Correcting Overlooked Accrued Received Goods Reversals
Dear AccountMate Clients,
I always say that working with Accrued Received Goods is the time to be “sitting up straight” in your chair. However, despite your best posture, sometimes mistakes are made. If a payable is entered without picking up the ARG that should have been captured, a corrective action needs to be made in the system as soon as the error is discovered.
While it’s possible to tweak the data from the back-end, it is preferable to make the correction through the AccountMate “front end” by creating a dummy invoice for the same amount, an equivalent dummy debit invoice, and printing a zero dollar check.
AccountMate has just released a Tech Note detailing the steps to correct overlooked Accrued Received Goods (see below). Please read it carefully and call us with any questions.
Regards,
Kevin E. Stroud
NexLAN, LLC
https://nexlan.com
AccountMate 6.5 for LAN Build LN602 Ships Today
The first new build for AccountMate 6.5 for LAN will begin shipping today to end-users with an active support plan.
This build update includes enhancements to the Inventory Transaction Log, inventory valuation for FIFO/LIFO cost items, data sorting options when performing Bank Reconciliation, and Cancel Shipment and Cancel Received Goods functions, among others, including:
- Sample data updated to 2006, prior fiscal year is 2005, and next fiscal year is 2007
- Generate Inventory Transaction Log Report in Details or Subtotal type
- Enhanced Inventory Valuation for FIFO/LIFO Inventory Items shipped when On-hand Quantity is zero or negative
- Ability to change sort order of records during bank reconciliation
- New report options to Include Print Serial, Lot, or Kit # for SO Packing Slip Report
- Allow a user to specify a Void Date when canceling shipment and canceling received goods
- Resolve Online Help issue due to the Microsoft Windows Security Update
A complete list of bug fixes (by module) is available here.
NexLAN generally recommends updating every other build unless there are major bug fixes or feature enhancements that your business requires. If you are on an active support plan and are currently running AccountMate 6.5 for LAN build 601, please call us to discuss upgrading to this build or holding off for the next update.
If you are not on an active support plan, please contact us for pricing on re-establishing an active support plan so that you can take advantage of build releases.
If you are still running LAN 5, remember that manufacturer’s support of your version will be ending this summer. We have already contacted you regarding a plan to get your system onto the current version. If we have not solidified upgrade plans, please contact us to continue our conversation.
Tech Note
The Accrue Received Goods feature allows you to update your inventory value upon receipt of your orders instead of waiting until you receive the vendor’s invoice to do so. To account for the timing difference, the liability is posted against an accrual account when the items are received. This accrual must be reversed against Accounts Payable when posting the vendor’s invoice to avoid overstating your expense and payable balances. Occasionally, you may overlook this step and not discover the mistake until after the related AP invoice has been paid. This week’s TechNote discusses how to correct any un-reversed accruals on paid invoices.
Article 1208: Correcting Overlooked Accrued Received Goods Reversals on Paid AP Invoices
Technical Tips
Version: AM6.5 for SQL and MSDE
AM6.5 for LAN
Module: AR, SO
Q: I copied an existing inventory item record to create a new record. Why was the revenue code assigned to the existing inventory item type not copied to the new inventory item record? I did not assign an Inventory Type to the new item record.
A: The Track Revenue By setting in the General (2) tab of the AR/SO Module Setup function is set to track either by Customer or Salesperson. To copy the revenue code from an existing item record, be sure that revenue is tracked by Inventory.
Version: AM6.5 for SQL and MSDE
AM6.5 for LAN
VAM/LAN Version 5
Module: AR, SO, PO, IC, MI, RA, RV (The RA and RV modules are available only in AM6.5 for SQL and MSDE)
Q: In Inventory Maintenance, why are the Reorder Point and Reorder Qty fields blank in some items when I switch to a different warehouse?
A: The Reorder Point and Reorder Qty values are set up for each warehouse assigned to the inventory item. For each item warehouse record, you may provide the relevant values in these fields or leave them blank.
Version: AM6.5 for SQL and MSDE
AM6.5 for LAN
Module:
Q: How can I add a newly created desktop shortcut to the shortcut pane?
A: To add a shortcut to your shortcut pane, follow these steps:
- Highlight My Programs in the Shortcut Pane.
- Right click and select Import Desktop Shortcuts.
- Select and mark the checkbox of your desired shortcut.
- Click the OK button.
Version: AM6.5 for SQL and MSDE
AM6.5 for LAN
Module: SO, IC
Q: How do I restock a disassembled kit item’s components into a bin that is different from the one from which the components were originally shipped?
A: In the Disassemble Customized Kit Item or Disassemble Kit Item functions, specify the restocking bin into which you want the components to be stored.
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