"PIC and IRS, Sitting in a tree, K-I-S-S-I-N-G..."
We CPAs work hard all year ;-) but this time of year is especially busy as we're carefully
preparing corporate tax returns. This task can be especially difficult when we're juggling
shoeboxes full of receipts. Likewise, our burden can be emphatically simplified if the right software
is in place to support not only the audit trail & reconciliation, but also ensure
accurate & painless data entry to begin with.
If you find yourself entering data reduntantly, you have to ask yourself, "Have I outgrown
Quickbooks?" With e-PIC One™ Enterprise, data flows automatically from order entry through invoicing
& from purchasing through cash disbursments. Smart defaults make consistent and accurate
entries a cinch, while allowing you to override when the occasion arises.
It all starts with the Master Standard Entries.
Standard Entries define the General Ledger accounts to be used when e-PIC One™ Enterprise automatically creates
journal entries. For example, "Sales Income" might be assigned to GL account 4000.000.
Part of the result of posting an invoice then will be to credit account 4000.000.
When the GL account varies depending on the product or site, or when it varies for manufactured
& outsourced goods, product-specific standard entries may be setup. For example,
"Sales - Store 1" may be accounted separately from "Sales - Store 2".
In a similar fashion, all automated entries are user-definable from COGS to Retained Earnings.
(Of course, journal entries may also be entered manually, allowing adjustments such as depreciation
or reclassifications.)
The Master Standard Entries should be setup prior to any activity and should not be
subsequently changed.
Ultimately, it is these journal entries that affect general ledger balances, rather than the A/R or A/P.
Where it makes sense, GL accounts are often tied to specific entities in e-PIC One™ Enterprise.
These associations are in many places, from Vendors to Credit Reason Codes and from Currency Codes
to the Stock Master.
For example, by associating a GL account with a Bank Code, the appropriate debits and credits
are automated whenever Cash Receipts or Disbursements are made.
Helping to preserve data integrity, a number of accounting "best practices" are in place.
These range from not permitting un-posting, to preventing posting to prior periods, to forbidding
deletion of activity.
These safeguards ensure the trustworthiness of the data and prevent you from having to verify
that transactions were posted properly before preparing your tax return.
Many companies simply use the e-PIC Trial Balance report at tax time. This report lists the
balance of all G/L accounts at a certain point in time.
Since this report is configurable (along with other accounting reports), you have all the right
numbers at your fingertips - whether you're after all the gory details or a one-page summary.
In addition, reports commonly used for reconciliation - including A/R Aging, A/P Aging,
Bank Reconciliation and other listings - tie detail records to general ledger balances.
These are valuable tools when Uncle Sam knocks on your door.
Finally, we must not forget about some other tax-related issues:
- Automatically generate your 1099s, based on data entered throughout the year.
- Easily close out GL Periods and Fiscal Years as well as generating historical reports in one
fell swoop.
- Quickly get a handle on Sales Commissions.
- Give the boss access to the Company Status Report - an executive-level summary of your entire
business.
The CPAs at PIC absolutely love the challenge of keeping all your business activities organized.
Having a fully-integrated ERP means eliminating duplicate data entry, cross-linked & easily
referenced supporting detail, and the right reports you need to get the job done.
Open your browser to a new way of doing business.
Schedule a demo of e-PIC One™ Enterprise today!
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