Handling business accounts and finances can be exhaustive to very many organizations operating in the market. We won’t be shocked to know that you’re finding a solution suitable to take over the hustle of endless business accounting. A research study by Wilkinson (2000) states that “an effective accounting information system performs several key functions such as data collection, accounts maintenance, knowledge management, etc.” Judging by this, we can say that accounting software brings flexibility to the business.
Greatly advanced from conventional on-paper accounting, accounting software offers multifarious digital benefits. We’ll focus on a similar accounting platform, Drake Software’s rebuilt Drake Accounting Software. We hope this information-oriented blog helps you understand the importance of introducing Drake Accounting Software to your business.
What is Drake Accounting Software?
Drake Accounting, a rebuild of Drake Software, is computerized accounting software with a modern approach to solutions. When you adopt Drake Accounting Software, you free yourself from conventional paper accounting or manual accounting. Drake Accounting lets you manage financial records, be it yours or your clients’, track vendor information and customer invoices, and various such benefits with double-entry accounting. Drake Accounting provides multiple reports such as single-column balanced sheets, payroll reports, profit and loss reports, etc.
Drake Accounting Software comes with a large-scale store of the W-2 forms, 940, 941, 944, 1099 forms, and federal and state tax forms. It uses the latest computer technology and provides business flexibility and agility. Being a technology-driven system, Drake Accounting comes in two versions. We’ll discuss that in the next section.
Types of Drake Accounting Software
Drake Accounting comes in two different versions:
- Drake Accounting Professional Edition, and
- Drake Accounting Forms Edition.
Let us look at both versions individually.
1. Drake Accounting Professional Edition
You should choose the Professional Edition to offer full-scale professional accounting services. Drake Professional Edition can be paired up with Drake Tax as well. When you’re using Drake Accounting Professional Edition, you have two ways to generate federal and state tax and wage forms, which depend on the company’s needs at that moment.
a. Employees Module
You can use the Employees Module to generate state and federal forms from the payroll data. It even helps in setting up clients and preparing information. State Form includes information such as the clients' locations. On the other hand, Federal Forms include:
- The Forms W-2, W-3, W-2c, W-3c
- Forms 94x
On The Fly Module is used when you don’t want to include the past transactions to generate the state and federal forms. You’ll have to enter the data manually while using the On The Fly Module as this does not include data from the payroll transactions. Using the On The Fly Module lets you access the federal forms from the Employees Module, and it includes various forms such as:
- The Form W-4
- The Forms 1098, 1098-C, 1098-T, and W-2G
- Access to available State Forms
We would also like to bring your attention to the fact that with Drake Accounting Professional Edition, generating 1099-MISC and 1099-NEC based on vendor payments or QuickBooks payments has become easy. Drake Accounting Professional Edition has every feature of the Forms Edition.
Drake Accounting Forms Edition
If you’re offering federal and state payroll reporting, you should go for Drake Accounting Forms Edition. To generate federal and state forms, you can use the On The Fly Module, where you’re not required to enter your past transactions. The Drake Tax Pay Per Return users can use the Forms Edition. The best example is the W-2 form. You can print a payroll form without setting up payroll and entering transactions.
Did you know an established research paper on Accounting Software In Modern Business has a section claiming: “scientists predicted that the computerization of accounting will continue in the future as managers achieve valuable benefits from it.” Let’s discuss some points in the direction of computerized accounting features.
Features of Drake Accounting Software
Drake Accounting, an accounting software, provides several features and benefits. You must be wondering about the types of benefits you receive while using Drake Accounting. We’ll discuss the features that make Drake Accounting a long-term virtual assistant.
When you install Drake Accounting Software, you get a never-ending list of features that comes with it. Let us have a look at it individually:
Under the Payroll Module, you get live and after-the-fact (ATF) employee payroll which has an access to the internet portal. The customers can access it and initiate the employee payroll, not just initiate it but even track employees' payroll. This module even includes MICR check printing, direct deposits through Kotapay, and e-filling the Form W-2 and 1099-MISC.
The journal transactions followed by Payroll become automatic, and entries can be created from the already entered payroll checks. Doing so will save you keystrokes. Throughout the module, you enjoy unlimited benefits, pay rates, localities, etc. There’s an option of tipping directly or indirectly for all the employees using it.
Accounting Module lets you set up a custom chart of accounts. You can import the charts from clients, or use the templates. While you’re setting up your accounts you’re allowed to change the information as per your convenience, enter your current budget, and starting balances, and export it to the Drake Tax Software.
There are in total five different journals: cash receipts, cash disbursements, general, budget, and payroll. You can make your journal entries in either of the mentioned sections or let Drake Accounting Software do it automatically.
Accounting Module indicates vendor default accounts to the journal. You can even use these vendor defaults for cumulative entries. Accounting Module lets you update your prior year's client information in On The Fly, and bookkeeping including payrolls.
With Drake Accounting you can now print and track payments with more deposit accounts. In simpler terms, you can conveniently use Quick Payments, which involves very little or sometimes no setup at all. Employee and vendor paychecks can be easily deposited in two different accounts.
Accounts Receivable further bifurcates into two options:
- Track Receivable: Through Accounts Receivable, you can send invoices, statements of customers, post customer payments, various penalties, and charges. It even helps track and monitor past-due amounts and tax liabilities.
- Customer Credit: It helps define the limits of individual customer credit and their discounts. Through customer credit, you can even apply a single payment to various invoices.
Setup and Security
- All-in-one setup panel: You can conveniently set up the major modules of Drake Accounting Software in one place, as it has an all-in-one setup panel. The major modules include Accounting, Receivables, Payables, and Employees.
- Paid Preparer: You can pre fill your pieces of information in the state tax and 94x forms by setting up paid preparers.
- Customer Setup and Permissions: You can now set up an owner or administrator for every set of users as required.
- Customization: You can use any logo, your company’s logo, for that matter to set it as a default image when logging into Drake Accounting. Drake Accounting even gives a choice to choose to restrict the modules according to your use.
Importing and Exporting
- Importing: Drake Accounting Software allows you to easily export employees, and clients, from platforms like QuickBooks, Intuit, Sage 50, etc. It even makes the import and export of spreadsheets convenient.
- Exporting To Drake Tax: Drake Accounting even allows you to export data from itself to Drake Tax Software.
Field validation is a necessary step as without it, you’ll not be able to save screens and forms. If you want to complete e-filing your form and other tasks, you need to complete a series of information that appears near the necessary fields in the form of icons.
Ease of Work
Drake Accounting helps ease the daily tasks by saving you time and effort. It is a service that provides its users with employees' information and details of time, which saves you from manually entering the information.
It has a feature called e-signature that allows you to electronically sign the checks, forms, and e-files. The list of documents even includes federal forms, Form W-2, and Form 94x. The e-signature process is authentic and provides security to the data.
Drake Accounting Software helps backup and restore the client data. You may even create several backups of your clients’ data and save them in a secure place. It gives you a choice between either manual backups or automatic backups to protect you from re-doing the work.
How to Install Drake Accounting Software?
Are you struggling to download Drake Accounting software on your system? If yes, then focus on the following section as we have prepared a curated list of steps to download Drake Accounting.
One point to note here is that the installations depend on the type of workstation. Below we’re going to describe how to install DAS on a primary, not so primary, and a P2P workstation so that you can adopt one accordingly.
Installing Drake Accounting on Primary Workstations
- Click on Support.DrakeSoftware.com> Download> Drake Accounting> and choose the version of Drake Accounting that you want to install, for eg: Drake Accounting 2019, 2022, etc., and click on Download.
- Now run DrakeAccounting20YY_Setup.exe
- A section SAP Crystal Reports will appear, when it does, click on Next.
- Carefully read the matter in SAP Reports, and click on I accept the License Agreement> Next.
- Let the SAP Crystal Reports Start Installation screen display, then click on Next.
- Once installed successfully, click on Finish.
- You will see Microsoft SQL Compact Setup, go to the Next option here.
- Go through the license agreement, and click on I accept the terms> Next.
- Click on Install to start installing the SQL Compact Setup.
- Once completed, click on Finish. After this, Net Framework will start downloading.
- Read the license agreement for NET Framework, and click on I accept the license terms> Install.
- Getting done with the prerequisite formalities, click on Next at the Drake Accounting Setup 20YY.
- A display showing IRS Security Summit Notice will appear. Go through it> Next> you’ll see four screens to this notice.
- Thoroughly read the End-User License Agreement and click on I accept the terms in the License Agreement> Next.
- You have two options to choose from 1) Wacom Signature Pad and 2) Topaz or Scriptel Signature Pad.
- Wacom Signature Pad: Under Optional Installations, Go to Wacom Signature Pad SDK.
- Topaz or Scriptel Signature Pad: If you’re using Topaz or Scriptel, you can skip the steps mentioned above as Wacom SDK is only needed when you’re using Wacom Signature Pad.
- You need to verify the drive you’ll install DAS on. If it shows an incorrect drive, go to Browse and choose a suitable drive to install Drake Accounting. If everything is ok, click on Next.
- For creating Drake Accounting Shortcuts, go to Configure Shortcuts and select the place. Then click Next.
- Click on Install, and let it install. Click on Finish when you’re done.
Installing Drake Accounting Software (2019- future) on the not-so primary workstation
- Once you complete the above-mentioned steps, click on Start> File Browser and click on that drive you installed your Drake Accounting on. You can also go to the File Explorer by pressing the Windows key + E.
- Click on the DriveAccounting20YY Folder.
- Go to NWClient.exe and double-click on it> Next.
- Read it and click on the I accept the License Agreement and Next.
- Click on the Browse option, and choose the Drake Accounting Network Drive:
- >DrakeAccounting20YY folder
- >double-click on DrakeAccounting20YY.exe
- >open >next
- Complete the pending process of installation by clicking on Install.
- Let it complete, and click on Finish.
Configuring a Peer-to-Peer (P2P) Drake Accounting Setup2021 and later
The location of Default Drake Accounting 2021 is a folder known as DAS2021Data. This folder is prone to changing as it changes every year. Below are some steps to follow to install DAS 2021 as a P2P setup:
- First, you need to install Drake Accounting on your workstations.
- As discussed above, complete all the prerequisites by the downloading process.
- You’ll have to complete the installation of Drake Accounting 2021 Setup on each system.
- After completing the installation, run Drake Accounting on each workstation.
- You’ll see a Client-Server Screen, click on it> station type icon> choose P2P.
- If you want to transfer files to a location other than DAS2021Data, you can use Transfer Data Files, and transfer files to new locations.
- Save when you’re done.
If you face any trouble while installing or working on Drake AccountingGet Free Trial Now
How to use Drake Accounting Software?
Good software always has a user-friendly interface with easy-to-understand functions. By far, we’ve gained enough experience to realize that basic navigation is always necessary if you’re talking about software and its products. It acts as a guide for people like you (or maybe someone new to this) to understand the complexities better.
So, we’ve tried our best to prepare a Drake Accounting usage navigator, that will help you understand it.
- When you first open Drake Accounting, you’ll see the Client Selector Screen.
- If you click on it, you can make that respective client an active one.
- The places where you can see clients are at top of the Drake Accounting Title Bar, top and the bottom of the Client Selector Grid.
- You’ll see a Data Grid in there which helps you distinguish between the Clients.
- On Drake Accounting, there are clients with missing information. Such clients are highlighted in dark grey color.
- If you click on Missing Client information, a message will be displayed on the screen indicating “There is missing information in the required fields.”
- The Fiscal Year Calendar is displayed at the top of the Client Selector Window.
- You can easily arrange the clients in ascending or descending order by clicking on the Client Code, Client Name, ID Number, and Business Type.
- If you want to enter the Client Code alternatively, you can feed it in the Client Code Box.
- Use the Backup Icon to backup the current client. Backup Icon takes it to the backup path on the Firm Information Setup Screen.
- If you want to add new clients, you can use the icons in the middle, or you can simply Go to Clients> Add. You’ll witness a Rebuild Client List Icon, which only appears when your clients are out of sync.
- DAS even displays the last time an active client backed up everything. It can be seen at the bottom of the Client Selector Window.
- DAS shows you the version of Drake Accounting and Windows you’re using as well as where the program is installed.
- There is a function called Tree View which makes navigation between the modules easy. You can find it on the left side of your windows.
- If you click on the Hamburger button or ctrl+shift+T, you can easily toggle between showing and hiding.
- With DAS, you don’t necessarily have to close the current window before moving to another module. Desire Module> Vendor Setup(Tree View), and Drake Accounting will automatically close the current window and open a new one.
- If DAS notices any unsaved entries on the screen, it prompts you to save them. If you decline, your current changes will be discarded.
- One last item to note here is its Calendar Icon. If there is a Calendar Icon next to Date Field, you can use the Date Picker to activate the Calendar Function.
What Makes Drake Accounting a Good Accounting Software?
Drake Accounting undoubtedly is an extremely helpful platform when we’re talking about business accounting. What we think necessary is to give you all a clear picture of what are the factors contributing to the goodness of this accounting system. So, below we have a list of some factors that make Drake Accounting a good Accounting Software:
Honest and Upfront Pricing
We’re sure you all must know the difference between the price of an item and the process of how it is decided. Drake Accounting Software is a trustable source in this case. It makes sure of providing the required transparency with the prices. So, when you go for Drake Accounting Software you don’t have to worry about purchasing the key features individually. You’ll know what you’re paying for upfront, and the multipliers, so you’ll be easily able to gauge the final pricing of Drake.
Drake Accounting Software has multi-location payroll which makes paying multiple people at one time possible and easy. This highly supportive feature makes the users trust Drake Accounting’s authenticity.
The main advantage of Drake Accounting’s bulk e-filing is that it eliminates the chances of data and record manipulation, giving a more explicit way to data interconnectivity and availability. It helps window dress the display in a favorable way. With bulk e-filing in Drake Accounting, you can easily link or trace data back to the tax-paying units.
Crystal Report Based Financial Statements
Drake Accounting comes with crystal report-based financial statements which provide reports made from a variety of data sources. Owned and developed by SAP, crystal reports help Drake Accounting lessen the codes to write. This is another contributing factor to the goodness of Drake Accounting.
Award-Winning Customer Support
Drake Accounting has an award-winning customer service recognized for its quality services. If you face issues using the Drake Accounting Software, you can simply ping them via emails, phone calls, or even chats. They’re readily available to the customers. To contact them, you can drop an email to [email protected] or directly call them on 828-349-5908.
Who are the Typical Users of Drake Accounting Software?
Drake Accounting is a type of accounting system developed for the comfort of CPAs, Accountants, Bookkeepers, SMBs Owners, and people related to accounting tasks. The features of Drake Accounting make it a recommendable system, so it has a strong client base.
If you’re thinking of installing Drake Accounting, we’ll give you a heads up as it is a good business choice. With its robust features and 24-hours active customer support, it can help you grow better in less time.
Limitations of Drake Accounting Software
Even a system as good as Drake Accounting has some limitations or you can say restrictions to its uses. A License And Non-Disclosure Agreement of Drake Software (2021) clearly states some conditions and restrictions to the use of Drake Accounting Software. Let us closely look at some:
You need to purchase a different licensed copy of the Drake Accounting Software for every EFIN that you use to log in and transmit returns. When you buy a License, it limits the use of your Drake Accounting Software. You cannot use the license if you’re not an authorized user, and according to the conditions, the software cannot be accessed through remote or non-licensed sites.
Buying a license solely will not be enough to provide, disclose, or make available any portion of the Drake Accounting Software. Financial aspects such as pricing, cannot be shared with third parties without Drake’s written consent.
Non-Use of Drake Property
Without Drake’s permission, you cannot use the Drake Accounting License for any kind of marketing, advertising, or any other fame game. So, in a nutshell, you’re not allowed to use Drake’s trademarks, logos, or product names (such as Drake Accounting Software) for your use.
One of the most important restrictions of Drake Accounting is the limitation of its usage. Drake Accounting Software may only be used for commercial Bookkeeping, preparing federal and state forms, and alike tasks. The License And Non-Disclosure Agreement mentions in capital letters that “ALL OTHER USES ARE EXPRESSLY PROHIBITED.”
Is Drake Accounting Cloud-Based Software?
A clear answer to this question is NO! Drake Accounting Software is not a cloud-based accounting system. Drake Accounting is an accounting and payroll application with various benefits like double-entry accounting.
However, you can host the Drake Applications in the cloud and give your business flexibility and continuation from everywhere.
We know how taking care of business accounting is a daunting task. Nobody wants to spend hours and hours on conventional on-paper accounting. However, if a suitable solution comes to the rescue, you can easily pull yourself out of this trouble. Drake Accounting, in this case, is the most suitable option. We tried our best to explain the Drake Accounting Software to its core. Our blog consists of every information you might need when installing or using Drake Accounting. If you’re still unsure about something, or if you think the concept is unsettling, you can contact our support team at any time, and we’ll be assisting you happily.