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Happy Holidays - from our house to yours 
We
would like to take a moment during this very hectic
time of year to wish you and your family a healthy,
peaceful, and safe holiday season.
As we
enter the New Year together please know we are here
to assist you with your accounting needs, whether
you are growing or scaling back.
Best
wishes for a prosperous new year in 2010!
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Year
End Updates
The 2009/2010 Payroll Year
End Tax Updates will be
available the week of
December 14th. Contact us to
schedule installing these.
To assist you in
your year-end procedures, we’ve compiled a checklist
to help (click below to download).
TRAVERSE Checklist
OSAS
Checklist
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Open Invoice vs ATB
The
Open Invoice Report lists all invoices that are due
by the invoice due date that you select. This report
simply lists those invoices that meet the due date
criteria. The report does not tell you what is owed
at a particular time in the past.
The
Aged Trial Balance allows you to select a time
period in the past, as long as the Open Invoice Data
is still in the Open Invoice File.
The
best way to ‘reconcile’ your General Ledger Accounts
for Accounts Receivable and Accounts Payable to the
subsidiary files is to run the Aged Trial Balance by
PERIOD.
Selecting to run by Period rather than by date will
allow you to correctly pick up invoices whose dates
have been changed and do not match the GL
Period.
If you
purged all paid invoices at year end through 01/2010
this report will be clean and match your General
Ledger amounts. Even if you did not purge all paid
invoices out at year end you can still get this ATB
to reflect all the invoices that were unpaid at year
end and list only paid invoices you want.
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Payroll Bonus Runs
If you
are wanting to process a separate run for bonus
checks that you do not want any deductions taken
from, when you Calculate Checks use Pay Code 6. This
will only take out taxes and no deductions.
If you
want to adjust the Federal and State Withholdings
you can enter Manual checks after you have
calculated them and change the FWH and SWH
withholding amount to either zero or what other
dollar amount you wish to withhold.
If you
don't want to enter a separate Payroll run and just
want to process your Bonus checks as a separate
check within your regular payroll run you can enter
a different ‘Sequence’ number in Time Ticket Entry.
This will produce a second check for the Bonus.
Enter Manual Checks after calculating the checks and
adjust FWH or SWH withholdings if necessary. You can
also adjust any deductions to zero. Remember to
‘Recalculate’ the check if you have adjusted any
‘tax deferred’ deductions such as 401K or ‘pretax’
insurances or HSA’s.
Never
change amounts for MED OAS EME or EOA as these
amounts are set by the Government and reflect on
your 941 report and W2’s.
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Proofing Your Financial Statements
As new
General Ledger accounts are added during the year
it’s possible that an account has been added to the
Chart of Accounts and Segments, but has not been
added to be included in the Balance Sheet or Income
Statement.
To
insure that all accounts are included in all the
statements they should be print the Income Statement
and the Balance Sheet for a particular period and
compare the Year To Date Income/Loss amount on the
Income Statement to the Year to Date Income/Loss on
the Balance Sheet. If these figures are different
then you most likely are missing a Revenue or
Expense account from your Income Statement.
To
narrow down what account(s) are missing, create a
new content file called TEST and enter as ’account
detail’ (AD) all your Revenue accounts on one line.
Total these on the next line in Column 2 reversing
the sign. On the third line enter as ‘account
detail’ (AD) all your expense accounts and put the
totals in Column 1 and Column 2. The fourth line
will total the expense accounts found in Column
1(T1). The last line will total everything in Column
2 (T2) (reverse the sign). Build a Statement using
the same Statement Layout you use for your current
Income Statement and use the TEST as the content
file. When printed you now have the total of all
your revenue accounts, compare this to your Income
Statement, and compare the total expenses to your
Income statement. This will tell you whether you are
missing a revenue or expense account. Scan through
your Trial Balance for the same period and look for
the missing amount(s). Then add the account to your
Income Statement Content File.
This
procedure can be tedious and you can simplify your
search by running Trial Balances based upon
Divisions or Departments to assist in narrowing down
the account.
You
can also print out the content file from Master
Lists for the income statement and compare all the
accounts listed on it to the accounts listed on the
trial balance.
If
your Balance Sheet shows your total Assets do not
match your total Liabilities and Capital you can
narrow down where your problem is by running a Trial
Balance for the same period with the beginning
account the first Asset account in your Chart of
Accounts and the last Asset account as the ending
account. This will give you a total of all assets.
Subtract the credit amount from the debit amount.
This total should equal your ‘Total Assets’. Next
run the Trial Balance beginning with the first
Liability account and ending with the last Capital
Account. This total when debits are subtracted from
credits will equal the total of the Liabilities and
Equity less YTD Income on the Balance Sheet.
If you
still have not found the exact account(s) that are
missing or duplicated print out the Balance Sheet
and/or Income Statement, the Trial Balance and the
Statement Content File List and add up the figures
from the Trial Balance that are listed on the
Statement Content File and compare the amounts on
the respective Financial Statement.
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Keeping Control Of Your Purchases
When
you ordered those pads of Purchase Order forms did
you think it would take care of all the issues
involved with controlling your purchases?
In
these times of economic stress you need control over
what is being ordered, what is being received and
the dollar amounts of purchases you are committing
to.
When
an order is placed and entered into the system the
actual Purchase Order can then be printed, emailed,
or faxed to the vendor. If an Inventory Item is
involved it will flag that Item with the quantity
that has been ordered. Using ‘requested ship dates’
will allow you to run reports based upon when you
should expect delivery of these
purchases.
When
the item is received it will update Inventory with
the quantity received as ‘on-hand’. If the
‘accruals’ are turned on it will also update the
General Ledger account number for ‘received but not
invoiced’ inventory.
Upon
receipt of the invoice the accounting department can
then compare the cost of the Purchase Order to the
cost on the invoice and approve the purchase if they
match, if there is a discrepancy it will become
immediately apparent and can be researched before
the invoice is approved for payment.
At any
point in time you can run the Open Order Report to
see a summary or detail of all the purchases that
are on file and their status.
The
Purchase Order along with the Sales Order
application allows you to actually place an order or
a requisition directly from Sales Order into
Purchase Order.
Keeping control of your Inventory by keeping control
of your purchases can save your Company thousands of
dollars in just a short time. Call for a free demo
of the Purchase Order application.
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Contact Us
Maple Business Software Consulting LLC
59113
Timber Trail
Goshen, IN 46528
574-742-9241 - Office
574-312-8056 - Cell
574-975-2755 - Fax Number
email:
rvandaele@maplebusinesssoftware.com
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