K1 Creator Intro: Automate K-1production скачать в хорошем качестве

K1 Creator Intro: Automate K-1production

0:00Meet your new partner in simplifying tax season. 0:03Introducing K-1 creator the CPA design solution. 0:06Transforming how you manage K-1 packages. 0:09K-1 creator streamlines your entire K-1 process into a seamless efficient workflow, providing 100% in-house control and transparency, boost your accounting staff's engagement, retention and evaluation with a tool that makes their job easier. 0:25Our groundbreaking features include the first ever fully digital investor K and packages complete with footnotes and white paper statement data effortlessly allocate values anywhere with support for K-1 K three and 42 state taxing jurisdictions generate instant PDF S and deliver documents electronically with full compatibility with existing portal providers, manage and track all your data and documents in one place. 0:51Facilitate data gathering and dissemination with our all in one communication system plus. 0:57Enjoy seamless integrations with go systems C C H and K-1 aggregator for a comprehensive solution. 1:03Let's take a look at how it works. 1:07K-1 creator is an all in one K-1 production utility software. 1:11It will begin with your projects in which you'll contain all the funds within an engagement or fund structure as well as all your investors within that fund structure. 1:21All the investors are then tied to funds and funds to the investor so that you're managing all your data in a single location. 1:28Once your fund structure has been designed, you can visualize your fund structure by utilizing the visualization tool. 1:35When working within each fund, it will display first year set up information including the entity information, the creation of allocation codes which you will use throughout the K-1 production process. 1:46Those can be percentage based codes or dollar based codes. 1:50You can set the rounding investor by allocation codes so that you never have to worry about chasing a dollar ever again. 1:57You can set the jurisdictions that the fund will file in track basic capital accounts and add any other capital accounts that you so choose for funds or the investors decide whether you want to present activities to your investors. 2:09And if you will run income scenarios throughout the year, these scenarios allow you to project the income of the partnership at both extension time and through the final filing date. 2:20When you're ready to prepare your K-1 information, you will follow a basic three step process. 2:25First, you will open what is essentially a giant capital role within that capital role will be the master schedule K. 2:32In schedule K, you will define the level of detail that you cause cause you, you wish to present to your investors, each financial amount will be entered into the box, you will then apply an allocation code to that amount by doing this. 2:46You are designing your federal and state K-1, all of your financial information is broken out by the following scenario, activity, jurisdiction and capital account to prepare federal and state K-1s. 3:03You will follow this process bringing in any inbound financial information and deciding the presentation to your investors. 3:11The second step would be to check any check boxes that will go on the face of the K-1, whether that be foreign, domestic or state oriented. 3:21Finally, you'll append any footnotes that may be required for that K-1 package using a custom footnote editor based around Microsoft word. 3:30You can use bold italics underlines, strikers, indents create tables and add allocation codes anywhere that is necessary to disseminate allocated information. 3:40Once all this structure is set up in year one, it will roll forward into year two in year two, all you will need to do is add in the financial data where appropriate and ensure the allocation codes are up to par. 3:52At the end of the process. 3:53You will be able to view your K-1 packages in a visual format that allows a reviewer to be able to go in and check against what they expect the output to be. 4:02You can look under each line item and see all the underlying detail allocated to each partner. 4:07You are able to pull out a visual of the K-1 you are also able to pull out a PDF of the K-1 from K-1 creator. 4:15The next step will be after all the K-1s are checked, will be to create your K-1 packets. 4:20Using the K-1 packager. 4:22You'll be able to create custom K-1 packets that you can then present to your investors. 4:27Simply upload your documents wherever you need them to appear such as your branded cover letter pull in federal and state K-1 information automatically by choosing the information from the drop down selections, you can then prepare your data packets which will come out in a zip file format which you can then post to any portal or delivery mechanism. 4:48Information created in K-1 creator is directly integrated with the three major tax Softwares C C H go systems and our own K-1 aggregator.