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SWIFT Update April 02 2015

Swift Billing Module Update: Change to Credit Bills
An update has been applied to the SWIFT Billing Module. The Budget Date of the original invoice will be automatically entered on the credit bill's Acctg - Rev Distribution page if the Adjust an Entire Bill and Adjust Selected Bill Lines processes are used to create the credit bill. Prior to this update, if you credited an invoice from a prior budget period, you were required to manually enter the Budget Date of the original invoice on the credit bill. The update does not apply to credits created using the Copy a Single Bill process.

April 02 Update

SWIFT Asset Management Module Update: Depreciation Calculations
SWIFT Asset Management calculates asset depreciation each evening with batch processes; however, issues can occur when you process multiple financial transactions - against the same asset - in the same day. To avoid this issue, you must run the depreciation calculation on assets - between transactions - any time you are doing more than one financial transaction on the same asset, on the same day.
To correctly calculate depreciation, it is important that the depreciation calculation is done on each individual transaction. (Multiple assets are OK, so long as there is only one transaction for each on that day.)

Refer to the "How to Avoid Asset Depreciation Calculation Issues" Quick Reference Guide for more information.

Notice on New Local Taxes
The Minnesota Department of Revenue will be administering the following new sales and use taxes effective April 1, 2015:

Carlton County 0.5% Sales and Use Tax
St. Louis County 0.5% Sales and Use Tax
Steele County 0.5% Sales and Use Tax

The sales and use tax rate changes apply to sales made on or after April 1, 2015, and will be in addition to all other taxes in effect. Local sales tax applies to retail sales made and taxable services provided within the local taxing area (county/city limits). The tax applies to the same items that are taxable under the Minnesota sales and use tax law.

Orders entered in SWIFT on or after April 1, 2015, will calculate the new tax rates for each county/city. Existing orders and/or their vouchers will need to be adjusted to pay the correct tax if delivery occurs after various dates. Please note that the dates will be different based on whether goods or construction materials are being delivered. Check the tax notice for the affected city for the correct dates. For assistance in changing the sales tax on a PO, please consult the Quick Reference Guide for Sales Tax Settings on Purchase Order Documents.

Please see the Minnesota Department of Revenue tax notice for the appropriate city for guidance in handling orders and payments during the transition period.
SWIFT has been updated with the new tax codes for all existing Ship To addresses located in the affected cities. New orders, created on or after Wednesday, April 1, 2015, will calculate the new rate of tax for the ship to addresses within those counties/cities. Existing orders may or may not need to have the tax code updated on the PO if payment can be processed during any allowed grace period(s), again, see the general notice for each county/city.

Previously any ship to addresses in affected cities may have used the tax code of 0000, State Tax only. To calculate the new combined rate, state and local tax rate, the tax code(s) on the PO must be updated to the new tax code(s) from the 0000 tax code. Because of the various transition rules these codes will not be updated by SWIFT and must be updated by the PO buyer.

SWIFT Help Desk
Contact the SWIFT Help Desk for any questions, concerns or issues you have with SWIFT.
651-201-8100, option 2 or by email
Hours: 7:30 a.m. to 4:00 p.m., Monday through Friday; closed holidays.

When emailing the SWIFT Help Desk, be sure to include all details regarding the issue. Information to include with your message:
Issue Description
Business Unit
Module (Accounts Payable, Purchase Orders, etc.)
Transaction ID (Voucher ID, PO ID, etc.)
Error Message Print Screen

Additional reference information can be found on the SWIFT website.

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