Wrestling Sales Tax?

In Nex$Tax, Taxesby Kevin Stroud

Dear AccountMate Clients,Superhero in red cape says accountmate gives you accounting superpowers!

We’re just over a year after the landmark Wayfair Decision, allowing states to collect sales tax based on their own definition of “economic nexus”—and more than 40 of them have passed legislation requiring remote sellers to collect and remit sales tax. Does that include you?  Probably…

Determining the correct sales tax rate applicable to each sale, complying with the reporting and filing requirements for 50+ states (Puerto Rico and D.C. might not be states but they’re not missing out on sales tax dollars!), and monitoring when you meet economic nexus in additional states is a HUGE undertaking for most every mid-tier business.

Thus, we’ve had our Nex$Tax AccountMate integration to TaxJar under development for almost a year and are happy to now announce it for general release to the AccountMate community.

Full details are here, but the overview is that Nex$Tax provides:

  • USPS validation and update of your customer addresses, including bill-to and ship-to addresses, so that you have “rooftop level accuracy” – and the ability to designate customers as tax-exempt or international, which are required to report in a sales tax audit
  • Item “tax classification” so you’re charging the correct tax rate for the goods you’re selling
  • Integration to TaxJar for determining the applicable sales tax rate for Sales Orders and Customer Invoices
  • TaxJar is then used for the subsequent reporting, filing and remittance—and monitoring of nexus

Our website includes pricing information and Nex$Tax is immediately available for AccountMate/SQL V10.4. We’re also happy to discuss porting backwards to prior versions and integration to existing modifications.

Regards,

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

Core AM/SQL Product Training September 18-20, 2019

You haven’t been to AccountMate’s classroom training yet?  The $2,000 tuition is waived if you have an active Lifecycle Software Assurance plan, so what are you waiting for?

The next Core Product Training class at AccountMate’s headquarters in Petaluma, California, is scheduled for Wednesday-Friday, September 18-20, 2019.

The three days of classroom training is applicable to both first-time and existing AccountMate users—especially if you have an active Lifecycle Maintenance Plan, as it includes one seat per year so your only cost would be travel expenses.
Contact us for additional information and see the course description here.

Tech Note: How to Use the Date Fields for Print Customer Statement

The Customer Statement is regularly provided to show your customers their financial status with your company, but the flexibility of having three date fields to customize how the data is presented can be daunting.

Article #1111: Understanding How to Use the Date Fields for Print Customer Statement explains them in detail, including how they interact with each other.

By the way, if you’re interested in automatically e-mailing customer statements at the end of every month, be sure to check out NexReports.

Tech Note: Understanding the Non-Customer Receipts Feature

Non-customer receipts are payments received from non-trade transactions, meaning “you didn’t invoice a customer.” Examples are checks for sale of scrap metal, or a 5% commission check for the soda machine in the employee break room (to cover the cost of the electricity), or a promotional rebate from a vendor. What you don’t want to do is record a Journal Entry, as those don’t flow your Bank Reconciliation module—so use Accounts Receivable under <Transactions><Apply Payment> with the trick of leaving the Customer # field blank.

Find complete details in Article # 1088: Understanding the Non-Customer Receipts Feature on how to record receipts of non-customer payments, the journal entries resulting from this kind of transaction, and the affected reports.


Technical Tips

Versions: AM10 for SQL, Express, and LAN
AM9 for for SQL, Express, and LAN
AM8 for SQL, Express, and LAN

Module: IC

Q: I noticed that the serial #s for some of my serialized items are duplicated when a serial # is supposed to be unique? Why?

A: You can assign the same serial # for a serialized item if the Allow Duplicate Serial # checkbox is marked in the IC Module Setup ► General (1) tab. If you do not want duplicate serial #s for your serialized items, then unmark the checkbox. You can amend existing duplicate serial #s to make them unique using the Amend Serial Number function.

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Versions: AM10 for SQL, Express, and LAN
AM9 for for SQL, Express, and LAN
AM8 for SQL and Express (MS803 or higher)
AM8 for LAN (LN803 or higher)

Module: AR

Q: I cannot record a payment discount in the Apply Advanced Billing Payment function. How can I record the payment discount for advanced bill payment?

A: To record the payment discount for advanced bill payment, perform the following:

  1. Post the advanced bill payment net of discount using the Apply Advanced Billing Payment function.
  2. Approve the advanced bill.
  3. Apply the payment discount using the Apply Payment function.

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Versions: AM10 for SQL, Express, and LAN
AM9 for for SQL, Express, and LAN
AM8 for SQL, Express, and LAN

Modules: AP, PR

Q: How can I change the default last number of days in the Vendor Maintenance ► Activity tab ► Activity Filter window?

A: You can set the default Last Number of Days in the PO/AP Module Setup ► General (2) tab ► Vendor Activity area.

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Versions: AM10 for SQL, Express, and LAN
AM9 for for SQL, Express, and LAN
AM8 for SQL, Express, and LAN

Module: AP

Q: We have a new foreign vendor. In cases where the foreign currency exchange rate when we record the AP invoice is different from the exchange rate when we pay the invoice, will AccountMate record a gain/(loss) on foreign currency exchange rate? Where do I enter the exchange rates?

A: Yes; AccountMate will record a gain/(loss) on foreign currency exchange if the exchange rate when the AP invoice is recorded is different from the exchange rate when the AP invoice is paid. You can enter the exchange rate in the following functions:

When you post the AP invoice:

AP Invoice Transactions ► Information ► Currency field (next to the currency code).

When you record payment for the AP invoice:

Print Computer Check ► Currency field (next to the currency code)

Note: You can Print Computer Check only if the vendor currency is the same as the bank currency.

Post Handwritten Check ► Currency field (next to the currency code)

Be sure to review the GL Account ID entered in the Currency Code Maintenance ► Real. Exch. Gain/Loss field for the foreign currency code. The GL Account ID entered in this field is the GL Account ID into which gains and losses from foreign currency exchange transactions assigned this currency code will be posted.


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