Implementing the Bank Reconciliation Module

In Bank Reconciliation by Kevin Stroud

Dear AccountMate Clients,

We’ve set up the Bank Reconciliation module for several clients recently—which brings great functionality and is an easy addition to any AccountMate system—so here’s an overview of the benefits and implementation for anyone who isn’t already using it.

Of course the Bank Reconciliation module provides a user friendly means of reconciling your bank statement (which may even be automated by importing files from your bank), but it’s a reliable means of validating your balance sheet, reducing the number of Journal Entries, and creating Positive Pay files (required by many banks for fraud protection, this is a list of checks you’ve written so they know which ones to clear). The most immediate benefits most clients see, though, is clear instant visibility to your cash position without having to refer to Excel spreadsheets which may or may not be up to date.

If you’re not already licensed for it, the module is a flat price regardless of your concurrent user count and we typically implement in two hours of NexLAN billable time.

In the first hour, we provide training—in your system with your transactions—to demonstrate how Accounts Payable and Payroll checks flow automatically into the Bank Reconciliation module, how Accounts Receivable cash receipts get recorded as Bank Deposits, how miscellaneous items (like bank fees and interest income) get entered as “Other Disbursements” and “Other Receipts” (automatically hitting GL), and the actual reconciliation process.

You’ll then be ready to reconcile your first bank statement—with perhaps a little free NexLAN telephone and email support. I expect you’ll also have numerous historical transactions which cleared prior to your bank statement so, in the second hour, we’ll clear out those historical transactions so your subsequent reconciliations will be even easier.

In short, implementing the Bank Reconciliation is an inexpensive and simple way to expand the functionality of your existing AccountMate system in critical ways—so give us a call to discuss the details.

Finally, a heads up, the next release of AccountMate/LAN—which will be V10.2 for that platform—is expected to be announced in June. We’ll have full details in our next NewsLine, and the registration link for the new function webinar has already been published here. Will see you there!


Kevin E. Stroud

HubSpot CRM Webinar

One of the top CRM (Customer Relationship Management) platforms is HubSpot, and now you can enjoy its power integrated with AccountMate/SQL!

HubSpot provides full-featured management of companies, contacts, prospects, actions, notes, reminders, appointments, integrated email, quotes, sales, inventory analysis, pipeline management, analysis/reporting and more. Most importantly, HubSpot is Internet-based, so it’s run-anywhere, and available with low-cost subscription pricing.

The deep bi-directional integration is provided by RDI-Link so that HubSpot performs as a “module” of your AccountMate system.
Join us for a demo of HubSpot and the RDI-Link on Wednesday, June 24th, noon to 1pm CDT by clicking the link here.

AccountMate Training Classes

Due to recent events, the next Core Product Training class will be presented online only. Sessions will broken into morning and afternoon sessions Monday through Friday, with the next dates Monday, June 8th, through Friday, June 19th.

The online format provides the flexibility to attend all sessions, or only those that apply to you and your business.  To help you decide which session(s) to attend, see the course description here and Course Outline here.

Cost is $300 per session or $2,500 for all sessions, but remember you receive one seat per year to a complete set of sessions with your Lifecycle subscription.

Finally, if you have special training needs—maybe a specific topic or module—then we’re happy to point you to pertinent info or do a short online training session. Remember, training is your best investment!

Tech Note: Understanding the Effect of Blanket Purchase Orders and Blanket Sales Orders

Blanket purchase orders and sales orders are used to establish and authorize sizable orders that are to be fulfilled within a specific period for a vendor or customer.
Our Article #1138: Understanding the Effects of Blanket Purchase Orders and Blanket Sales Orders discusses how AccountMate supports these functions and how these transactions affect the vendor, customer, and inventory item records.

Tech Note: Understanding How AccountMate Handles Special Characters in Key Fields

Special consideration is given to the characters used in key fields—such as customer number, vendor number and item number—so we provide Article #1194: Understanding How AccountMate Handles Special Characters in Key Fields to provide a list of those characters, including “illegal” characters and examples of issues you may encounter when they are used.

Technical Tips


Versions: AM11.2 for SQL and Express

Module: AR

TIP #1: A new report is introduced in AccountMate 11.2 for SQL and Express called the Sales Transaction Report by State. This report provides information about the total sales amount and number of transactions for each state where the items are shipped to aid in determining whether these out-of-state sales are subject to taxes in states where the company has no physical presence.
TIP #2: There are two Sort By options that you can choose from for the Sales Transaction Report by State. You can either generate the report by State, or by State + City. The State and City information will come from the AR Create Invoice ► Payment / Bill To / Ship To ► Shipping Address area.
TIP #3: When the Sales Transaction Report by State is generated, it will display the summary information first and the details will follow in subsequent pages. The first part of the report will show the Sales Transaction Summary Report By State or Sales Transaction Summary Report By State+City and the second part will show the Sales Transaction Detail Report by State or Sales Transaction Detail Report by State+City.
TIP #4: The Sales Transaction Report by State can be generated to display on the report either all sales or only the taxable sales. There is also an option to include sales returns.
Note: The reports are available only in companies set up to use United States Country Tax.
TIP #5: Of course, for a complete soup-to-nuts sales tax solution, direct clients of NexLAN enjoy the option of our Nex$Tax integration to TaxJar for roof-top accuracy of sales tax rates, nexus tracking, and online filing.  Check it out here.

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Versions: AM11 for SQL and Express
AM10 for SQL, Express, and LAN
AM9 for SQL, Express, and LAN
AM8 for LAN
Module: PR
TIP: If you are getting the message, “Error opening Company.asd” when attempting to generate any reports in the Tax Forms function, then verify whether you have changed the company’s Federal ID in PR Module Setup ► General (1) ► Federal ID field. If the change is valid, then perform the following to resolve the error; otherwise, you must change the Federal ID back to the original value:
  1. Be sure to close Tax Forms.
  2. Take note of the Company ID from the Company Selection List.
  3. Access the Common Files Folder ► Data ► PRTAX folder.
  4. Rename the existing file for the Company ID in step 2.
  5. Access the Tax Forms function again; then, generate any report/tax forms.

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Versions: AM11 for SQL and Express
AM10 for SQL, Express, and LAN
AM9 for SQL, Express, and LAN
AM8 for LAN
Module: AR
Q: I recorded an open credit to the wrong customer. The receipt from the open credit was deposited to the bank, the bank was reconciled, and the reconciliation was finalized. How do I fix this erroneous entry and correct customer balances?
A: Perform the following steps:
  1. Access the Void Payment function to void the open credit applied to the wrong customer.
  2. When AccountMate asks you whether the amount was deposited to the bank, be sure to select ‘Yes’. This will create a negative receipt amount in the Record Bank Deposit function.
  3. Record an open credit transaction for the correct customer. Be mindful of the Receipt Date; this must be the same as the Void Date (and original Receipt Date) so that the positive and negative amount falls on the same day and period. In this way, the net result is a wash (i.e., $0.00).
  4. Access Record Bank Deposit to verify the transactions. You must see two entries for the same Receipt Date; one is a negative amount while the other one is a positive amount.

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