Drake Accounting 2021 User's Manual - Drake Software

Copyright

The Drake Accounting 2021 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.

? 2021 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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Contents

Introduction ................................................................................................................................... 9

Documentation Standards .......................................................................................................... 10

Features ...................................................................................................................................... 11

Contacting Drake Accounting Support ........................................................................................ 14

System Requirements ................................................................................................................. 15

Installation Instructions ............................................................................................................... 17

Activating Drake Accounting ................................................................................................... 20

Navigation ................................................................................................................................... 21

Tree View Menu ...................................................................................................................... 21

Other Menu Options ................................................................................................................ 21

Client Selector Window ........................................................................................................... 23

Changing the Active Client .................................................................................................. 23

Client Selector Icons ............................................................................................................ 24

Client Health View ................................................................................................................... 24

Alternative Desktop View ........................................................................................................ 32

Hot Key Shortcuts ................................................................................................................... 33

Date Fields .............................................................................................................................. 33

File Menu .................................................................................................................................... 37

Setup Panel ............................................................................................................................. 37

Importing from Other Software ................................................................................................ 39

Importing from QuickBooks ................................................................................................. 39

Importing from Sage 50 ....................................................................................................... 42

Importing from Intuit EasyACCT .......................................................................................... 44

Importing 94x from Dillner¡¯s Accounting Tools .................................................................... 47

Firm Menu ................................................................................................................................... 48

Updating Firm Information from Prior Year ............................................................................. 48

Firm Information Setup ............................................................................................................ 49

User Setup .............................................................................................................................. 54

User Type Permissions ........................................................................................................ 55

Additional Commands in User Setup ................................................................................... 56

Creating User Types in Drake Accounting ........................................................................... 56

Multi-Factor Authentication .................................................................................................. 65

Passwords and Usernames ................................................................................................. 66

Email Setup ............................................................................................................................. 69

Adjust Tax Form Printing ......................................................................................................... 70

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Rates & Withholding Setup ..................................................................................................... 70

Federal Setup ...................................................................................................................... 70

State Setup .......................................................................................................................... 71

Locality Setup ...................................................................................................................... 72

Direct Deposit Setup ............................................................................................................... 74

Portal Setup ............................................................................................................................. 75

EFTPS ..................................................................................................................................... 76

Letters ..................................................................................................................................... 79

Report Sets ............................................................................................................................. 81

Firm Crystal Reports ............................................................................................................... 82

Financial Menu ............................................................................................................................ 83

Bank Deposit ........................................................................................................................... 83

MICR Calibration ..................................................................................................................... 84

Check Designer ....................................................................................................................... 84

Creating MICR Check Designs ............................................................................................ 84

Editing a MICR Check Design ............................................................................................. 87

MICR Check Stock .............................................................................................................. 87

Check & Stub Options ............................................................................................................. 88

Payment Methods ................................................................................................................... 90

Client Menu ................................................................................................................................. 96

Creating a New Client ............................................................................................................. 96

Editing a Client¡¯s Setup ......................................................................................................... 106

Locations (for Multi-Location Clients) .................................................................................... 106

Backing up a Client ............................................................................................................... 110

Backup Types .................................................................................................................... 110

Restoring a Client .................................................................................................................. 112

Deleting a Client .................................................................................................................... 112

Update a Client from Prior Year ............................................................................................ 113

Export to Drake Tax .............................................................................................................. 114

Employees Menu ...................................................................................................................... 116

Employee Options ................................................................................................................. 116

Deductions & Benefits Setup ................................................................................................. 122

Adding a Deduction ........................................................................................................... 123

Adding a Benefit ................................................................................................................ 126

Editing or Deleting a Deduction or Benefit ......................................................................... 128

Employee Setup .................................................................................................................... 129

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Payroll ................................................................................................................................... 147

Setting up Multi-Location Payroll ....................................................................................... 147

Saving a Partial Batch Payroll ........................................................................................... 149

Processing Payroll ............................................................................................................. 150

Check Print ............................................................................................................................ 160

Reprinting Employee Paychecks ....................................................................................... 162

Check Designer ..................................................................................................................... 163

Transmit Direct Deposit ......................................................................................................... 163

Tax Deposit ........................................................................................................................... 165

Federal and State Tax Wage Forms ..................................................................................... 167

Forms 94x .......................................................................................................................... 167

Forms W-2/W-3 ................................................................................................................. 171

Forms W-2c/W-3c .............................................................................................................. 175

State Tax and Wage Forms ............................................................................................... 177

Employees Crystal Reports ................................................................................................... 178

Accounting Menu ...................................................................................................................... 191

Accounting Options ............................................................................................................... 191

Chart of Accounts .................................................................................................................. 193

Understanding Account Levels .......................................................................................... 199

Editing or Deleting an Account .......................................................................................... 200

Deleting the Chart of Accounts .......................................................................................... 201

Transactions .......................................................................................................................... 202

Normal Posting .................................................................................................................. 202

Live Posting ....................................................................................................................... 205

Entering Journal Transactions ........................................................................................... 207

Scheduled Transactions .................................................................................................... 210

Year-End Close ..................................................................................................................... 211

Special Considerations for Fiscal Year Clients .................................................................. 212

Bank Reconciliation ............................................................................................................... 214

How to Move and Reconcile Transactions ........................................................................ 219

Update Prior-Year Bookkeeping ............................................................................................ 220

Accounting Crystal Reports ................................................................................................... 223

Payables Menu ......................................................................................................................... 239

Setting up Payables .............................................................................................................. 239

Payables Options ............................................................................................................... 239

Vendor Setup ..................................................................................................................... 242

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