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You are here: Payroll > Payroll Supplements > #423 e-Form 941
#423 e-Form 941
Function
To prepare Form 941 and Schedule B electronically using information as recorded in the GMS system.
Things You Should Know
Operating Procedures
e-Form 941 Tab
Tax Year: Enter the 4-digit tax year for which you are generating the report.
Quarter: Enter the calendar quarter for which you are generating the report.
Note: If you select a Quarter that has already been prepared you will receive a message informing you that a form for the specified quarter has been previously prepared. Do you wish to override? If you wish to display/print the report that was previously prepared, answer No so your previous selections will be retained. Answer Yes to redo your selections and all amounts recalculated.
At this point all appropriate fields will be populated with data as it currently appears in the General Ledger.
Note: The first time you use this supplement you will need to enter the Contact Information. The system will save it for subsequent quarters and you will only have to make changes should they be necessary.
Deposits Tab
GJ/CD: Select whether you record your federal tax deposits using a GJ or a CD.
Search by Key words:
Note: If your entry descriptions vary you may leave the Search by Key words field blank and it will list all GJ or CD entries with a credit to the cash account selected.
Total Deposits: Once you have identified the appropriate entries by holding down the control or shift key and clicking on the cells to the far left, click on this button to total the selected deposits. That amount will also be carried to the e-Form 941 tab.
After completing the Deposits tab, return to the e-Form 941 tab to perform the following:
Prepare 941: After you have carefully reviewed the information on this form and have made any necessary adjustments in lines 7, 8, 9, 12a or 12b, click on this button to prepare Form 941.
Review the form 941 for accuracy and print for submission to the IRS and a copy for your records. Please see Things You Should Know above for our recommendation of retaining the PDF file.
Prepare Schedule B: This will prepare the Schedule B to be included with the form 941 when filed. Review this schedule for accuracy and print. Please see Things You Should Know above for our recommendation of retaining the PDF file.
To prepare Form 941 and Schedule B electronically using information as recorded in the GMS system.
Things You Should Know
- Should you have to make adjustments or changes to the 941 form or Schedule B these changes should be made on the e-Form 941 and Deposits tabs in the supplement before you click on Prepare 941 or Prepare Schedule B. These changes will then be reflected on the form(s).
- The search by Key words feature will make it simple to identify the tax deposits during the quarter as long as there is consistency in your descriptions. An example that GMS recommends would be to start a GJ description for all federal tax deposits with EFTPS. If this is done consistently through the quarter, you can enter EFTPS in the Search for Key words field on the Deposits tab and all of your deposits should be properly identified.
- We are using the PDF version of the 941 form and Schedule B from the IRS website. Because of this, you will not be able to save it as a pdf file. We strongly recommend that you download a free PDF printer program such as Bullzip PDF printer. This will allow you to print to a file and store it on your computer rather than having a paper copy as your copy.
- After the form is populated and opened you may receive a message about extended feature in Adobe Reader. You can ignore the message and click on ok.
Operating Procedures
e-Form 941 Tab
Tax Year: Enter the 4-digit tax year for which you are generating the report.
Quarter: Enter the calendar quarter for which you are generating the report.
Note: If you select a Quarter that has already been prepared you will receive a message informing you that a form for the specified quarter has been previously prepared. Do you wish to override? If you wish to display/print the report that was previously prepared, answer No so your previous selections will be retained. Answer Yes to redo your selections and all amounts recalculated.
At this point all appropriate fields will be populated with data as it currently appears in the General Ledger.
Note: The first time you use this supplement you will need to enter the Contact Information. The system will save it for subsequent quarters and you will only have to make changes should they be necessary.
Deposits Tab
GJ/CD: Select whether you record your federal tax deposits using a GJ or a CD.
Search by Key words:
- When GJ entries are used to record your tax deposits, enter the key words included in your entry description that identifies it as a federal tax deposit. As stated above in the Things You Should Know section, GMS strongly recommends that you become very consistent with the description of these GJ entries.
- If Manual Checks are used to record your deposits rather than GJ entries the key word to search by will be the Vendor name used on the manual checks
Note: If your entry descriptions vary you may leave the Search by Key words field blank and it will list all GJ or CD entries with a credit to the cash account selected.
Total Deposits: Once you have identified the appropriate entries by holding down the control or shift key and clicking on the cells to the far left, click on this button to total the selected deposits. That amount will also be carried to the e-Form 941 tab.
After completing the Deposits tab, return to the e-Form 941 tab to perform the following:
Prepare 941: After you have carefully reviewed the information on this form and have made any necessary adjustments in lines 7, 8, 9, 12a or 12b, click on this button to prepare Form 941.
Review the form 941 for accuracy and print for submission to the IRS and a copy for your records. Please see Things You Should Know above for our recommendation of retaining the PDF file.
Prepare Schedule B: This will prepare the Schedule B to be included with the form 941 when filed. Review this schedule for accuracy and print. Please see Things You Should Know above for our recommendation of retaining the PDF file.
