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
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.
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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