Drake Accounting Features

 

Payroll Module

  • Provides live and after-the-fact employee payroll with additional portal access available on the Internet. Also included are MICR check printing, direct deposit, e-filing quarterly and yearly employment tax forms, and e-filing Forms W-2 and 1099MISC.
  • Employee Payroll supports direct and indirect tips, and unlimited payroll benefits and deductions per check.
  • Forms 940, 941, 941SS, 941X, 943, 943X, 944, 944X, 944SS and W-2 are supported, as well as most state quarterly unemployment forms. Payroll journal entries can be created from payroll checks entered, to save keystrokes.

Accounting Module

  • Set up a custom chart of accounts, import from an existing client or use a template.
  • During setup, change account information as needed, add account levels, enter current budget, starting balances, and export to Drake Tax Software.
  • Make journal entries to one of the five separate journals - general, cash receipts, cash disbursements, payroll, or budget - or save time and have Drake Accounting do it automatically.
  • Reconcile cash amounts, post monthly transactions and close at year-end, and format financial reports using custom headers, footnotes, and logo.
  • View or further customize any of the financial reports using most word processors.

 

Vendor Payments & Accounts Payable

  • Print and track payments (live or after-the-fact) to vendors (1099-MISC) and other payees.
  • Pay vendors by direct deposit, and, for payees, pay by invoice or simply use the check writer with little or no setup involved. At year-end, create Forms 1099-MISC and print or e-file when needed.

Accounts Receivable

  • Send invoices and customer statements and post customer payments, penalties, and service charges.
  • Track past-due monies and monitor sales tax liabilities (state, county, and local).
  • Define individual customer credit limits, discounts, and applying a single payment to multiple invoices.

On-the-Fly Forms

Create these federal forms for printing or e-filing:

  • Forms 940, 941, 941SS, 941X, 943, 943X, 944, 944SS, 944X
  • Forms W-2, W-2G, W-3, W-2C/W-3C
  • Form 1098 Mortgage Statements
  • Forms 1099A, B, C, DIV, INT, MISC, PATR, R, and S

More Features

  • Secure client information by job function: admin, office manager, or data-entry
  • Use spreadsheets to import initial client data: employees, vendors, customers, chart of accounts, and journal entries
  • Print all forms and documents in PDF format
  • Print mailing labels for employees, vendors, and customers, using 3 1/2” x 1 1/8” roll or sheet labels 
  • Override the default Payroll General Ledger accounts for an employee or vendor
  • Post payroll journal transactions automatically
  • Optionally print other information on paystubs
  • Enter as many payroll deductions and benefits as needed
  • Customize federal, state, and local withholdings and rates
  • Indicate vendor default accounts for cumulative entries to the journal and by 1099-MISC box categories
  • Allow clients to initiate and track employee payroll through the web portal
  • Provide batch reports for clients through the web portal