Remote Data Access (Sage Drive) multi-users, bank reconciliation improvements, and multi-user improvements. Take a deep dive into Sage 50cloud Accounting’s recent 2020.2 release and learn how you can start using the new features today. We’ll also deep dive into Remote Data Access (Sage Drive) and show how it’s new multi-user capabilities can help you streamline collaboration with your clients.SHOW LESS
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My New Website! – diannemueller.com!
Hi Everyone,
I’ve created a new website! Come check it out at diannemueller.com
Be sure to bookmark and check back often!
Telpay – Our Clients are Talking!
2014 Luca Awards
Recently, Dianne Mueller traveled to London, England and received the ICB LUCA Award, which could be called the Oscars of the bookkeeping world, recognizing outstanding achievement in the profession. The 2014 LUCA Awards also were filmed, providing a nice glimpse of Dianne receiving her award from the HRH Prince Michael of Kent.
Welcome to our new Site!
Simply Soma’s new site!
Reminder – GST/HST Invoice over $30.00
For the purposes of claiming input tax credits (ITCs) on your purchases of $30 or more, the Act requires you to have supporting documentation for the purchase, which includes the GST/HST registration number of the supplier from whom you are purchasing goods or services.
The GST/HST account number (also referred to as a Business Number or registration number) must be included on receipts, invoices, contracts, or other business papers used when taxable goods or services of $30 or more are supplied by a person registered for GST/HST.
You can verify whether your suppliers are providing valid GST/HST numbers by using theGST/HST Registry. Visit the CRA Web page at www.cra.gc.ca/gsthstregistry.
Graduation
To all my fellow Graduates who attended Prom (AKA Simply Partnership 2011) it’s time to put all the glitz and glam of Vegas behind us and our yearbooks away. What happens in Vegas stays in Vegas right? Well, maybe for the engineers who crashed our party, or the pink flamingo girls. Put your caps back on because it isn’t over yet. Sage has plans, big plans. Big plans that involve Country Music, a 5K walk/run, hands on learning, World Class Speakers and Sage City to name a few.
Time to pack your bags again but this time for the big leagues, Sage Summit! What is this you might ask? Well it’s the best conference on the planet. So I hear. But I’m not one for learning through the grapevine. I’m honing my inner cowgirl and I’m saddling up for Nashville in fact, I’ve already registered and booked my flight. There is no easy way to get there from Canada, I’ll tell you that much.
Now you may think I’m a little eager, excited, spontaneous, but no. I’m thinking ahead, I got the early bird discount and went on a payment plan so that I can make the best out of my First Sage Summit.
So what does Sage have in store for us now? If you are a Sage partner and a first-timer to Summit, look no further.
Choosing a hotel can be a tad challenging which is why I really enjoyed reading Brad Hartz‘s blog on The Biosphere. If I’m going to experience this first hand then I’ll definitely have to stay at the Gaylord Opryland Resort, besides that is where my roommate wants to stay as well.
Let’s get down to business, so what Sessions do I register for? Conveniently for me, there are two partner tracks– the first is for Product Skills which includes hands on learning sessions for Sage products as well as other solutions that integrate with Sage Applications and second, Business Skills track with workshops to expand your skills in your area of expertise both of which will be extremely valuable in my business.
And what better to do after class then meet up with cowboys fellow partners, first-timers, Alumni, and Sage employees? I hear that there will be a mobile App coming out this month so we can all stay in touch while conference”ing”. Oh and who needs facebook when you have facewall. Come check everyone out.
What Is my Accountant & Bookkeeper Talking About?
Sometimes one of the most difficult languages for the new entrepreneur to understand and learn is the financial language. Your Accountant or Book keeper provides financial statements to you on a monthly base and you try to make heads or tails of the information on them.
Accounting/ bookkeeping is simply keeping track of the money. How you got the stuff (Assets) and how you paid for that stuff. –and when you learn the terminology it is quite simple. Here is a handy reference list to help you out.
A Glossary of Accounting Terms
- Accounts Receivable – work for which you have sent out an invoice but have not yet received payment.
- Accounts Payable – Expenses for which you have received an invoice for but have not yet paid.
- Accrual – a system of accounting wherein the income and expenses are recognized and matched in the period they are incurred rather than when they are paid for.
- Asset – Items purchased that have an economic benefit beyond one year or accounting cycle. What you own.
- Amortization – The allocation of an asset to expense over a specified period of time. AKA Depreciation.
- Balance Sheet – A statement showing a company’s assets, Liabilities, and Equity as of a specific date.
- Cost of Goods Sold (COGS) Cost of goods sold is usually the largest expense on the income statement of a company selling products or goods. It the direct cost of manufacturing or purchasing the products or goods that you sell.
- Dividends – After tax money paid out to shareholders of a company.
- Equity – A Company’s cumulative income or loss. The investment of money invested by the owners of the company.
- Liabilities – A financial obligation, what your company owes to other suppliers, government agency or loans.
- Income Statement – This statement shows revenues less expenses over a period of time.
- Pre-paid expenses – amounts paid in advance for future expenses. Considered an asset until the expense is realized.
- Pre-paid Sales – Payment received from customers before a service or product is provided. Considered a liability until the product or service is delivered.
- Retained Earnings – Profits retained in the business to date.
- A Debit – Increases an Asset and Expense Account. Decreases a Liability, Equity or Revenue Account.
- A Credit – Increases a Liability, Equity or Revenue Account. Decreases an Asset or Expense Account.
- Bookkeeping Principle – For every debit, there must be a credit.
Sage Simply Accounting – Employee Limits on Payroll for 2012
Effective March 1, 2012, Sage Simply Accounting Pro and Premium customers who subscribe to either a Sage Business Care Payroll or Gold plan will be limited to paying 50 employees. An additional fee of $250 will apply for paying 51-100 employees and an additional fee of $100 will be added on top of the $250 to pay over 100 employees.
Q: Will I still be able to do my payroll?
A: Yes. However, for example, if you have 52 active employees, you will only be allowed to pay 50 of them.
Q: Which products are affected?
A: Sage Simply Accounting Pro 2012 and Sage Simply Accounting Premium 2012. Sage Simply Accounting Enterprise 2012 is not affected by this change.
Q: When does this change come into effect?
A: March 1, 2012.
Q: When should I purchase the correct tier for my payroll?
A: Between October 3, 2011 and March 1, 2012. If you have over 50 employees, contact Sage well before the March 1, 2012 deadline.
Q: How is the Employee limit determined?
A: The employee limit is determined by the number of “active” employees. We recommend that you change the status of employees not being paid to “inactive”.
Q: What happens when I go over the limit after March 1, 2012?
A: Your product will provide you with a reminder and you will receive a limited grace period. Once the grace period has ended, you will only be able to process the limit of 50 employees. If you have over 50 employees, we recommend that you contact us well before the March 1, 2012 deadline.
Q: Why am I getting a message notifying me that I have exceeded the 50 employees limit, when I have less than that amount?
A: You may have less than 50 employees you are paying, but the counter includes all your active employees. We recommend that you change the status of those employees on payroll who is no longer active or being paid to inactive. You can open up the Employee Records(Payroll Ledger), put a checkmark at the bottom left to change the employee status.
Q: How much more do I have to pay?
A: An additional fee of $250 will apply for paying 51-100 employees and an additional fee of $100 will be added on top of the $250 to pay over 100 employees.
Q: What if I have High seasonal employees and only go over the limit for a short period in the year?
A: Whenever you need to pay over the employee limit, you will need to upgrade your tier for the additional employees. If you expect to pay over 50 employees in any pay period, we recommend that you contact us well before the March 1, 2012 deadline.
Q: Does the limit affect reports and forms such as T4/R-L1, and ROE?
A: No.
Q: How do I order more active employees?
A: To increase the number of active employees in your payroll service plan, please call 1-888-261-9610.
Sage Simply Accounting – Employee Limits on Payroll for 2012
Effective March 1, 2012, Sage Simply Accounting Pro and Premium customers who subscribe to either a Sage Business Care Payroll or Gold plan will be limited to paying 50 employees. An additional fee of $250 will apply for paying 51-100 employees and an additional fee of $100 will be added on top of the $250 to pay over 100 employees.
Q: Will I still be able to do my payroll?
A: Yes. However, for example, if you have 52 active employees, you will only be allowed to pay 50 of them.
Q: Which products are affected?
A: Sage Simply Accounting Pro 2012 and Sage Simply Accounting Premium 2012. Sage Simply Accounting Enterprise 2012 is not affected by this change.
Q: When does this change come into effect?
A: March 1, 2012.
Q: When should I purchase the correct tier for my payroll?
A: Between October 3, 2011 and March 1, 2012. If you have over 50 employees, contact Sage well before the March 1, 2012 deadline.
Q: How is the Employee limit determined?
A: The employee limit is determined by the number of “active” employees. We recommend that you change the status of employees not being paid to “inactive”.
Q: What happens when I go over the limit after March 1, 2012?
A: Your product will provide you with a reminder and you will receive a limited grace period. Once the grace period has ended, you will only be able to process the limit of 50 employees. If you have over 50 employees, we recommend that you contact us well before the March 1, 2012 deadline.
Q: Why am I getting a message notifying me that I have exceeded the 50 employees limit, when I have less than that amount?
A: You may have less than 50 employees you are paying, but the counter includes all your active employees. We recommend that you change the status of those employees on payroll who is no longer active or being paid to inactive. You can open up the Employee Records(Payroll Ledger), put a checkmark at the bottom left to change the employee status.
Q: How much more do I have to pay?
A: An additional fee of $250 will apply for paying 51-100 employees and an additional fee of $100 will be added on top of the $250 to pay over 100 employees.
Q: What if I have High seasonal employees and only go over the limit for a short period in the year?
A: Whenever you need to pay over the employee limit, you will need to upgrade your tier for the additional employees. If you expect to pay over 50 employees in any pay period, we recommend that you contact us well before the March 1, 2012 deadline.
Q: Does the limit affect reports and forms such as T4/R-L1, and ROE?
A: No.
Q: How do I order more active employees?
A: To increase the number of active employees in your payroll service plan, please call 1-888-261-9610.