Dear AccountMate Clients,
Whether you’re a distributor, manufacturer, service or non-profit company you have fixed assets that you’re tracking for tax and depreciation purposes – so we receive lots of inquiries regarding an application to address this.
For many vertical solutions, AccountMate takes a “best of breed” approach – rather than writing a complex niche application, we integrate with EXCELLENT, mature and highly functional existing options and that’s the case with fixed asset tracking and depreciation where we’ve recently been implementing Bassets Fixed Asset System with GREAT results.
An award-winning application from a company with a solid reputation of more than 20 years, the application supports more than a dozen depreciation methods and is available sized (and priced!) to fit many different size companies, based on the number of assets to track. Of course it seamlessly integrates with the AccountMate GL module, and for most of you reading this, the version of the application costs no more than a regular module of AccountMate!
Don’t hesitate to call us for additional information and a personalized demo. If we move quickly then we can have everything set up (including importing information from your spreadsheets <grin>) by the start of the new year!
On the running front, am almost completely recovered from plantar fasciitis (painful tendons in the arch of the foot) – and am now recovering from falling down a huge hill too! I’m the Race Director of a 7½ mile trail run every September and I ran the course multiple times the day before to mark it with flagging tape and then to place mile-marker signs. During the lap with my hands full of signs, more tape, and spray paint, I was heading down a huge hill when I caught my foot on a root and then body-surfed to the bottom – cleverly slowing my descent with my head against rocks and roots on the way! By the time I finally came to a stop, I was was scraped from head to toe and bleeding profusely from two major hits to the head. Nothing too serious though as I “bandaged” myself with a McDonald’s napkin and finished the rest of the lap placing signs. Ribs are still sore and skin is slowly healing – but neither have impacted my 70 miles/week marathon training plan for Jacksonville, Florida in December.
Regards,
Kevin E. Stroud
NexLAN, LLC
https://nexlan.com
Tech Note: Reconciling AR Aging Report with the Accounts Receivable GL Account Balance
A company’s receivables are among its most critical assets. These undergo close scrutiny not only by the company’s management, but also by third parties such as potential creditors and investors. A careful reconciliation of outstanding customer balances against the receivable GL account balance is instrumental to efficient and effective financial reporting.
Article 1187: Reconciling AR Aging Report with the Accounts Receivable GL Account Balance
Tech Note: Understanding How Physical Count Variances Affect Inventory Costs
Product-oriented companies often conduct periodic inventory counts to ensure that inventory items are properly accounted for and inventory valuation is accurate. Sometimes there may be a variance between the recorded and the actual on-hand quantity of an inventory item. In AccountMate, the system adjusts the on-hand quantity and inventory cost, depending upon the type of physical count variance.
This technical note discusses the computation of the inventory cost adjustment and the adjusted inventory cost.
Article 1151: Understanding How Physical Count Variances Affect Inventory Costs
Tech Note: Reconciling the AP Past-Due Aging Report and Accounts Payable GL Account
The AP Aging Report and the GL Listing are among the most useful tools available for reconciling the vendor ledger balances and the GL Account ID balances. In order to fully benefit from these reports it is important for you to understand how various transactions affect the AP Aging Reports; how the selection of GL Account IDs that you assign in various Maintenance functions affects the generation of correct journal entries; and how important it is to properly set up the report date ranges and other filter criteria to include all data required for an effective reconciliation.
This article discusses how you can use the Past-Due Aging Report and General Ledger Listing during the AP reconciliation processes. It also provides tips for reconciling vendor balances
Article 1152: Reconciling the AP Past-Due Aging Report and Accounts Payable GL Account
Technical Tips
Versions: AM8 for SQL and Express
AM7 for SQL, Express and LAN
AM6.5 for SQL, MSDE and LAN
Module: GL
Q: How can I change the GL Account Segment Definition Description?
A: Perform either of the following:
1. Access Setup ► Company Setup in the Administrator program.
2. Select the company that you want to change the GL Account Segment Definition Description in the Company Setup window; then, click Edit.
3. Access the 3rd Edit Company window ► GL Account Segment Definition area; then, make necessary changes in the Description field.
4. Click Save; or
1. Access the company dropdown list in the main program; then, select the company for which you want to change the GL Account Segment Definition Description.
2. Access the Redefine GL Account Segment function in the General Ledger ► Housekeeping menu; then, make the necessary changes in the Description field.
3. When asked to save the changes, click Yes.
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Versions: AM8 for SQL and Express
AM7 for SQL, Express and LAN
AM6.5 for SQL, MSDE and LAN
Module: AP
Q: I attempted to use the Apply Payment function to post a payment for a credit card vendor; however, when I entered the credit card vendor# in the Vendor # field no invoices were shown in the grid. Why?
A: Before you can use the Apply Payment function to post the payment you must first use the Post Credit Card Payment function and ensure that you post credit card payments to all AP invoices under this credit card vendor.
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Versions: AM8 for SQL and Express
AM7 for SQL, Express and LAN
AM6.5 for SQL, MSDE and LAN
Module: BR
TIP: When you change in the Bank Account Maintenance -> Information tab -> either the Account # or Bank Routing #, AccountMate regenerates the values in the Custom Check Setup window -> Fractional Routing Number Line 1 and Line 2 fields.
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