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FAQ – General Ledger
No FAQ listed currently
FAQ – Accounts Payable
Does Tabs3 Accounts Payable Software provide me with 1099s for tax reporting?
Yes. Tabs3 Accounts Payable Software can print all your 1099-Misc forms, or even save them to a file so you can submit them electronically.
Can I automatically record recurring payments?
Yes. Tabs3 Accounts Payable Software can memorize recurring payments and automatically enter them to save you time.
Will Tabs3 Accounts Payable Software keep track of discounts?
Yes. Discounts can automatically be calculated when the invoice is entered in Tabs3 Accounts Payable Software.
Can Tabs3 Accounts Payable Software estimate cash requirements for an upcoming month?
Yes. Both Detail and Summary Cash Requirement reports are available in Tabs3 Accounts Payable Software.
Can I put an invoice on hold so it doesn’t get paid while I dispute something on the invoice?
Yes. Tabs3 Accounts Payable Software allows individual invoices to be placed on hold.
FAQ – Trust Accounting
Does Tabs3 Trust Accounting Software provide me with 1099s for tax reporting?
Yes, 1099s can be prepared either by your Firm as a payer, or by the Trust Account holder as payer. When your firm is the payer, 1099 information can be combined with your accounts payable information to create a combined 1099 form or electronic file.
Can trust accounting activity appear on my Tabs3 client statement?
Yes. Statements can show just the Trust Account balance as of the statement date, all of the activity between the previous and current statement date, or no Trust Account information. You can also request a replenishment of trust Funds if the account drops below the recommended balance.
Can Tabs3 Trust Accounting tell me if I go below a minimum trust balance?
Yes. When creating a transaction in Tabs3 Trust Accounting, you will be notified if you fall below the minimum balance. Replenishment of Trust Account balances can also automatically show on clients’ statements.
Can I see a consolidated trust ledger for all of my firm’s trust accounts?
Tabs3 Trust Accounting can print ledgers showing the activity for each Trust Account, or print a combined ledger showing all activity for each bank account. Additionally, a Three-way report can be run after reconciling to demonstrate that the sum of the Trust Accounts matches the activity on the Bank Account plus any outstanding activity.
Is there a limit to the number of trust accounts I can track?
Tabs3 Trust Accounting does not limit the number of Trust Accounts you can track.
Is there a limit to the number of bank accounts I can use for my trust accounts?
Tabs3 Trust Accounting is limited to 99 Bank Accounts. Keep in mind that you can assign as many clients as necessary to each bank account so this should not pose a problem for most firms.
Can I import transactions directly from my bank’s website?
Tabs3 Trust Accounting can import transactions from most bank websites using the common file formats below::
OFX – Open Financial Exchange file
QFX – Quicken Financial Exchange file
QBO – QuickBooks Financial Exchange file