Blog Posts for ‘OSAS’

If you prefer using the keyboard to perform actions rather than the mouse or touchpad, you will like the Key Tips features in Microsoft 2007 products such as Word and Excel.  Unlike other keyboard shortcuts which must be memorized to use (such as Ctrl + C to copy and Ctrl + V to paste), Key Tips do not require memorization.

Simply press and hold the Alt key on your keyboard to display the numerous shorcut options on the ribbon.

Next, press the appropriate key for the desired menu, quick access option or tab while still pressing the Alt key.

In OSAS and TRAVERSE, both Hold/Release and Invoice Inquiry in Accounts Receivables seem to show the same information – but there are a few slight differences.  Understanding the similaritires and differences will help you know when to use which function.

Invoice Inquiry (Inquiry menu) and Hold/Release Invoices (Open Invoice Menu) both contain information on unpaid and paid invoices held in the Open Invoice file.  They are similar in that both functions list invoice number, type (invoice, payment, credit), invoice date, status (held or released), discount amount and check number if paid.

Here are the major differences between these two screens:

• Invoice Inquiry allows you to see all customers whether or not they have open invoices – however only those with open invoices can be seen in Hold/Release
• Invoice Inquiry allows you to look up by Customer ID or by Invoice number - while Hold/Release is by Customer ID only.
• Invoice Inquiry displays the credit limit amount, Hold/Release does not.
• Invoice Inquiry offers drill down on an invoice to view the header and detail information. Hold/Release does not.
• Invoice Inquiry is more of a “look, don’t touch” function in that you cannot adjust invoice payments while Hold/Release allows you to adjust invoice statuses and split invoices for multiple payments.

Bottom line?  Invoice Inquiry offers more versatility in viewing your customer invoice status.  Use Hold/Release to adjust invoices.

When you hear the word “Inventory”, what do you think of?

Most of us think of a retail store or a manufacturer as the type of company that uses the Inventory application.  However, many other types of organizations have supplies or products they need to monitor that is well-suited for Inventory. 

Think about the numerous items that a hotel must have on hand to properly satisfy their guests, or a school bookstore, or a catering company, or even a repair service that relies heavily on parts to respond to customer requests. If your organization fits any of these descriptions, you know that you need to track every aspect of your inventory.

• Know quickly the quantity of items on hand
• Know how much the inventory is worth at a glance
• Quickly learn where the item(s) are located
• Use the Inventory Movement Report to identify your best products and understand their purchase/sales cycles.
• Spot seasonal demand patterns
• Use the Valuation Report to summarize the value of the items on hand and the profit on items sold during the year.
• Know when it is time to order additional items before the supply is depleted

 With OSAS Inventory, you’ll be able to make informed buying and selling decisions, improve customer service, and save money.

The Hiring Incentives to Restore Employement (HIRE) Act was enacted on March 18, 2010.  What does mean to you?

Employers who hire unemployed workers after 2/3/10 and before 1/1/11 may qualify for a 6.2 percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after 3/18/10.  This reduced tax withholding will have no effect on the employee’s future Social Security benefits , and employers would still need to withhold the employee’s 6.2 percent share of the Social Security taxes, as well as income taxes.  Both the employer and employee’s shares of Medicare taxes would also appy to these wages.

Following are changes to forms affected by the HIRE Act:

• Form 941, the Employers Quarterly Federal Tax Return, will be revised for second quarter filings.  Any first quarter credit amounts would be treated as a payment for the second quarter – similar to the COBRA subsidy tax credit – and would need to be claimed on the second quarter Form 941 filing.  For the following quarters, employers will report total amounts on the first page of the 941, and reduce the liability on Schedule B, Form 941 by the amount of the tax reduction.
• 2010 Form W-2 will have Code “CC” added to Box 12 for reporting HIRE Act exempt wages and tips for qualified employees.
• Form W-3 will have a line added
• Form W-11 to be completed by newly-hired employees to confirm they are qualified under the HIRE Act. 

Employers cannot claim HIRE Act benefits, including a payroll tax exemption or a new-hire retention credit, unless the employee completes and signs the W-11 affidavit or similar statement.  The form is to be kept on file by the Employer. 

Drafts of the new forms can be found at www.irs.gov.