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AccountEdge Tips and Tricks Newsletter

Going Back to MWSF

Acclivity is heading back to Macworld Expo, or as it is now known Macworld/iWorld. We are really excited to be going back to San Francisco, and not just because we need a new Macworld t-shirt. Now that the show has moved from mid-January (our busiest time of year) to late March, it made sense to give it another shot. Since the last time we exhibited, we've gone from having one product (AccountEdge) to having a family of small business apps and services (AccountEdge Mobile, AccountEdge Cloud, Rerun, Checkout POS for Mac, and more) that help Mac SMB's manage their operations. Being true to our roots, the Mac has always been our first love and exhibiting at MW/iWSF2014 is a great place for us to fly the Mac small business banner, as we have proudly since 1989.

Recording Depreciation

Working with your accountant is a critical step in maintaining the accuracy of your books. One area that often falls between the cracks is depreciation — the method of allocating the cost of an asset over its useful life. Depreciation can include the expense you deduct for an automobile or equipment, and is often times recorded at the end of the year, after you've given your AccountEdge year-end reports to your accountant, but before the accountant finalizes your tax returns. To keep your AccountEdge reports accurate throughout the year however, you may want to record depreciation as monthly recurring transactions, rather than entering one transaction at the end of the year. The Depreciation FAQ contains more information about depreciation, and provides a tip to help keep your AccountEdge reports more accurate throughout the year.

Did You Know?

If you are working with inventory items, you may have noticed AccountEdge uses a liability account called A/P Accrual - Inventory. If you're not working with inventory, you may be wondering how this account is used because you see it in your accounts list. AccountEdge provides an important feature that allows you to receive items, placing them in inventory, before you actually receive the bill for the inventory items. Once in inventory, the items can be sold, while the paperwork is catching up.

AccountEdge uses the A/P Accrual - Inventory account as an intermediate account to hold the value of inventory when it's received, until you receive and record the vendor bills. The scenario involves creating purchase orders, then receiving items (using the Received Items feature). When vendor bills are received, you convert the orders to bills. When you do that, AccountEdge will transfer the value from the A/P Accrual - Inventory account to the Accounts Payable account, where it will remain until paid. More information is available in the A/P Accrual - Inventory FAQ.

How to - Self Assessed PST

For most provinces, provincial sales tax applies to the taxable goods and services you purchase or lease for use in your business, even when purchased or leased from out-of-province and out-of-Canada suppliers. If the seller does not collect the PST, you may need to self-assess and pay the PST due on the landing cost of the goods brought into the province. AccountEdge provides a method to record and report these self-assessment taxes. The Self-assess Provincial Sales Tax FAQ provides more information.

Contact Us

Hopefully the information we provide in our AccountEdge Tips and Tricks Newsletter is helpful and useful to you. Each month we present articles that are timely, interesting and informative, to help you use AccountEdge more effectively. Be sure to check the FAQ links included in the newsletter to view more in-depth information about the topics covered. This newsletter will not be used as a sales tool. We invite you to send us your thoughts.

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