Dear Clients,

It’s coming up on the busiest time of the year for two important groups—Santa’s elves and accounting elves. If you’re reading this, then you’re certainly in one of those groups and we’ll do all we can to make the year-end easier—at least in the accounting area.

A topic that’s been raised by several of our clients recently is that of “Landed Cost“—which is including the cost of shipping in inventory onhand value. As an example, if you buy a coffee mug for $1.00 and pay $0.50 in shipping to get it to your facility, is the mug valued at $1.00 in inventory with $0.50 of shipping expense, or is the mug valued at $1.50 in inventory? Either answer is valid, but if the cost of shipping is “large” compared to the cost of the item then it’s more common to include the shipping cost so you can easily see complete cost in the AR Profit Margin Report—which is The Second Most Important Report in the system.

Since the cost of shipping has increased SUBSTANTIALLY in the last few months (500% for shipboard containers from Asia compared to a year ago), this has become a more pressing issue for clients who import goods and/or raw materials. Fortunately AccountMate has built-in functionality for Landed Cost. Please see our Tech Note below for more details and, as always, don’t hesitate to contact us with questions for free telephone and email support.

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Keep in mind that until you close the fiscal year you won’t have beginning balances on the Balance Sheet for the next fiscal year. And, since there’s only a three-year posting window, if you get a whole year behind then you won’t be able to enter ANY transactions—which we see regularly from clients who aren’t actively using General Ledger in their installations. Yes, it’s true that once you’ve closed a fiscal period then the source transactions aren’t editable, but you can always post back so don’t confuse “closing” the period with “Posting Period Restrictions.” And the final reason to close is so that you can then post back into The Magic 13th Period of the prior fiscal year and not obscure the operational financial performance of your actual 12th period.

Since most company’s fiscal calendars match the calendar year, we’ve assembled the pertinent information here in our December NewsLine—but if you have questions, remember that NexLAN provides FREE telephone and e-mail support toll free at 877-2NEXLAN or via support@nexlan.com. And if you don’t have the “Emergency Contact List” of all our cell numbers for off-hours assistance, then please contact us.

By far the best advice we can give is to MAKE A BACKUP OF THE COMPANY DATABASE AT THE END OF YOUR FISCAL YEAR!!! Even if you’re not closing the fiscal year, it’s INVALUABLE to have that snapshot for validating the Balance Sheet since the “as of” reports in the system can be adversely affected by back-dated transactions. This is easy for a geek to do from inside the Microsoft SQL Server Management Console, but our NexSQLBack utility makes it simple even for non-geeks, just a couple mouse-clicks—so please contact us in the next month if you don’t already have NexSQLBack installed.

For the actual nuts and bolts of the closing process here’s links to detailed written instructions and then to videos—with all information applicable to AccountMate SQL and LAN from Version 8 up to the current releases:

Here’s the special considerations if you run Payroll in-house:

  • Regardless of when your fiscal year ends, or if you’re closing the fiscal year on/about December 31st, you’ll need to run <Housekeeping><W-2/1099 Year-End Closing> very near that date. This is usually done as part of the payroll tax update process.
  • Video: Closing the Tax Year in AccountMate discusses the steps to close the Payroll tax year. It also identifies the reports affected by the tax year closing process.
  • Not your CPA talking: The IRS has increased the 401(k) individual contribution limit for 2022 to $20,500. The “catch-up contribution limit” for individuals age 50 and over remains at an additional $6,000. Please update your employee-specific deduction limits appropriately after closing 2021.

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In other news…

Physical Inventory Count isn’t technically part of closing the fiscal year, but the two often go hand-in-hand—so if you also have that on your list then be sure to check out our NewsLine on Hot Dogs and Physical Inventory Counts for some valuable insight on the process.

AccountMate has released AM/SQL V12.2. We’ve mailed all direct NexLAN clients a complete list of the enhancements and the installation media—and look forward to hearing back regarding getting it implemented.

If you run payroll in-house, Rachel will be in contact soon to schedule the required annual payroll tax update—which has to happen after your last payroll of 2021 and before your first payroll of 2022.

Regards,

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

Update Excel with Fresh AccountMate GL Data Any Time You Hit the F9 Key

    Infor F9 is an AccountMate plug-in that can benefit any company tremendously—since everyone loves to use Microsoft Excel to noodle with the numbers, but nobody loves cutting and pasting and formatting data from AccountMate into Excel.

    F9 dynamically hot-links your general ledger data to Microsoft Excel, and rapidly presents a real-time view of business information with just the push of a button. No exports or manual entries are required, eliminating labor-intensive reporting and giving you more time to analyze data and focus on strategic planning.

    It’s quick to set up, learn and use (so easy that for NexLAN clients we will install a fully runnable 30-day trial on your system, connect it to your AccountMate GL, and train you in a GoToMeeting session, for free).

    For example, imagine you’re viewing Q1 data in Excel, and now you want to see Q2. Just go to Q2 and hit F9, and the most current Q2 data will come in to Excel from AccountMate, with all the correct Excel formatting. Or refresh Excel with the newest journal entries from AccountMate—just hit F9. And the Report Wizard makes it a breeze to set up formulas and graphical depictions of your data. You can drill down on your data, write-back budgets to your GL, consolidate GLs and more.

    The latest release, Version 6, added a floating license so that F9 isn’t tied to a specific user or desktop, for more flexibility. Plus a bunch of new reporting and user interface enhancements and other additions, listed in detail on Infor’s What’s New in F9 Version 6 page.  Learn more about what F9 can do on NexLAN’s Infor F9 GL-to-Excel Conduit page and while you’re there, watch Kevin’s 18-minute F9 demo from a webinar.

    Then take us up on our offer to let you test-drive F9 on your AccountMate system for free. Give us a shout at support@nexlan.com.

    AccountMate Forms: Pre-Formatted Paper Forms That Fit

      It’s been awhile since we’ve mentioned AccountMate Forms and newer AccountMate users may not be aware of these convenient tax forms, checks, envelopes and human resource forms.

      If you use paper-based forms, you can order your 2021 tax forms now at AccountMateForms.com. They’re guaranteed to be 100% compatible with AccountMate and government requirements, including the new Form 1099-NEC.

      AccountMate Tech Note: How to Allocate Inventory-Related Costs Using the Landed Cost Feature

      When you purchase goods, you may incur costs including freight charges, handling costs, import duties, and other incidental costs necessary for the shipment of the goods. These inventory-related costs may be recorded either directly to expense/Cost of Goods Sold or added to the received goods purchase costs. AccountMate implements a Landed Cost feature that allows you to use the accrual method to record the landed costs and to increase the inventory cost. This feature also provides several options to allocate these costs to the received goods in each PO receipt transaction. 

      Article # 1216: How to Allocate Inventory-Related Costs Using the Landed Costs Feature provides a comprehensive discussion on how to record the accrual and allocation of landed cost using the Accrue Landed Cost function in the Purchase Order (PO) module. This document also discusses the procedures for recording the accrued landed cost reversal using the AP Invoice Transactions function in the Accounts Payable (AP) module.

      AccountMate Tech Note: How to Post Employee Additional Earnings

      There may be times when your company must pay employees additional earnings such as bonuses, commissions, and other earnings. You may be paying these additional earnings to your employees as part of their regular paycheck or in a separate check. AccountMate provides the flexibility to use either of these two methods to pay additional earnings for your employees. You may also apply withholding taxes and personal deductions to additional earnings as needed. You can generate a separate report that tracks the additional earnings.

      Article # 1182: How to Post Employee Additional Earnings discusses, for each method, the procedures for posting additional earnings payment and for applying withholding taxes and personal deductions to the additional earnings. Samples are provided to illustrate the appropriate use of each method.

      AccountMate Technical Tips

      Versions: AM12 for SQL and Express
      AM11 for SQL and Express
      AM10 for SQL, Express, and LAN
      AM9 for SQL, Express, and LAN

      Module: PR

      Q: Where can I find a list of enhancements, fixes, and tax updates implemented in the Payroll Tax Subscription Program?

      A: To view the list of enhancements, fixes, and tax updates implemented in the Payroll Tax Subscription Program, click the Check for Payroll Subscription Updates function from the Utilities menu. Enter the Supervisor password when prompted. In the 2nd window, a link is provided where you can view the Summary of Payroll Tax Changes. Click the link to view the list.

      Alternatively, go to the AccountMate website to view the page, as follows:

      1. Log in as a Registered User.
      2. On the Registered Users Home Page, go to the Technical Support tab.
      3. In the Payroll Tax Subscription section, click the link to Summary of Payroll Tax Changes.

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      Versions: AM12 for SQL and Express
      AM11 for SQL and Express
      AM10 for SQL, Express, and LAN
      AM9 for SQL, Express, and LAN

      Modules: IC, KT, SO

      Q: I have a customizable prebuilt kit item which means that I can amend the kit components. Why can’t I amend the kit components when I build the kit using the Build Kit Item function?

      A: You can amend or customize a pre-built kit item when you add the kit item to sales orders and not when you build the kit.

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      Versions: AM12 for SQL and Express
      AM11 for SQL and Express
      AM10 for SQL, Express, and LAN
      AM9 for SQL, Express, and LAN

      Modules: IC, KT, PO

      Q: Why can’t I add a kit item in a purchase order?

      A: Kit items are not allowed in PO. Kit items are items that are presumed to be assembled by the company. Add to the PO the component items and once the components are received, assemble the kit using the Build Kit Item function.

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      Versions: AM12 for SQL and Express
      AM11 for SQL and Express
      AM10 for SQL, Express, and LAN
      AM9 for SQL, Express, and LAN

      Module: GL

      Q: Is there a report that provides information about who did period-end closing in the subsidiary modules and when they were done?

      A: The Posted Journal Entries report provides this information. The description (Desc) shows the module (i.e., XX Period-End Transfer where XX is the module abbreviation), the Entered By shows the user who did the closing, and the Create Date shows when the period-end closing process was performed.

      Subscription Information

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