Bank Acknowledgment Report

If your office uses bank products through one of the Drake Software's banking partners, the following transmissions occur when you e-file a tax return with bank product information:

• Drake Software transmits the tax return to the IRS and the appropriate bank.

• The IRS sends an acknowledgment (“ack”) to Drake Software. If the return has been accepted, Drake Software transmits the bank information to the bank.

• The bank sends an acknowledgment back to Drake Software.

Your system picks up any new bank acks whenever you initiate a connection with Drake (transmit or receive from EF > Transmit/Receive or pick up new acks through EF> Process Acks).

If you need to review these bank acknowledgment reports at a later date, you can do so through the Reports Menu > Report Viewer > Bank Ack Reports tab. The reports can be sorted by clicking on the report header of which you would like to sort (to sort by date, click the Date column header). The report will need to be opened and viewed in order to see the client information to which this report is associated.

For more information about bank acknowledgments or the Drake Software banking partners, see Preparer Application For Bank Products and Drake Tax - Return Status: Checking Acknowledgments.

Returns with Bank Product

To see a list of the returns that had an approved bank product, go to Reports > Report Manager > EF/Bank Reports > Bank - Status & Tracking and select Bank Approved. This will show you the total number of returns on which a bank product was approved.

Bank Summary

To see a summary of your overall banking statistics by firm or preparer, go to Reports > Report Manager > EF/Bank Reports > Bank Summary and select either EF and Bank Summary - Firm or EF and Bank Summary - Preparer. These reports have a total count and then a break down by status.