownership rights. This document, associated software, and related material are the property of Drake Enterprises, LTD. Drake Enterprises, LTD., hereby authorizes you to download, display, print, and reproduce the material in this document in an unaltered form only for your personal, non-commercial use, or for non-commercial use within your organization. Copyright, trademark, and other proprietary notices may not be removed. ? 2022 Drake Enterprises, LTD. All rights reserved. While every attempt has been made to produce an accurate and complete manual, there is no warranty, expressed or implied, to that effect. Drake Enterprises, LTD. assumes no liability for damages or claims resulting from the use of the information contained herein.

Trademarks

The Drake Software Logo, Drake Tax, and Drake Accounting are registered trademarks of Drake Enterprises, LTD. Other product names mentioned in this manual may be trademarks of registered trademarks of their respected companies.

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Table of Contents

Introduction ................................................................................................................................................. 9 Documentation Standards ......................................................................................................................... 10 Features ...................................................................................................................................................... 11 Contacting Drake Accounting Support ...................................................................................................... 13 System Requirements ................................................................................................................................ 14 Installation Instructions ............................................................................................................................. 16

Activating Drake Accounting................................................................................................................... 19 Navigation .......................................................................................................................................20

Tree View Menu...................................................................................................................................... 20 Other Menu Options............................................................................................................................... 20 Client Selector Window .......................................................................................................................... 22

Changing the Active Client.................................................................................................................. 22 Client Selector Icons ........................................................................................................................... 23 Client Health View .................................................................................................................................. 24 Alternative Desktop View ....................................................................................................................... 31 Hot Key Shortcuts ................................................................................................................................... 32 Date Fields .............................................................................................................................................. 34 File Menu.................................................................................................................................................... 36 Setup Panel ............................................................................................................................................. 36 Importing from Other Software.............................................................................................................. 38 Importing from QuickBooks................................................................................................................ 39 Importing from Sage 50 ...................................................................................................................... 42 Importing from Intuit EasyACCT ......................................................................................................... 44 Importing 94x from Dillner's Accounting Tools .................................................................................. 47 Firm Menu .................................................................................................................................................. 49 Updating Firm Information from Prior Year ........................................................................................... 49 Firm Information Setup .......................................................................................................................... 51 User Setup .............................................................................................................................................. 55 User Type Permissions........................................................................................................................ 56 Additional Commands in User Setup .................................................................................................. 57 Creating User Types in Drake Accounting........................................................................................... 57 Multi-Factor Authentication ............................................................................................................... 66 Passwords and Usernames ................................................................................................................. 68

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Email Setup ............................................................................................................................................. 70 Adjust Tax Form Printing.........................................................................................................................71 Rates & Withholding Setup.....................................................................................................................72

Federal Setup ...................................................................................................................................... 72 State Setup .......................................................................................................................................... 73 Locality Setup ...................................................................................................................................... 74 Direct Deposit Setup ............................................................................................................................... 76 Portal Setup............................................................................................................................................. 77 EFTPS ....................................................................................................................................................... 79 Letters ..................................................................................................................................................... 82 Report Sets..............................................................................................................................................84 Firm Reports............................................................................................................................................85 Financial Menu ........................................................................................................................................... 87 Bank Deposit ........................................................................................................................................... 87 MICR Calibration ..................................................................................................................................... 88 Check Designer........................................................................................................................................88 Creating MICR Check Designs ............................................................................................................. 89 Editing a MICR Check Design...............................................................................................................91 MICR Check Stock................................................................................................................................92 Check & Stub Options ............................................................................................................................. 93 Payment Methods...................................................................................................................................95 Client Menu ................................................................................................................................................ 98 Creating a New Client ............................................................................................................................. 98 Editing a Client's Setup ......................................................................................................................... 108 Locations (for Multi-Location Clients)...................................................................................................109 Backing up a Client ................................................................................................................................ 112 Backup Types .................................................................................................................................... 113 Restoring a Client .................................................................................................................................. 114 Deleting a Client....................................................................................................................................114 Update a Client from Prior Year............................................................................................................115 Export to Drake Tax...............................................................................................................................116 Employees Menu ...................................................................................................................................... 118 Employee Options.................................................................................................................................118 Deductions & Benefits Setup ................................................................................................................ 125 Adding a Deduction...........................................................................................................................125

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Adding a Benefit ................................................................................................................................128 Editing or Deleting a Deduction or Benefit .......................................................................................130 Employee Setup ....................................................................................................................................131 Payroll .................................................................................................................................................... 149 Setting up Multi-Location Payroll......................................................................................................149 Saving a Partial Batch Payroll ............................................................................................................152 Processing Payroll..............................................................................................................................152 Check Print ............................................................................................................................................162 Reprinting Employee Paychecks........................................................................................................164 Check Designer......................................................................................................................................165 Transmit Direct Deposit ........................................................................................................................165 Tax Deposit............................................................................................................................................167 Federal and State Tax Wage Forms.......................................................................................................170 Forms 94x ..........................................................................................................................................170 Forms W-2/W-3.................................................................................................................................175 Forms W-2c/W-3c .............................................................................................................................179 State Tax and Wage Forms................................................................................................................181 Employees Reports................................................................................................................................181 Accounting Menu......................................................................................................................................189 Accounting Options...............................................................................................................................189 Chart of Accounts..................................................................................................................................191 Understanding Account Levels..........................................................................................................198 Editing or Deleting an Account..........................................................................................................199 Deleting the Chart of Accounts .........................................................................................................200 Transactions ..........................................................................................................................................200 Normal Posting..................................................................................................................................201 Live Posting........................................................................................................................................204 Entering Journal Transactions ...........................................................................................................206 Scheduled Transactions.....................................................................................................................209 Year-End Close.......................................................................................................................................210 Special Considerations for Fiscal Year Clients ...................................................................................211 Bank Reconciliation ...............................................................................................................................212 How to Move and Reconcile Transactions ........................................................................................218 Update Prior-Year Bookkeeping............................................................................................................219 Accounting Reports ...............................................................................................................................221

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