car benefits vs company cost

by SylvieSu @ Sage 50 CA Payroll - Recent Threads

Mon Jan 29 07:53:04 PST 2018

Hi,

I would like to know if car benefits for sharesholder is a company cost or not. Is it correct if the entry like:

Debit: Employee Benefits 

  Credit: Due to shareholder M. xxx

Thanks a lot!

Sylvie

Nonprofit accounting

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:55:00 PDT 2018

Nonprofit accounting refers to the unique system of recordation and reporting that is applied to the business transactions engaged in by a nonprofit organization. A nonprofit entity is one that has no ownership interests, has an operating purpose other than to earn a profit, and which receives significant contributions from third parties that do not expect to receive a return. Nonprofit accounting employs the following concepts that differ from the accounting by a for-profit entity:

• Net assets. Net assets take the place of equity in the balance sheet, since there are no investors to take an equity position in a nonprofit.
• Donor restrictions. Net assets are classified as being either with donor restrictions or without donor restrictions. Assets with donor restrictions can only be used in certain ways, frequently being assigned only to specific programs. Assets without donor restrictions can be used for any purpose.
• Programs. A nonprofit exists in order to provide some kind of service, which is called a program. A nonprofit may operate a number of different programs, each of which is accounted for separately. By doing so, one can view the revenues and expenses associated with each program.
• Management and administration. Costs may be assigned to the management and administration classification, which refers to the general overhead structure of a nonprofit. Donors want this figure to be as low as possible, which implies that the bulk of their contributions are going straight to programs.
• Fund raising. Costs may be assigned to the fund raising classification, which refers to the sales and marketing activities of a nonprofit, such as solicitations, fund raising events, and writing grant proposals.
• Financial statements. The financial statements produced by a nonprofit entity differ in several respects from those issued by a for-profit entity. For example, the statement of activities replaces the income statement, while the statement of financial position replaces the balance sheet. Both for-profit and nonprofit entities issue a statement of cash flows. Finally, there is no nonprofit equivalent for the statement of stockholders' equity, since a nonprofit has no equity.

Related Courses

Nonprofit Accounting 

Holocaust survivor killed inside Paris apartment in suspected anti-Semitic attack

by Katrina Butcher @ KFOR.com

Tue Mar 27 18:30:01 PDT 2018

PARIS – Two people have been arrested over the murder of an 85-year-old Holocaust survivor in Paris that is being investigated as a suspected anti-Semitic attack, a French judicial source told CNN on Tuesday. Mireille Knoll was stabbed 11 times in her apartment in the 11th arrondissement of Paris before her home was set on fire, according to government spokesman Benjamin Griveaux, who recounted the attack on Twitter. Her body was discovered in her apartment on Friday. Two men are […]

Inventory change

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 13:22:00 PDT 2018

Inventory change is the difference between the inventory totals for the last reporting period and the current reporting period. The concept is used in calculating the cost of goods sold, and in the materials management department as the starting point for reviewing how well inventory is being managed. It is also used in budgeting to estimate future cash requirements. If a business only issues financial statements on an annual basis, then the calculation of the inventory change will span a one-year time period. More commonly, the inventory change is calculated over only one month or a quarter, which is indicative of the more normal frequency with which financial statements are issued.

For example, if the ending inventory at the end of February was $400,000 and the ending inventory at the end of March was $500,000, then the inventory change was +$100,000.

The inventory change calculation is applicable to the following areas:

• Accounting. Inventory change is part of the formula used to calculate the cost of goods sold for a reporting period. The full formula is: Beginning inventory + Purchases - Ending inventory = Cost of goods sold. The inventory change figure can be substituted into this formula, so that the replacement formula is: Purchases + Inventory decrease  - Inventory increase = Cost of goods sold. Thus, it can be used to slightly compress the calculation of the cost of goods sold.
• Inventory management. The materials management staff uses the inventory change concept to determine how its purchasing and materials usage policies have altered the company's net investment in inventory. They typically drill down from the inventory change figure and review changes for each type of inventory (e.g., raw materials, work in process, and finished goods), and then drill down further to see where changes arose at the level of each stock keeping unit. The result of this analysis may include changes in ordering policies, the correction of faulty bills of material, and alterations to the production schedule.
• Cash budgeting. The budgeting staff estimates the inventory change in each future period. Doing so impacts the amount of cash needed in each of these periods, since a reduction in inventory generates cash for other purposes, while an increase in inventory will require the use of cash.

The concept is also used in a general sense to keep track of the overall investment in inventory, which management may monitor to see if working capital levels are increasing at too rapid a pace.

Related Courses

Accounting for Inventory 
How to Audit Inventory 

Payroll records

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 12:00:00 PDT 2018

Payroll records contain information about the compensation paid to employees and any deductions from their pay. These records are needed by the payroll staff to calculate gross pay and net pay for employees. Payroll records typically include information about the following items:

• Bereavement pay
• Bonuses
• Commissions
• Deductions for pensions, benefits, charitable contributions, stock purchase plans, and so forth
• Direct deposit information
• Gross wages
• Hours worked
• Manual check payments
• Net wages paid
• Salary rates
• Vacation and/or sick pay

The information in payroll records have traditionally been stored on paper documents, but can also be recorded as electronic documents.

Payroll records can be considered a subset of the information stored in human resources records, which can contain considerably more information than items pertaining to just employee pay and deductions.

The time period over which payroll records must be retained will depend upon government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.

Related Courses

Payroll Management 

Exporting Payroll File only

by TriSage @ Sage 50 CA Payroll - Recent Threads

Tue Feb 06 05:43:36 PST 2018

Does anyone know if I can export my payroll file only to my accountant. They do my T4s and want to start them soon but I need to finish my bank recs. I have three months to do.

Susan

Are You Ready for Retirement?: Essential Information on IRAs and 401(k)s

by Kara Vincent @ LRRCU

Tue Aug 22 03:05:44 PDT 2017

While you’re young, you may not be thinking about saving for retirement. You’re probably more focused on paying off student loan debt, searching for a job, or buying a house. But, starting to save for your financial future early will only benefit you in the long run. Start your retirement planning as early as you can. Think […]

The post Are You Ready for Retirement?: Essential Information on IRAs and 401(k)s appeared first on LRRCU.

‘Like a riot’: Woman says her home was ransacked after estate sale mix-up

by Katrina Butcher @ KFOR.com

Tue Mar 27 18:41:24 PDT 2018

LONGMONT, Colo. — Dozens of people descended upon the wrong Colorado home looking for the ultimate estate sale deal: free. It all started Friday morning with an actual real estate sale down the street at 8 Texas Lane in Longmont, according to KDVR.  Mary Andrews, the unfortunate owner of 14 Texas Lane, believes somebody migrated over to her house, three doors down, and thought, “Hey, another sale!” Andrews’ house was unlocked, and that’s apparently all it took. “They were coming […]

Forum Post: customize a income statement

by swissmrs59 @ Sage 50 Accounting - Canadian Edition

Mon Mar 26 21:29:00 PDT 2018

Is there a way to create a customized income statement to have the accounts running across the page rather and down? I have a client where I just had to create a new sage file and built all the accounts from scratch to match their required set up. It's basically 5 headings and within each heading they have the same type of accounts for both revenue and expense. They want to have the income statement show the 5 headings across the top of the page (from left to right) and all the accounts within each listed below them. Can this be done in Sage or can it only be done in excel?

What You Need to Know About a Qualifying Life Event

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 12 05:10:40 PDT 2018

Employees have a window of time each year to sign up for certain types of employer-sponsored insurance. Although this open enrollment period takes place at the end of each year for all employees, an employee can add or remove coverage at any time of the year if they have a qualifying life event. What is […]

The post What You Need to Know About a Qualifying Life Event appeared first on Payroll Tips, Training, and News.

Depreciable asset

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 13:48:00 PDT 2018

A depreciable asset is property that provides an economic benefit for more than one reporting period. A capitalization limit may also be applied to keep lower-cost purchases from being classified as depreciable assets. A qualifying asset is initially classified as an asset, after which its cost is gradually depreciated over time to reduce its book value. Examples of the classifications of assets used to record depreciable assets are:

• Buildings
• Computers and software
• Furniture and fixtures
• Land
• Machinery
• Vehicles

The time period over which an asset is depreciated depends on its classification. Land is not depreciated at all, since it is considered to have an infinite lifespan.

Related Courses

Fixed Asset Accounting 
How to Audit Fixed Assets 

How to track and pay "sick days" aka Personal Emergency Leave (PEL) days for Ontario

by laufey @ Sage 50 CA Payroll - Recent Threads

Wed Jan 10 22:04:48 PST 2018

As of 2018 in Ontario, employees are entitled to 10 PEL days a year, and 2 of these days must be paid PEL days. This is a two part question regarding PEL days aka "sick days".

1. It seems like the ENTITLEMENT section of the payroll module is meant to accrue days based on time worked and then to deduct days taken from that accrual. But with Ontario's new laws regarding sick days, this process basically works in reverse: employees do not accrue sick days, they begin with the maximum and days taken are just deducted from it. Is it possible to achieve this in Sage or will people need to keep separate records for this?

I honestly cannot figure out how to do it in sage.

2. Based on my understanding of the new laws, any PEL income does not count as "regular" income, and thus is not used to calculate any holiday pay. Therefore it makes sense to create a PEL income category apart from regular income. How is PEL/SICK PAY calculated in Ontario? 8 hours x hourly wage? I cannot find any literature on this.

A Look at Federal, State, and Local Minimum Wages

by Mike Kappel @ Payroll Tips, Training, and News

Wed Mar 21 05:30:00 PDT 2018

You can’t just pay your employees any amount you want. You must follow federal, state, and local laws that set minimum wages. What is minimum wage? Minimum wage is the lowest amount you can pay an employee per hour of work. You can pay more than the minimum wage, but you should never pay less […]

The post A Look at Federal, State, and Local Minimum Wages appeared first on Payroll Tips, Training, and News.

Price to book ratio

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:53:00 PDT 2018

The price to book ratio compares the current market price of a company's stock to its aggregate book value. When the ratio is excessively high, it can indicate that a company's shares are over-priced, especially when the ratio is high in comparison to the same calculation for other companies in the same industry. The calculation is:

Closing price of the stock ÷ (Total assets - Intangible assets - Liabilities)

Investors like to use the price to book ratio to search for undervalued companies, and invest in their stock in hopes of having the share price return to a more normal level over time. However, there are a number of issues with the ratio to be aware of, including the following:

• The ratio could be low because the company has been mismanaged, in which case there can be no expectation that the ratio will improve over time.
• The ratio could skewed too high because the company is using accelerated depreciation to write down the value of its fixed assets at an accelerated rate.
• The company may have valuable intellectual property that does not appear on its balance sheet at all, but which is being recognized by investors through a high market price for its stock.
• The company may be investing a large amount in research and development costs, which must be charged to expense as incurred, rather than capitalized. This tends to result in a comparatively low book value for the business.
• The ratio is not overly useful when evaluating services firms and technology companies, since these entities have comparatively fewer fixed assets on their balance sheets.

Related Courses

Business Ratios Guidebook 
The Interpretation of Financial Statements 

RE: Non Taxable Benefits where Employer and Employee Pay 50%

by CarolCraig @ Sage 50 CA Payroll - Recent Threads

Thu Feb 22 13:33:15 PST 2018

Do you really need to show the premiums paid by the employer? The employee would be under the deductions and this in the set up allows you to check or un-check the taxes based on what you are doing. If you show the employer's portion of the benefit i would imagine this would need to be in the entitlements tab is that not correct. This would then show only as an entitlement not and income or deduction because it is neither. The entitlement tab shows WCB as well but this is what i would think would work and then it would not show up as extra income.

Financing A New Home: Answering Homebuyer Questions

by Kara Vincent @ LRRCU

Mon Mar 12 07:40:38 PDT 2018

Finding the perfect new home can be hard work, but now you also have to navigate the mortgage financing process. There are many questions that arise when it comes to financing a new home. Below we’re answering four questions about financing a new home that homebuyers commonly ask. 1. Should I Be Pre-Qualified or Pre-Approved? […]

The post Financing A New Home: Answering Homebuyer Questions appeared first on LRRCU.

Personal Tax Credits

by Kathy@Jorey @ Sage 50 CA Payroll - Recent Threads

Tue Feb 13 14:33:53 PST 2018

Hi, 

I recently figured out that the personal tax credits aren't automatically updated when the calendar roll-over is done. I updated the credits, but since then I've opened prior paycheques to adjust the allocation of hours to projects. When I did that, it recalculated the taxes and the net pay for those paycheques has increased, but I can't figure out how to pay it out to our employees. The amounts have been put to the clearing account, but because the paycheques were previously paid Sage isn't recognizing that the paycheque has an outstanding amount to be paid and I can't figure out how to export the amounts owing to our bill payment service. Even if I wanted to print out a cheque instead I can't figure out how. 

Can someone help me?

Thanks.

Human resource accounting

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 16:21:00 PDT 2018

Human resource accounting involves the tracking of all costs related to employees in a separate report. These costs may include the following:

• Employee compensation
• Employee payroll taxes
• Employee benefits
• Employee training

Such an accounting system can be used to determine where human resources costs are especially heavy or light in an organization. This information can be used to redirect employees toward those activities to which they can bring the most value. Conversely, the report can be used to identify those areas in which employee costs are too high, which may lead to a reduction in force or a reallocation of staff away from those areas.

A more comprehensive human resource accounting system goes beyond the simple tracking of employee-related costs, and addresses the following two additional areas:

• Budgeting. An organization's annual budget includes a component, in which is concentrated all employee costs being incurred from across the organization. By concentrating cost information by its nature, management can more clearly see the total impact of human resource costs on the entity.
• Employee valuation. Rather than looking at employees as costs, the system is redirected toward viewing them as assets. This can involve the assignment of values to employees based on their experience, education, innovativeness, leadership, and so forth. This can be a difficult area in which to achieve a verifiable level of quantification, and so may have limited value from a management perspective.

From an accounting perspective, the expense-based view of human resources is quite easy - employee costs from the various departments are simply aggregated into a report. The employee valuation approach is not a tenable concept for the accountant, since this is an internally-generated intangible asset, and so cannot be recorded in the accounting system.

Related Courses

Human Resources Guidebook 
Payroll Management 

Throughput definition

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 15:19:00 PDT 2018

Throughput is the number of units that pass through a process during a period of time. This general definition can be refined into the following two variations, which are:

• Operational perspective. Throughput is the number of units that can be produced by a production process within a certain period of time. For example, if 800 units can be produced during an eight-hour shift, then the production process generates throughput of 100 units per hour.
• Financial perspective. Throughput is the revenues generated by a production process, minus all completely variable expenses incurred by that process. In most cases, the only completely variable expenses are direct materials and sales commissions. Given the small number of expenses, throughput tends to be quite high, except for those situations in which prices are set only slightly higher than variable expenses.

For operations, throughput can be increased by enhancing the productivity of the bottleneck operation that is constraining production. For example, an additional machine can be purchased, or overtime can be authorized in order to run a machine for an extra shift. The key point is to focus attention on the productivity of the bottleneck operation. If other operations are improved, the overall throughput of the system will not increase, since the bottleneck operation has not been enhanced. This means that the key focus of investment in the production area should be on the bottleneck, not other operations.

For financial analysis, throughput can be increased by altering the mix of products being produced, to increase the priority on those products that have the highest throughput per minute of time required at the constrained resource. If a product has a smaller amount of throughput per minute, it can instead be routed to a third party for processing, rather than interfering with the bottleneck operation. As long as some positive throughput is gained by outsourcing, the result is an increased overall level of the throughput for the company as a whole.

Related Courses

Constraint Management 

Multi Currency Support for Stripe

by Catherine.Grant @ Sage 50 Accounting - Canadian Edition

Tue Mar 27 10:30:00 PDT 2018

Stripe supports multi currency, why doesn't Sage50?

No Access to Pier Report

by WWynn @ Sage 50 CA Payroll - Recent Threads

Sun Feb 18 12:17:31 PST 2018

HI,

Even though I have the Silver Care service plan my system won't let me view the PIER report.  Sage asks me to validate my service plan, it does and thanks me for having a service plan which includes payroll, but still won't let me have access to the report - why?

Thank you,

Wendy

Doing a general journal entry with the vacation payable account

by Sarah1979 @ Sage 50 CA Payroll - Recent Threads

Wed Jan 17 10:23:11 PST 2018

Hi there, 

My boss has opened a new company and is moving some employees over. I want to move their vacation payable amount over to the new company using the general journal but when I try, the vacation payable account doesn't show in my list. Does anyone know how to do an entry with this account? Any help is greatly appreciated. 

CPP amounts

by tlavigne @ Sage 50 CA Payroll - Recent Threads

Mon Jan 13 06:12:24 PST 2014

Perhaps this is silly, but here goes... I have an employee with regular pay periods and Sage 50 is taking the correct amount of CPP off, fully considering the $3,500 basic exemption. If I pay out an additional amount to this employee and do it through the payroll module, it is not taking enough CPP off. I believe it is allowing a second basic exemption. How can I correct this without doing a manual adjustment every time this occurs? I am stumped!

Oklahoma representative questioned about spanking comment during education funding debate

by Ian Smith @ KFOR.com

Tue Mar 27 16:01:13 PDT 2018

OKLAHOMA CITY – An Oklahoma state representative is getting some heat about his argument during a debate regarding the state’s education and budget crisis. On Monday, members of the Oklahoma House of Representatives debated a bill that would fund a teacher pay raise through several revenue-raising measures. “Money is not the number one issue,” said Rep. John Bennett. “Maybe if we spanked our kids at home a little better with a paddle, made them mind and be good kids, the […]

Service Credit Union named top CU Direct auto lender

by Lori Holmes @ Service Credit Union

Fri Feb 23 08:19:49 PST 2018

Service Credit Union (SCU) was named the top auto lender in the New England/New York region and 10th nationally for 2017 by CU Direct. CU Direct works with auto dealers and credit unions throughout the U.S. to streamline the auto buying process. Last year, the credit union funded more than 21,000 auto loans at approximately […]

Store Credit Cards, Balance Transfers & More: Make the Smart Money Decision

by Liz Oliver @ LRRCU

Fri Oct 13 08:55:31 PDT 2017

Every day we’re faced with making decisions about our money. What feels like a smart money choice in the moment may have repercussions in the future. You might be tempted to save money on a purchase now only to have your credit score suffer.  You might choose to delay payments on a big ticket item […]

The post Store Credit Cards, Balance Transfers & More: Make the Smart Money Decision appeared first on LRRCU.

Trying to figure out Basic Personal Amounts for Nova Scotia

by tsherr@computerconnectionltd.com @ Sage 50 CA Payroll - Recent Threads

Fri Jan 12 04:03:24 PST 2018

I'm not sure why Sage 50 doesn't do this for me, since I'm paying for Payroll updates, but what are the correct personal amounts for Nova Scotia for Jan 1, 2018?

I currently have:

Federal Basic Personal Amount - 11,809
Provincial Basic Personal Amount - 11,481
Provincial Other Indexed Amount - 1280

Which I've gotten from the CRA site, but I'm not sure if these are correct.

Any assistance would be greatly appreciated.

Empire Slice House offering free pizza for Oklahoma teachers

by KFOR-TV & K. Querry @ KFOR.com

Tue Mar 27 14:48:26 PDT 2018

OKLAHOMA CITY – A popular spot in the Plaza District is serving up teachers to help them keep more of their hard-earned money. On Tuesday, Empire Slice House announced that it is rolling out its ‘Empire for Education’ program. “This means Oklahoma state teachers get a slice, salad and drink FOR FREE anytime of the day, any day of the week. Flash that school ID and you’re set!” the company wrote on Facebook. The restaurant says that while the measure […]

Cookie jar accounting

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 11:09:00 PDT 2018

Cookie jar accounting occurs when a business sets up excessive reserves in profitable periods and draws down these reserves during lower-profit periods. The intent is to give the impression that the organization generates more consistent results than is really the case. When investors believe that a firm is able to consistently meet its earnings targets, they tend to place a higher value on its stock. There is a greater temptation to use cookie jar accounting among publicly held businesses, since doing so can mislead analysts into issuing more favorable reports about them to the investment community. This approach to reporting earnings does not reflect actual results, and so can be considered fraudulent reporting.

Cookie jar reserves can be created either by over-estimating the more common reserves (such as for bad debts) or by taking large one-time charges for expected losses from one-time events, such as acquisitions or downsizings.

The term comes from the practice of using a “cookie jar” of reserves whenever needed.

Related Courses

Fraud Examination 
Fraud Schemes 
How to Audit for Fraud 

Should You Offer a Nonqualified Deferred Compensation Plan?

by Mike Kappel @ Payroll Tips, Training, and News

Mon Mar 26 05:10:00 PDT 2018

You know employees like employer-sponsored benefits. As an employer, offering benefits is advantageous for your business, too. A nonqualified deferred compensation plan is one type of benefit that both you and your employees can enjoy. Find out what a nonqualified deferred compensation plan is, why you might consider offering it, and how to set it […]

The post Should You Offer a Nonqualified Deferred Compensation Plan? appeared first on Payroll Tips, Training, and News.

Service Credit Union Names VP of Marketing

by Lori Holmes @ Service Credit Union

Tue Jan 30 09:28:20 PST 2018

Service Credit Union is pleased to announce today the appointment of Wendy Bryant-Beswick to Vice President of Marketing. A seasoned executive with more than 20 years of marketing management experience, Beswick will oversee the planning and execution of Service Credit Union’s marketing initiatives including positioning, brand oversight, acquisition, communications, public relations, and business development. She […]

First Service Credit Union Opens New Spring Branch

by slecrone @ First Service Credit Union

Tue Sep 13 12:49:41 PDT 2016

HOUSTON, September 13, 2016 – First Service Credit Union has opened its newest branch, its 12th in the Houston area, in Spring. The full-service branch, with walk-in service and three drive-up lanes, is at 8640 Spring Cypress Road, near the … Continue reading →

What Is an FEIN?

by Mike Kappel @ Payroll Tips, Training, and News

Mon Feb 26 05:10:00 PST 2018

When you run a business, you must meet many IRS requirements. You might need an FEIN to identify your business on documents like payroll tax forms. What does FEIN mean? What is an FEIN? FEIN is an acronym for Federal Employer Identification Number, also known as an EIN. This unique, nine-digit number is used by […]

The post What Is an FEIN? appeared first on Payroll Tips, Training, and News.

Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch?

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 19 05:10:23 PDT 2018

Sometimes, you or your employees’ personal responsibilities conflict with your business. For many small businesses, if you miss work or lose an employee for an extended period of time, there can be harmful effects on productivity in the workplace. But if you or an employee are called in for jury duty, you might not have […]

The post Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch? appeared first on Payroll Tips, Training, and News.

Tips for helping children gear up for the Run to Remember

by Katrina Butcher @ KFOR.com

Tue Mar 27 14:40:42 PDT 2018

OKLAHOMA CITY – It’s hard to believe the Oklahoma City Memorial Marathon is just a few weeks away. Each week, hundreds of school age children are adding to their mileage total before they run the final stretch on April 30. But, they need the proper fuel as well! Dr. Hieu C. Nguyen with Integris Family Medicine has strategies for helping children eat healthier: Drinking water is the best way to stay hydrated Eat a variety of foods and get the […]

The difference between an invoice and a statement

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 16:21:00 PDT 2018

A customer may receive an invoice and a statement from a supplier. What is the difference between these two documents? When a seller issues an invoice to a buyer, the invoice is related to a specific sale transaction where goods or services were provided to the buyer. Since the invoice relates to a specific sale transaction, it itemizes all of the information the buyer needs to know in order to pay the seller, including:

• Invoice number
• Invoice date
• Item description
• Item price
• Shipping and handling charges
• Sales tax
• Total amount payable
• Remit to address
• Payment terms and early payment discount terms (if any)

The intent of an invoice is either to collect payment from the buyer, or to create evidence of the sale (if payment was made in advance or in cash). If payment was made at the time of sale, the invoice is stamped "Paid" before issuing it to the buyer.

When a seller issues a statement, the document itemizes all invoices that have not yet been paid by the buyer, as well as partial payments. In this case, the intent is to remind the buyer that it has an obligation to pay the seller. Since the statement is more aggregated than an invoice, it provides less detailed information at the invoice level. It typically includes the following items:

• Statement date
• Invoice numbers
• Invoice dates
• Invoice totals

A more sophisticated statement will aggregate invoice totals by time bucket, so that overdue invoices are clearly shown.

Invoices are issued whenever a sale has been completed, so they may be issued every day and in significant quantities. However, statements are usually only issued at regular intervals, such as once a month, as part of a company's collection activities.

From the perspective of the buyer, the receipt of an invoice triggers an accounting transaction, which is an account payable. Conversely, the receipt of a statement is strictly informational - it does not trigger the creation of an accounting transaction.

It can be unwise to treat a statement as an invoice and pay items listed on the statement, since it is possible that the buyer already paid for those items, but the payment has not yet been reflected in the seller's accounting system. A better alternative for the buyer is to make inquiries about any invoices that are listed on the statement, and obtain more detailed information before issuing a payment.

There can be some confusion between the invoice and statement terms when dealing with credit card providers, since they issue a "statement" that is actually an invoice.

Related Courses

Bookkeeping Guidebook 
New Controller Guidebook 

Electronic filing of T4 summary

by cb_canada @ Sage 50 CA Payroll - Recent Threads

Wed Feb 14 14:52:27 PST 2018

This is my first time using sage to file T4's electronically. I went through all the steps and an XML document was created, however as far as I can tell there was no T4 Summary created. Is this correct? My issue is, I did not have my remittances set up in sage for 2017 so my T4 summary is incorrect unless I am given an option to put an amount in the "other remittance" box. I can only do this however if I print to paper. Am I missing something? Is there another step for the summary when submitting electronically or does the summary have to be submitted on paper regardless or is a summary not required for an electronic submission? 

Types of financial analysis

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 14:44:00 PDT 2018

Financial analysis involves the review of an organization's financial information in order to arrive at business decisions. This analysis can take several forms, with each one intended for a different use. The types of financial analysis are:

• Horizontal analysis. This involves the side-by-side comparison of the financial results of an organization for a number of consecutive reporting periods. The intent is to discern any spikes or declines in the data that could be used as the basis for a more detailed examination of financial results.
• Vertical analysis. This is a proportional analysis of the various expenses on the income statement, measured as a percentage of net sales. The same analysis can be used for the balance sheet. These proportions should be consistent over time; if not, one can investigate further into the reasons for a percentage change.
• Short term analysis. This is a detailed review of working capital, involving the calculation of turnover rates for accounts receivable, inventory, and accounts payable. Any differences from the long-term average turnover rate are worth investigating further, since working capital is a key user of cash.
• Multi-company comparison. This involves the calculation and comparison of the key financial ratios of two organizations, usually within the same industry. The intent is to determine the comparative financial strengths and weaknesses of the two firms, based on their financial statements.
• Industry comparison. This is similar to the multi-company comparison, except that the comparison is between the results of a specific business and the average results of an entire industry. The intent is to see if there are any unusual results in comparison to the average method of doing business.

Related Courses

Business Ratios Guidebook 
Financial Analysis 
The Interpretation of Financial Statements 

10-year-old who went into DHS custody as infant holding out hope to be adopted

by Lacey Lett @ KFOR.com

Tue Mar 27 16:00:25 PDT 2018

OKLAHOMA CITY – Billy is 10 years old and looking forward to finding a forever family. This kiddo loves fishing, puzzles and martial arts a lot. We took him to meet his favorite exotic animal at the Oklahoma City Zoo – a great ape experience. Togo is the father at the exhibit, the protector of his kingdom. “He’s my favorite,” Billy said. Another favorite for Billy? Some famous superheroes. “Superman, Flash, Spiderman,” Billy said. “I like to watch all kinds of […]

Service Credit Union offers free access to FICO® Scores

by Lori Holmes @ Service Credit Union

Mon Feb 05 13:55:02 PST 2018

In its continuing efforts to enhance member experience and provide innovative banking tools, Service Credit Union is now providing its members free access to their FICO® Scores. This includes key factors affecting their scores and general information on credit scores. . The scores, which will be updated quarterly, are available through Service Credit Union’s secure […]

Turnover ratios

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 15:24:00 PDT 2018

A turnover ratio represents the amount of assets or liabilities that a company replaces in relation to its sales. The concept is useful for determining the efficiency with which a business utilizes its assets. In most cases, a high asset turnover ratio is considered good, since it implies that receivables are collected quickly, fixed assets are heavily utilized, and little excess inventory is kept on hand. This implies a minimal need for invested funds, and therefore a high return on investment.

Conversely, a low liability turnover ratio (usually in relation to accounts payable) is considered good, since it implies that a company is taking the longest possible amount of time in which to pay its suppliers, and so has use of its cash for a longer period of time.

Examples of turnover ratios are:

• Accounts receivable turnover ratio. Measures the time it takes to collect an average amount of accounts receivable. It can be impacted by the corporate credit policy, payment terms, the accuracy of billings, the activity level of the collections staff, the promptness of deduction processing, and a multitude of other factors.
• Inventory turnover ratio. Measures the amount of inventory that must be maintained to support a given amount of sales. It can be impacted by the type of production process flow system used, the presence of obsolete inventory, management's policy for filling orders, inventory record accuracy, the use of manufacturing outsourcing, and so on.
• Fixed asset turnover ratio. Measures the fixed asset investment needed to maintain a given amount of sales. It can be impacted by the use of throughput analysis, manufacturing outsourcing, capacity management, and other factors.
• Accounts payable turnover ratio. Measures the time period over which a company is allowed to hold trade payables before being obligated to pay suppliers. It is primarily impacted by the terms negotiated with suppliers and the presence of early payment discounts.

The turnover ratio concept is also used in relation to investment funds. In this context, it refers to the proportion of investment holdings that have been replaced in a given year. A low turnover ratio implies that the fund manager is not incurring many brokerage transaction fees to sell off and/or purchase securities. The turnover level for a fund is typically based on the investment strategy of the fund manager, so a buy-and-hold manager will experience a low turnover ratio, while a manager with a more active strategy will be more likely to experience a high turnover ratio and must generate greater returns in order to offset the increased transaction fees.

Related Courses

Business Ratios Guidebook 
The Interpretation of Financial Statements 

Advocates concerned about lack of action for criminal justice reform

by Lauren Daniels @ KFOR.com

Tue Mar 27 16:00:50 PDT 2018

OKLAHOMA CITY – Advocates say voters have been assured that criminal justice reform would be a priority this legislative session, but say they have not seen any progress so far. Now, they are taking to the Capitol for those who cannot. “I’m here today because those most directly impacted by the failures of our criminal justice system can’t speak out,” said Nicole McAfee, of the ACLU and Smart Justice Oklahoma. “They don’t have the option of a work stoppage, they […]

First Service Credit Union Launches Innovative Account Program for Youth

by Youna Younan @ First Service Credit Union

Wed Dec 16 11:37:42 PST 2015

HOUSTON, December 16, 2015 – First Service Credit Union has launched an innovative new banking program aimed at children from birth to age 18, emphasizing increasing levels of account features as the children grow and become more financially responsible. Continue reading →

How to get a copy of the data Facebook has on you

by Katrina Butcher @ KFOR.com

Tue Mar 27 18:25:43 PDT 2018

With every like, share and search, Facebook users have been creating a social network version of themselves, and the tech giant has been recording every detail. For those interested in finding out just what personal data Facebook has been storing, there’s an easy way to find out: First, you must be on the desktop version of Facebook. Click on the “gear” in the upper-right hand corner of the screen. This opens a drop-down menu. At the bottom of the menu, click […]

New Alberta Stat Holiday Pay

by PaperTrails @ Sage 50 CA Payroll - Recent Threads

Wed Feb 21 07:36:20 PST 2018

Hello,

I am trying to determine if there is a way to set up for these new guidelines that would make the calculation for me.  Is this possible?  How do people in other provinces work this system?

RE: reversing payroll advance without access to payroll module

by C White @ Sage 50 CA Payroll - Recent Threads

Mon Mar 26 08:32:32 PDT 2018

If you don't have access to the payroll module because you aren't subscribed to it any more, then I don't know how to help you.

However, if you don't have access to the payroll module because it was turned off when you stopped using it, you may be able to turn it on again temporarily.  Oddly enough, the first step is under the "View" menu.  (Setup - user preferences - view).  Go in there and see if you can turn on Employees & Payroll and Employees.  If this works, you will then be able to deal with the payroll module as usual through Setup - Settings to make sure the linked accounts are what you want.  Then, you may be able to get into the payroll module and do a dummy paycheque to recover the advance.

If this works, you will then want to turn unlink the payroll accounts and turn off the payroll menus again, and of course do a general journal entry to remove your bogus paycheque.

Forum Post: RE: Customer deduting GST from our invoices

by Richard S. Ridings @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 14:10:00 PDT 2018

The reason I asked why they deducted the amount is because you asked what to do. Without knowing why, you can't determine if you should post a discount or include GST in the deduction of revenue because they may feel you had billed too much to begin with. [quote user="Tipsy5"]My question is do you guys have the similar experience with the big leading stores in Canada? That must be a reason why they deducted the GST.[/quote] What must be a reason? From what I have heard, the "big leading stores" will do what they want with the smaller vendors. I don't have any direct experience with any. Maybe someone else does.

Forum Post: RE: Customer deduting GST from our invoices

by Tipsy5 @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 13:32:00 PDT 2018

I am not sure. I just saw it yesterday when I logged to the vendor’s portal. I am going to call their AR and ask on Monday. My question is do you guys have the similar experience with the big leading stores in Canada? That must be a reason why they deducted the GST. Also, we’ve issued the invoices. They only thing that’s left to do is to go into Sage and “create receipt” for this particular customer. But using my previous example, the invoiced amount was $210 with GST. They only sent $200 into our bank account, what am I going to do with that shortage of $10? Kindly advise, thanks

RE: Electronic filing of T4 summary

by brea @ Sage 50 CA Payroll - Recent Threads

Wed Feb 28 13:52:23 PST 2018

You stated:

Another question, do you know why I can't select box 40 for an employees RRSP deduction when filing electronically in sage? Do I need to complete any T4s by hand for every employee who is contributing by hand?

To clarify, are you stating the employee contributes to a company RRSP plan or are they contributing to their own personal RRSP using the employer to deduct the RRSP amounts and the employer is remitting them to the plan on their behalf and the employer is not contributing to the plan.

Here’s What Gen Z Means for the Future of Work

by Emily Smul @ Namely: Blog

Thu Mar 01 08:41:03 PST 2018

Now that you finally figured out millennials, a new generation is entering the workforce.

Quebec income tax after patch

by DanC @ Sage 50 CA Payroll - Recent Threads

Sat Jan 13 12:02:56 PST 2018

Hi

I use payroll in Québec. Sage warned its users there was a problem calculating income tax. Sage released a patch, I installed it.

I see no difference in Income tax before and after patch.

Someone out here had the same issue? How did you solve it?

Regards,

Danielle

RE: Non Taxable Benefits where Employer and Employee Pay 50%

by Marj@Swab @ Sage 50 CA Payroll - Recent Threads

Fri Feb 23 13:09:10 PST 2018

You need to have a deduction amount of the 103.50 and a an income amount labeled "benefits" for the same amount.  this then will go as a taxable benefit but put the income back where it should be.

RE: Non Taxable Benefits where Employer and Employee Pay 50%

by CarolCraig @ Sage 50 CA Payroll - Recent Threads

Thu Feb 22 13:19:05 PST 2018

Wouldn't you put this under deductions rather than income since it is a deduction being done with the employee's benefit amount that they are paying. 

RE: New Alberta Stat Holiday Pay

by Marj@Swab @ Sage 50 CA Payroll - Recent Threads

Mon Feb 26 07:39:32 PST 2018

Nope doesn't work for us.  We are oil and gas industries where these guys work anywhere from 6 to 20 hour days.  We have to add up all hours (less overtirme) in the 28 days for each type of pay - rig, shop and travel and then do the vacation calculation, add it all together and take the 5%. 

Economic order quantity

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 14:59:00 PDT 2018

The economic order quantity (EOQ) is a formula that derives the optimum quantity of goods to order, so that several costs related to inventory are minimized. These costs are inventory ordering costs, holding costs, and stock out costs. The formula incorporates the following factors:

• Setup costs
• Rate of demand
• Production costs
• Interest rate

The formula is most useful when standardizing the reordering of components on a repetitive basis. The formula can be inserted into a materials management system, so that the system automatically places replenishment orders with suppliers. The formula is least useful in lean production environments, where only the exact amount of components needed for the current production requirements are kept on hand; all other requirements are ordered on a just-in-time basis.

Related Courses

Inventory Management 

We Don’t Want You to Wait – Ways to Avoid Being On Hold

by Carolyn Pittman @ Service Credit Union

Tue Nov 28 10:55:02 PST 2017

(And Our 10 Favorite Hold On Songs) Sitting and waiting on the phone for support probably tops most people’s lists of things they would rather not do. Thankfully, the Contact Center at Service Credit Union has invested in a wide variety of options that not only in many cases allow you to avoid picking up […]

Duncan teacher extends invitation to lawmakers: ‘Come spend a day in my heels’

by Sarah Stewart @ KFOR.com

Tue Mar 27 15:49:23 PDT 2018

DUNCAN, Okla. – Jami Cole has been a teacher off and on for 21 years and said her salary today is not that different than what she made starting out back in 1997. She said she’s seen a steady decline in the profession – crowded classrooms, tattered textbooks and shattered morale. “We literally have teachers selling plasma! Can they not see how hard we are fighting?” said Cole, who is now a third grade teacher at Horace Mann Elementary in […]

Safe Online Banking: For You & Your Money

by Kara Vincent @ LRRCU

Mon Mar 26 13:44:22 PDT 2018

From 24/7 account access to quick and easy bill paying, online banking offers members a convenient way to handle their finances. However, the rise of technology also brings an increase in potential hackers, scams, and fraud cases. Whether you’re looking to shield your small business or family’s finances, there are many strategies to stay vigilant […]

The post Safe Online Banking: For You & Your Money appeared first on LRRCU.

RE: Electronic filing of T4 summary

by C White @ Sage 50 CA Payroll - Recent Threads

Tue Mar 06 08:40:00 PST 2018

The company portion of the RRSP is NOT a box 40 deduction, it is part of regular wages - box 14, box 24, and box 26.  The deductions for RRSP contributions do not appear on the T4 slip at all, as the employee will deduct based on the slip the RRSP company will issue for these amounts.

Non Taxable Benefits where Employer and Employee Pay 50%

by Meisha @ Sage 50 CA Payroll - Recent Threads

Sat Jan 14 08:42:46 PST 2017

I am trying to setup a Group Insurance Premium.  The amount is $207, $103.50 is paid by Employee and $103.50 is paid by Employer

The problem is that the gross salary shows premium paid by the Employer although the benefit is non-taxable.  The Pensionable income is correct but the Gross Income is over by the amount of the premium.  Therefore when I do the T4, the employee's income is too high.  It should be less by the amount of the premium.  Is there anyway to fix this other than by manually reducing the Gross Salary by the amount of the premium paid by employee?  I see on the record that there is a box for Less Benefit.  How do I get this to populate with the $103.50?

Right now I have a Group Insurance Payable for the Emplover's Share $103.50

Employee Deductions are:  Medical + Dental $55.50, LTD $34.50, Life + Accidental Accident $13.50.  Total $103.50.  These are all set up as being Calculated after tax, CPP & EI.

Thanks for your help. 

Service Credit Union donates to the N.H. Food Bank

by Lori Holmes @ Service Credit Union

Fri Dec 22 08:49:58 PST 2017

Service Credit Union donated $10,000 and 1,326 pounds of food to the New Hampshire Food Bank, a program of Catholic Charites NH, in order to help the citizens of New Hampshire. Service Credit Union President/CEO David Van Rossum recently presented the check to New Hampshire Food Bank Executive Director Eileen Groll Liponis to help keep […]

Forum Post: Get your 15% coupon for the upcoming Sage 50 Virtual Training!

by Avril Zanato @ Sage 50 Accounting - Canadian Edition

Tue Mar 27 10:24:00 PDT 2018

Our flexible online training methods enable you to learn in real time. Whether you’re a beginner or an experienced Sage user. Enhance your skills from the comfort of your home, office, or your favorite coffee shop. You can save 15% on the following upcoming Sage 50 training: Training Next Upcoming Date(s) Time Price Promo Price Details Time and Billing in Sage 50 April 9, 2018 09:00 am – 10:30 am PST $49.00 $41.65 See the full course outline and register here Making your mark with Sage 50 customized forms April 10, 2018 09:00 am – 10:30 am PST $49.00 $41.65 See the full course outline and register here Sage 50 best practices April 11, 2018 09:00 am – 10:30 am PST $49.00 $41.65 See the full course outline and register here Year-end with Sage 50 Accounting April 12, 2018 09:00 am – 10:30 am PST $49.00 $41.65 See the full course outline and register here Managing budgets in Sage 50 Accounting April 13, 2018 09:00 am – 10:30 am PST $49.00 $41.65 See the full course outline and register here Sage 50 Accounting Modules Training April 10-13, 2018 08:30 am – 12:30 am PST $798.00 $678.30 See the full course outline and register here Sage 50 Payroll Module Training April 16-17, 2018 08:30 am – 12:30 am PST $399.00 $339.15 See the full course outline and register here Sage 50 Power User Training April 19-20 2018 08:30 am – 12:30 am PST $399.00 $339.15 See the full course outline and register here Simply use the coupon code: 50CFY1815 when checking out. For more information please visit www.sageu.com or email sageuniversity@sage.com or call 1-855-SageUni (1-855-724-3864) today. Terms and Conditions: Offer is only valid for the above-mentioned courses and cannot be combined with any other promotions

Payroll cheques

by Joya D @ Sage 50 CA Payroll - Recent Threads

Sat Feb 17 12:32:05 PST 2018

When I go to create a paycheque in Sage 50c, Sage does not seem to automatically calculate CPP, EI or taxes until I actually click on the box where it should calculate it. Is that normal?

Valuation account

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 13:57:00 PDT 2018

A valuation account is paired with an asset or liability account, and is used to offset the value of the assets or liabilities recorded in the account with which it is paired. The result of this account pairing is a net balance, which is the carrying amount of the underlying asset or liability. The "valuation account" term is a less-used phrase that has the same meaning as the contra account concept.

Examples of valuation accounts are:

• Allowance for doubtful accounts (paired with the trade accounts receivable account)
• Allowance for obsolete inventory (paired with the inventory account)
• Accumulated depreciation (paired with the various fixed asset accounts)
• Discount on bonds payable (paired with the bonds payable account)
• Premium on bonds payable (paired with the bonds payable account)

The valuation account concept is useful for estimating any possible reductions in the values of assets or liabilities prior to a more definitive transaction that firmly establishes a reduction.

Valuation accounts are only used in accrual basis accounting. They are not used in cash basis accounting.

Similar Terms

A valuation account is also known as a valuation reserve or contra account.

Related Courses

Bookkeeper Education Bundle 
Bookkeeping Guidebook 

Forum Post: RE: Adjustment to Retained Earnings

by Pattie Young @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 15:28:00 PDT 2018

Actually the business started 4 yrs ago and I am just now entering everything from that date forward. I am entering in the year 2014. I am still in History mode.

Do You Know About the 2017 Tax Filing Extension?

by Liz Oliver @ LRRCU

Thu Mar 15 02:14:14 PDT 2018

The date April 15 is probably as quickly recognizable to most Americans as July 4 or December 25. Traditionally recognized as Tax Day, it’s the deadline for filing your previous year’s tax return.  With one month to go, you may be feeling the pressure and scrambling to get the task completed in the remaining days.  But […]

The post Do You Know About the 2017 Tax Filing Extension? appeared first on LRRCU.

RE: reversing payroll advance without access to payroll module

by Workshop @ Sage 50 CA Payroll - Recent Threads

Mon Mar 19 09:27:27 PDT 2018

Thanks Brea. I'll take a look again but I am 99.9% sure that I can't touch anything to record it being paid back since I no longer have access to the payroll module. 

Thanks for the help,

Barbara

Ways to prevent identity theft so you can enjoy the holiday season

by Dave Dwyer @ Service Credit Union

Fri Nov 10 09:21:46 PST 2017

As the holiday season gears up with a mad rush of excitement, fraudsters are also gearing up with excitement to steal your identity. Take the necessary precautions to protect yourself whether you are shopping online or at a brick and mortar store. Enjoy the holidays as they are meant to be, with peace, joy, and […]

First Service Credit Union Hosting Donation Drive for Houston Food Bank

by Eileen Rahman @ First Service Credit Union

Thu Oct 12 01:27:58 PDT 2017

HOUSTON, October 12, 2017 – First Service Credit Union is hosting a donation drive collecting food and supplies to help replenish the Houston Food Bank and assist with their disaster relief efforts. The Houston Food Bank has been overwhelmed as … Continue reading →

Earther This Canadian Pipeline Battle Is Starting to Feel a lot Like Standing Rock | Film The Justic

by Kinja! on Kinja Roundup, shared by Virginia K. Smith to Lifehacker @ Lifehacker

Tue Mar 27 14:33:00 PDT 2018

Earther This Canadian Pipeline Battle Is Starting to Feel a lot Like Standing Rock | Film The Justice League Blu-ray is a bizarre exercise in hiding the truth about moviemaking | The Takeout Shake Shack fan’s shoutout to the chefs goes viral |

Read more...

SCU to offer assistance for those affected by a government shutdown

by Lori Holmes @ Service Credit Union

Sat Jan 20 05:00:06 PST 2018

Service Credit Union is committed to helping its members who are affected during the government shutdown. For those with direct deposit, Service Credit Union will post credits to members based on the postings nearest to January 1, 2018. The credit of that amount will take place on or before February 1, 2018. This will apply […]

What Should HR Do When a Manager is Dating a Direct Report?

by Rachel Bolsu @ Namely: Blog

Thu Mar 08 01:30:00 PST 2018

8 HR pros weigh in on how they would handle this case of love at work.

Remains of missing Hollywood actress believed to have been found in shallow grave

by Katrina Butcher @ KFOR.com

Tue Mar 27 18:32:52 PDT 2018

LOS ANGELES – The remains of an actress missing for more than a month were believed to have been found in a shallow grave in Northern California, LAPD announced Tuesday at an afternoon news conference. Los Angeles Police Department officials also confirmed they think 33-year-old Christopher Spotz — a man who they say was involved in an intimate relationship and possibly her boyfriend — was somehow involved in the missing woman’s death, Capt. William Hayes said. In a news release, […]

Forum Post: RE: Customer deduting GST from our invoices

by The Software Coach @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 18:54:00 PDT 2018

HI Tipsy5 From what I have read in this thread there are not enough details about why the customer did not pay the full invoice. Best practices are to call the Customer AP person and find out why the invoice was short paid. There could be many reasons. One reason could be because AP entered the invoice wrong and are new to their system..... I think you get what I mean. Who knows why, hence you call AP and then you can precede from there. Next you can show receipt of the payment or you can wait until you find out from AP from your Customer and then deal with it. In the receipts module you can show partial payment on the invoice, and the remaining 10.00 would still be showing as owed. MOST important of all CALL your customer and talk to the AP person and find what happened and why the invoice was short paid. Do not assume!!!!

Forum Post: Update available for download

by andywomack @ Sage 50 Accounting - Canadian Edition

Mon Mar 26 06:28:00 PDT 2018

Sage 50—Canadian Edition 2018.2 will be released March 26. A download link will be available in KB article 88076

RE: Electronic filing of T4 summary

by cb_canada @ Sage 50 CA Payroll - Recent Threads

Thu Mar 01 05:52:15 PST 2018

The employer is deducting the employees portion and also matching it, however the employer did not set up their portion in Sage. I discovered this after I added this question. Thank you for your reply

Payroll Remittance

by Carol K @ Sage 50 CA Payroll - Recent Threads

Tue Jan 09 13:40:39 PST 2018

How do I enter the payment of payroll remittance so that it show up on the T4 summary at the end of the year?

Consult This Employee Termination Checklist to Keep Things Running Smoothly

by Rachel Gray @ Payroll Tips, Training, and News

Wed Mar 07 05:10:00 PST 2018

Employees leave companies every day to pursue growth opportunities, accommodate personal lives, or experience change. As an employer, you hope employees won’t leave your business, but you know this is wishful thinking. When an employee resigns, you need to know what to do. The average annual overall turnover rate is 19%, according to SHRM. If […]

The post Consult This Employee Termination Checklist to Keep Things Running Smoothly appeared first on Payroll Tips, Training, and News.

How To Be Financially Smart At Any Age

by Kara Vincent @ LRRCU

Thu Aug 31 08:18:27 PDT 2017

  As you go through the stages of life what it means to be “financially smart” will change. A smart financial move when you’re approaching your 40s is not the same as a smart financial move for a 19-year-old in college. At 40, there are more things to consider when making decisions about your money, […]

The post How To Be Financially Smart At Any Age appeared first on LRRCU.

Service Credit Union to offer assistance for those affected by a Government Shutdown

by Lori Holmes @ Service Credit Union

Wed Dec 06 08:39:27 PST 2017

Service Credit Union is committed to helping its members in the event of a government shutdown by covering the December mid-month payroll and offering a 0% loan. If the shutdown occurs and the Defense Finances and Accounting Services (DFAS) does not pay mid-month payrolls, Service Credit Union will post credits to members based on the […]

“It was a shock,” 4-year-old on the road to recovery after diagnosed with blood disease

by Tara Blume @ KFOR.com

Tue Mar 27 15:00:34 PDT 2018

OKLAHOMA CITY – Aubree Hudson is a pint-sized Picasso. The four-year old Oklahoma girl loves using an easel that is just her size to make water-color paintings for her mom and dad. “She’s busy, busy, busy” says her mom, Cayla. The young mother recalls the medical crisis they faced almost two years ago when Aubree began feeling tired and she began to bruise easily. Those subtle symptoms were replaced with a bright red flag one day. “She woke up with […]

Forum Post: RE: Customer deduting GST from our invoices

by Ginkgo Bike @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 13:43:00 PDT 2018

I would wait until you find out why they are not paying the GST and if they will pay it, before getting into a long explanation of how to handle a situation that may not apply.

Evaluation of internal controls

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 05:50:00 PDT 2018

An evaluation of internal control involves an examination of the effectiveness of an organization's system of internal controls. By engaging in this evaluation, an auditor can determine the extent of other tests that must be performed in order to arrive at an opinion regarding the fairness of the entity's financial statements. A robust system of internal controls reduces the risk of fraudulent activity, which moderates the need for additional audit procedures. The examination concentrates on such issues as:

• The separation of duties
• Checks and balances
• Safeguarding of records
• The training level and competence of employees
• The effectiveness of the entity's internal audit function

The steps involved in this evaluation process include the following:

1. Determine the extent and types of controls being used by the client.
2. Determine which of these controls the auditor intends to rely upon.
3. Based on the first two steps, determine which audit procedures should be expanded or reduced.
4. Make recommendations to the client regarding how to improve its system of internal controls.

The last of the preceding steps is useful for improving the control environment for the auditor in the following year's audit.

Related Courses

Accounting Controls Guidebook 

3-month-old boy clinging to life after alleged abuse by Oklahoma City father

by Kelsey Gibbs @ KFOR.com

Tue Mar 27 15:00:34 PDT 2018

OKLAHOMA CITY – A 3-month-old boy is fighting for his life after allegedly being abused by his father. The boy’s father, 21-year-old Deion Reed, was arrested by Oklahoma City police. “It appears that male abused the child at the point of nearly killing him,” said MSgt. Gary Knight with the Oklahoma City Police Department. “It is shocking, and certainly something, we as community members, don’t want to see in our community,” said Jennie Hill, Executive Director with CASA Oklahoma County. […]

‘Miracles do happen’: Utah trooper grateful to be alive after driver sends him flying into air

by Katrina Butcher @ KFOR.com

Tue Mar 27 18:38:26 PDT 2018

Warning: Some may find this video disturbing. LOGAN, Utah – Shocking dash cam video shows Utah Highway Patrol Sergeant, Cade Brenchley, being hit by a car while responding to a crash in Sardine Canyon over the weekend. “I’m truly grateful to be sitting here talking to you,” said Brenchley, two days after the hard-to-watch incident was recorded by his dash camera. “It was not my favorite day.” Sitting with his wife and four children at the Logan Regional Medical Center, […]

Tax is not coming in or calculating when I try to do a paycheque ?

by MMatthewsHFX @ Sage 50 CA Payroll - Recent Threads

Wed Feb 07 12:57:45 PST 2018

Tax is not coming in or calculating when I try to do a paycheque?

Successfully Plan for Holiday Shopping on a Budget [Downloadable Budget Sheet]

by Kara Vincent @ LRRCU

Wed Nov 15 04:02:02 PST 2017

‘Tis the season to be jolly! ‘Tis the season for the gifts, decorations, family, friends, and children on their best behavior. ‘Tis the season for overloaded shopping bags, impulse buying, and credit card bills. Wait! That doesn’t sound as cheery. In 2016, according to a survey conducted by The American Research Group Inc., Americans spent […]

The post Successfully Plan for Holiday Shopping on a Budget [Downloadable Budget Sheet] appeared first on LRRCU.

Forum Post: RE: Adjustment to Retained Earnings

by Richard S. Ridings @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 16:18:00 PDT 2018

How you went from this is your first year to the fourth year of business, I don't know but I do know my best guess is still my best guess. If you are starting to do the bookkeeping for your business that didn't exist before the start date of using Sage 50, then your opening balances should be zero. So you should check to see if you have posted any entries to the Retained Earnings account or your opening balances have anything other than zero, as I recommended in my first post.

Holiday Shopping Tips for Your Spending Personality

by Kara Vincent @ LRRCU

Mon Nov 20 10:19:45 PST 2017

Although 41% of consumers report starting their holiday shopping in October or even earlier (Wow! Good for you!), an estimated 69% of Americans will shop over the Thanksgiving weekend. Early research from the National Retail Federation shows that the 2017 season will be a big deal, with holiday spending forecasted to be near $680 billion, up almost 4% […]

The post Holiday Shopping Tips for Your Spending Personality appeared first on LRRCU.

Getting Out of Debt: You Can Do It and Here’s How to Get Started

by Liz Oliver @ LRRCU

Thu Jan 18 03:41:02 PST 2018

Most goals or resolutions that people set for themselves are neglected within a few weeks. It’s likely that this happens because people set far-reaching goals for themselves and then lose momentum when they don’t see results right away. A perfect example of this is the financial goal that many people set for themselves: getting out […]

The post Getting Out of Debt: You Can Do It and Here’s How to Get Started appeared first on LRRCU.

Adjust paycheque from previous calendar year

by AKEmmons @ Sage 50 CA Payroll - Recent Threads

Tue Jan 23 12:35:48 PST 2018

Bonus cheques were given to employees in December 2017. The calculations were done and posted in Sage 50. Manual cheques were then written based off the Sage 50 paystubs.

After rolling forward the Sage 50 calendar year and remitting the source deductions in January 2018 for the December 2017 reporting period, a clerical error was found on one of the bonus cheques. The cheque was made out for $6.00 more than it should have been. The cheque has been cashed by the employee. The difference is not large and the employee will not be asked to repay the amount. T4's have not been generated yet.

To account for this difference, my thought was to adjust the income tax withheld on the paycheque downward by $6.00. This will result in the company having over remitted $6 in source deductions. It will also result in the bonus paystub needing to be updated as well as two December paystubs that came after the bonus stub (so YTD amounts are correct).

Can paystubs from the previous calendar year be adjusted? If so, is the proper sequence of operations to reverse the last two December paycheques completely, revise the bonus pay cheque, then record the last two December paycheques? If this is done, will the T4s reflect the change or is it too late to do all of this because the calendar year has been rolled forward?

I do have a backup of the file before the calendar year was rolled forward. I could restore this backup and make the changes in the previous calendar year. I would then roll forward the file and re-enter the 2018 transactions posted in January if this is the better approach.

Allow default email templates to be changed in multi-user mode

by CK1 @ Sage 50 Accounting - Canadian Edition

Mon Mar 26 12:55:00 PDT 2018

We run a business that sends out electronic invoices for quite a few different products. We recently had to hire a new employee for which the bulk of their job is sending out electronic invoices/statements/etc. She will send out invoices for numerous different products every day. Because she cannot change the default email template for invoices without going into single-user mode, she has to use a generic email template that basically says 'You have bought one of our products. Here is your invoice.' We have recently discovered that quite a few clients are not even opening the attached invoice as they don't know exactly what it is for and think it could be a virus. For her to change the body of each email would be way too time consuming as she sends out hundreds of invoices daily and for her to change the default email for invoices template for each product group she is invoicing would entail the rest of the user signing off and closing the software so that she could switch to single-user mode, change the template and have everyone else start up again and continue their work. Vendor lists, client lists, plus a lot of other things can be changed while in multi-user mode - things like default emails should be as well. This issue is seriously making me reconsider which accounting software we use at my business. Thanks!

Cook the books

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:57:00 PDT 2018

To cook the books means that the managers of a business are deliberately falsifying certain aspects of its financial statements to give investors a false impression of the true state of the business. Alternatively, they engage in business practices to enhance financial results that are technically legal, but which will have a negative impact on the business over the long term. A number of techniques can be used to cook the books, such as the following:

Falsification activities

• Leaving the books open past the end of the month to record additional sales within the prior reporting period.
• Not recording expenses in the reporting period, even though they clearly reflect resource consumption in the period.
• Altering the terms of leasing arrangements so that the liability appears to be held by a third party, thereby keeping the liability off the entity's balance sheet.
• Falsely recording pension liabilities lower than is really the case.
• Setting up expense reserves, such as the allowance for doubtful accounts, that do not reflect the actual loss rate.
• Recording consignment sales as though they are actual sales.
• Taking a one-time charge that is set up as a "cookie jar," which can be used in subsequent periods to write off expenses and artificially inflate profits.

Business practices

• Engage in channel stuffing to sell more goods to customers than they can realistically use.
• Grant much higher credit levels to customers in order to boost sales, even though the customers may not be able to pay off the receivables.

Related Courses

Fraud Examination 
Fraud Schemes 
How to Audit for Fraud 

Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount

by Rachel Gray @ Payroll Tips, Training, and News

Wed Feb 28 05:10:52 PST 2018

It’s easy to make mistakes, especially when you have a million and one things on your plate. One error you could make is deducting the wrong amount from employee wages. Correcting employment taxes is necessary if you withhold too much or too little from your employees’ paychecks. This article provides an overview of employment taxes […]

The post Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount appeared first on Payroll Tips, Training, and News.

Earther Deep in the Amazon, Scientists Strip a Cloud Forest of Its Clouds | Film Steven Spielberg fi

by Kinja! on Kinja Roundup, shared by Virginia K. Smith to Lifehacker @ Lifehacker

Tue Mar 27 06:56:00 PDT 2018

Earther Deep in the Amazon, Scientists Strip a Cloud Forest of Its Clouds | Film Steven Spielberg finds fun, and maybe even a soul, in the pandering pastiche of Ready Player One | The Takeout Stop messing with our ketchup, man |

Read more...

RE: New Alberta Stat Holiday Pay

by Marj@Swab @ Sage 50 CA Payroll - Recent Threads

Fri Feb 23 13:02:42 PST 2018

HI PaperTrails.....I don't know of any shortcut.  I did payroll yesterday and today and it takes me approximately 15 minutes more per person to get the job done thanks to the new legislations.  I have 40 employees. That's an additional 10 hours added to my job I don't get paid for.

Allow Appropriate Password Complexity

by Catherine.Grant @ Sage 50 Accounting - Canadian Edition

Tue Mar 27 10:36:00 PDT 2018

Sage 50 US edition support passwords 7-16 characters in length. Sage 50 Canadian edition support maximum 7 characters. How does that make sense? If you could allow longer passwords, that would be great! Please and thank you [emoticon:c4563cd7d5574777a71c318021cbbcc8]

How to Calculate a Raise

by Rachel Gray @ Payroll Tips, Training, and News

Wed Mar 14 05:10:09 PDT 2018

Employees have money on their minds. According to a Gallup poll, 59% of employees were not completely satisfied with their current pay. And, one SHRM survey found that 44% of respondents said they would leave their job to make more money elsewhere. To avoid losing their top employees, many businesses offer pay raises. Learn why employee […]

The post How to Calculate a Raise appeared first on Payroll Tips, Training, and News.

Payroll - meal allowances - how can I recode a years worth of meal allowances that were posted to an asset account rather than expense account?

by A Adele @ Sage 50 CA Payroll - Recent Threads

Tue Feb 06 18:06:46 PST 2018

Hi

New to this - hope I'm posting correctly. I just started in the midst of year-end with a company & am compiling & reviewing the financial statements.
Looking for advice on how to re-code a years worth of payroll entries -- whereby the 'meal allowance expense' portion of each employees pay cheque was automatically posted (linked accounts) to a balance sheet account rather than the expense account.

I have 1-2 thousand entries that this impacts where I need to reclassify from the balance sheet to the expense account.  ---- Is there a quick way to do this?   Keep in mind I need the amounts to be associated to the employee +  allocated to a large number of different jobs.

Originally I thought of posting a general journal wiping out the entire balance at the total amount for the year (single amount) and posting that total to expense (dr. meal allowance expense, cr. meal allowance receivable (the odd/error balance sheet account the payroll was linked to for meal allowances)), but then my job allocations wouldn't be accurate as it is allocated to job BY EMPLOYEE.

If I go the general journal route and code the journal entry by employee (rather than sum amount - so I can properly allocate to the jobs), I'd be looking at thousands of lines for the JEs. 
However, with the general journal route I can't actually link/associate these meal allowance amounts to the employees they stem from - thus my employee records for meal allowances wont reconcile to the total amount of meal allowances expenses in the GL. Hard to articulate this --- but I want to ensure I still have the total meal allowances per employee for the year tracked & know it's accurate in the payroll module. 

I also thought of creating a spreadsheet to summarize the weighting of each job, and post the total re-class with a weighting towards each respective job...  however...  again... my employee year to date meal allowance amounts may not reconcile to the total meal allowances expense GL. 

I'm not familiar with 'adjustments' in the payroll module especially when it's a simple account re-classification...Any input would be greatly appreciated --- payroll and the payroll module are not my forte! 

Thanks in advance!!

Forum Post: Unable to open Sage since March 16th.

by VictoriaS @ Sage 50 Accounting - Canadian Edition

Tue Mar 27 19:25:00 PDT 2018

We are using 2011 version of Sage on Windows 10. The system times out when we are trying to open the database with the message "Sage not responding". It looked like there was a Windows update around the same time so we backed it but the same message appears. Before I do anything else I thought I would check with people who know more than I do. Thank-you everyone for any help that can be given. Victoria

Creating a paycheque

by Joya D @ Sage 50 CA Payroll - Recent Threads

Sat Feb 17 12:28:45 PST 2018

I am new to Sage and am just starting to do payroll in Sage.

I wanted to start payroll for 2018, however when I go to make the paycheck it says the following: "Until you finish entering payroll history details, you must calculate and enter all taxes manually. Automatic calculation could generate inaccurate numbers if entering history has not been completed."

As this is the start of a new year, I do not understand what payroll history details Sage wants. Does anyone have any insight in this?

Thanks!

reversing payroll advance without access to payroll module

by Workshop @ Sage 50 CA Payroll - Recent Threads

Thu Mar 15 15:13:55 PDT 2018

I have a balance on a payroll advance account from a previous year. I can't access the account through the general ledger even if I unlink it and make it an "other asset"

I no longer use the payroll module so everything is grey and I probably couldn't access the pay cheque anyway since it is from at least 2 years ago, prior to my joining the company.

Does anyone have a bright idea on a workaround for me?

When I look at the current year to date for all employees all is showing 0.00 other than this amount sitting there for one employee. 

I need to clear the account since it is part of cleaning up the books at this point.

Thanks for any and all help.

Plan for teacher pay raise could be heard Wednesday in Senate

by Lili Zheng @ KFOR.com

Tue Mar 27 16:00:17 PDT 2018

OKLAHOMA CITY – A plan to fund a teacher pay raise could be heard on Wednesday in the Senate, lawmakers confirm. HB1010XX, a $447 million tax increase plan, passed the House late Monday evening by a vote of 79-19. It needed 76 votes to pass as a revenue-raising measure, which had not been done since 1990. The plan offers an average $6,000 pay increase for teachers. Alicia Priest, president of the Oklahoma Education Association (OEA) said a planned walkout by […]

What Does Pay Frequency Mean?

by Michele Bossart @ Payroll Tips, Training, and News

Wed Feb 21 05:10:38 PST 2018

When you have employees, you need to run payroll so they can receive their wages. Before paying employees, you need to decide on a pay frequency. Your industry, the number of employees you have working for you, the type of workers you have, and legal requirements determine your pay frequency. But first, what does pay […]

The post What Does Pay Frequency Mean? appeared first on Payroll Tips, Training, and News.

Competitive advantage

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 14:27:00 PDT 2018

Competitive advantage is the ability of an organization to gain a material edge over its competitors. Having such an advantage can result in above-average profits or high levels of customer loyalty. There are many types of competitive advantage that a business can take advantage of, such as the following:

• Having a supply of unusually inexpensive raw materials
• Having access to a low-cost labor force
• Owning a patent that is key to a product category
• Having a large field servicing operation that can maintain products on short notice
• Having a large chain of retail stores through which goods can be sold
• Having a highly-regarded Internet store that experiences a large number of return visits
• Having a design team that routinely produces leading-edge designs
• Having a short product development cycle that pushes new products into the marketplace faster than what competitors can achieve

An example of how a core competency is used is to leverage a strong field service operation by noting the company's 24-hour response time when pitching a prospective sale to a customer. Another example is being able to offer a commodity product to a customer at an unusually low price, since the seller's workforce is located overseas, where labor costs are reduced by more than half.

Competitive advantage can be taken away by a determined competitor in one of two ways:

• Match and then exceed the advantage offered by the company; or
• Undermine the company's position by developing an entirely new competitive advantage that is highly prized by customers.

It is essential to maintain a competitive advantage, in order to sustain long-term profitability. This means that management must be aware of the advantage and continually reinforce it with ongoing investments in the targeted area.

A competitive advantage can even be achieved by unethical means, such as by offering bribes to the purchasing manager of a customer. Since other sellers are presumably not willing to engage in unethical behavior, the use of bribes can be seen as a competitive advantage.

RE: New Alberta Stat Holiday Pay

by Roger L @ Sage 50 CA Payroll - Recent Threads

Fri Feb 23 15:00:40 PST 2018

Marg, can you elaborate on what makes up the 15 mins? If you have 8-hour employees, the stat holiday is 8 hours (like always)

Blog Post: Découvrez les nouveautés de Sage 50 CA version 2018.2

by Erzsi_I @ Sage 50 Accounting - Canadian Edition

Mon Mar 26 08:00:00 PDT 2018

La version de Sage 50 CA 2018.2 sera disponible pour tous les clients sur un plan Sage Business Care à partir du 26 mars 2018. Notez également que le soutien pour Sage 50 2017 sera arrêté le 31 mars 2018. Quoi de neuf chez sage ? De la renommée des produits sur le Sage Business Cloud aux améliorations avec l'intégration Office 365 de Sage Intelligence Reporting et / ou de Sage 50 Intelligence Reporting, il y a beaucoup de nouveauté avec la mise à jour 2018.2! Nous aimerions vous présenter le Sage Business Cloud. Notre objectif est de simplifier la façon dont nous nous présentons chez Sage, pour faciliter la recherche du bon choix pour votre entreprise. Dans le cadre de ces changements, nos produits ont été renommés: En rapport avec ce blog: Sage 50c est maintenant Sage 50cloud accounting. Sage One est maintenant Sage Accounting. De plus, Sage Payment Solutions a été renommée PAYA après avoir été acquise par une organisation différente. Quoi de neuf pour sage 50 2018.2 ? Quoi de neuf pour Sage 50 2018.2? Sage Bank Feeds, les nouvelles fonctions de Sage Intelligence Report, Sage Capture et une fonctionnalité qui a été vue pour la première fois dans Sage Accounting (anciennement Sage One) a été ajoutée: La nouvelle fonctionnalité du service complémentaire Invoice Payments. Nouvelles fonctionnalités intéressantes: Sage Bank Feeds Sage Bank Feeds vous permet de garder vos livres précis et à jour. Vous pouvez gagner du temps en téléchargeant automatiquement des transactions bancaires ou par carte de crédit directement à Sage 50. Renforcée: Sage Intelligence Note * : Sage Intelligence est différent de Sage 50 Intelligence Reporting mentionné ci-dessous * Sage Intelligence est un outil pour les rapports disponibles pour les clients qui ont acheté l'intégration de Sage 50cloud avec Office 365. Pour en savoir plus sur l'intégration de O365 avec Sage 50cloud, cliquez ici . C'est l'une des 4 applications développées par Sage pour Office 365 ( apprenez plus ici ), qui comprend: Un client peut accéder à Sage Intelligence via le portail Office 365. Il comprend des rapports financiers standards et donne à l'utilisateur la possibilité de créer des rapports financiers personnalisés. C'est GRATUIT avec l'abonnement O365 Business Premium et l'intégration à Sage 50. Avec cet outil, une personne de l'entreprise qui n'a pas accès à Sage 50, comme un propriétaire d'entreprise, peut toujours accéder aux informations financières de l'entreprise. Les rapports peuvent être exportés au format PDF ou MS Excel. sage 50 Intelligence Reporting Une option alternative plus personnalisable est Sage 50 Intelligence Reporting; une solution de création de rapports avancée qui peut être utilisée avec Sage 50. Avec cette solution, vous pouvez générer des rapports basés sur MS Excel en utilisant les données de votre fichier d'entreprise Sage 50. C'est un outil puissant qui permet aux utilisateurs de créer et de personnaliser les rapports dont ils peuvent avoir besoin à partir de leurs données Sage 50. Sage 50 Intelligence Reporting peut être acheté en tant qu'élément additionnel pour Sage 50. Notre équipe de vente peut être contactée au 1-888-261-9610 du lundi au vendredi de 6h à 17h (heure du Pacifique) pour les questions de prix et des commandes. Sage Capture L'icône Sage Capture se trouve maintenant sur la page Cloud & Mobile de Sage 50 2018.2. En cliquant sur l'icône, vous serez redirigé vers One Drive dans Office 365. Cette icône comporte également une option permettant d'obtenir l'application mobile Sage Capture. Il ouvre une page Web avec plus d'informations sur l'intégration de Sage 50cloud avec Office 365. Soyez payé plus rapidement avec: Invoice Payments (Paiements de factures) Avec la fonction de paiement par facture, vous pouvez être payé plus rapidement en acceptant les paiements en ligne de vos clients par les fournisseurs de paiement sécurisés Stripe ou Paypal. Maintenant, vous en savez plus sur Sage 50 version 2018.2. Read this blog in English! Discover what's new for Sage 50 CA release 2018.2 Est-ce blog utile? S'il vous plaît laissez-nous un commentaire et une note sur le côté droit de cette page.

Answers to 18 Payroll Questions You Are Dying to Ask

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 05 05:10:18 PST 2018

For some business owners, running payroll might be like learning a foreign language. You are a master of your business idea, not the administrative responsibilities that come with it. Because you might not be familiar with these responsibilities, you might have some payroll questions. Payroll questions and answers When you become an employer, you need […]

The post Answers to 18 Payroll Questions You Are Dying to Ask appeared first on Payroll Tips, Training, and News.

An option to list general holiday pay for salaried employees

by MHChamber @ Sage 50 Accounting - Canadian Edition

Tue Mar 27 12:16:00 PDT 2018

With the new labor standard laws in Alberta it is now a requirement to have all general holidays listed on a pay stub. This is not an option currently and can only be done manually in the setup of the reports and forms. This has to be entered before each pay period with a general holiday and deleted out the customized form after. An employer must provide an employee with a statement of earnings at the end of each pay period that shows all of the following: statement period regular and overtime hours of work wage rate and overtime rate earnings paid, listing items separately (e.g. wages, overtime, general holiday pay and vacation pay), deductions from earnings and the reason for each deduction hours taken off in lieu of overtime

Financial model

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 16:52:00 PDT 2018

A financial model is a mathematical representation of the key variables impacting an organization, which is used to make estimates of how future scenarios will impact the performance and financial position of the business. This model is usually constructed on an electronic spreadsheet, using summary-level revenues and expenses, and employing formulas that change the results of the model when certain variables are altered. For example, variables could be used to model the impact of an increase in energy prices, a decline in product prices, a product recall, a change in the rate of sales growth, or a successful employee strike that results in increased compensation and benefit costs.

A financial model is useful for estimating the effects of a number of scenarios within a short period of time, though its effectiveness depends on how well the model mimics the business. An analyst can use a financial model for a number of purposes, such as:

• Acquisitions. To determine the range of possible outcomes that an acquirer can expect with an acquiree, depending on the actions it takes after the deal has been closed.
• Budgeting. To develop several scenarios as part of the budgeting process, to decide which scenarios to pursue when a detailed budget is constructed.
• Capital budgeting. To determine a range of outcomes that might impact the cash flow return related to a prospective fixed asset purchase.
• Risk analysis. To determine which variables can have the greatest negative effect on a firm, as part of a formal risk analysis.

There are two potential problems with financial models. One is that a model may not properly account for the variables that will impact the model's projected future results. The other problem is that a more complex model is at risk of having calculation errors built into it, which can be difficult to detect.

Related Courses

Budgeting 
Capital Budgeting 

Forum Post: Opening Simply 2007 files in Sage 50 Pro - is it possible?

by Andrew S @ Sage 50 Accounting - Canadian Edition

Sun Mar 25 17:31:00 PDT 2018

I currently have a client running Simply Accounting 2007 and they want to upgrade to Sage 50 Pro. They just want to make sure that Sage 50 Pro is capable of opening their Simply 2007 files. I'm pretty sure that it would be able to open them, but I thought I'd double-check with y'all here before I tell her to go ahead and make the purchase. Thanks for the help. Cheers, Andrew

The Houston Chronicle Names First Service Credit Union One of Top 100 Places to Work

by Eileen Rahman @ First Service Credit Union

Wed Nov 09 11:55:09 PST 2016

HOUSTON, November 10, 2016 – For the fourth consecutive year, First Service Credit Union was named one of the top 100 places to work in Houston by the Houston Chronicle. First Service ranked 11th out of the top 50 mid-size … Continue reading →

Police looking for thieves accused of stealing from metro university baseball team 

by Cassandra Sweetman @ KFOR.com

Tue Mar 27 20:00:05 PDT 2018

BETHANY, Okla. – Police are looking for the thieves responsible for stealing almost all of the gear belonging to the Southwestern Christian University baseball team. Eagle Field at Dolese Park was broken into Monday night. When the team showed up to prepare for Tuesday’s double header, they discovered the buildings had been broken into and emptied out. “They tried to get into every building out here,” said SCU Vice President of Intercollegiate Activities Mark Arthur. “I’m sure they want to […]

Start using payroll

by NS1 @ Sage 50 CA Payroll - Recent Threads

Tue Feb 20 11:06:45 PST 2018

I recently started with this company and just started using Sage50C in August.  Currently, our payroll is being handled by a separate company - -they just send me the semi-monthly entries to upload into Sage.  I am considering bringing in this function in-house, so i know i'd have to unlock the payroll module and get another payroll add-on for direct deposit.  I can't say i'm familiar with payroll at all, I've had no experience managing/handling it.

My question is, is it difficult to set up the payroll module and to manage payroll given that I have zero experience in calculating any deductions, benefits, wcb, etc?

Is there a way to run the payroll module to test if its giving me the same entries as what is currently provided to me by the third party?

Any advice?

Thanks!

Electronic filing of T4 summary

by cb_canada @ Sage 50 CA Payroll - Recent Threads

Wed Feb 14 14:52:27 PST 2018

This is my first time using sage to file T4's electronically. I went through all the steps and an XML document was created, however as far as I can tell there was no T4 Summary created. Is this correct? My issue is, I did not have my remittances set up in sage for 2017 so my T4 summary is incorrect unless I am given an option to put an amount in the "other remittance" box. I can only do this however if I print to paper. Am I missing something? Is there another step for the summary when submitting electronically or does the summary have to be submitted on paper regardless or is a summary not required for an electronic submission? 

Continuing professional education

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:53:00 PDT 2018

Continuing professional education (CPE) is ongoing training that is required in order to remain certified as a professional in certain fields. The intent behind requiring this training is to force professionals to continue to update their knowledge of pertinent information that can improve their ability to serve their clients. In the accounting field, the state boards of accountancy all require a significant amount of CPE for certified public accountants (CPAs). Though the exact training requirements vary by state, the general requirements are:

• To take 40 hours of training per year, with some minimum number of hours spent on accounting or auditing subjects; and
• To take an ethics course every other year, which in some cases must pertain to the specific ethics requirements of the relevant state board of public accountancy.

If a CPA does not meet the CPE requirements of the governing state board of public accountancy, there is usually a requirement to make up the missing training time. If this does not happen within a reasonable period of time, then the person's CPA certificate is revoked.

There are a number of ways to fulfill the CPE requirement. A person may take classes from a CPE provider that is registered with the National Association of State Boards of Accountancy, or which is registered with the applicable state board of public accountancy. These classes can take the form of online self-study training, online webinars, in-person training, and so forth. A recent change in the rules is nano learning, where extremely short courses are offered that grant fractions of a credit hour for course completion. Some proportion of a person's CPE hours can also be earned by teaching classes or writing relevant professional articles or books.

Related Courses

How to Start an HR Peer Group

by Rachel Bolsu @ Namely: Blog

Thu Feb 15 12:15:43 PST 2018

Networking can be hard. Here are 5 simple tips for making meaningful industry connections.

RE: Direct Deposit Numbers Randomly not appearing

by Mangala @ Direct Deposit Numbers Randomly not appearing

Wed Jan 24 08:29:32 PST 2018

Hi Sandra,

Did you find out the answer for the Direct Deposit numbers disappearing. We now have our accounting users complain about this. Kindly help. I see the Direct deposit tab under Settings --> Company-->Forms , But I do not see where to enter the number.

Please help.

Thanks,

Mangala

mangalashetty@saintelizabeth.com

Organic growth

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 12:42:00 PDT 2018

Organic growth is the increase in sales of a business generated by those of its operations that were in existence at the beginning of the measurement period. The concept is used to differentiate between sales generated from existing operations and those operations that were acquired during the measurement period. In particular, organic growth is used to determine whether existing operations are in a state of decline, neutral growth, or expansion. It is entirely possible that organic "growth" will actually be negative.

For example, a company may report 100% growth during a period, but further analysis may reveal that 95% of the growth was from sales attributable to an acquisition and 5% to existing operations.

Organic growth can be caused by any of the following:

• An increase in prices
• An increase in units sold of existing products
• Sales of new products from existing operations
• Sales to new customers for products from existing operations
• Sales generated by new distribution channels
• Sales generated in new sales regions

Organic growth nearly always refers to changes in revenue, but can be used in reference to changes in profitability or cash flows.

The organic growth concept is a solid growth strategy for many businesses. This approach depends on internally-generated growth, rather than through acquisitions, and is a particularly viable option for a business that does not have sufficient cash to acquire other entities. However, this type of growth tends to be rather slow, especially when compared to the massive sales gains that can be achieved through an acquisition strategy. Also, organic growth could be in a sales segment that does not generate much cash flow, whereas an acquisition could generate sales in a more profitable segment of the market.

Related Courses

Business Ratios Guidebook 
Financial Analysis 
The Interpretation of Financial Statements 

reversing payroll advance without access to payroll module

by Workshop @ Sage 50 CA Payroll - Recent Threads

Thu Mar 15 15:13:55 PDT 2018

I have a balance on a payroll advance account from a previous year. I can't access the account through the general ledger even if I unlink it and make it an "other asset"

I no longer use the payroll module so everything is grey and I probably couldn't access the pay cheque anyway since it is from at least 2 years ago, prior to my joining the company.

Does anyone have a bright idea on a workaround for me?

When I look at the current year to date for all employees all is showing 0.00 other than this amount sitting there for one employee. 

I need to clear the account since it is part of cleaning up the books at this point.

Thanks for any and all help.

Live KFOR hawk camera

by KFOR Digital Desk @ KFOR.com

Tue Mar 27 16:10:42 PDT 2018

OKLAHOMA CITY- The KFOR hawk is back! The momma hawk is back perched in her nest high on the KFOR broadcast tower. We have a live camera on her again this year. Watch with us! This feed may go up and down depending on breaking news events.   

4 Financial Resolutions To Start Any Day of the Year [Downloadable Family Budget Worksheet]

by Kara Vincent @ LRRCU

Thu Dec 28 00:09:30 PST 2017

Who says resolutions have to start on New Year’s Day?  Get yourself started whatever day you feel inspired.  Here are few important financial goals that you can begin whether it’s January 1, August 1 or a random Tuesday in November. #1: Look at the Financial Big Picture – Use Our Family Budget Worksheet You feel […]

The post 4 Financial Resolutions To Start Any Day of the Year [Downloadable Family Budget Worksheet] appeared first on LRRCU.

5 Important Lessons Adam Grant Can Teach HR

by Rachel Bolsu @ Namely: Blog

Thu Mar 15 10:13:37 PDT 2018

Here’s what we can learn from one of the most influential management thinkers and HR Redefined’s keynote speaker.

Exchange of nonmonetary assets

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:59:00 PDT 2018

An exchange of nonmonetary assets occurs when two entities swap nonfinancial assets. The accounting for a nonmonetary transaction is based on the fair values of the assets transferred. This results in the following set of alternatives for determining the recorded cost of a nonmonetary asset acquired in an exchange, in declining order of preference:

1. At the fair value of the asset transferred in exchange for it. Record a gain or loss on the exchange.
2. At the fair value of the asset received, if the fair value of this asset is more evident than the fair value of the asset transferred in exchange for it.
3. At the recorded amount of the surrendered asset, if no fair values are determinable or the transaction has no commercial substance.

There can be any number of variations on the nonmonetary exchange concept, including ones where some cash is exchanged, along with other nonmonetary assets. If there is a significant amount of monetary consideration paid (known as boot), the entire transaction is considered to be a monetary transaction. In GAAP, a significant amount of boot is considered to be 25% of the fair value of an exchange. Conversely, if the amount of boot is less than 25%, the following accounting applies:

• Payer. The party paying boot is not allowed to recognize a gain on the transaction (if any).
• Recipient. The receiver of the boot recognizes a gain to the extent that the monetary consideration is greater than a proportionate share of the carrying amount of the surrendered asset. This calculation is based on the percentage of monetary consideration received to either:
  • Total consideration received, or
  • The fair value of the nonmonetary asset received (if more clearly evident)
  • Nonmonetary exchanges of inventory should be recognized at the carrying amount of the inventory transferred (not their fair values).

• Related Courses

  Fixed Asset Accounting 
  How to Audit Fixed Assets 

Missed Payroll

by martiniolive @ Sage 50 CA Payroll - Recent Threads

Fri Feb 09 11:12:26 PST 2018

I am about to enter my January 2018 payroll, but I am off for one employee.  When I investigated, I noticed that a payroll was missed in October 2017 for that same employee.  I have done 6 payrolls since then, but does this mean i have to delete the 6 payrolls and redo everyone from November to December, including the missed one so that everything balances, or is there an adjustment I can make.  Please help. 

Thanks, 

LP

RE: Non Taxable Benefits where Employer and Employee Pay 50%

by RandyW @ Sage 50 CA Payroll - Recent Threads

Fri Feb 23 14:03:53 PST 2018

[quote user="Meisha"]Medical + Dental $55.50, LTD $34.50, Life + Accidental Accident $13.50.[/quote]

Not to make this more complicated, but usually you want your records to clearly show that the employee is paying 100% of life, accidental, and disability insurance.   If the employer is paying any part of it, any claim proceeds may be subject to income tax.

On the other hand, that would reduce the amount and tax deduction for the medical portion.

RE: Electronic filing of T4 summary

by cb_canada @ Sage 50 CA Payroll - Recent Threads

Wed Feb 28 05:08:23 PST 2018

Thanks to you both. Another question, do you know why I can't select box 40 for an employees RRSP deduction when filing electronically in sage? Do I need to complete any T4s by hand for every employee who is contributing by hand?

Cannot post GJ-Account doesn't show up in drop down menu

by Tracy Resch @ Sage 50 CA Payroll - Recent Threads

Thu Feb 01 14:26:21 PST 2018

I can't post a year end adjustment to one of my accounts from the GJ window. It is my vacation payable account. I assume it is because it is linked to other payroll accounts but I am not sure how to now reverse it. The amount in the account is from various employees over the year. If I need to make a reversing entries through the payroll module, how do I do that? Please help!

Quebec tax

by Tandin Phurba @ Sage 50 CA Payroll - Recent Threads

Mon Feb 05 05:35:02 PST 2018

Hi,

I upgraded my sage to 2018.01 version  and changed the basic personal amount for Federal to 11809  and provincial amount to 15012.

the tax amount for Federal is matching with PDOC however the Quebec tax is not matching with Winras. please help me. thanks  

Generated T4's should automatically check the CPP or EI Exempt boxes based on the birthdate entered for each employee

by Admin4478 @ Sage 50 CA Payroll - Recent Threads

Thu Jan 11 10:07:04 PST 2018

When creating an employee a birthdate is required before the profile can be complete.  The calculate CCP and EI boxes are automatically checked in the profile which is preferred but there are employees who are exempt due to their birth dates either for the entire year or partial year.  Can Sage 50 somehow link the checking and unchecking of these CPP and EI calculation boxes based on the birth dates that are entered for each employee? 

This eliminates the need to manually check these things before generating the T4's...unfortunately this is usually only noticed after they have been generated and then corrections need to be made before generating the correct T4's.

Please Sage 50, fix this seemingly very simple problem!

New Alberta Stat Holiday Pay

by PaperTrails @ Sage 50 CA Payroll - Recent Threads

Wed Feb 21 07:36:20 PST 2018

Hello,

I am trying to determine if there is a way to set up for these new guidelines that would make the calculation for me.  Is this possible?  How do people in other provinces work this system?

Blog Post: Discover what's new for Sage 50 CA release 2018.2

by Erzsi_I @ Sage 50 Accounting - Canadian Edition

Mon Mar 26 00:00:00 PDT 2018

The release of Sage 50 CA 2018.2 will be available to all customers on a Sage Business Care plan starting March 26, 2018. Also, note that support for Sage 50 2017 will be discontinued March 31, 2018. What's new at Sage? From renaming products on the Sage Business Cloud to enhancements with the Office 365 integration of Sage Intelligence Reporting and or Sage 50 Intelligence Reporting, there's lots new with the 2018.2 update! Introducing the Sage Business Cloud. Our goal is to simplify the way we present ourselves at Sage, to make it easier to find the right choice for your business. As part of the changes, our products have been renamed: Relevant to this blog: Sage 50c is now Sage 50cloud accounting. Sage One is now Sage Accounting. Also, Sage Payment Solutions has been renamed to PAYA after it was acquired by a different company. What's new for Sage 50 2018.2? What's new for Sage 50 2018.2? Sage Bank Feeds, new Sage Intelligence Report features, Sage Capture and a feature first seen in Sage Accounting (formerly known as Sage One) has been brought in: The new Invoice Payments add-on service feature. New Exciting Features: Sage Bank Feeds Sage Bank Feeds make it easy to keep your books accurate and up to date. You can save time by automatically downloading bank or credit card transactions into Sage 50. Enhanced: Sage Intelligence Note*: Sage Intelligence is different from Sage 50 Intelligence Reporting mentioned below* Sage Intelligence is a reporting tool available to customers who purchased Sage 50cloud with Office 365 integration. Learn more about the O365 integration with Sage 50cloud here. It's one of the 4 Sage apps developed for Office 365 ( read more here ), which includes: A customer can access Sage Intelligence through the Office 365 portal. It includes standard financial reports and gives the user the option to edit the standard reports to make customized financial reports. It's also FREE with the O365 Business Premium subscription and integration with Sage 50. With this tool, a person in the company who doesn't have access to Sage 50, like a business owner, can still access the company's financial information. The reports can be exported to PDF or MS Excel format. sage 50 Intelligence Reporting A more customizable, alternate option is Sage 50 Intelligence Reporting; an advanced reporting solution which can be used with Sage 50. With this solution you can generate MS Excel based reports using data from your Sage 50 company file. This is a powerful tool that lets users create and customize any reports they may need from their Sage 50 data. Sage 50 Intelligence Reporting can be purchased as an add-on for Sage 50. Our sales team can be contacted at 1-888-261-9610 Monday to Friday from 6AM to 5PM PST for pricing and orders. Sage Capture The Sage Capture icon can now be found on the Cloud & Mobile page of Sage 50 2018.2. Clicking on the icon will take you to One Drive in Office 365. This icon also has an option to get the Sage Capture mobile app. It opens a webpage with more information about Sage 50cloud with Office 365 integration. Get Paid Faster! with: Invoice Payments With the Invoice Payments feature, you can get paid faster by accepting online payments from your customers by secure payment providers Stripe or Paypal. Now you know more about Sage 50 release 2018.2! In coming blogs, we'll explore the subjects above in depth. Lisez ce blog en fran ç ais Découvrez les nouveautés de Sage 50 CA version 2018.2 Was this blog useful? Kindly leave us a like and rating on the right-hand side of this page.