General Ledger, Accounts Payable, Accounts Receivable, Cash Management, Fixed Assets, Deferred Revenue, Taxes, Currency Management
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For tax year 2021, the IRS made minor changes to the 1099-MISC and 1099-NEC forms. Details of the changes can be found on the IRS website. Acumatica will implement these changes in upcoming versions of the software to assist with customer 1099 filings. There are 3 changes that impact Acumatica.Form 1099-NEC sizing. Acumatica will reduce the height of the form to match IRS changes. Form 1099-MISC, box 11. New use for box 11 includes any reporting under section 6050R, regarding cash payments for the purchase of fish for resale purposes, from a individual or corporation who is engaged in catching fish. Form 1099-NEC, box 2. Payers may use either box 2 on Form 1099-NEC or box 7 on Form 1099-MISC to report any sales totaling $5,000 or more of consumer products for resale, on buy-sell, deposit-commission, or any other basis.1099 Paper Forms:Changes to the 1099 Paper forms are currently available in the following builds of Acumatica:2021 R2 Update 3 Hotfix 1 (21.203.0030) and later 2021 R1 Up
Hi EveryoneCurrently , we have create a generic inquiry to combine table invoice and memo and table payment and check in order to get the column for “ due date “ and “ payment date” If we would like to get system to calculate the day of over due , which mean “due date” minus “ payment date” in order to get the day of over due. May i know how to do this in generic inquiry? Hope to hear from you soon.
2022 Tax Year 1099-NEC Form 1099-NEC and filing instructions have been converted from an annual revision to continuous use. Therefore, there are no changes in 1099-NEC form layout or in E-File format that require changes in the Acumatica ERP. For the list of Acumatica ERP builds with up-to-date 1099-NEC forms, refer to the 1099-MISC and 1099-NEC updates for Tax Year 2021 post.To resolve possible issue with the printing alingment, we encourage you to update to the following Acumatica ERP builds where the paper size of the 1099-NEC (AP653100) report have been changed to Letter:2022 R2 Update 3 (22.203.0043) or later 2022 R1 Update 14 (22.114.0029) or later 2021 R2 Update 19 (21.219.0019) or later 2021 R1 Update 28 (21.128.0009) or laterFor more info, workaround for earlier builds and additional steps to fix possible alignment issues, refer to the Known issue: The report printed on the 1099-NEC (AP653100) form did not fit the Letter paper size knowledge base article. 2022 Tax Year 1099-M
Hello all, I was wondering if any in the community is using the Shipped not invoiced functionality in Acumatica and if so what their feedback is on the functionality. I am currently exploring switching to this functionality as I do not like the way the system handles SO Order shipments from an inventory perspective. My issue is that we do not invoice an SO until it is delivered to the customer. Which at that point we are invoicing and posting the IN so that the revenue and the expense are posted at the same time. However, with the OTB configuration this process leaves the inventory in the system at the site until it is invoiced when, in my opinion, it should move the inventory from the site to an In-transit account until and invoice is created and the COGS are expensed. So I have been looking into the shipped not invoiced which placed the inventory cost into a Accrual account until the invoice is posted. However, OTB it appears that this Shipped Not Invoiced account does not show up
Can someone let me know what the logic of the conversion of units of measure is. I have read the help area about 10 times and I must have a mental block as it seems to be the reverse of what I would expect for converting from one unit to another. i.e. I would think converting a box of 10 bottles to a base of 1 bottle would require the instructions to divide by 10 but the operand is multiply. I am feeling quite stupid about this so please be gentle..
We have a running live environment for a couple of years now. Due to business ownership change and/or restructuring, the financial year for the company has changed. Current: Jan to Dec - 13 periods (with period 13 as adjustment period) The change:The current Financial Year 2020 has increased to 18 months until June 2021 (i.e. Jan 2020 until Jun 2021).After that, the Financial Year will be 13 periods again from July 2021 to Jun 2022…. and so on. I need help on how can this be smoothly implemented. Thanks
HiNot sure if anyone know how to reserve the inventory once the invoice released?We encountered a senario as belowCustomer last mins cancel the shipmnet which mean the invoice that we generated is need to cancel. How to cancel invoice and reverse the inventory ?Could anyone give me a guide/Step?
Hello, Seems like a simple question, but I’m at a loss on this one. So AP debit adjustments can easily be applied to AP bills….However I can not find a way to have a simple vendor credit adjustment applied to an invoice. There appears to be no similar process there credit adjustments can be applied to AP Bills. Can anyone assist? Thanks, Bob
When will the Multiple Base Currency feature support all modules?I was quite excited to see multiple base currency support in 2021 R2, as this solves the single biggest pain point we have with Acumatica.Currently, we have a Canadian sister company that does a lot of interco transactions with the US company, and because of that company’s base currency being in CAD, we have to use a separate tenant.This creates a lot of manual re-entry of documents PO / SO / shipping docs etc and tends to be an error prone process, especially due to exchange rates etc.Now in reading through the details on this feature, I see to my dismay that there is a whole list of other modules that are not supported by this feature. Meaning you can’t use multiple base currencies feature and these other modules. The modules that we use are in yellow: Is there any road map on when these modules will be supported by this feature?
YTD Net Income Balance transfer to Retained Earnings Account - how is this done by Acumatica & is there a Journal record for this?
Hello,I am aware that Acumatica has a dedicated account for keeping track of the YTD Net Income balance and with every income or expense transaction, this account is updated. Furthermore, as documented in Acumatica’s Help material (see below), Acumatica automatically updates the Retained Earnings account for the next financial years that are defined. The system updates this account for every transaction posted to an income or expense account. When the system updates the balance of the YTD Net Income account, it also updates the beginning balance of the Retained Earnings account in the next financial years for which the financial periods are defined. For a new financial year, the system resets the balance of YTD Net Income to zero for a new financial year. However, for auditing purposes, when a user looks at the Account Summary and Trial Balances for the retained earnings account, the Ending Balance of the last period of one year would not match with the Beginning Balance of the first p
Hi SirI would like to do bank recon in system. However , i am not able to import the bank transaction that i extract from bank under excel file (refer to below) Not sure what is the problem? Could anyone give me a guide/step to import/upload the bank statement transaction to system for me to do the bank recon?
When running reports, for example, the Customer Summary Report I cannot get it to sort by name. It always sorts by the customer ID. I change the sort in the Additional Sort and Filters and I’ve tried to change the sort in the report designer but it still won’t sort it the way I want. Any help will be appreciated. Thanks,
Does any one know how to reverse a Landed Cost? We had an entry with a clerical error and the amount was incorrect. Now inventory is overvalued and we have the amount sitting in the accrual account. The AP bill should address the accrual balance but will create a credit on the P&L variance account. Not sure how you address the inventory valuation. So looking for ways to edit, delete or otherwise correct the LC transaction.
We have prepared and and released GST tax reports for the company using wrong period ( Monthly ) for the periods January to August. Now we want to update the tax period to the correct one ( Quarterly ) but the period type drop down menu is inactive , I think because we have released tax reports in the system.Is it possible to void these tax reports without financial impact?
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