What’s New in Drake Accounting 2020

Payroll Module

  • Save partial batch payrolls – Create a batch and click Hold to save it if you’re unable to complete it at that time. The batch will show a status of Processing. When you’re ready to continue, just click again on the batch in the list.
  • Apply state and local minimum wages – Automatically uses the highest applicable wage rate. An on-screen symbol alerts you to an adjusted amount. Enabled by default to help prevent having to correct checks and payroll amounts late.
  • Global pre-printed check designs – When updating prior-year clients, you can import check designs from Drake Accounting 2019 and choose to make them available to specific clients only or to all clients. You can also choose to bring over designs from specific clients or to not update any designs from 2019.
  • Mix and match check and stub options – Assign settings to be used globally or customize for each client.
  • Detailed pay rate descriptions on check stubs – A new Breakdown for Single Rate Employees option will show overtime individually for each rate applying to that employee. For example, if the employee earns both commission and an hourly rate, having this option enabled will show the overtime earned for commission and hourly.
  • New payroll and employee reports – The Tipped Employee Payroll Journal, State Wage Report, Worker’s Compensation Report, and the Tax Liability Report can now be sorted by location. A New Hire List Report has also been added.
  • Support for new Form W-4 – Option to use either the new 2020 Form W-4 or the pre-2020 Form W-4. If needed, existing employees are correctly rolled over using their older W-4 information. The new W-4 is also available in the On the Fly module, for direct data entry.

Accounting Module

  • Live posting of transactions – Drake Accounting can automatically post payroll, payables, and receivables transactions to the journal and chart of accounts, and you can choose how you want to display payroll transactions in the journal.
  • Heads-down data entry – Reduce keystrokes with keyboard shortcuts as you input bulk journal entries.
  • Endless rows – A blank row is always at the bottom of a transaction screen. Enter anything that row and a new blank row is created below.
  • Offset mode – Automatically create one large or multiple mirrored transactions to offset a set of transactions.
  • Bulk data entry – Highlight several cells and enter a value to fill the highlighted cells with that value.
  • New journal setup options – You can now hide the Entity, Description, Reference, and Division columns from transaction screens.
  • Edit prior-year monthly amounts to quickly generate prior year financial reports – To add additional years, edit monthly amounts, or produce financial statements, double-click the account you want to edit in the Chart of Accounts screen and select the Add/Edit/Delete Account tab.

Payables Module

  • 1099 withholding – You can now set up federal and state withholding rates in the Vender Setup screen. Enter set amounts or a percentage. You can also choose to set up by individual vendor or for all vendors.
  • New Quick Payments screen – Replaces the Check Writer screen. Create live or as trustee for (ATF) checks, as well as other tuypes of ATF payments. Now includes a second signature line. Check Register shows checks that have printed for vendors.
  • 1099 Payments screen – Shows only 1099 vendors, along with every payment record, including payments made in Quick Payments and Invoice Payments.
  • More 1099 data entry styles – You can now choose between 1099-MISC or 1099-NEC data-entry styles.

Users and Security

  • Multi-factor authentication – An optional additional security feature, to help keep data private and secure. In addition to  their username and password, users must either enter a randomly generated authenticator code or insert a compatible physical security key.
  • Paid preparer setup – Now incorporated into User Setup. Select Preparer to activate the Preparer Information and Preparer Options tabs. After creating electronic signatures (Setup > Electronic Signatures), assign a signature to each preparer.

Productivity

  • Support for more signature pads – Drake Accounting 2020 supports Topaz, Scriptel, and Wacom signature pads to digitally sign checks and e-fileable federal forms, including Forms 94x, Forms W-2, and Forms 1099, in addition to state tax and wage forms. Preparer signatures can be assigned in User Setup.

Working with Clients

  • Employee portals – Employees can now sign in to their own account to retrieve their Form W-2.

E-filing

  • Bulk SSA e-filing and EFTPS tax deposit payments – Stop uploading Forms W-2 one at a time when e-filing. Drake Accounting allows for bulk e-filing of Forms W-2, as well as making bulk tax deposit payments via the Electronic Federal Tax Payment System (EFTPS).