Dear Clients,

If your business is in the 80% of companies where your fiscal year matches the calendar year, then it’s time to start planning for 31 days hence.

Please check out info below to start 2024 off smoothly, keeping in mind that NexLAN provides FREE telephone and e-mail support at 877-2NEXLAN or via, and hopefully you have our “Emergency Contact List” of all our cell numbers for off-hours assistance.

For AccountMate Users

1. 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.
2. By far the best advice we can give is: 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. A backup 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.
3. 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 release: 
4. Here’s the special considerations if you run AccountMate 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 Payroll Tax Year in AccountMate discusses the steps to close the Payroll tax year and identifies the reports affected by the tax year closing process.
  • Not your CPA talking: The IRS has increased the individual contribution limits for 401(k), 403(b) and most 457 plans in 2024 to $23,000. The “catch-up contribution limit” for individuals age 50 and over has increased to $7,500. Please update your employee-specific deduction limits appropriately after closing 2023.
  • Release of the 2024 Payroll Tax Update is expected in late December and Rachel will be in touch soon to discuss scheduling this important and required update to your system.
5. Finally, 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 article on Hot Dogs and Physical Inventory Counts for some valuable insights for the process.

For Acumatica Users

We’ve put together a comprehensive document on the closing procedures for each module, including 1099 processes in the AP module. Check out Acumatica Period-End and Year-End Closing Procedures, and we’re standing by for questions!


Kevin E. Stroud

 2024 Calendar for AccountMate SQL/Express Classes

    Are you someone who is a believer in planning ahead? If so, you might be delighted to know that AccountMate has announced dates for all of the regular online classes for 2024. Mark your calendar for the class you want to take to ensure that it stays on your radar.

    1. Core Product Training Class

    • February 7 – March 14
    • June 5 – July 18
    • October 2 – November 7

    *Classes are held two days a week, Wednesday and Thursday

    2. Advanced Modules Product Training Class

    • Manufacturing: April 24-25
    • Payroll: September 16-20

    Don’t forget that if you’re on Lifecycle Maintenance, your company qualifies for at least one free admission to the Core Product Training Class. Contact NexLAN for details on how many free seats your company is eligible for, or to register for a class. (Registration opens closer to the start date – we’ll provide class details here in coming months as always.)

    New Inventory “Mass Allocations” for Sales Orders in Acumatica

    Are you in need of a better way to make sure open and backordered orders are being filled correctly upon inventory becoming available? Are you tired of going through Sales Orders line by line to figure out allocations, manage shipping dates, and prioritize customer orders?

    In Acumatica’s latest release, 2023 R2, this need has been heard and answered! Acumatica now includes a Manage Sales Allocation form (Screen number SO501010) that displays all sales order allocations together, and allows you to manually make changes.

    You can find the Manage Sales Allocations form in the Sales Orders workspace, in the Processes category. Here’s what it looks like (click to enlarge the image):

    This form shows a table of sales order lines that include items from the warehouse you select.

    You can view:

    • Sales order priority for the line items
    • Quantity available for shipping
    • Unallocated quantity
    • Quantity allocated per item in the table

    You can change the Quantity to Allocate column values manually. When you’re finished, click Process or Process All to confirm the new allocations or deallocations.

    There’s a detailed explanation of all the options in the Acumatica 2023 R2 Release Notes. Don’t panic when you open the 263-page PDF—just scroll down to the two pages you’ll need, pages 136-137, Inventory and Order Management: Improvements in Allocation Management—that will serve as your training guide as you look at your Acumatica screen showing your own line items. As always, contact with any questions.

    Acumatica E-Book: Add Even More Streamlining to Your Shipping Operations

    If you have an inventory-centric business, anything that gives you more shipping insights and visibility—and keeps orders, information, and communications flowing—helps you provide top-notch customer service while reducing your risks and costs. Your Acumatica system connects functions all across your business(es), and that includes to/from/within your shipping department.

    Take a look through the new e-book, Streamline Shipments with Acumatica for Distributors, Retailers, and Manufacturers, to see what additional Acumatica features you could consider learning and adopting to further streamline your shipment workflows. Jump to the end, to the ERP Feature Checklist page, to peruse a summary chart of features and benefits. Here are three of them as examples:

    1. Shipping insights delivered to you automatically as dashboards, reports, generic inquiries and business intelligence. For example, you can configure shipping priorities such as top clients, or orders over $10,000. Then a role-based dashboard(s) can display at-a-glance what needs to be shipped next and what’s late, making clear what the priorities are.
    2. AP Automation that creates vendor invoices and carrier freight bills for you. Save time, ensure that nothing gets missed, and make it super-easy to invoice promptly.
    3. Package tracking links sent automatically to customers so they can track the status of their shipments anytime.

    Open or download the e-book PDF, Streamline Shipments with Acumatica for Distributors, Retailers, and Manufacturers. If you spot a new idea that looks promising, reach out to NexLAN to inquire how to enable the feature for your company.

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

    When consumers purchase goods, they may incur costs including freight charges, handling costs, import duties, and other incidental costs necessary for the goods shipment. These inventory-related costs, also known as landed 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 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 Cost Feature provides a comprehensive discussion on how to record the accrual and allocation of landed costs 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 Notes: The W-2 Information Update Feature—and Its Batch Update Function

    The W-2 Information Update feature allows you to review, edit and add information before printing it in the W-2 form. It is important that you understand how to properly use this feature so that the W-2 reports that you submit in compliance with state and federal laws are complete and accurate.

    Article #1203: Understanding the W-2 Information Update Feature explains how to correctly utilize the W-2 Information Update feature, its behavior, and the effect that closing the tax year has on the information it retrieves. 

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    The Payroll Tax Subscription Program provides users the capability to update the W-2 information for two or more employees at one time.

    Article #1324: How to Use the W-2 Information Batch Update Function discusses how you can perform a W-2 information batch update using the W-2 Information Batch Update function.

    Acumatica Technical Tips

    How to Reverse a Credit Memo

    Q: I need to know how to correctly reverse a credit memo that should not have been entered into the system.

    A: You likely can simply Reverse and Apply the Credit Memo.  In this example, a courtesy credit was directly entered in the AR Invoices & Memos screen. You can reverse it and apply Credit Memo 600028 to the Debit Memo at the same time.

    Reverse and Apply (click to enlarge the screen shots below). Release the DebitProblem solved in two clicks!

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    How to Automatically Have Payment Links Generated for Invoices

    Q: How do I configure Acumatica Payments to automatically create a payment link for my customer when the invoice is released?

    A: Starting in version 2023 R2, no configuration is needed. When the invoice releases to Open status, a payment link is generated.

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    Where Can an Employee’s Payroll PTO Banks Be Adjusted?

    Q: How can we adjust Payroll PTO banks? For example if the accrual setup was set up incorrectly, or if the employee has received extra time off.

    A: This can be done in a few easy clicks. 

    1. In the Type field, create an Adjustment type paycheck for the employee.
    2. Use the correct period in the Pay Period field.
    3. Click the Paid Time Off tab, and you can enter in the adjusting Accrual Hours for Sick Days and for Vacation.
    4. Save.

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    Send an Automated Email Reminder if the Bill Hasn’t Been Approved

    Q: I’m looking to set up a business event in Acumatica to send an email reminder if the AP Bill Approver hasn’t approved the bill within 2 days.

    A: Sure. As you might be aware, Business Events are driven with Generic Inquiry data. Here are the steps:

    1. Create a Generic Inquiry that runs nightly (or whatever frequency you want) that will show the approvals that exceed 2 days.
    2. Add a Business Event to trigger the email notification based on the change to the Generic Inquiry data. The email will be sent to the requester and to the approver. If another day goes by and it’s still not approved, fresh reminders will go out.

    Need help with any of the details for Generic Inquiries or Business Events? Send NexLAN your question.

    AccountMate Technical Tips

    How Vendor E-Mail Addresses Are Displayed in the E-Mail AP Check Stub Grid

    Versions: AM12 for SQL and Express (and higher versions)

    Module: AP

    TIP: The vendor’s e-mail address displayed in the E-mail AP Check Stub grid comes from the Vendor Address Maintenance ► E-mail field of the factor entered in the Vendor Maintenance ► Settings ► Factor (Pay To) field. If there is no factor, then the e-mail address comes from the Vendor Maintenance ► Information ► E-mail field.

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    Setting Up Tax-Exempt Customer Records

    Versions: AM10 for SQL and Express (and higher versions)
    AM9 for LAN (and higher versions)

    Modules: AR, SO, Sales Tax Integration

    Q: How do I set up the customer record for tax-exempt customers?

    A: If you have activated and set up the Sales Tax Integration module (AvaTax or TaxJar), then assign a Tax Exemption status and enter the Certification Expiration Date in the Customer Maintenance ► Information tab.

    If you did not purchase the Sales Tax Integration module, then do not assign a sales tax code to the Customer Address Maintenance record for the customer’s Ship To address or to the Sales Tax field in the Customer Maintenance ► Information tab.

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    How to Make the Display of Report Previews Bigger

    Versions: AM10 for SQL and Express (and higher versions)

    Module: SM

    Q: Is there a way to make reports appear larger when you do a preview?

    A: Yes, there is a way to automatically zoom the report preview. Access the Report Setup function from the System toolbar and set the report’s magnification factor (zoom) in the Preview Magnification tab. This setting is per workstation.

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    How to Change the Decimal Place Settings for Unit Cost, Unit Price, and Quantity

    Versions: AM10 for SQL and Express (and higher versions)

    Module: SM

    Q: I changed the Unit Cost, Unit Price, and Quantity decimal place settings in the module setup. I accessed the module setup again to verify that the change was saved; however, when I create transactions, the decimal places are still based on the old decimal place settings. Why?

    A: AccountMate must be refreshed for the change in decimal places to take effect. After changing the Unit Cost, Unit Price, and Quantity decimal place settings in the module setup, close AccountMate; then, launch AccountMate again.

    Note: The value you assign to quantity decimals is the default decimal place when you create a new inventory item or an inventory type record. The quantity decimals used in transactions for the item is the value assigned in the  Inventory Maintenance ► Settings (1) ► Qty Decimals field.

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