Dear AccountMate Clients,

Since many of you are just closing your fiscal year, I thought I’d chat about a unique AccountMate feature which gives you increased functionality and better visibility than you may be used to seeing in other financial management systems.

The details are that many mid-tier accounting packages provide 12 fiscal periods (one for each month). Which means before closing the current fiscal year you have to wait for final auditing entries for depreciation, classification of capital purchases during the year, etc.  Another negative of many systems is that the correcting entries must be posted into the last period of the fiscal year – completely obliterating what actually happened in that period when you look at the income statement.

Contrast that with AccountMate which, subject to posting period restrictions, let’s you post anywhere within the 36 month window of the last, current, and future fiscal year – and it even automatically “rolls forward” any entries made to the prior fiscal year.

Even more impressive is that AccountMate provides a “magic 13th period”, called Prior Year End Adjustment, to which you can post correcting Journal Entries and not obscure the results of your last fiscal period of your prior year.  In order to hit this period for 2009, you must have closed that year and be in 2010 – but with the ability to post back there’s no downside to closing 2009, and all the upside of being able to make your correcting entries while still having a perfect picture of what happened in the 12th fiscal period.

So, if you’re a little nervous about closing 2009, then don’t be.  AccountMate is designed to accommodate closing the fiscal year and then posting correcting entries – and doing it to the magic 13th period!  As always, feel free to give us a call with any questions.

On the running front, December to April is the training build-up for my annual pilgrimage to The Boston Marathon – so my racing is at a minimum while I log about 75 miles/week of focused training.  Ran a fun 7.55 mile trail race called “The Siberian Express” last weekend, though – and it was certainly that since the thermometer read 3°F ( windchill was at -10°F) and the hilly course was covered in 4″ of snow.  Even under conditions that had many crossing the finish line with icicles literally hanging from their clothes we had over 400 runners, and I easily made it into the top 10%.


Kevin E. Stroud

Three Things to do RIGHT NOW!!!

Lock your January 2009 fiscal period

Every year we have a handful of clients who call because someone has typo-ed the year in a transaction and it has posted 12 months back. The best (and simplest) way to prevent this is to lock January 2009.

In General Ledger, head to Housekeeping > Posting Period Restrictions. Check the boxes for each module to restrict posting in that period.  You can also use this during the year to keep transactions from hitting periods that have already been audited and approved – and you can always unlock the period if you really have to.

Century Settings

Just in case you missed this in our April 2009 NewsLine and last month’s special edition NewsLine: Most AccountMate installations are set to allow “two digit year entry” and the default setting in older versions is that “years less than 10 are for the 21st century and will begin with 20” and “years greater than or equal to 10 will begin with 19”.  If you haven’t already changed this, then NOW is the time to update your system to push that window back to, say, “20” – so that two digit years up to “19” will be recognized as 2019.  Where this is set varies slightly depending on the platform and version of your AccountMate installation, but look for this in your “Admin program” under “Century Setup” or “Company Setup.”  If it’s not immediately obvious where the setting is at, feel free to give us a call for free 15 minutes of support and we can walk you right to it.

Photocopy your wallet

While somewhat of a running joke to be included here with AccountMate-specific information, I always list this as we have new clients on distribution for our NewsLine – and because I believe it’s important!

We all know that having a regular backup of important information is important.  So, every January I take all of the cards out of my wallet, line them up facedown on a photocopier and hit the button.  Everything is flipped over, a copy is made of the backs, and the pages are filed until next year.

Though the process takes only a few minutes, it will save countless hours of time if my wallet is lost or stolen.  Instead of having to hunt for credit card numbers, health insurance contact information, and proof of identity, all of my data is in two places: my wallet and my files.

Tech Note:  Reconciling Inventory Balances with Physical Count Results

Companies must take a complete physical inventory count at least once a year. This procedure is used to facilitate adjustments to the perpetual inventory records for data entry errors, unrecorded shrinkage, losses due to theft, spoilage, or breakage. Once the actual inventory on-hand quantity has been determined by a physical count, the per-unit costs in the inventory ledger accounts are used to determine the total costs of the on-hand inventory. The inventory GL Account ID and the individual inventory item records are then reconciled with the physical count results.

The Physical Inventory Count and Inventory Adjustment functions in the Inventory Control (IC) module allow you to reconcile the inventory balances (quantity and cost) recorded in AccountMate with your physical count. This document discusses how to adjust your inventory balances to match your physical count results.

Article 1263:  Reconciling Inventory Balances with Physical Count Results

Tech Note:  Reports Needed when Revaluing Foreign Currency Denominated Transactions

Generally Accepted Accounting Principles (GAAP) require companies that carry material amounts of foreign currency denominated receivables and payables to revalue their foreign currency balances before closing the accounting year. Revaluation is essential to ensure that financial statements reflect the current balances as of the financial statement date. AccountMate’s Multi-Currency Revaluation function, which is available in both the Accounts Receivable (AR) and Accounts Payable (AP) modules, provides the ability to revalue the multi-currency AR and AP invoices and calculates the unrealized gains or losses that might result from the revaluation.

This document provides information about the AccountMate reports that can help you to effectively revalue foreign currency denominated cash, customer, and vendor balances.

Article 1264:  Reports Needed when Revaluing Foreign Currency Denominated Transactions

Tech Note: Consolidated Ledger Closing Procedures

This document is provided to assist you in performing final consolidation of your General Ledger (GL) account balances. It is designed to help you better understand year-end consolidation of the subsidiary company’s account balances to the parent company’s GL.

Article 1265:  Consolidated Ledger Closing Procedures

Tech Note: How Budget Statements are affected by Transfer Data to GL, Period-End Closing and Year-End Closing

This document explains how Budget Statements are affected when you perform Transfer Data to GL, Period-End Closing and Fiscal Year-End Closing.

Article 1266:  How Budget Statements are affected by Transfer Data to GL, Period-End Closing and Year-End Closing

Technical Tips

Version:  AM7 for SQL and Express (AM7.6 and higher)

Module:  PR

Q: My company will begin contributing to a health savings account for the employees. How is this handled in AccountMate?

A: Starting in AM7.6 for SQL/Express, the system is enhanced to track and report deductions that represent employer contributions to a health savings account. A new option, “W – Employer Contribution to Health Savings Account”, was added to the existing W-2 Codes in Deduction Maintenance.

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Version:  AM7 for SQL and Express (AM7.6 and higher)

Module:  PO

TIP: Starting in AM7.6 for SQL and Express, users may now choose to filter the Purchase Requirement Report by Items Suggested to be Reordered, Items Out of Stock, Active Items Only or Inactive Items Only. To do this, access the Purchase Requirement Report. In the Criteria section, choose your desired criteria from among these new filter options. These filter options will help the users to narrow down the results to specific items and to focus on the items that must be reordered to meet demand.

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Version:  AM7 for SQL and Express (AM7.6 and higher)

Module:  PR

Q: I printed the PR Check Register Report to serve as reference for the payroll checks issued recently; however, I noticed that the report printed multiple pages and that it provided more information than I need. Is there a way to print the report without the deductions and earnings details?

A: Starting in AM7.6 for SQL/Express, the information provided by the PR Check Register Report can be simplified by marking the appropriate report criteria options to hide the employee’s earning and/or deduction information. Simply mark the Suppress Earning Details option to hide the earning codes used in the employee’s payroll transaction. You may also mark the Suppress Deduction Details to hide the deduction codes applied to the employee’s payroll.

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

Module: BR

Q: How can I record bank draft fees in AccountMate?

A: In the Bank Reconciliation module, perform the following:

1.  Access the Record Checks/Other Disbursements function from the Transactions Menu.
2.  In the List Box button above the function tabs, be sure to select Record Other Disbursements; then, enter in the Bank # field the appropriate number of bank that charged the draft fee.
3.  Enter in the Transaction Code field the transaction code that represents the transaction  type. Take note that the transaction code you enter in this field controls the GL Account IDs to which the transaction will be posted.
4. Enter the Disbursement Date, Description and Reference for the transaction, and the Disbursement amount; then, save the record.

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Version:  AM6.5 for SQL and MSDE
AM6.5 for LAN (Standard)

Module: PR

Q: I have installed the 2010 Payroll Subscription Program released on December 22, 2009; however, when I access the Payroll Tax Deposit function in the Transactions menu, I cannot find the COBRA Credit function. I have also accessed the Group/User Setup function in the AccountMate Administrator program and still, the COBRA Credit function is not there. How do I activate the COBRA Credit function?

A: If you are using AccountMate 6.5 or lower (for LAN or SQL), perform the following steps to activate the COBRA Credit function:
1. Access the PR Module Setup in the AccountMate program; then, click OK.
2. Access the Group/User Setup function in the AccountMate Administrator program; then, mark the PR COBRA Credit checkbox.

  1. In the AccountMate program, access the Payroll Tax Deposit function from the Transactions menu; then, verify access to the COBRA Credit function.

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

Module: PR

TIP: AccountMate does not generate GL entries for COBRA credit claims within the Payroll module; however, the new COBRA Credit function provides the option to create journal entries of your COBRA credit claims in the General Ledger module. To take advantage of this feature, you need to mark the Use Auto Batch Numbering checkbox in the General tab of the GL Module Setup function. If you choose to create a journal entry, be sure to post it using the Post JE Batch to GL function in the General Ledger module.

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

Module: PR

Q: Is there a report that provides the details of the claimed or voided COBRA credits?

A: Yes there is. You can view the summary of the claimed or voided COBRA credits in the Tax Deposit Check Report. The claimed COBRA credits that reduce your Federal 941 Tax Liability are treated similar to tax payments; thus, its Tax Deposit Type description is 941 Deposit.

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