The Payment Entry Module (PEM) is an optional feature in Sprintax Calculus for handling 1042-S payroll for 1042-S form generation The module calculates taxes based on gross payments entered by an administrator, determining taxable amounts, 1042-S tax due, tax rate, and net income according to the user's profile completion in Calculus.
Important: Payees cannot edit payment information. They can only view the tax treatment of their payments in the Final Summary section of their profiles.
Here's a detailed guide on how to use this feature effectively.
Enable PEM
The Payments Entry Module can be enabled or disabled under Settings.
For more information, please see General Settings
Access PEM
Once enabled, the Payments tab will display on your platform menu.
1. Login into your Calculus Account.
2. On the left side-bar menu, navigate to Payments.
3. There are three sections available:
- Reports- View, Filter and Export all Payments
- Add Payment - Payments can be added manually or Bulk Import
- Total IRS Payments - Track IRS deposits
Manually add Payments
1. From the Payments menu, select Add Payment.
2. Select the individuals record, and a side panel will open.
3. Click Add Payment.
4. Complete the Payment details:
- Income Code
- Payment Date
- Amount
- Final Payment for the tax year
- Comment
5. Click Add Payment to register the payment.
Warning: Once payments are registered, the payment date cannot be changed.
Edit Payment
1. Select the individuals record and a side panel will open.
2. Click on the View all Payments tab.
3. An overview of all payments made will load.
4. Click on the payment you want to edit.
Important: If you need to delete a payment, change the amount to $0.00
5. Select Edit Payment and click Save.
Export Individual Payments
Export a single user's payments:
1. Click on the individual record and a side panel will open.
2. Click on View All Payments.
3. Click on Export to download a CSV file.
Info: You can also navigate to the user's profile by clicking on View Account.
4. This view gives an overview on each payment, tax rate, tax exemption, and much more.
5. The top summary gives you Total Payments Overview for the user.
Bulk Upload Payments
1. On the left side menu, click Imports Tab, New Import.
Info: You can also click on Import button on the Add Payment Section.
2. Select Payment.
3. Download the sample CSV spreadsheet.
Here are mandatory columns to complete in the file:
- Email and/or Student ID- If you choose to link payments to via Student ID identifier, make sure that all users’ payments have Student IDs, or another identification number in the Student ID field in Calculus. Please see System and Security Settings and scroll to Import Financial Properties
- Income Type - 1042-S income code
- Income Subcategory- Select from a list of allowable income sub-types (you can refer to Subcategory column in the sample payments spreadsheet)
- Payment date (current year)
- Payment amount
4. Once your file is ready, Save it as a CSV.
5. You can either browse for the file using the upload button or simply drag and drop the file into the designated area.
6. After uploading, the system will process the file, and you'll be taken to the Imports History page.
7. Once your file has uploaded, you can find it under Imports History Tab.
The next step to the import process is to map the CSV file data to the Calculus Fields.
8. In the Actions column, you'll have the option to click Map and Map Columns.
9. Give the Map a name for future use and start mapping your data to the corresponding fields in Calculus. The drop-down options are the imported column headers from the CSV file.
Info: You only need the map the fields and data that you included in your file.
10. Once you completed mapping the necessary columns, scroll to the bottom, click Save and Apply.
11. On Imports History page, under actions, click Import.
12. The system will ask you to confirm the import action and start processing the import.
14. The Status Column will change to Importing.
15. When the import is complete, you'll receive a notification via the bell icon.
16. Click on the results to receive a summary of the data import. You'll be notified of any errors or duplicate records.
17. The status column will update to Imported.
Info: You can refer back to the results summary under Actions Column > View Results link.
18. Now that your records are imported, you can view the data under each records payment history
Export All Payments
1. Click on the Add Payment section.
2. On the top, click "Export" to download the below reports:
- 1042-S reportable income
- W-2,1099,1098
- All Payments
3. Once selected, a CSV file will download.
Filters and Reports
1. Click on the Reports Tab.
2. Use the columns filters in the payment list to narrow down payments by date, income type.
3. Save the Filter for future use.
Info: Once filters are saved, click on Filters button to load up the previously saved filtered view
4. Filtered views can be exported to a CSV file
Tracking IRS Deposits
Institutions can track total tax due on 1042-S payments and manage tax deposits.
1. Under the Payments tab, click on Total IRS Payments.
2. Click on a record and a side panel will open.
3. Add or edit tax deposit details and save.
4. Check how the deposit amount affects the current tax due and next payment due date.
For previous year credits or deposits made during the current year, update the relevant fields under General Settings.