Setting up Form 480.7

Use Form 480.7 to track contractor's contributions to an Individual Retirement Account (IRA). You may enter this data at the end of the year in one lump, or throughout the year as payments are made.

1. From the Data Entry menu, click Contractors to complete the Individual Retirement Account form.
2. Select the company from the Company drop-down menu in the top-right corner of the screen.
3. Select the contractor from the list or perform a search if the list is too long.
4. Click the tab 7.

5. Click the Add button on the toolbar, or click File > New Pay.
6. Enter the date of the payment in the Pay Date field. The year must be the same as the year shown in File > Setup defaults > System Setup. Otherwise, the data will display an alert message.
7. Complete the fields. For instructions on how to complete this form, click here and search for this form.

8. On fields 11A through 11J enter the breakdown of amounts distributed.
9. Select an option from the Report to area to preview and print a report.
10. Click the Save button on the toolbar or click File > Save Changes.

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