Q1 ‘Sage  Break’ 300 CRE Users Group Meeting on January 10, 2013

We had a great crowd at our Q1 Sage Break meeting! We all learned how to get an egg in a glass with a plate in between them for one thing. Hint: the right tool!

Want to join us for April’s breakfast meeting? Click here for details!

The session theme was on Year End issues, and CPA and Sage Certified Consultant,  Michelle Jardine, was there to moderate and advise the group. She started with whiteboarding issues and solutions. A couple of the issues raised appear below. But the question is – what would YOU suggest or share with the group?

Q: How do I access prior years’ (2 years back or more) financial statements and transactions after closing the current year? Or, in other words, I’m losing access to the previous prior year’s detail because I closed the year. How can I still access it after the close?

A: The solution, most users agreed, is properly archiving your data.

More suggestions made by the group:

1. Use Timberline Tools to copy prior year’s data to a new archive folder
2. Always roll back exactly 12 months when you are in the archive folder
3. Go to Company Settings>General
4. Use a naming convention that identifies the company folder by year and sorts it to the end like: ZZ(company name)Archive2009

Q: I’m closing late so I can’t generate financial statements because I’m waiting for adjusting journal entries (AJE).

A: The solution suggested is to close the year on time, enter the adjusting journal entries (AJE) as needed and reclose.

Lots of great whiteboarding tips!

And some users got down on their knees to explain archiving! Here’s Steve Mason in action.

The Sage 300 CRE Users Group meets quarterly in the Ledgerwood Associates Training Room.

Enhance your value to the company! Sign up for the next Sage 300 Users Group Meeting.

Still have questions about year end? Participate in the ongoing discussion! Join the LinkedIn Group: Sage 300 CRE Users Group – Ledgerwood Clients

Last week I traveled the 120 miles from Phoenix to Tucson to attend the CFMA 2011 Tax Update presented by Beach Fleischman, a Tucson accounting firm. Although taxes are important, I have to admit I wasn’t crazy about the topic.  Tax seminars are comically used as an example of dull and uninteresting, but to my liking, the session was engaging and informative.  I was amazed by the volumes of information construction companies are expected to know about taxes.

Kim Paskal, the presenter from Beach Fleischman, covered more than 60 changes in the tax code including tax credits for employees hired in 2010; 2011 expense rules for SUV’s, Trucks and Vans; and an increase in the Social Security wage base for 2012; all of which  could impact a construction company’s bottom line.

Personally, I found the lengthy discussion on cancellation of real property business debt to be very helpful, having experienced my share of real estate investments gone South.

Ms. Paskal was well prepared and knowledgeable.   Having been a business owner myself, I know that relying on a tax expert like Kim is essential, especially if you are in a complex industry like construction.  It could mean real savings in your tax bill.

Talk to your tax advisor to get more details about how recent tax law changes might affect your business. If you need a good tax accountant I recommend calling Beach Fleischman.

For more information on this topic contact Ledgerwood Associates, the #1 Sage Timberline Business Partner in the Southwest!

Click here to see how Sage Timberline Office rated in the latest issue of CPA Practice Advisor.