FEBRUARY 7th, 2024
ANNOUNCEMENTS

VENTURES

FlashSpread - 1125-A Form Added!

We added support for the 1125-A tax form which is associated with 1120, 1120S, and 1065 tax returns. It will break out the Cost of Goods Sold (COGS) line items into their own rows instead of combining them into the Purchases row of the Income Statement. See the attached .pdf for how the 1125-A maps to Ventures. 

In order to take advantage of this new capability, we added rows for each COGS line item to the Default Company Template. See this KB article for more. If your company uses a custom financial statement template, you'll need to add all the necessary rows to your template. Please click here for instructions on how to add lines or rows to your template.

If ANY of the following rows do NOT exist in your financial template, Ventures will revert back to mapping the COGS line from the 1120 (Line 2), 1120S (Line 2), and 1065 (Line 2) to Purchases.

• Purchases
• Cost of Labor
• Additional Section 263A Costs
• Other Costs
• Inventory Changes
  
   

FlashSpread - Standardized More Tax Form Line Items

We added support for additional tax form line items to the Default Company Template. If your company uses a custom financial statement template, you'll need to add these rows to your template for them to populate. Please click here for instructions on how to add lines or rows to your template.
 

Cost of Goods Sold Line Items

• Materials and Supplies

• Additional Section 263A Costs

Operating Expense / Selling, General, and Administrative Line Items

• Pension and Profit Sharing

• Contract Labor

• Charitable Contribution
   

FlashSpread - Fewer Errors to Resolve!

For FlashSpread v2 users, we no longer require you to resolve issues on tax schedules that have no effect on Ventures financial statements. This means you can process tax returns even faster!

Here are examples of a few of the forms that you no longer need to resolve errors on before importing tax periods:
 

• Business tax return schedules/forms that are part of a 1065, 1120, 1120S, or Schedule C.

  • Schedule M-1

  • Schedule M-2

  • Schedule K

  • Schedule K-1

  • Form 8825
     

• Personal tax return schedules that are part of a 1040.

  • Schedule A

  • Schedule B

  • Schedule D

  • Schedule F