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Now that Direct Deposit has become mainstream, companies are requesting more options in dealing with their bank. From ACH transactions to direct deposit of payroll checks, the new Banking application provides you with a number of benefits for a more secure electronic banking environment. Here is a brief overview of the new features: The Positive Pay feature allows you to create a file that can be transmitted to your bank for the authorization of check payments. No checks will be cashed by your bank unless the check matches the information in the positive pay file. Reconciliation Import downloads cleared checks from your bank and automatically clear transactions that have been processed by the bank - a great time-saver. Direct deposit makes pay day easier for everyone. The major benefit is the time savings for everyone — no more waiting in line at the bank on payday. The ACH feature that allows you to pay your vendors with credit cards. You can tell your accounting system to require an authorization number to be entered for credit card payments over a specified amount. The MICR check feature allows you print your own checks with the special bank account information on it using the special MICR toner—another security feature. Want to know more about the Banking application? Now is a good time to ask us—OSI is offering a year-end promotion for both Bank Reconciliation and Info-Alert. 2007/2007 W2 and payroll changes W2 forms, magnetic media and other changes are being required by the government. OSAS and TRAVERSE users will need to install the 2007/2008 tax compliance updates to ensure that the new W-2 forms print correctly and that the W-2 file format is correct for electronic filing to the Social Security Business Services Online (BSO). In addition, changes are being made to accommodate the new EEOC race requirements. The updates will be released for TRAVERSE versions 10.5 and 10.2 and OSAS versions 6.5x, 7.03 and 7.5x. Those companies that are current on OSAS or TRAVERSE annual software maintenance are eligible to receive these updates. If your company is not on those versions, it is important to contact us as soon as possible to discuss options. To schedule your company’s update installation or discuss upgrade options, contact us at 267-2277, (888) 246-1771 toll-free or email lillian@basi-usa.com. With year-end rapidly approaching there are some tasks you can do now to ease the work later. Audit your W2’s Audit employees Audit your 1099’s New tax code benefits small businesses The new Small Business and Work Opportunity Tax Act (SBWOTA) has eased Section 179 of the tax code. While most business equipment must be depreciated over many years, some companies—especially small ones—can ‘expense’ purchases of new and used equipment, so the costs can be deducted immediately. For 2007 the older tax code allowed first year write-offs up to $112,000 worth of equipment purchases. The new law boosts that maximum to $125,000 retroactive to 2007 and keeps it in effect through 2010. For the next three years, the maximum deduction will increase with inflation. This expensing deduction is meant to be used by small companies, and is limited when over $450,000 worth of equipment is purchased in one year. Now may be the time to upgrade the equipment that your accounting and business staff may need. To learn more, ask your accounting and tax advisor.
At BAS, our goal is to provide flexible, simple-to-use accounting and business management systems and support to help your organization achieve unprecedented success.
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November 2007 In this Issue
Just a thought... 
Well, here we are again. Another year hopefully well spent with something positive to show for all our efforts. Now let’s ease through the holidays and accounting year with nary a glitch. This month’s issue has several suggestions on helping you prepare for year-end. In planning for 2008, be sure to review the article on the new Banking application. Open Systems is offering generous year-end promotions on Banking and Info-Alert so we will be holding demonstrations throughout December. And most importantly, I am grateful for your faith in our team and commitment to Open Systems’ products. We thank you for your business and referrals and wish you safe and wonderful holidays. Until next month, Lillian Quick Links Visit Our Website Contact Us Now! 888-246-1771 Pass It On Know anyone who might be interested in our newsletter? Click here to forward this email to up to five friends at once. |
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