It’s officially a new year! In the fuss of all your regular year-end tasks, don’t forget to review these sometimes overlooked items: Timekeeper Rates, Timekeeper Profitability Figures, Client and Task Based Billing Budgets, and General Ledger Budgets!
It’s a new year and you want to increase your timekeeper rates, but how can you make the change happen for all applicable timekeepers on a specific date?
Tabs3 Billing makes it easy to seamlessly update timekeeper rates. You can specify the new rates and the effective date for the change, and the software will then automatically use the new rates for any applicable fees saved for that date or later. Transactions entered for a prior date will use the old rates.
To easily determine current timekeeper rates, run the Timekeeper List (From the Quick Launch, search for and select “Timekeeper List”).
To update rates and set an effective date for the new rates
Tip: Once you are certain fees will not be entered for dates prior to the new rates, use the Move Rates button in the Timekeeper file to easily move rates from the New Rate 1-6 fields to the Hourly Rate 1-6 fields.
If any time was entered with old timekeeper rates prior to updating the Effective Date of New Rates and New Rate fields, and the transactions are still in work-in-process, you can use Change WIP Transactions (In the Quick Launch, search for and select “Change WIP Transactions”) to change transactions all at once. (Note: Because Change WIP Transactions can make changes to a large number of transactions in the software at one time, we strongly recommend making a backup prior to using this program.)
If you run the Timekeeper Profitability Report, or you plan to start, you may want to review and update the profitability figures (overhead) set up for each timekeeper. Firms typically update a timekeeper’s overhead when their salary or benefits, such as insurance, change. These figures can be used by the Timekeeper Profitability Report to determine a timekeeper’s realized profit.
To easily determine current timekeeper overhead, run the Timekeeper List (From the Quick Launch, search for and select “Timekeeper List”), making sure to select the Overhead Amounts check box.
To update a timekeeper’s overhead
Tabs3 Budgets
Now that your firm’s timekeepers are squared away, consider reevaluating any budgets you currently have set up for your clients and adjust as necessary.
Setting up client budgets, and keeping them updated, helps ensure you are not spending more time than desired on a client’s matter. You can optionally select to display a warning when a fee or cost transaction is added if the budgeted hours or amount for the client has been exceeded.
To easily determine current budgets set up for each client, run the Client Budget Report (In the Quick Launch, search for and select “Client Budget Report”).
To update a client’s budget
Task Based Billing Budgets
Like client budgets, it is a good idea to review how much you have budgeted for task based billing clients’ activities and expenses. You can optionally display a budget exceeded warning when more than the amount entered for the phase or task is saved.
To easily determine current task based billing budgets for each client, run the Task Code Budget Report (From the Quick Launch, search for and select “Task Code Budget Report”).
To update a client’s task based billing budget
General Ledger Budgets
Budgets for your general ledger expense accounts are a must, and Tabs3 General Ledger (GL) makes it easy to set up budgets for a new year!
To easily determine current budgets for each account, run the Budget Report (In the Quick Launch, search for and select “Budget Report”).
To update budgets in GL
It’s easy to overlook these periodic maintenance items. Be sure to schedule some time to make sure rates, overhead figures, and budgets are all current!
Do you have a question about the software? Any questions that you want to ask have likely been asked by others as well. Because of this, we have created several Frequently Asked Questions (FAQs) articles, and made it easy to access them all in one place.
Knowledge Base Article R11567, “Frequently Asked Questions for All Products,” provides a list of articles answering FAQs. Articles are grouped by general, software features, and version specific questions.
Our Knowledge Base can be accessed at support.Tabs3.com. You can also access our Knowledge Base in the Quick Launch by searching for and selecting “Knowledge Base.”
The Form 1099-NEC has changed for Tax Year 2021. Don’t want to deal with forms this year? Try Tabs3 1099 E-file!
1099-NEC Changes for Tax Year 2021
The IRS changed the requirements for Form 1099-NEC submissions for tax year 2021. The following is a brief overview of these changes:
As a result of these IRS changes, we have made changes to Trust and AP in Version 2021. You must update Trust and AP to Version 2021 (Build 20.6.6) or later before printing Form 1099-NEC for tax year 2021; these changes will not be added to Version 2020 or prior. To update, in the Quick Launch, search for and select Check for Updates. For more information on changes to tax year 2021, see Knowledge Base Article R11893, “IRS 1099-NEC Changes for Tax Year 2021.”
Tabs3 1099 E-file
Tabs3 has partnered with Nelco to provide Tabs3 E-file, a complete solution to filing your Forms 1099-MISC, 1099-NEC, and 1096. You don’t need to deal with the forms, envelopes or postage, or configuring your printer at your office; instead, simply upload your data to the Tabs3 E-file portal and they can be electronically filed, printed and mailed, or emailed on your behalf, saving you time and manpower every year.
To transmit forms to the Tabs3 E-file portal
There are many great features in Tabs3 Platinum, but when you want more information, where do you start? Whether you are looking into Platinum, have just purchased a license, or have had it for a while, we provide many great resources to help you learn more about Platinum.
Knowledge Base Article R11406, “Platinum/SQL Resources,” provides information on accessing the Platinum Product Page, Platinum SQL white paper, Platinum Server Guide, and Platinum Help topics. Additionally, a list of more than 30 Knowledge Base Articles are grouped by general information, Platinum feature information, technical and troubleshooting information, and Platinum SQL information.
If you have any questions regarding Platinum features, contact your local consultant, or contact Technical Support at (402) 419-2210.
Tax season is here again and Tabs3 Software is ready to help you quickly file your Forms 1099-MISC and 1099-NEC.
The Working with 1099s video covers how to verify which vendors and payees need to report 1099 information, how to generate 1099s, and provides solutions for filing your 1099s. Since Tabs3 Software has partnered with Nelco to provide Tabs3 E-file, you can easily E-file your Forms 1099-MISC, 1099-NEC, and 1096.
Watch this four-minute video here:
Training Videos can be accessed at Tabs3.com/videos. You can also access the videos in the Quick Launch by searching for and selecting “Training Videos.”
When asking others to check documents back in to PracticeMaster so you can edit them, do you often hear that they forgot they even had it checked out? This can be remedied by setting up PracticeMaster to show the Overdue Document List for users who have documents checked out and overdue.
To show the Overdue Document List when users log in
Now, when a user has a document checked out past the overdue limit, the Overdue Document List will be shown when they log in, reminding them that they still have documents checked out.