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Tips & Tricks - BAASS Connect 2016

We've got 3 different topics that we are going to cover in this session:

  1. Multi-Currency
  2. Optional Fields
  3. Security and Confidentiality

 

Multi-Currency

Sage’s Multi-currency module is designed to simplify the processes involved in using more than one currency in business transactions. With the world becoming so much smaller these days, this is more the norm than the exception. In the case of a small number of foreign transactions, it is common for users to manually enter them into Sage in their converted amounts based on the rate that the bank has provided. However, as the volume of transactions for other currencies increases, using the multi-currency function within Sage can save time and can more efficiently and accurately update the foreign exchange amounts into the home currency.

Multi-currency needs to firstly be turned on in Common Services / Company Profile on the Options tab.  Then each module must have the multi-currency option activated as well.  Here's a couple of helpful tips for some components of M/C setup:

Foreign Exchange Gain / Loss Accounts

Multi-Currency Accounting Methods

Setting up Multi-Currency in the GL

What is revaluation?  Revaluation is a process that recalculates the foreign transactions or balances at new exchange rates. 

Why is revaluation necessary?  Why does it need to be done - if we are using a daily exchange rate, shouldn't the end result be correct?  Let's take a look at a very simple example of a US bank account.

These are all real US fx rates for the month of Aug 2016. We make a deposit, write some chqs, and the balance comes out with a significantly different fx rate than any of the 3 transactions. We want to know the true value of the US funds in CAD dollars at this specific point in time, so we must revalue the balance.

Now, if we up the ante a little bit and look at some larger values…

we get an even bigger number for a revaluation adjustment.  We can clearly see that regardless of the correct Fx rates used for each of the transactions, revaluation is necessary to have the correct CAD values shown on a balance sheet at period end. 

Here are some common issues with revaluation and multi-currency:

Revaluation says No Records Found

Revalue US Bank Account Manually

Revaluation is not calculating Correct FX amount

Reconciled Bank Balance does not equal GL Balance

 

Optional Fields:

Optional Fields may very well be misnamed – they could in fact be called ‘custom fields’, because they are fields that are created by the user to allow them to store and track company specific information in select records and transactions. Sage already has all the ‘usual’ fields covered, but each individual company may have information that they want tracked, and have nowhere to enter it. There are maybe 50 different companies and many different industries represented in this room today, and I wager that no two of them want to track exactly the same company specific information. So, this is where Optional Fields comes in.

Optional fields are setup in Common Services where you define the field and the type of data that needs to be entered into it.

Then you assign the optional field to the modules and screens where it needs to be entered. You can assign optional fields to records or transactions in each module.

For detailed information on setting up optional fields, see What are Optional Fields? and  Overview of Optional Fields

One of the most beneficial aspects of optional fields is that they can be transferred from one module to another without duplicating data entry.  For example, an OE order may have an optional field assigned to it, and that value can follow the transaction on the OE shipment, OE invoice, AR invoice and the GL entry.  The optional field data can then be analyzed at the GL level in the different GL accounts.  All it requires is a little bit of planning and setup to make this happen! Transferring Optional Field Values from OE to GL

There is an optional field transactional analysis report in the GL, as well as multiple other reports that use optional fields for selection criteria and / or list the optional fields values on the reports.  Standard Sage reports are listed here:  Optional Fields Reports.  However, the ability to create custom reports based on your optional fields is endless. Custom fields, custom reports – all specific to your company, your industry, your departments, giving you the exact information you want. 

 

Security and Confidentiality:

Sage has basic security in Administrative Services. However, in many cases, more complex security is needed where a user may need only partial access to some of the functions, but Sage only allows them to have it or not have it based on the simple security setup. Here’s how we get around that: We make things disappear like magic!   Sage has 2 options that we can use to hide functions from the users.

  1. GL account security – this is one of those really great things that I seldom see people use, but is really super effective. GL Account Security GL Account security is turned on in GL Options and then permissions to individual accounts are assigned under GL Accounts / Account Permissions.  When you deny a user access to certain accounts, and they try to access those accounts, they will receive an error message that tells them the account does not exist.
  2. UI Profiles – this is something that allows us to hide buttons on specific screens. UI Profiles.  One of the most common uses is to hide the delete button and prevent users from deleting records.  However, another use is to  Prevent Printing of Order Confirmation when Order is On Hold.  Another suggested use is to remove the Save button to prevent users from modifying records. We may also just want to simplify screens and remove the buttons that are not being used, or are accepting default values, so you don't have to tab through them - making data entry more efficient.

A couple of other little used (or little known about?) security features:

  • Restrict the User's account to certain days and times.  Open Administrative Services / Users and turn on the 'Account is Restricted' option.  Then set the Valid times this user can login to Sage.

Note:  if the user is logged in and their end time comes up, then any Sage screens that are already open, will continue to function. But no new screens can be opened after the restricted time.  This process does not force the user to logoff.  However, an ADMIN user can force the logoff of any user - Force Users to Log out of Sage whenever data maintenance or backup needs to be done, or any process that requires exclusive access.

  • Turn on Advanced Security.  Open Database Setup and click on the 'Security' button to give a whole new range of security settings! Advanced Security

Bonus Tip:  The Ultimate Security for Payroll

BAASS has developed a product to handle a very specific security issue for payroll: It provides anonymity to the payroll checks in bank services. So, if you have different people doing payroll functions and bank rec functions, this adds another level of confidentiality for your employees.

This is what the bank rec looks like without running the BAASS payroll utility:

After the BAASS payroll utility is run, all the payroll cheques become anonymous!  The AP cheques are untouched.

If you want the BAASS Payroll Utility to make your payroll more secure, give us a call at 60-544-7587 or email helpbc@baass.com

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