The NY CF-01 report can be a complicated report to get right. Below are some common questions or issues and what needs to be done to ensure the data appears on the report correctly.
Business types matter. We suggest using the Set Business Type AI option to cover your bases. For records with LLC, Inc., or LLP in the title but no Business Type has been set, AI will automatically set this for you. Again, this has a significant benefit for NY reporting.
When it comes to entity types, New York has entities like PLLCs and PLLPs. They are reported the same as LLCs and LLPs, respectively, so there will be no difference in data entry.
Monetary Contributions from LLCs, Partnerships, or LLPs. These transaction types need to report their ownership or partnership shares. This is done by adding Splits to each partner or owner based on the percentage of partnership or ownership. Be sure to create new records for the partners and attribute the Splits to those records rather than to the LLP or LLC and leaving a note.
Please note if the data entry is correct, you'll see these appear on Schedule O (Partners/Subcontractors) on the report.
Reimbursements. These need to be made to the reimbursee with Reporting Code REIMB. The items being reimbursed should then be added as Splits and all of them should have Reporting Code R-DET.
Transaction Methods. Be sure to select a transaction method for any monetary transactions, as required by the NYBOE. If you are unsure or if none of the transaction methods apply, include an explanation why in your compliance note.
Transaction Numbers: New York is a bit different in regards to transaction numbers. They use "Check Number" as a kind of transaction number, and it's often used to "link" transactions together, like expenses and splits.
We provide a "check number" for each transaction in addition to the method. So on the e-file, this transaction would look like "WXF12345." The "WXF" indicates it's a wire transfer, and the "1013" would be the transaction ID, which pulls to the report as "Check Number."