2013 Review of Thomson Reuters Accounting CS
With appropriate licensing, Accounting CS can support any number of staff users working concurrently, and the program has data integrity features that prevent overwriting. Firm administrators can implement the program’s security features, which can restrict firm staff access to specific clients, groups, program areas, or specific program functions and data. The system can support any number of clients, and includes functions for managing businesses with multiple divisions or geographic locations, with full consolidation capabilities.
Core Write-Up Features: 5 Stars
The program includes full GL, AR, AP, journals management, trial balance, bank reconciliation, and payroll compliance functions. Charts of accounts and journals for each client can be accessed from the Client Dashboard, which provides various tools for managing transactions, posting correcting and reverse entries, or creating automatically recurring transactions.
Firm users can post transactions either individually or in batch mode, and the program offers global and multi-client transaction and edit functions. These let firm staff collaborate to work on multiple clients at the same time. Accounts can be grouped in any manner, with the ability to assign as many as 20 customizable account segments. The system also offers the ability to create custom fields, while search and filter options ease reporting and information tracking.
Account reconciliation functions allow users to import bank statements and then view, match and clear them on a single view worksheet. Additionally, a Reconciliation Analysis feature helps streamline tasking by automatically summarizing client bank account activity, and then creates hash totals, the GL balance and differences. Tools are also available for tracking and reconciling credit card transactions and direct deposit activity. Check writing functions include MICR capabilities that enable printing on blank or formatted stock, with the ability to add company logos and electronic signatures.
As mentioned previously, the program includes after-the-fact payroll functions that support all entity and pay types, including regular employee, commissioned, nonemployee compensation reimbursement, household employers, tipped, salary and contractors. An optional module is also available for processing live payroll. For compliance, Accounting CS produces forms W-2, W-2C, 940, 941, 943, 944, 945 and 1099, and the state counterparts for those forms. All state withholding rates are built into the program, along with payroll tax forms for the states of CO, IA, IN, KY, MI, MN, MO, NJ, OH and PA. Multi-location reporting for IA, IN and Minnesota unemployment tax reporting is also supported.
Accounting CS includes a Location Finder feature that helps users determine the correct payroll tax rates based on each employee’s zip code and the employer location. An optional address-level verification system is also available that determines tax jurisdiction even more precisely. Additional payroll functions include tracking of accruals, benefits management, SSN and TIN verification, direct deposit, tracking and payment of third party deductions and an online self-service tool for client employees. A mobile app lets clients access payroll information remotely, and allows client employees access to self-service functions for entering time, editing W-4 information and performing other payroll functions.
Reporting & Financial Statements: 5 Stars
Accounting CS provides a comprehensive collection of customizable reports, from client-specific detail and summary output for accounts, to journal entries, deposits and registers. Users can also produce condensed, detailed and segmented trial balance reports, variances and worksheets. Financial reporting options include more than two dozen customizable options, and when viewed on screen they offer dynamic live data. All reports can be annotated or edited with the system’s built-in report writer, and the system offers a set of standard ratios.
Users can save financial and managerial reports to Excel, PDF, HTML and RTF formats. They can also be stored in the optional paperless FileCabinet CS document management system, shared via client portals, or emailed directly to clients or other recipients from within the system.
