Happy Holidays - from
our house to yours
We would like
to take a
moment during this very
hectic time of year to wish
you and your family a
healthy, peaceful, and safe
holiday season.
As we enter
the New Year together please
know we are here to assist
you with your accounting
needs, whether you are
growing or scaling back.
Best wishes for a prosperous
new year in 2010!
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Year End Updates
We expect the year end
updates to be released the
week of December 14th.
We will be contacting the
clients currently on
maintenance for Payroll,
Accounts Payable and/or
Fixed Assets as soon as we
have the update. At that
time we will offer options
to self install the update
or to schedule a time for
one of our representatives
to install the updates
remotely.
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Open Invoice vs ATB
The Open Invoice Report
lists all invoices that are
due by the invoice due date
that you select. This report
simply lists those invoices
that meet the due date
criteria. The report does
not tell you what is owed at
a particular time in the
past.
The Aged Trial Balance
allows you to select a time
period in the past, as long
as the Open Invoice Data is
still in the Open Invoice
File.
The best way to ‘reconcile’
your General Ledger Accounts
for Accounts Receivable and
Accounts Payable to the
subsidiary files is to run
the Aged Trial Balance by
PERIOD.
Selecting to run by Period
rather than by date will
allow you to correctly pick
up invoices whose dates have
been changed and do not
match the GL
Period.
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Payroll Bonus Runs
If you are wanting to
process a separate run for
bonus checks that you do not
want any deductions taken
from, when you Calculate
Checks use Pay Code 6. This
will only take out taxes and
no deductions.
If you want to adjust the
Federal and State
Withholdings you can enter
Manual checks after you have
calculated them and change
the FWH and SWH withholding
amount to either zero or
what other dollar amount you
wish to withhold.
If you don't want to enter a
separate Payroll run and
just want to process your
Bonus checks as a separate
check within your regular
payroll run you can enter a
different ‘Sequence’ number
in Time Ticket Entry. This
will produce a second check
for the Bonus. Enter Manual
Checks after calculating the
checks and adjust FWH or SWH
withholdings if necessary.
You can also adjust any
deductions to zero. Remember
to ‘Recalculate’ the check
if you have adjusted any
‘tax deferred’ deductions
such as 401K or ‘pretax’
insurances or HSA’s.
Never change amounts for MED
OAS EME or EOA as these
amounts are set by the
Government and reflect on
your 941 report and W2’s.
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Proofing Your Financial
Statements
As new General Ledger
accounts are added during
the year it’s possible that
an account has been added to
the Chart of Accounts and
Segments, but has not been
added to be included in the
Balance Sheet or Income
Statement.
To insure that all accounts
are included in all the
statements they should be
print the Income Statement
and the Balance Sheet for a
particular period and
compare the Year To Date
Income/Loss amount on the
Income Statement to the Year
to Date Income/Loss on the
Balance Sheet. If these
figures are different then
you most likely are missing
a Revenue or Expense account
from your Income Statement.
To narrow down what
account(s) are missing,
create a new content file
called TEST and enter as
’account detail’ (AD) all
your Revenue accounts on one
line. Total these on the
next line in Column 2
reversing the sign. On the
third line enter as ‘account
detail’ (AD) all your
expense accounts and put the
totals in Column 1 and
Column 2. The fourth line
will total the expense
accounts found in Column
1(T1). The last line will
total everything in Column 2
(T2) (reverse the sign).
Build a Statement using the
same Statement Layout you
use for your current Income
Statement and use the TEST
as the content file. When
printed you now have the
total of all your revenue
accounts, compare this to
your Income Statement, and
compare the total expenses
to your Income statement.
This will tell you whether
you are missing a revenue or
expense account. Scan
through your Trial Balance
for the same period and look
for the missing amount(s).
Then add the account to your
Income Statement Content
File.
This procedure can be
tedious and you can simplify
your search by running Trial
Balances based upon
Divisions or Departments to
assist in narrowing down the
account.
You can also print out the
content file from Master
Lists for the income
statement and compare all
the accounts listed on it to
the accounts listed on the
trial balance.
If your Balance Sheet shows
your total Assets do not
match your total Liabilities
and Capital you can narrow
down where your problem is
by running a Trial Balance
for the same period with the
beginning account the first
Asset account in your Chart
of Accounts and the last
Asset account as the ending
account. This will give you
a total of all assets.
Subtract the credit amount
from the debit amount. This
total should equal your
‘Total Assets’. Next run the
Trial Balance beginning with
the first Liability account
and ending with the last
Capital Account. This total
when debits are subtracted
from credits will equal the
total of the Liabilities and
Equity less YTD Income on
the Balance Sheet.
If you still have not found
the exact account(s) that
are missing or duplicated
print out the Balance Sheet
and/or Income Statement, the
Trial Balance and the
Statement Content File List
and add up the figures from
the Trial Balance that are
listed on the Statement
Content File and compare the
amounts on the respective
Financial Statement.
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Keeping Control Of Your
Purchases
When you ordered those pads
of Purchase Order forms did
you think it would take care
of all the issues involved
with controlling your
purchases?
In these times of economic
stress you need control over
what is being ordered, what
is being received and the
dollar amounts of purchases
you are committing to.
When an order is placed and
entered into the system the
actual Purchase Order can
then be printed, emailed, or
faxed to the vendor. If an
Inventory Item is involved
it will flag that Item with
the quantity that has been
ordered. Using ‘requested
ship dates’ will allow you
to run reports based upon
when you should expect
delivery of these
purchases.
When the item is received it
will update Inventory with
the quantity received as
‘on-hand’. If the ‘accruals’
are turned on it will also
update the General Ledger
account number for ‘received
but not invoiced’
inventory.
Upon receipt of the invoice
the accounting department
can then compare the cost of
the Purchase Order to the
cost on the invoice and
approve the purchase if they
match, if there is a
discrepancy it will become
immediately apparent and can
be researched before the
invoice is approved for
payment.
At any point in time you can
run the Open Order Report to
see a summary or detail of
all the purchases that are
on file and their
status.
The Purchase Order along
with the Sales Order
application allows you to
actually place an order or a
requisition directly from
Sales Order into Purchase
Order.
Keeping control of your
Inventory by keeping control
of your purchases can save
your Company thousands of
dollars in just a short
time. Call for a free demo
of the Purchase Order
application.
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InterMicro Enhancements
Based on requests from
clients, we have created a
number of enhancements that
may also benefit you. We
will be making a section on
our website to support a
listing of these
enhancements. Each month we
will feature an enhancement
in our newsletter as well.
For more enhancements
available from InterMicro
visit
http://www.intermicro.com/products.html.
