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Handling Deposits
Rather than entering deposits onto a Customer’s
account you can set up a General Ledger Accounts
called ‘Customer Deposits’ that is a current
liability. Enter the cash receipt without a
customer using the Customer Deposits Account you
set up. As the invoice number enter the
customer’s ID. This will post a debit to cash
and a credit to the liability.
Set up a Method of Payment called DEP that is a
write off and use the Customer Deposit GL
Account. When the Customer is invoiced you can
apply the deposit to the invoice using the DEP
method of payment.
Now the invoice shows total amount invoiced,
deposit applied, and amount due. This posts a
debit to the Customer Deposit account and shows
the customer ID as well as invoice number.
Reconciling the Customer Deposit Account is
quite simple since you can see the customer ID
as credits and debits.
Writing Off Sales Tax
It is very tempting to set up a Method of
Payment that uses the Sales Tax GL account
number to credit the invoice. Note that this
will correct your General Ledger for Sales Tax
Payable but it will not make corrections to the
Sales Tax Report that you probably run monthly.
In order for the Sales Tax Report to be accurate
you will need to credit memo the original
invoice and re-invoice without Sales Tax. This
will reduce the taxable sales amount, increase
the non-taxable sales amount and reduce the
sales tax liability. Remember to use the same
invoice number the credit memo and the
re-invoice.
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Paid Invoices appearing on ATB
Have you ever noticed invoices that you were
sure were paid by your customer appearing on
the ATB? How can that be? It all has to do
with dates and timing. Run your ATB using
different dates and this may bring in the
payments that you know were made and
applied. It is also possible that your
fingers slipped when entering the cash
receipt and that it went to a future date.
If this is the case you can reverse these
payments in Cash Receipts using the wrong
future date and you can then reenter them
using the correct date. Or, when you purge
your ’Paid Invoices’ during month end
processing you can use a date in the future
past the date you entered the cash receipts
and it will clear out these paid invoices.
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Customer’s check comes back NSF
You can put these invoices back into the Open
Invoice file by entering a negative cash receipt
and using the same invoice number as the
original invoice. This will credit your cash to
match the bank and debit Accounts Receivable.
Just note that these invoices will appear in the
unapplied column.
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Conference was a Success!
Last
month both the Partner and the Customer
Excellence Conferences were held back to back at
South Point Casino in Las Vegas. Maple Business
Software Consulting, LLC was presented a ‘Top
Achiever’ award for their sales from June 2009
thru August 2010. I want to thank all of you
for your trust in me during the last three
years. Proudly we came in at number 21. There
was a Customer Excellence Conference after the
Partners Conference. Clients were able to see
the new TRAVERSE 11 and OSAS 7.6 features as
well as attend break out classes in most all
applications. The entertainment was a 70’s band
‘Boogie Knights’. Many people turned out in 70’s
era dress. Everything from leisure suits,
platform shoes, and hippie garb. A good time was
had by all. Hope to see you next year.
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Check Saver
When you print your Accounts Payable checks you
have the option of allowing ‘overflow’ invoices
(those over 8) to flow onto the next check or
checks and void them, or to print all of your
checks and then prompt you to load paper so that
you can print the remittance advice on paper
rather than voiding the next check.
This money saving feature is very handy when you
have vendors that you pay multiple invoices to
on the same check.
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Small Business Health Care Tax Credit
For the tax years 2010-2013 the maximum credit
is 35 percent of premiums paid by eligible small
business employers and 25 per cent of premiums
paid by eligible employers that are tax-exempt
organizations. Does your business qualify for
this tax credit? There are three simple steps
you can follow to determine if your small
business is eligible:
1. Determine
the total number of your employees (not counting
owners or family members) This would be both
full time (40) hours and full-time equivalent of
part time employees. If the total of these two
added together is fewer than 25 then
2. Calculate
the average annual wages of employees (not
counting owners or family members)- Total annual
wages divided by number of employees
3. If
the result of #2 is less than $50,000.00 AND you
as the employer pay at least half of the
insurance premiums at the single (employee-only)
coverage rate then you may be able to claim the
Small Business Health Care
Tax Credit.
To find out if you qualify or to obtain
additional information visit the Small Business
Health Care Tax Credit for Small Employers page
at www.irs.gov.
orts
in AP or AR you can go to Setup and Maintenance,
Batch Codes. To the right of your batch you can
see each of the reports and the status of the
reports or checks. The status’ are Not
Applicable, Not Printed, Printed, or Reprint.
In the case of the invoices that net to zero, if
you have printed all your other checks you can
manually change the status from Prepared to
Printed and you will be allowed to post.
Whenever you get the message that certain
reports have not been printed always go back and
check to see which reports have not been run and
run them. If you are certain you have all your
reports you can change the status yourself and
then post.
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