Dear AccountMate Clients,
On behalf of everyone at NexLAN, I’d like to wish you a happy holiday season and a prosperous 2005.
During the next few weeks, we will continue to maintain regular office hours: Monday through Friday, 8am to 5pm. We plan to be closed on Christmas Eve (Friday, December 24th) and New Year’s Eve (Friday, December 31st). Please email us if you do not have a recent copy of our emergency contact sheet.
Happy Holidays,
Kevin E. Stroud
NexLAN, LLC
Upcoming Payroll Update
We anticipate sending download instructions for the 2005 Payroll Update on/about December 27th, or as soon as AccountMate makes it available. Remember: the update must be installed after the last payroll run of 2004, andafter performing the month- and year-end closing, but before the first payroll run of 2005! Please contact us if you’d like us to install the update for you.
Since the AccountMate software doesn’t maintain transactional payroll detail for the prior year, we recommend creating an additional “company” specifically to hold your 2004 payroll data. By copying data into this “dummy” company, you can close the year in your actual company without losing access to the details of your prior year’s payroll.
Year-End Closing
Whether this is your first year-end closing or if you’ve been through this process before, remember that NexLAN is never more than a phone call away! Also, we’re happy to provide you with written procedures for month- and year-end closing. Just hit <reply> to this message and request our latest info.
TechNote
Many companies offer their employees the option to choose to receive payment of their wages in the form of an electronic funds transfer as opposed to a check*. When the employee’s entire net pay is paid electronically, AccountMate generates a check with a zero (0) amount and reduces the Cash account balance in the General Ledger (GL) module by the amount defined when the payroll process is completed. The Bank Reconciliation (BR) module, however, shows only the checks with positive, non-zero amounts; thus, electronic payment checks with zero amounts do not appear for cancellation during bank reconciliation. Consequently, the Cash account balances in the BR and GL modules are inconsistent.
This week’s TechNote discusses the effects of printing zero-amount checks when processing electronic payments, the journal entries that are generated, and the procedures to reconcile the Cash account balances in the GL and BR modules.
Article 1156: How to Reconcile Cash Account Balance in GL and BR for Electronic Payments
Jim Yuelapwan
Director of Technical Services
AccountMate Software Corporation
*If you’re interested in extending this option to your employees, check out NexPRACH, an AccountMate enhancement designed by NexLAN. It allows you all of the simplicity of direct deposit without having to pay an electronic payroll distributor.
Technical Tips
Platform/Version: AccountMate Version 6.0/6.5; VAM/LAN Version 5
Module: AR
Q: Where do I define the aging range for my receivables?
A: Access the AR Module Setup function, General (1) tab and enter in the Aging Range area the desired number of days for which you want to age invoices by placing a number in each of the four fields.
Platform/Version: AccountMate Version 6.0/6.5; VAM/LAN Version 5
Module: AP, PO
Q. When I attempted to save a vendor record, I encountered the message, “Vendor Customer # has not been entered.” Why is it a required field?
A. The Customer # field is required if the Enable PO Export feature is activated for the vendor.
Platform/Version: AccountMate Version 6.0/6.5; VAM/LAN Version 5
Module: PR
Q. How do I allocate the employer PR tax expense to multiple GL Accounts?
A. Assign a percentage of the allocation to various PR Tax Expense GL Accounts in the GL Accounts tab of the Employee Maintenance function.
Platform/Version: AccountMate Version 6.0/6.5 and VAM/LAN Version 5
Module: PR
Q: Where do I define the overtime factor?
A: Enter the overtime factor for eligible salaried, hourly and time card employees in the General (1) tab of the PR Module Setup function.
Subscription
If there is someone else in your office who would like to subscribe to this NexLAN/AccountMate newsletter, please email newsletter@nexlan.com.
If you received this technical newsletter in error or if you would like to unsubscribe, send an email to newsletter@nexlan.com.
