Careful record keeping throughout a reporting period should result in a 702 that is ready for filing. Many wineries which file quarterly or yearly will run a “sample” 702 at the end of each month, having no intention of filing it. This is simply a means of ensuring errors are caught and corrected early so that creation of the full period 702 is far less likely to contain errors that may involve many hours of research.
Even with perfect record keeping, you may still need to edit the preliminary 702. For example, you may need to add explanations of losses in Section X.
Reminder: there are some circumstances where you must manually move gallons around due to data entry errors that cannot be corrected in system. If you move data from one line or column to another, you will need to manually adjust other cells, including your sub-totals and totals. You will also need to continue to adjust your beginning balances for subsequent reporting periods until such time as the product (bulk or bottled) is dispatched in full and the inventory goes to zero. If you have questions, consult with your Compliance Officer, your legal adviser or the TTB.
Reminder: if you are reporting spirits, you must do so as proof gallons and not gallons by volume. Click here for the article on handling spirits. Click here for the TTB FAQ for proof gallons. Convert your gallons by volume into proof gallons and enter in section PART III – SUMMARY OF DISTILLED SPIRITS (Proof Gallons).
Once you are satisfied, run the final version and submit via your normal means.