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Monday, February 21, 2011

Relevant Feature Fact (RFF, for you acronym fans)

As we roll into late February – early March, you’ll probably start seeing more complicated returns come across your desk. With these returns you may encounter situations where you need to enter the same information in different ways so you can figure out the best tax treatment for your client. Drake Software helps you do this by allowing you to create a copy of a client’s tax return at any point in the preparation process, so you can test various tax scenarios. There is no limit to the number of scenarios that can be created, and restoring any saved scenario is easy.

To save a return in its current state:

1. After opening the return, click View or Print on the toolbar.

2. Click Archive on the toolbar, then select Archive Client Return.

3. Enter a description for the return that will help you identify it later. Warning: Rushing through this step, without carefully choosing a descriptive name for the archive, will come back to bite you later.

4. You now have a saved a copy of the return in its current state. Any changes made to the return will not affect the saved scenario.

To restore an archived return:

1. After opening the return, click View or Print on the toolbar.

2. Click Archive on the toolbar, then select Archive Manager.

3. Select the return scenario you wish to restore by clicking on it in the list provided. Note: Here is where your carefully chosen description comes in handy.

4. Click Restore on the toolbar. Important: You’ll be prompted to archive the return in its current state before replacing it with your archived copy. We recommend that you create a new archive if you have made any changes to the return. You can always delete the archive later if it isn’t needed.

5. When the restore process is complete, click Exit to close the Archive Manager.

6. You now have a restored copy of the return in the scenario you saved it in.

This feature is also useful when preparing amended returns.

All archived returns are stored in the Drake Document Manager.