Dear AccountMate Clients,
It’s never tough for me to come up with something important/interesting to discuss in our monthly NewsLine – especially when it’s coming up on year-end – so here’s two important topics related to the season!
IRS Section-179 allows businesses to immediately expense capital purchases and leases, up to a certain amount, from taxable earnings in the current tax year – versus amortizing the purchase across several years, or “depreciating” in accounting-speak. The qualifying items include everything from fork lifts to vehicles (with a gross vehicle weight over 6,000 lbs) to financial management software (think, “AccountMate upgrades and add-ons”!).
The “Fiscal Crisis Bill” (technically, H.R. 8: American Taxpayer Relief Act of 2012), increased the limit for Section-179 deductions in 2012 and 2013 to a whopping $500,000. In 2014, barring any future action by Congress, that falls to only 5% of that – a measly $25,000.
For more complete information please visit http://section179.org, but the bottom line is that NOW is the time to be considering your capital purchases, as making them in 2013 as opposed to 2014 will yield a huge tax benefit. As an example, $200,000 in purchases/deductions in 2013 results in $72,000 of tax savings at the 36% tax bracket, which would be only a $9,000 savings in 2014!
Year-End Closing Procedures Documents
Login at http://accountmate.com/enduser (use your Support # as shown in <Help> <About>), then hit the link to “Year-End Closing Procedures” in the center of the available options to access a list downloadable documents specific to your AccountMate installation. These included writeups on how Budget Statements are Affected, Year-End Closing Tech Tips, Common Closing Errors, etc. and are only accessible to users with an active AccountMate software assurance agreement!
As always, we provide “free 15 minutes telephone and e-mail support” (and don’t exactly sit around with stop watches), so we look forward to your calls and e-mails regarding year-end closing.
Kevin E. Stroud
NexLAN Holiday Schedule
Our offices will be closed on December 25, 2013 in observance of the Christmas Holiday; and January 1, 2014 in observance of the New Year.
As always, we are available in case of an emergency and if you don’t already have an emergency call list, please contact us at 877.2NexLAN or firstname.lastname@example.org to request one.
Tech Note: Changes to the SO/AR Period-End Closing Process in AM/SQL V8.3
AccountMate V8.3 for SQL and Express are enhanced to strictly adhere to the Generally Accepted Accounting Principles (GAAP) revenue-cost matching principle, where the sales revenue and its related cost of goods sold are recorded in the same accounting period. This month’s Technical Note provides information pertaining to the changes brought about by this enhancement including the new Un-Invoiced Inventory GL Account ID, report and period-end closing behavior. Click on the article’s title below to access the PDF document.
Versions: AM8 for SQL, Express and LAN
AM7 for SQL, Express and LAN
Tip:To apply sales tax to a purchase order, be sure to mark the <Create Purchase Order> “Information” tab’s “Apply Tax” checkbox. This checkbox is accessible only if there are no line items entered on the “Line Items” tab. To change the “Apply Tax” checkbox setting, you must first delete all line items from the “Line Items” tab.
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Versions: AM8 for SQL and Express
Modules: AR, SO, PO, AP, CM, RA
Tip:Users can attach documents to a customer or vendor record using the “Activity Detail” function. AccountMate stores these documents in subfolders of the company’s “Attachment” folder as follows:
Note #1: You can verify the company’s Attachment folder location in the AccountMate Administrator program under <Setup><Company Setup><Edit Company Setup> in the “Attachment Folder” field.
Documents attached using any <Transactions><Activity Details> function in the Sales Order, Accounts Receivable and Contact Manager modules are stored in the <Activity><ARCACT> folder.
Documents attached using any <Transactions><Activity Details> function in the Purchase Order and Accounts Payable modules are stored in the <Activity><APVACT> folder.
Note #2: AccountMate automatically creates the ARCACT and APVACT folders when a user attaches a document using the <Activity Detail> function in any Transactions function.
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Versions: AM8 for SQL and Express
Q: When I access a particular company, I get a message that the company has been locked by a certain user. How do I unlock the company?
A: Perform the following steps:
- Access the company that needs to be unlocked
- Access <Utilities><Company Access Lock>
- Enter the Supervisor password when prompted
- Click <Unlock>
Note: Before unlocking the company, be sure there are no maintenance updates occurring that require exclusive company access, such as closing the period. Errors may be encountered if the company is unlocked at the wrong time.
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