The dates for the Empower 2014 Conference have been announced! Laserfiche will hold its annual conference on January 14-17, 2014, at the Anaheim Marriott Hotel in Anaheim, CA.

By popular request, Laserfiche has extended the conference to include an afternoon of pre-conference classes on January 14. Sessions will include introductory presentations and labs on the Laserfiche Client, Laserfiche Workflow and Laserfiche Forms in order to maximize training opportunities for new users. The full course listings and descriptions will be announced in the coming months.

Sign up to receive more information including early-bird registration details, course offerings and more, and add the dates to your calendar today!

 

 

 

 

 

Educational Webcast: Event Fundraising Best Practices

Register Now!

Events are not only a great way to raise funds but also awareness and community support. Unfortunately many events fall flat, usually due to lack of clear goals and preparation.

Join us for a free educational webcast: Event Fundraising Best Practices, presented by industry
expert Richard Dietz. He’ll show you the tried and true way to pull all the pieces together for your
next event including:

• Choosing the type of fundraising event for your organization.
• Creating a simple timeline for planning, promotion, execution, and follow-up.
• Selecting an easy-to-use event registration process and collecting donor information.
• Marketing and publicity via social media, traditional media, and peer-to-peer fundraising.
• Planning follow-up communications to supporters and sponsors.
• Evaluating the results, including calculating return on investment.

Events can be time-consuming and overwhelming but the rewards can be great. Whether you are planning a simple event like a bake sale or a major event like a gala or walk-a-thon, the tips you learn during this webcast will help you make it wildly successful.  Register for this webcast today!

 

 

 

 

 

 

Software and the Section 179 Deduction

An increasingly popular use of the IRS §179 Deduction is for software.

Any “off-the-shelf” computer software that (a) is not custom designed, and (b) is available to the general public is qualified for the Section 179 Deduction in the year that you put the software into service.

What Software Qualifies?

For basic eligibility, the software must meet all of the following general specifications:

1.     The software must be financed (only specific type leases and loans qualify ), or purchased outright by you.

2.     The software must be used in your business for income-producing activity.

3.     The software must have a determinable useful life.

4.     The software must be expected to last more than one year.

In addition, these three specific stipulations must be met:

1.     The software must be readily available for purchase by the general public.

2.     The software must be subject to a non-exclusive license.

3.     The software must not have been substantially modified.

Basically, the Software Can’t be Custom Code

Off-the-shelf computer software placed in service during the tax year is qualifying property for purposes of the Section 179 Deduction. This is computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified.

It includes any program designed to cause a computer to perform a desired function. However, a database or similar item is not considered computer software unless it is in the public domain and is incidental to the operation of otherwise qualifying software.

In other words, if the core software is standardized, a small amount of customization is OK (but generally websites are not eligible for Section 179).

 

For more information, please contact Betty Motichek-Bruce!

 

Sage 100 ERP Newsletter

Year End – 2012

 

THE 2012 YEAR IN REVIEW

While there hasn’t been a major release of Sage 100 ERP since Version 4.5 back in 2011, there were still plenty of noteworthy changes in 2012. Along with a brand overhaul and new name for your business software, there were a range of enhancements, new features, and pricing options designed to give you better value for your investment. Here is a look at the year in review.

 

Sage Intelligence Enhancements

As the official replacement for FRx, it’s no wonder that Sage put so much effort into developing smart new enhancements for Sage Intelligence Reporting. New features such as the Report Designer Add-in provide additional drag-and-drop Excel financial formulas, while Reporting Trees allow you to create a visual model of your company’s reporting structure.  To get the most out of your Sage 100 intelligence reporting tool, be sure to join The B.I. Community, where you’ll have access to demo videos, product specs, downloads, chat rooms, discussion forums, and much more.

 

For those of you still holding onto FRx, remember that the FRx Conversion Assistant was created to help you convert your FRx catalogues – including columns, formulas, row formats, and more – to Sage Intelligence. Please note that “official” support for FRx ends on December 31^st, 2012.

 

Rebranding Officially Rolls Out

This year, Sage implemented a major brand overhaul. In an effort to consolidate dozens of product names and resources under the “Sage” brand, the names of many core accounting and ERP lines were changed. As a result, your Sage MAS 90 or MAS 200 software is now officially called Sage 100 ERP and comes in Standard (formerly MAS 90), Advanced (formerly MAS 200), and Premium (formerly MAS 200 SQL) versions – each designed to match the complexity of your business.

 

For more information, visit http://na.sage.com/sage-na/company/brand

 

New Shipping Solution

2012 also brought us SmartLinc, a new “Sage Endorsed” shipping solution for Sage 100. It provides all the benefits you’d expect from an automated shipping solution like real-time address correction, label printing, shipment tracking and history, and more – all combined with the benefits of being a cloud-based solution. That means there’s very little set up and you can access SmartLinc anywhere.

 

New Pricing Options

Taking a cue from the software-as-a-service (SaaS) business model, Sage is now providing Sage 100 customers with the option of subscription-based pricing. This pay-as-you-go option for Sage 100 ERP requires less up-front capital investment than the traditional user/module-based pricing. However, the long-term cost of ownership can potentially be more depending on the modules used and your specific business needs.

Feel free to Contact Us for more information about subscription based pricing options.

 

Need help figuring it all out?  Be sure to contact us with any questions about upgrading, updating, or anything in between!

 

2012 YEAR END FAQ’S

For Payroll, Electronic Reporting, and 1099 Processing

To help you get a jump start on closing the year out smoothly, here are some of the most Frequently Asked Questions and answers related to Payroll, Electronic Reporting, and Accounts Payable.

 

When will the year end Tax Table Update (TTU) and Interim Release Download (IRD) be available?

The Q1 2013 TTU and IRD will be available for download from the Sage Customer Portal after December 20, 2012. Sage will update the TTU with any late-breaking legislative changes, as necessary, throughout January 2013.

 

Note: you must have a current Sage Business Care plan to access and download the TTU and IRD updates.  If your plan has expired, please contact us to discuss support options. If you do not have a current logon, click “Sign Up for a Customer Portal User Account” in the lower portion of the screen.

 

Do I need to download the 2012 IRD for 1099 Reporting in Accounts Payable?

NO.  For 1099 reporting, there are no changes so no IRD is required.  If you performed 1099 reporting last year in Sage ERP MAS 90 or 200, you should have all the programs you need for this year.

 

Note: If you’re running version 3.74, 4.2, 4.3, or 4.4, 4.45, or 4.5, you must have the 2011 year-end IRD installed.

 

Do I need to download the 2012 IRD for W-2 Payroll Reporting?

YES.  Install the 2012 year-end IRD.  Before installation, be sure to check that you are running one of the following minimum requirements (or update your system first):

 

3.74, 4.2, 4.30.0.17, or 4.40.0.1 and you must have last year’s IRD (2011) installed

 

Note: Product Update 8 (PU8) scheduled for late December 2012 will include the IRD so customers running 4.40 can install either the IRD or PU8 – but both aren’t required.

 

Do I need the 2012 IRD if I’m running Payroll in Version 4.5?

NO. All of the program changes included in the IRD are already installed on your system. However, you’ll still need to download & install the Q1 2013 Tax Table Updated (TTU) before processing your first payroll for 2013.

 

Do I need to download the 2012 IRD if I’m using Federal and State eFiling & Reporting?

YES – if you’re running Version 4.3 or 4.4 Federal and State eFiling and Reporting.  NO – if you’re running Version 4.50.0 and 4.50.1 … however, you must install Program Fix PR4060-T.

 

When will the year end Federal and State eFiling and Reporting updates be available?

After December 20th, you can access the W-2 eFiling updates within the Payroll module and 1099 updates within the Accounts Payable module. Simply click “eFiling and Reporting” in Sage 100 ERP and the system will prompt you to apply the automated online update.

 

Will the 2013 TTU and Form 941 Updates be available for MAS 90 version 4.30?

Sage previously announced that as of December 31, 2012, they would no longer support updates, including the Tax Table Update (TTU), for Sage ERP MAS 90 version 4.30. However, due to the new 2013 Medicare requirements, Sage will provide Tax Table Updates for the 1st quarter of 2013 ONLY for version 4.30 so you can comply with the filing requirements.

 

Still Have Questions?

Download the complete 5-page 2012 Year End FAQs (PDF) for Sage 100 ERP Payroll and 1099 processing.  Or Contact Us with your questions.

 

MORE 2012 YEAR END FAQ’S

General Ledger

Can I print financial statements for the next fiscal year PRIOR to performing year end processing?

YES. In the Fiscal Year field within the applicable report window, simply select the fiscal year to print.  Do NOT manually change the fiscal year in General Ledger Options in order to print financial statements for the next fiscal year.

 

After year end processing, can I delete accounts that will no longer be used in the new fiscal year and still run comparison statements?

Information about prior fiscal years is stored by account number. These account numbers must be retained for as long as you require comparisons. Instead, you can set the status of an account to Inactive to prevent future postings but still retain the account number for comparisons.  On the Main Tab in Account Maintenance, select Inactive in the Status field and click Accept.

 

Can I open a closed fiscal year to make General Ledger postings/adjustments?

YES. If you retained detail history for a prior fiscal year by entering the ‘Years to Retain General Ledger History’ field in GL Options, you can reopen the closed fiscal year and post to it.

 

To Post to a Closed Fiscal Year:

1. Select General Ledger Setup menu > GL Options
2. On the Main tab, in the Current Fiscal Year field, select the past fiscal year to reopen
3. In the Current Period field, select the accounting period to post to and click Accept
4. In General Journal Entry or Transaction Journal Entry, enter the transaction to the reopened fiscal year and period and update the journal entry.
5. Reprint year end reports when you’re finished
6. Go back to General Ledger Options Main tab and select the current year in the Current Fiscal Year field, and the current period in the Current Period field. Click Accept.

 

You’ve just re-opened the closed fiscal year, posted a journal entry, and reverted back (in step 6) to the current fiscal period and year.  Note: Closed fiscal years can only be reopened in the General Ledger module.

 

IMPORTANT DEADLINES & TAX INFORMATION

• January 31, 2013 - Deadline to issue W-2, 1098, and 1099 forms to employees and independent contractors.
• January 31, 2013 – Deadline for filing quarterly payroll & annual sales tax returns.
• Depreciation and Section 179 Expense – The maximum Section 179 deduction for 2012 is $139,000.  The phase out threshold for total of equipment and software that can be purchased is $560,000.
• Standard Mileage Rate - The standard mileage rate for operating an automobile for business use is 55.5 cents per mile driven throughout 2012.  If you recall, this rate is unchanged from the mid-year adjustment from 51 cents to 55.5 cents that went into effect July 1, 2011.

 

“Fiscal Cliff” – Be Ready for Change

There are several laws – including temporary payroll tax cuts and expiration of tax breaks for small business – that are set to change at midnight on December 31, 2012.  While lawmakers debate over the best way to handle this conundrum referred to as the “fiscal cliff”, one thing is certain … change is coming. So stay tuned for last minute tax rate changes and be prepared to update your Sage 100 ERP system throughout January 2013.

 

*Note: this information is intended as a helpful reference and is not to be relied on as qualified advice from a tax professional.

 

YEAR END CHECKLISTS

In this section, we provide a few year end closing checklists for General Ledger, Accounts Receivable and Accounts Payable to help ensure that all procedures are processed and in the proper order.  Note: these modules all begin with the following 2 steps:

 

1. Backup your AR/AP/GL files and label them as “prior” to Year End processing.
2. Make sure the AR/AP/GL system date is set to the last day of your fiscal year.

 

Accounts Receivable

3. Ensure all invoices and cash receipts have been recorded for the current year.
4. Apply finance charges to past due customers.

Note: If you answered “None” for “Finance Charge Computation Method” in A/R Set Up Options, then continue.

5. Print statements for the appropriate customers.

Note: If you did not activate the “Customer Statements” option in A/R Set Up Options, continue to the next step.

6. Select “Period End Processing” from the Period End menu, and choose the Full Period & YE Processing option.
7. Select the reports you wish to print for the period.  At minimum, we recommend Aged Invoice Report and A/R Trial Balance.
8. Complete year end processing, backup AR files, and label them as “after” YE processing.

 

Accounts Payable

3. Ensure all invoices and checks have been entered and updated for the current year.
4. If your fiscal year coincides with the calendar year and your company issues 1099 Forms for vendors, then print, verify, and clear the 1099 Forms.
5. Select “Period End Processing” from the Period End menu, and choose the Full Period & YE Processing option.
6. Select the reports you wish to print for the period.  At minimum, we recommend Aged Invoice Report, A/P Trial Balance, and Check History Report.
7. Complete year end processing, backup AR files and label them as “after” YE processing.

 

General Ledger

3. Make sure all activity and adjustments in modules integrated with General Ledger have been completed in the year to be closed.

Note: Check the Module Closing Order article on the next page of this newsletter.

4. Print and update the Recurring Journals.  Refer to the   Recurring Journal section on page 99 of the GL Manual.
5. Print the General Ledger Worksheet and log all essential adjustments.
6. Enter adjustments in General Journal Entry.  This includes entries logged on the General Ledger Worksheet (above).
7. Print and update the Daily Transaction Register.

Note: The system will not allow YE processing to continue until after this step is performed.

8. Enter budget revisions through Budget Revision Entry and update the Budget Revision Register.
9. Go to G/L Options, confirm proper settings for these fields:

• Auto Budget Option field is set to the option you want to create next year’s budget
• Number of Years to Retain in Transaction History
• Number of Years to Retain in Summary History

Note: Setting number of years to “1” will not retain history – 1 means current year only.

10. Make sure the Balance Sheet is in balance.
11. Print the General Ledger Analysis (not “required”)
12. Update & print Custom Financial Reports (not “required”)
13. Select, modify, and update the Allocation Journal.
14. Select Period End Processing, and choose the Full Period End Processing option.
15. Select the reports you wish to print for the period. At minimum, we recommend Trial Balance, Standard Financial Statements, and General Ledger Detail Report.
16. Complete period end processing, backup general ledger files, and label them as “after” YE processing.

 

MODULE CLOSING

Keeping Things In Order

A year end process in one module often writes data to another module. Therefore, the sequence in which you close your Sage 100 modules is extremely important in order to avoid the risk of damaging your data.

 

Important: Remember to back up your data before starting any module closing procedures. The only way to “reverse” year end processing in Sage 100 ERP is to restore your data from a backup.

1. Bill of Materials*
2. Work Order Processing*
3. Bar Code
4. Purchase Order Processing
5. Sales Order Processing
6. Inventory Management
7. Material Requirements Planning (MRP)*
8. Timecard
9. Electronic Reporting/Magnetic Data*
10. Payroll (Quarter-end processing)
11. Accounts Receivable
12. Accounts Payable
13. Job Cost
14. General Ledger

 

*Note: While there is no formal closing procedure in the Bill of Materials, Work Order, MRP, and Electronic Reporting modules, all transactions should be posted before closing the modules that follow (i.e. Distribution Modules and Payroll).

 

Keep in mind this is just a general guideline.  If you own modules that aren’t listed above or have installed any third party add-on products or Sage Endorsed Solutions, please contact us to discuss specific closing procedures for your company.

 

4 Tips for a Successful Year End

1. General Ledger Closing – While it’s a good idea to close modules in a timely fashion, your General Ledger module can remain open for as long as you need while awaiting final processing in other modules or audit adjustments.   A GL that’s still open for 2012 will NOT prevent you from entering transactions for the New Year.
2. Payroll Planning – Even if your company is on a fiscal year, you’ll need to close out payroll at the end of the calendar year.  It’s a good idea to begin reconciling all of your payroll tax reports to the general ledger in early December. This gives you a chance to catch errors early and avoid filing an amended payroll tax return.

Note: As a reminder, all W-2’s and quarterly reports must be printed before processing the first payroll for 2013.

3. Check Your Version Number – Closing procedures can vary depending on which version of Sage 100 ERP you’re currently running.  For Version 4.0 or above, do the following to identify both your version  number and service pack:

Select Help > About Sage 100 ERP

4. Get All the Answers – We’ve compiled an extensive packet of checklists, closing procedures, and FAQ’s related to your core modules including General Ledger, Accounts Payable, Accounts Receivable, and Payroll.

 

We’re Here to Help!

As you begin year end closing procedures and prepare to start fresh in 2013, be sure to contact us if you need assistance during this important time of year.  As your software and technology partner, we’re always here to help!

 

THE ROAD AHEAD FOR SAGE 100 ERP

Expected for availability via download in December, Sage 100 ERP 2013 (also referred to as Version 5.0) was designed to deliver a better value and customer experience. Let’s take a look at what’s coming in the newest release of Sage 100 ERP.

 

New Customer-Requested Features

You asked and Sage delivered! In response to Sage 100 customers like you, the upcoming 2013 release addresses many of your top enhancement and feature requests.

• Inactive Vendors & Customers - By setting Vendors or Customers to “Inactive” you’ll save important historical data while reducing clutter for faster searches and data entry.
• Expanded AP Invoice Number - Now accommodating up to 20 characters, you’ll now be able to use the same invoice number as your vendors for simple invoice matching.
• View Cleared Checks - View cleared check information from Accounts Payable Vendor Maintenance on the Invoices, Transactions and Checks tabs – without having to launch Bank Reconciliation.
• Post to Bank Reconciliation in Detail - You now have the option to post ACH transactions to Bank Reconciliation with full detail, including the unique electronic check numbers.
• Enhancements to Paperless Office - The power of Paperless Office is now available over public servers (with encryption), which includes Gmail, Yahoo!, AT&T, and Hotmail.
• New Inventory Maintenance Screen - Customer service personnel can see on-hand quantities, view pricing information, and drill down into item details – all from one screen.

 

Tighter Integrations, Improved Functionality

With every new release, Sage continues to expand your options for connected services and integrated add-on solutions. And this has never been truer than with this release.

 

Credit card processing will now flow through Sage Exchange which provides the platform for enhancements like card-swipe, recurring charges, mobile payments, and improved cash flow management and forecasting. The old Sage MAS Fixed Assets module with a maximum capacity of 1,500     assets will be replaced with Sage Fixed Assets – Depreciation with Reporting, which can process 10,000 assets or more.  Lastly, tighter integration and enhancements will be rolled out for both Sage CRM and Sage 100 ERP Sales Tax.

 

Version Support Retirement Schedule

As a reminder, the following Sage 100 ERP version retirement schedule has been provided by Sage. Please note that support is no longer available for versions retired in 2012. Click Here for full support retirement details.

 

 

 

SAGE CRM SUPPLEMENT

The Road Ahead for Sage CRM

Expected for release any day now, Sage 100 ERP 2013 will also include a service pack update for your Sage CRM software (SP2 for Sage CRM Version 7.1).  This update will feature new enhancements and tighter integration to your ERP application.  Here’s a look at what to expect.

 

Multi-Company Sage CRM

Customers that are running more than one company or division can now map multiple Sage 100 ERP companies to a single Sage CRM database.

 

This provides decision makers with a consolidated view of all customer-facing activities while sales and customer service staff can move efficiently between all their customers and prospects across ERP companies and divisions.

 

Sage CRM Quick Order Entry

New Quick Order Entry screens will be available for Sage 100 Advanced and Premium ERP and can be used in addition to the current standard order entry screens.

 

This new quick order entry feature will enable ERP quotes and orders to be processed from within the Sage CRM interface without installing Sage 100 ERP on the sales person’s workstation, nor require an additional ERP user license to access accounting-related screens.  A time and money saver!

 

Safe Upgrades for Sage CRM

New safeguards will be introduced that preserve your Sage CRM customizations when installing a CRM patch or service pack. If the Sage CRM SDK or in-product customization tool components were utilized to develop the Sage CRM customizations, they will not have to be reapplied following an update. This will streamline implementation of patches and service packs, and make them easier to apply.

 

Cross Browser Compatibility

Earlier versions of Sage CRM were primarily tested and optimized for Microsoft Internet Explorer. But with the Service Pack included in Sage 100 ERP 2013, Sage CRM now runs on your choice of Microsoft Internet Explorer, Mozilla Firefox, Google Chrome, or Apple Safari.

 

In addition to making Sage CRM compatible with any of the 4 popular web browsers, Sage removed dependency on Internet Explorer plug-ins (like Active X) in order to use features like Document Drop or Mail Merge.

 

Since Mail Merge no longer relies on Microsoft Word or the Active X plug-in, you can create HTML templates and merge data from within the Sage CRM user interface.  What’s more, enhancements to Document Drop will allow you to drag and drop multiple files (i.e. customer correspondence or price lists) in a single task.

 

DON’T FORGET YOUR SAGE CRM LICENSE

Don’t forget that if you’re running Sage 100 ERP Version 4.5, Sage CRM is already installed and ready for you to use for Free.

 

All Sage 100 ERP customers on a current maintenance plan get a free Sage CRM license.  So if your company hasn’t yet taken advantage of all that CRM can offer, maybe now is the time to give it a test drive.  And be sure to contact us if you need help activating your free module and license or would like some training to get started.

 

 

 

Sage 100 Fund Accounting Newsletter

Year End – 2012

 

INTRODUCING SAGE FUND ACCOUNTING 2013

Released in October 2012, Sage 100 Fund Accounting Version 2013 boasts new Advanced Organization Audit functionality, streamlined transaction entry, new reports, and a collection of fantastic time-saving features sprinkled throughout the system.  Here’s a quick look at what’s new.

 

Advanced Organization Audit

Fraud prevention for a nonprofit organization is an issue that’s perhaps more critical than for-profit businesses.  The bad publicity that results and potential loss of confidence in internal controls can reduce contributions and grants, having a crippling effect on your nonprofit organization.

 

Perhaps that’s why Sage introduced a new Advanced Organization Audit feature in Sage 100 Fund Accounting 2013.  Part of the Advanced Security module (an optional add-on for your system), this new functionality allows you to track changes to key records in your system and quickly pinpoint suspicious activity or potential fraud.  Reports that are included for internal and external auditing needs will also save you hours of time digging through data and pulling files.  Not only does this new feature help prevent fraud, it’s also a great tool for spotting inadvertent mistakes and errors.

 

Enhancements in Accounts Receivable

The prepayment process in accounts receivable has been improved, making it easier to both enter and track prepayment transactions throughout the system. A/R reports are also easier to configure and personalize, drawing more data from User Defined Fields.

 

Custom Workflow in HR

If you’re using the Human Resource (HR) Management module, you’ll really like the new custom workflow structure for routine HR activities.  These configurable step-by-step routines reduce the administrative effort in common procedures like on-boarding new employees, updating certifications, employee performance reviews, changes in positions, and employee termination.

 

Other Cool Stuff

Sage 100 Fund Accounting 2013 also includes a collection of other great new features that we think you’ll really like.  For instance, you can now set up email templates in Accounts Receivable and email system-generated invoices directly to your customers – and the ability to email additional forms will be added with future software updates.

 

Another great feature is a perfect fit for organizations with vendors that have multiple addresses.  You can now designate a check address for each invoice in the system, and then Sage 100 Fund Accounting will automatically apply the correct address for each invoice.  Lastly, access to product training has been simplified and is accessible directly from your system.

 

Need More Info or Help? Contact us and we’d be happy to answer any questions you have about Sage 100 Fund Accounting 2013 or connect you with resources to assist with an upgrade.

 

COMMON YEAR END QUESTIONS

Here are some common questions (and answers!) that Sage 100 Fund Accounting (formerly “Sage MIP”) customers just like you are asking as we approach the end of another year.

 

Am I required to close the books before starting a new fiscal year?

No. You may continue to enter transactions to any fiscal year. Sage 100 Fund Accounting uses the effective date to determine when transactions are posted to your general ledger. You can also produce reports for any range of dates … you are not restricted to running reports only within the organization’s current fiscal year.

 

If I close the fiscal year, what happens to my accounting data?

Your accounting data is retained. Closing a fiscal year creates new fiscal year or system opening (SO) entries, but does not remove any data or transactions. As long as the effective date is in the correct fiscal year, you may continue entering transactions.

 

If I forgot to enter a transaction, can I still enter it in a closed fiscal year?

Yes. If you do create an entry with an effective date in the closed fiscal year, you also need to create an entry to adjust the beginning balances (AO type entry) for the subsequent fiscal year(s).

 

If you have not yet posted the entry, click on the Adjust Current Year button while the transaction is onscreen in order to have the system automatically create the AO type entry and adjust the subsequent beginning balances. If you’ve already posted the entry without using the Adjust Current Year button, you must manually create the AO entry to correct the system opening balances.

 

5 TIPS FOR CLOSING YOUR FISCAL YEAR

Closing the fiscal year (also called a “hard close”) in Sage 100 Fund Accounting is NOT required in order to begin entering transactions for the new year.  In fact, you can leave several years open without any impact on the accuracy of your data or reports.

 

However there are a variety of reasons (like preventing posting errors to the wrong period or purging data to speed system performance) that you might prefer closing the fiscal year.  If that’s the case for your organization, here are some general procedures to consider.

 

1. Backup Your Data – before starting any year-end processing task, be sure to backup your data. Without a reliable back up, there is no way to restore your system to its original state should you need to undo a year end processing mistake.
2. Closing Assignments – verify that all closing assignments have been made by reviewing the report at Reports > Lists > Closing Assignments.  Use the Closing Account Wizard to make any closing assignments.
3. It’s recommended that you post all transactions for the fiscal year to be closed (although not required).
4. Print Year-End Reports including a trial balance which will be a help tool to verify the ending balance for the year you are closing and the opening balances for the subsequent fiscal year.
5. After closing the fiscal year via Accounting > Activities > Close Fiscal Year, print a comparative trial balance with a column for Begin Year Balances to compare with the year-end reports that you ran before the close.

 

Please be sure to Contact Us with any questions or to request assistance with year-end.

 

TO CLOSE OR NOT TO CLOSE

The Pros and Cons of a “Hard Close” in Sage 100 Fund Accounting

As we mentioned earlier in the newsletter, closing the fiscal year is NOT required in order to begin entering transactions in the new year.  There are pros and cons in deciding whether a “hard close” is right for your organization.  So let’s take a closer look.

 

I Don’t Want to “Lock In” Inaccurate Entries

For many, the thought of closing the books at fiscal year end is intimidating.  Uncertainty about inaccurate journal entries that may need to be reversed, potential audit adjustments, and the fear of locking the year up with a hard close is enough to make many organizations decide to work well into the following year without closing the previous year.  And we’re here to tell you that’s just fine.

 

Closing the fiscal year in Sage 100 Fund Accounting is not required in order to begin entering transactions in the new year.  In fact, you can leave several years open without any impact on the accuracy of your database or financial reports.

 

The Close Pros

If old habits are hard to break and you’re simply uncomfortable until the fiscal year is officially closed and behind you, here is some information to consider:

• Financial statements will run faster because they don’t have to simulate a year end close in order to produce accurate values.
• Open fiscal years are much more susceptible to inadvertent and erroneous changes.
• Certain processes (like purging payroll history) may have to be put on hold because they require the year to be closed.

 

Sold! I’m Ready to Close

When you’re certain the books are in order and everything is golden, closing the year is pretty simple.  Just make sure everyone is logged off and you have exclusive use of the database, and then:

1. In the Accounting module, select Activities > Close Fiscal Year
2. Follow the onscreen prompts, make sure you’ve completed all the items in the checklist, then click OK at the bottom of bottom of each screen.

 

Back Up Before You Move Forward

Before beginning any year end processing task, always always always (did we say always?) execute a complete back up of your Sage 100 Fund Accounting database.  You should also test the back up to ensure it was successful and the data is readable.

 

Without a reliable back up, there is no way to restore your system to its original state should you need to undo a year end processing mistake.  It’s also a good idea to make another back up after a successful year end close and label the two backups “before” and “after” so you know which is which.

 

We’re Here to Help

Be sure to contact us if you need assistance during this busy and important time of year. As your software and technology partner, we’re always here to help!

 

If your business deals with the annual hassle of 1099 reporting, chances are you have a mountain of 1099 forms to print, mail, and file on an annual basis. If this process is manually managed, the risk of IRS audit increases due to inaccurate and incomplete data.

AvaTax 1099 formats are guaranteed compliant, reducing the risk of IRS audit. Every step in the due diligence process is transparent. All you need to do is import data and validate TIN information. Once validated, with the click of a mouse, the 1099 forms are printed and mailed without any manual intervention from your AP team.
Accounts Payable departments access AvaTax 1099 via a web browser and benefit from the following features:

• Access to the most common forms MISC, DIV, INT and some more unique forms such as 1099-K, SA, R, OID, PATR, S, A, B, C, LTC , Form 3921, 3922, W9, 1098-T, 1042S
• Real-time Tax Identification Number (TIN) verification
• Seamless on-boarding process
• Intuitive, easy-to-navigate interface
• Built-in W-9 and B-Notice remediation processing

• Automated printing and mailing and electronic filing with the IRS

Attend our webinar to learn more about how our simple, three step process can guarantee compliance and reduce your audit risk.

Join SYGNVS and Avalara for 45 minutes to find out how to take the headache out of 1099 filing. Register to attend today!

1099 Tax Reporting Made Easy with AvaTax 1099
Tuesday, October 16
10:00 AM PDT / 1:00 PM EDT
Register to Attend Today: https://www1.gotomeeting.com/register/262399576

If you are unable to attend but would like to learn more, please contact Betty Motichek-Bruce at betty@sygnvs.com.

 

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Don’t Forget about our upcoming luncheon Event!

Also remember that SYGNVS and Avalara will be hosting a complimentary Executive Briefing and Luncheon on November 9th, 2012 for Sage 100 ERP and AvaTax.

Learn how to gain control, clarity and confidence over your ERP operations, sales and local tax compliance, and enjoy a fantastic meal!

The entire SYGNVS team invites you to join us on November 9 at Juban’s – we’ll treat you to lunch and presentations from software experts from Sage and Avalara.

More than just an ERP briefing, this is your chance to meet the people behind the powerful Sage 100 ERP and Avalara solutions.

We hope to see you there:

November 9th, 2012

11 am – 1 pm

Juban’s Restaurant
3739 Perkins Road
Baton Rouge, Louisiana

To get more information and to register for the Executive Briefing -

http://www.sygnvs.com/default.asp?page=ExecBriefing

 

www.sygnvs.com

If an auditor showed up today, how quickly and easily could you find customer exemption certificates for tax-exempt transactions?

Tight crackdowns by state governments have included greater attention to non-taxed transaction compliance as they increase sales tax compliance audits. Important to the auditor is the ability to produce a valid, current exemption certificate and evidence of its appropriate association with the right transactions. Often times, businesses have a manual process for tracking customer exemption certificates that can increase audit risk.

Technology has brought solutions! Join our webinar on Wednesday, August 29th at 11:00am PDT to learn more about how automating the exemption certificate lifecycle can save you time and money as well as improve your staff and customer experiences with non-taxed transaction compliance.

Join our webinar and learn about:

• Transitioning from paper to electronic certificates
• Automating renewal requests
• Generating valid certificates at check-out
• Digital storage and retrieval
• Integration between certificate management system and your ERP

Join SYGNVS and Avalara for 45 minutes to find out how to take the headache out of exemption certificate management. Register to attend today!

Exemption Certificates Best Practices: Reducing Audit Risk
Wednesday, August 29, 2012
11:00 AM PDT / 2:00 PM EDT
Register to Attend Today: https://www1.gotomeeting.com/register/836585217

If you are unable to attend but would like to learn more, please contact Betty Motichek-Bruce at betty@sygnvs.com.

 

You are invited to attend the complimentary webinar, Sales Tax Legislation 101, part of the Sales Tax Management Thought Leadership Series, brought to you by Avalara.

Sales tax legislation is a mystery to many even though it has a direct impact on businesses of all sizes.  This introductory online webinar covering sales tax legislation is hosted by Avalara’s Sales Tax Compliance Expert, Shane Ratigan.

Attend this webinar to learn the basics of Sales Tax Legislation:

• History of sales tax legislation
• How sales tax legislation affects your business
• Where you find out about changes in legislation

About the Series

Avalara, the maker of AvaTax, has teamed up with experts in the complex area of sales tax management to bring you such timely and informative topics as legislation, industry insights and tax tips. Visit the series page for upcoming dates, topics and past webinar recordings:  www.avalara.com/speakerseries

We hope you’ll join us.

Sales Tax Legislation 101
Presented by Avalara Tax Law and Compliance Expert Shane Ratigan
Thursday, August 16, 2012
1:00 PM EDT / 10:00 AM PDT

Register Now:  https://www1.gotomeeting.com/register/953957136