EBMS Support Center > Webinars > Best Practices Webinar
Best Practices Webinar
Online EBMS Training Event,
Recorded February 24th, 2021.
This webinar includes best financial practices to perform monthly; including sales tax, sales orders, purchase orders, and reconciling accounts.
Positions that may find this session helpful: Bookkeepers, Accountants, and Managers
Skill Level: Intermediate / Advanced
Q&A Recorded:
We pay Use Tax as well as Sales Tax. Which G/L account is best to use for that?
Prior to version 8.4 there is no way to calculate Use Tax. It needs to be calculated manually and expensed. When upgrading to EBMS 8.4 there is a reminder to setup Use Tax G/L accounts in preparation to use this new Use Tax calculation feature.
How long does it typically take to run utilities?
This process is based on the size of your company's data files and also on whether you run it from your EBMS Data Server where the data is stored vs running it from another client workstation. For many of our clients it takes hours.
How often should I run utilities?
We advise running them at least monthly, but many run them every week on an automated schedule configured in EBMS Server Manager.
We have work orders that may be opened for months. When service closes them the month they were originally opened needs to be opened. How does that affect cost? When do they post to the G/L? The original month or the month the work order is closed?
All documents (Sales invoices, Expense invoices, etc.) will post to the month/date that is shown in the document date field.
What is the advantage of checking open sales orders, open invoices, etc. every month?
There are more details within the webinar, but this allows the user to verify that all the A/P and A/R are processed and posted in the correct month for financial reporting accuracy.
All documents (Sales invoices, Expense invoices, etc.) will post to the month/date that is shown in the document date field.
What are some of the advantages of switching from a manual report to the sales tax wizard?
Using the wizard provides more detail from prior period changes, creates the PO with information already entered and is easy to follow.
Feel free to reach out to us with questions.
The Eagle Support Team
support@eaglebusinesssoftware.com
717-442-3247 x2