Drake Accounting – FAQs and System Requirements

Yes. We offer printing on pre-printed check stock and MICR printing on blank check stock.

Yes. We are partnered with Kotapay (formerly InterceptEFT).

No. You can enter all payroll info after-the-fact (ATF) at Employees > Payroll > ATF. ATF entries create a payroll file allowing payroll reporting.

No. You can set up Drake Accounting so that once checks are written you can write the entire payroll to the journal in one step, or you can use Auto Post for payroll, Live or ATF.

Yes, after you receive IRS authorization.

Yes. Drake Accounting creates a Form W-2 file that you can transmit to the SSA for Federal filing. The individual submitting the Forms W-2 through Drake Accounting will not need a BSO account for that transmission. However, if you are not using Drake Accounting to e-File Forms W-2 or if you are transmitting a state W-2 e-File, a BSO account will be required.

Drake Accounting includes the ability to create a state electronic submission file for the Forms W-2. Drake adds this function for a state when information is available (if your state is not included, please contact Drake Accounting Support, at (828) 349-5908, with link or contact information from your state).

Both Federal Forms W-2 and State e-Filings for NC (Forms NC-3, 1099-R and W-2) can be transmitted through Drake Accounting. Additional states will be available in the future.

Yes. Drake Accounting creates a transmittal file to upload to the IRS.

Depending on the state and your setup for e-filing, the federal Forms 1099 state information in some cases may be sent from the IRS to the state.

To e-file Forms 1099/1096, you first must set up an account with the IRS and you must have a Transmitter Control Code (TCC).

Yes. We work with Nelco. See the Nelco web page for details and pricing.

Drake Accounting will print both the form and data for all available formats (2-up, 3-up, 4-up, and 4-down).

Blank perforated forms for the 3-up, 4-up, and 4-down formats are suggested and are available from Nelco.

Yes. You will need the Forms 1099 IRS copy A and the Forms 1096 red lined form. You can get these from the IRS, Nelco, or other office supply.

Yes, we offer many state forms. In Drake Accounting, please refer to Employees > State Tax & Wage…. for examples.

Drake incorporates state forms into Drake Accounting as the states make available the information that is necessary to program them.

Newly programmed forms are subject to a state approval process.

A watermark visible on a form when you save it indicates the state has not yet approved the form for filing.

An Accounts Receivable module is included.

Drake Accounting offers accounting flexibility. You can set up your client’s Chart of Accounts using an existing template. You also can create your own Chart of Accounts for a client and then import it into other client files for use there.

Yes. Client/Employee/Vendor/Contractor setup information updates under Client > Update Prior Year Clients. After you have closed the prior year in the prior year software, you can update bookkeeping in the current year software at Accounting > Chart of Accounts.

Yes. There are additional considerations for fiscal year accounting. If you expect to use a fiscal year, call Drake Accounting Support for more information about this capability.

Yes. You install Drake Accounting on the root drive of the server and map workstations to that drive as a network drive. We recommend that you install and update the software from the most used workstation. The Peer-to-Peer network setup is supported starting with DAS21.

Drake will supply the serial number to activate Drake Accounting when you purchase the software.

Yes. Drake offers QuickBooks, Sage 50 (Peachtree), Easy/ACCT, and Dillner’s Tax conversions for Drake Accounting.

Conversion from the 1099-Etc program from Advanced Micro Solution is not available.