Author Archive
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Implementing finance charges in OSAS (O)
Finance charges on past-due receivables are one option to encourage timely customer payments. With OSAS, you can calculate finance charges on overdue invoices for selected customers, adjust the charge before sending out statements and update customer records. To set up finance charges, go to OSAS Accounts Receivable, Codes Maintenance, Finance Charges. Determine the annual percentage rate to be charged, then divide by twelve. For example, if charging 18% annually you would use 1.50 for the Percent. Next determine the Minimum Charge and Open Invoice Days to use to start charging finance charges. Note that you can setup multiple finance charges but assign only one per customer. Now select each customer to whom you want ...
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Implementing customer finance charges in TRAVERSE (T)
More companies are adding finance charges to their past-due receivables to encourage timely customer payments. With TRAVERSE, you can calculate finance charges on overdue invoices for selected customers, adjust the charge before sending out statements and update customer records with the charges. To set up finance charges, go to TRAVERSE System Manager, Company Setup, Business Rules. Determine the annual percentage rate to be charged, then divide by twelve. For example, if charging 18% annually you would use 1.50. Next determine the Finance Charge Days and Minimum amount to charge. Now select each customer to whom you want to assign finances charges by checking the 'Finance Charge' box in the Defaults tab ...
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Reconciling new year bank statements (O/T/Q)
As you complete entries for the last year and begin the new year, remember to run "Update the Current Year" in Periodic Processing each time you Post to the Master in General Ledger. Updating the current year brings forward all the ending balances of the balance sheet accounts into the beginning balances in the new year. All income statement accounts are cleared to the Retained Earnings Account as setup in the "Clear To Account" for each income and expense account when created. Performing this function each time you post to the General Ledger Master will insure that your new year Beginning Balances are correct. This is especially ...
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Identity Theft Tip (O/T/Q)
The new Massachusetts Identity Theft Protection Regulation recommends that we lock our computer when leaving our desk. You can do this by pressing CTRL + ALT + DEL. This will open the Windows security menu and from there you can click on Lock this Computer. Or, if your keyboard has the Windows key, hold it down and type L. This will lock the screen instantly. Then when you return, just enter your password and everything will be as you left it.
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Test W2′s with SSA’s free program (O/T/Q)
The Social Security Administration offers AccuWage - a free program to test your company's W2’s. This program reports to you any errors found that would affect submitting the W2 Magnetic Media to the SSA. To download the AccuWage 2009 software go to www.ssa.gov/employer/accuwage. If you have used AccuWage in prior years, the SSA recommends that you uninstall the older programs and install the latest version.
