Dear AccountMate Clients;

We’ve added quite a few new clients to our NexLAN/AccountMate NewsLine in the past few months and want to be sure everyone is aware that all previous NewsLines are available online.

We strive to provide timely and relevant information to keeping your AccountMate financial management system pro-actively running as smoothly as possible, and to that end we provide writeups, white papers, and general Q&A style information that are beneficial.

One of the things we ran into quite a few times while assisting with year end closings was some clients aren’t regularly closing their monthly fiscal periods, and aren’t confirming their balance sheet accounts during the year.

Even though it’s not required to close periods during the year, it helps your system run faster and simplifies looking for errant entries when they’re being checked periodically throughout the year.

We have some great information located in the archives including month end closing procedures in a checklist format, which you can download for SQL/MSDE-based systems <here> or for LAN-based system <here>.  While we usually provide documents in Adobe PDF format, these are Microsoft Word documents and we encourage you to customize the checklist to your specific installation.

Finally, as many of you know, I’m an avid runner and took a short mid-January vacation to Disney World where I ran “The Goofy Double”, which consists of a 13.1 mile half-marathon on Saturday followed by a 26.2 mile marathon on Sunday.  My training is really pointing towards my return to The Boston Marathon in April, so I treated these as “training runs”, but am still happy with my results – finishing 91st out of 16,800 runners in the half, and then cruising through the full to finish 425th out of more than 19,000 registered runners.  This weekend I’m enjoying a local 28.4 mile ultra-marathon through our new-fallen 6″ of snow, and hope everyone gets a chance to enjoy winter so viscerally!

Regards,

Kevin E. Stroud
NexLAN, LLC
https://nexlan.com


AccountMate in Accounting Today’s Top 100!

Accounting Today recently selected AccountMate 7 for SQL as one of the Top 100 Products. The product appeared in the “High End Mid-Market Accounting” category and highlighted some of the most recent enhancements.

It’s always great to know that independent industry experts regard the product your business depends on so highly!


Payroll MagMedia Update

The MagMedia utility to create payroll data for electronic submission to the IRS, required for companies filing W-2s for more than 250 employees, will be released in February.  The electronic submission is required to be filed by March 31, so rest assured the release will be done in plenty of time to meet that deadline.


Technical Tips

Version:  AM7 for SQL and Express
AM6.5 for SQL and MSDE
AM6.5 for LAN

Module:  AP

Q: I need to void a paid invoice which check had never been cashed; however, the vendor record was already archived after performing period-end closing, as it was a temporary vendor. How can I resolve this?

A: To void an invoice for an archived temporary vendor, simply follow these steps:

  1. Un-archive the vendor record. Access the Vendor Maintenance function, click the Archived Vendors Lookup button beside the Vendor # field and select the vendor record that you wish to un-archive.
  2. Once the vendor record has been un-archived, void the check payment using the Void Check function in the Maintenance menu.
  3. Lastly, void the invoice with the Amend AP Invoice option in the AP Invoice Transactions function.

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Version:  AM7 for SQL and Express
AM6.5 for SQL and MSDE
AM6.5 for LAN

Module:  GL

Q: What is the best way to set up the GL Account beginning balances? 

A: To set up GL Account beginning balances, you can either create a journal entry batch using the Journal Entry Transactions function or import a journal entry batch using the Import Journal Entry function; then, post the journal entry batch. We recommend that you use the last day of the immediately preceding fiscal period for the journal entry transaction date.

For example, if you want to set up GL Account beginning balances for the current fiscal year that spans from January 1, 2008 to December 31, 2008, use the transaction date of December 31, 2007. Use the description “Beginning Balances” for this journal entry batch to distinguish this transaction from the regular journal entries. When you subsequently generate the General Ledger Listing for the period that includes the first day of the current fiscal year, the report will show the GL Account beginning balances as “B/Fwd for 2008” with the description “Adjusted Begin. Balance for 2008.”


Subscription Information

If there is someone else in your office who would like to receive this NewsLine, please email newsletter@nexlan.com.  In the meantime, browse through our archives.