GoSystem QAP Sample Demo Guide
Table of Contents
- Overview
- Objective
- Platforms Involved
- Scope
- Related Resources
- Use Case
- Step 1: Setting Up Shareholder Information
- Step 2: Inputting Return Options
- Step 3: Entering Compensation Details
- Step 4: Completing the Income and Deductions
- Step 5: Adding K-1 Information
- Step 6: Reviewing the Balance Sheet
Overview
This guide provides detailed instructions on how to use GoSystem for various accounting tasks, including setting up shareholder information, inputting return options, entering compensation details, and completing income and deductions.
Objective
The primary goal of this guide is to enable users to effectively navigate and utilize the GoSystem platform for managing shareholder information and tax return preparations.
Platforms Involved
- GoSystem
Scope
This guide is applicable to accounting professionals and users who need to input and manage shareholder data and tax return information using GoSystem.
Related Resources
- GoSystem User Manual
- IRS Guidelines for Tax Returns
Use Case
This guide is intended for use by accountants preparing tax returns for clients with multiple shareholders or entities needing detailed financial reporting.
Workflow
Step 1: Setting Up Shareholder Information
- Begin by inputting the name of the shareholder. For example, input "Virginia Boyd."
- Enter the title of the shareholder, such as "CEO."
- Ensure to supply all relevant information, including the SSN and phone number.
Step 2: Inputting Return Options
- Navigate to the return option section and ensure to override the number of shareholders if necessary.
- Input the required details regarding the collective and address.
Step 3: Entering Compensation Details
- Enter the total compensation as required.
- Make sure to include details for the officer connected to the shareholder, as this is important for compensation tracking.
Step 4: Completing the Income and Deductions
- Enter the total revenue and make sure to include any deductions.
- Ensure all deductions are properly categorized, including meals and other relevant expenses.
Step 5: Adding K-1 Information
- Add K-1 information by navigating back to the shareholders section and inputting the necessary details.
- Input the number of shares owned and ensure to check if the K-1 is final.
Step 6: Reviewing the Balance Sheet
- Finally, navigate to the balance sheet tab to review all entries made.
- Ensure that the cash, liabilities, and shareholders equity are accurately represented.
Exhibits / Appendices / Forms / Supporting Documents/Resources
- GoSystem Training Videos
- IRS Documentation on Shareholder Reporting
Change Control Log
- Version 1.0
- Initial release of the guide.
By following these steps, users will be able to efficiently navigate the GoSystem platform for managing shareholder information and preparing tax returns effectively.