tag:blogger.com,1999:blog-83047204171883985812024-03-13T13:22:36.288-07:00QB Training SolutionsQuickBooks Common Questions and Answers!Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-8304720417188398581.post-44035311450211987442016-06-15T03:57:00.000-07:002016-06-15T03:57:24.278-07:00QuickBooks Reminders Prevent ProblemsPreserve your relationships with customers, vendors, and others by setting up reminders in QuickBooks.
How many calendars do you maintain? Many businesspeople have more than one. Maybe you use a web-based or desktop application like Google Calendar or Outlook for meetings, task deadlines, travel dates, etc. Your Customer Relationship Manager (CRM) might have another. Perhaps you still have a paper calendar as backup.
But where do you keep track of bills that need to be paid, invoices that have to be sent, inventory items that must be ordered, etc.? Do you include that information in your general business calendar(s) and hope they don't get lost in the shuffle?
QuickBooks has a better solution. The software contains a dedicated set of tools that automates the process of setting up and displaying reminders. Once you've created them, they can be the first thing you see when you open QuickBooks in the morning.
Warning: If you do not launch QuickBooks frequently, consider tracking your critical accounting tasks using a different method.
Getting a Head Start
QuickBooks lets you specify exactly when you want to receive reminders of upcoming activities. To set this up, open the Edit menu, then click Preferences, and then Reminders | Company Preferences.
Note: If you want QuickBooks to display your reminders every time you launch the software, click on the My Preferences tab and make sure that the box in front of Show Reminders List when opening a Company file is checked. If it isn't, click in the box.
Figure 1: QuickBooks provides personalization tools for your reminders.
As you can see, QuickBooks offers three options for every activity type. It can either display a summary of the tasks that need to be completed, or it can actually list all of them in the Reminders window. And you'll be able to tell QuickBooks how many days prior to the deadline your reminders should appear. You can also opt not to be reminded.
Making modifications in this window is easy. Just click in the appropriate circle next to each task to indicate your preference, and change any numbers in the Remind Me column to tell QuickBooks when it should start showing the reminder.
If you didn't indicate that you wanted the Reminders window to open every time you launch QuickBooks, you can always access it by opening the Company menu and selecting Reminders.
Using the List
Figure 2: Reminders in the left column are current, and those on the right are upcoming tasks.
The Reminders list displays items in two columns. Tasks that need to be done on the current day appear on the left (overdue tasks appear in red). The list in the right column consists of upcoming transactions that will need to be processed soon. Each type of activity has a number in parentheses after it; this tells you how many individual tasks are pending. Click on the arrow to see the list, and double-click on any entry to open the actual transaction form.
You can add generic to-do items to either column by clicking on the plus sign in the upper right. These will appear along with your other reminders. If you want to modify anything related to your reminders, click on the gear icon in the upper right. This opens the Preferences window again.
Recurring Reminders
Transactions that repeat on a regular basis (bills, invoices, etc.) can be memorized. If the amount is always the same, create the transaction and enter the amount; if not, just leave that field blank. Click Memorize to open the Memorize Transaction window and click on the button in front of Add to my Reminders List. Open the drop-down list to the right of How Often and select the desired frequency. Make sure that the Next Date is correct. Click OK.
Figure 3: QuickBooks can add memorized transactions to your reminders list.
Reminders can help prevent serious accounting problems such as cash flow irregularities. Let us know if you're experiencing these. We can help you determine whether poor task management is contributing to your shortfall, or if there are deeper issues that we can work with you to resolve.Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-69672910946455236712013-09-30T11:11:00.001-07:002013-09-30T11:11:53.317-07:00Do You Need a More Robust Version of QuickBooks?Maybe you just need to study your current version thoroughly. But it might be time to move up.
If QuickBooks were just one product, its appeal would be more limited than it is. Because there's an entire family of Windows desktop software applications (as well as five online versions and a Mac edition), the QuickBooks family has found a home in millions of small businesses, and it remains the market leader.
Though QuickBooks versions themselves are not scalable (able to expand as your business grows), you can move up to a more sophisticated edition when you outgrow your current version.
But how do you know whether it's time to upgrade or whether you're just not stretching your current version to its fullest capabilities? We can help you determine that, and we'll help you move into a more appropriate edition when/if that occurs.
<b>Desktop Differences
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There are three Windows-based versions of QuickBooks: Pro, Premier and Enterprise Solutions. They all let you:
• Import and export data
• Track income and expenses
• Build and maintain records for customers, vendors, employees and items
• Create and send transaction forms like invoices, estimates and purchase orders
• Download bank and credit card transactions, and pay bills online
• Customize and run dozens of reports
• Keep track of your inventory of items, and
• Add a payroll-processing service.
All three versions share a similar user interface and navigational scheme, so when you move up to the next level, you only need to learn the new features. The 2013 offerings make it even easier to learn and use QuickBooks, since Intuit completely revamped the look and feel for those most current editions.
QuickBooks Pro is the base desktop product, offering everything in the above list and more. But would you rather have access to 150+ reports instead of 100, including some that are industry-specific? QuickBooks Premier can provide that, in addition to charts of accounts, sample files and menus tailored to your company's industry. It also offers a business plan builder and the ability to forecast sales and expenses.
The biggest jump in functionality, though, occurs when you move up to QuickBooks Enterprise Solutions. You may want to consider this upgrade when you find that, for example:
• Your system keeps slowing down and experiencing errors because your customer, vendor, item and employee databases have grown too large
• You need to have more than five people accessing QuickBooks simultaneously
• You've launched a second company, and/or
• Your item catalog has grown to the point where you're having trouble managing your multi-location inventory.
<b>Robust Accounting
</b>QuickBooks Enterprise Solutions is well-suited to complex small businesses, and sometimes even larger companies, depending on their structure and needs. It solves the data management problems that Pro and Premier users can experience, thanks to its 100,000+ record and account capacity.
Up to 30 individuals can use the software at the same time, and they have more flexibility than is offered in Pro and Premier. Multiple users can be on the system and still complete tasks like adjusting inventory and changing sales tax rates.
You can manage more than one business using QuickBooks Enterprise Solutions, even working in two company files at the same time and combining reports. Reporting capabilities themselves are much more sophisticated: The Intuit Statement Writer helps you create professional financial statements, and you have much more control over customization of your output.
Inventory management goes many steps further in this sophisticated software. It supports management of multiple warehouse and trucks, and allows transfers among them. Finding specific items is much easier because you can track down to the bin level. FIFO costing is offered as an alternative to average costing, and you can scan items and serial numbers directly into QuickBooks Enterprise Solutions, which tracks both serial and lot numbers.
<b>
More Power, More Support
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There are many smaller features that make this application far more powerful than QuickBooks Pro and Premier - and also a little more difficult to master. When you think the time is right, we can help you move your current data file into QuickBooks Enterprise Solutions and provide training.
It's important that you have the right fit when it comes to your accounting software. So consider your current setup carefully before you decide to move up.
Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-49646216134404782822012-07-03T13:45:00.001-07:002012-07-03T13:45:10.148-07:00Cutting Expenses<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt;">Cutting Expenses Key To Profitability, But How? Some Tips</span></b></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial", "sans-serif";">It may seem like a no-brainer – cut expenses to make more money – but many small changes can result in significant savings.</span></i></div>
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<span style="font-family: "Arial", "sans-serif";">It looks like the economy may finally be looking up. Still, this is no time to loosen the purse strings in terms of your business expenses. Rather, why not re-double your efforts to cut costs and boost your profitability? </span></div>
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<span style="font-family: "Arial", "sans-serif";">Excessive expenses cause debt, which in itself can be very costly. So any money-saving actions you take will be doubly rewarding.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">More Effective Money Management</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">To cut expenses significantly, poke into every corner of your company's finances. Inventory is a good place to start. If you sell multiple units of the same item and reorder regularly, you should be using QuickBooks' inventory-tracking tools. Go to <b style="mso-bidi-font-weight: normal;">Edit | Preferences | Items & Inventory | Company Preferences. </b></span></div>
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<span style="font-family: "Arial", "sans-serif";">You should be stocking your inventory to match the pace of sales. You don't want to be caught short, nor do you want to be sitting on too much and tying up money unnecessarily. QuickBooks can help, but you'll need to calculate the sweet spot for each item. Several built-in reports can help, including:</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Inventory Valuation Summary. </span></b><span style="font-family: "Arial", "sans-serif";">Displays the current asset and retail value of each item and inventory as a whole</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Inventory Valuation Detail</span></b><span style="font-family: "Arial", "sans-serif";">. Shows how individual transactions have affected the value of your inventory</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Inventory Stock Status By Item. </span></b><span style="font-family: "Arial", "sans-serif";">Helps you set up smart reordering procedures</span></div>
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Open Purchase Orders. </span></b><span style="font-family: "Arial", "sans-serif";">Outlines each purchase order and its expected delivery date</span></div>
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<span style="font-family: "Arial", "sans-serif";"><em>To maintain profitable inventory levels and minimize expenses, you'll need to study QuickBooks' related reports regularly. When you're making buying decisions, consider factors like reorder turnaround time and seasonal sales upticks.<span style="mso-spacerun: yes;"> </span></em></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial", "sans-serif";">Ratio reports, </span></i><span style="font-family: "Arial", "sans-serif";">like profit over sales, can also be very telling. QuickBooks does not supply these, but we can help you create them in Excel.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Using Available Tools</span></b></div>
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<span style="font-family: "Arial", "sans-serif";">The efforts you make toward reducing expenses in other ways can result in more savings than you might think. Here are some actions you can take that will accelerate your cash flow:</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Use QuickBooks' budgeting tools</span></b><span style="font-family: "Arial", "sans-serif";">. This doesn't need to be as onerous as you might expect – you can start by pulling in your real data from the previous year as a base. Build in line items for ongoing accounting support like QuickBooks maintenance. Click on <b style="mso-bidi-font-weight: normal;">Company | Planning & Budgeting | Set Up Budgets</b>.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Minimize your April 15 obligation with year-round tax planning</span></b><span style="font-family: "Arial", "sans-serif";">. Work with us throughout the year on the next year's taxes to, for example, make smarter quarterly payments, and we'll help you reduce your tax bill by making better decisions every day.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Get discounts by paying invoices early. </span></b><span style="font-family: "Arial", "sans-serif";">Set up a custom field in vendor records to track this.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Analyze the cost-effectiveness of your transportation</span></b><span style="font-family: "Arial", "sans-serif";">. Can you replace some in-person sales calls with web-based communication? Make sure that your delivery routes and sales call paths are efficient.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Change product/service prices to build in your own cost increases. </span></b><span style="font-family: "Arial", "sans-serif";">Do it across the board, in small increments. It may not even be that noticeable to customers.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Talk to us about establishing a line of credit. </span></b><span style="font-family: "Arial", "sans-serif";">We'll help you determine if this is a viable option for emergencies. It's cheaper than using credit cards.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Cross-train employees</span></b><span style="font-family: "Arial", "sans-serif";">. Have employees train each other on their tasks where it makes sense. You can avoid costly temp help and relieve overworked departments. </span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial", "sans-serif";">Don't try to change everything at once. </span></i><span style="font-family: "Arial", "sans-serif";">Establishing these new procedures will require some extra work. And you may not notice a reduction in expenses immediately. But over time, you <i style="mso-bidi-font-style: normal;">will </i>see a positive change – one that will give you extra dollars and hours to invest in making your company flourish.</span> </div>
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<br /></div>Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-38205971409890982832012-02-11T07:41:00.001-08:002012-02-11T08:11:45.212-08:00Year-end adjustments QuickBooks makes automaticallyQuickBooks adjusts your income and expense accounts at year-end to zero. Your new fiscal year will start with a zero net income.<br />
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QuickBooks makes an adjusting entry to your net income. Say your profit for the year was $9,000, you will see this balance in the equity section of your Balance Sheet as net income of $9,000.<br />
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QuickBooks increases your Retained Earnings equity account on the first day of the next fiscal year by the previous year's net income ($9,000 in this example) and decreases your net income by the same amount. This way, you start the fiscal year with a net income of zero.Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-56034657032160318242012-01-29T03:07:00.000-08:002012-01-29T03:07:33.563-08:00Modifying QuickBooks Reports Gives You Better Insight Into Past, Future<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">If you make one resolution about improving your accounting procedures in 2012, it should be this: <b style="mso-bidi-font-weight: normal;">Make extensive use of the tools that QuickBooks offers for report modification</b>. Comprehensive, meticulously-shaped reports that flow out of your carefully-constructed records and transactions are your reward for pounding on the keys every day, conscientiously recording income and expenses.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">QuickBooks supplies you with a wide variety of pre-formatted reports whose modification options can help you do focused, critical analysis of your financial data. The right set of numbers will help you understand your history and plan for the future more effectively.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Check your preferences</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">When you created your company file in QuickBooks, you chose between reporting on a cash (income and expenses are recorded when money changes hands) or accrual (recorded when you invoice or receive a bill) basis. This affects <i style="mso-bidi-font-style: normal;">summary </i>reports, but not those that break out individual transactions or are simply lists. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">If you want to change this, click <b style="mso-bidi-font-weight: normal;">Edit | Preferences | Reports & Graphs | Company Preferences</b> and click the desired button:</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"></span><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial", "sans-serif";"></span></i></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">You can set other preferences in this window that will affect your report output here.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Altering the display</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Open the <b style="mso-bidi-font-weight: normal;">Income by Customer Summary </b>report (<b style="mso-bidi-font-weight: normal;">Reports | Company & Financial</b>). Change the dates to reflect a range you'd like to see. Want the data displayed by different time increments – like week or quarter – instead of just the total? Click the arrow next to <b style="mso-bidi-font-weight: normal;">Columns </b>and select <b style="mso-bidi-font-weight: normal;">Four week</b>. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">By default, your report rows display alphabetically. If you want to view a column by total in ascending or descending order, select the column by hovering over the top number until the magnifying glass appears, and click on it. Click the arrow next to <b style="mso-bidi-font-weight: normal;">Sort by </b>and choose <b style="mso-bidi-font-weight: normal;">Total</b>, then click the <b style="mso-bidi-font-weight: normal;">AZ [down arrow] </b>icon (in some reports, there will be other options here).</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Additional options in this toolbar let you:</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Memorize </span></b><span style="font-family: "Arial", "sans-serif";">the report</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Print</span></b><span style="font-family: "Arial", "sans-serif";">, <b style="mso-bidi-font-weight: normal;">email </b>or export it to <b style="mso-bidi-font-weight: normal;">Excel</b></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Hide </span></b><span style="font-family: "Arial", "sans-serif";">or <b style="mso-bidi-font-weight: normal;">Show </b>the <b style="mso-bidi-font-weight: normal;">Header</b></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Collapse </span></b><span style="font-family: "Arial", "sans-serif";">or <b style="mso-bidi-font-weight: normal;">Expand </b>the columns</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Refresh </span></b><span style="font-family: "Arial", "sans-serif";">the report if you've made changes that will alter data</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">More display options</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Click <b style="mso-bidi-font-weight: normal;">Customize Report</b>:</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Some of the options here duplicate what you saw in the toolbar. In addition, you can switch between <b style="mso-bidi-font-weight: normal;">Accrual</b> and <b style="mso-bidi-font-weight: normal;">Cash </b>for just this report, and add <b style="mso-bidi-font-weight: normal;">sub columns </b>in some. The latter is a complicated operation, one that you must understand well in order to glean any insight from it. We can help you with this. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Sometimes the sub columns are generic, as shown in the screen above. In other reports, they're very specific to that group of data.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Clicking on <b style="mso-bidi-font-weight: normal;">Revert </b>takes you back to the default format, and <b style="mso-bidi-font-weight: normal;">Advanced </b>opens additional options specific to the current report.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">More customization = more insightful results = more informed financial choices</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Transaction reports have many similarities and two major differences: You can change the column order by hovering your cursor over the column label until a hand appears. Click, hold and drag the column to the desired spot and let go. You can also add or delete columns by clicking <b style="mso-bidi-font-weight: normal;">Customize Report </b>and checking or unchecking labels. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Learn the mechanics of report display modification well, and your company's finances will come into much sharper focus, improving the wisdom of future choices. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">If you have questions on this or any other QuickBooks feature, call or email us. We’re here to make your business better.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div>Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-33557158835129818862011-12-15T03:16:00.000-08:002011-12-15T03:17:58.969-08:00How do you charge sales tax to multiple general ledger accounts, since I have more than one state that I owe sales tax to?<span style="font-size: 9.5pt; line-height: 114%; mso-bidi-font-family: Arial;"><span style="color: #222222;"><span style="font-family: Verdana;"></span></span></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="color: white; font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">All sales tax items default to the Sales Tax Liabilty account on the G/L, this cannot be changed. If you have them set-up properly, you should see the different vendors and the amounts payable on the Sales Tax Liability report. To run this report: </span></div><div class="MsoNormal" style="line-height: normal; margin: 0in 12pt 10pt 99pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -0.25in;"><span style="color: white;"><span style="font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">1.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Click on Reports (across the top)</span></span></div><div class="MsoNormal" style="line-height: normal; margin: 0in 12pt 10pt 99pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -0.25in;"><span style="color: white;"><span style="font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">2.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Click on Vendors & Payables</span></span></div><div class="MsoNormal" style="line-height: normal; margin: 0in 12pt 10pt 99pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -0.25in;"><span style="color: white;"><span style="font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">3.<span style="font-family: "Times New Roman";"> </span></span></span><span style="font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Click on Sales Tax Liability</span></span></div><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="color: white; font-family: "Verdana", "sans-serif"; font-size: 9.5pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Make sure to select the date range you are reporting on. </span></div><span style="font-size: 9.5pt; mso-bidi-font-family: Arial;"><span style="color: white; font-family: Verdana;">Set up item codes for each state sales taxes, and for some states, you will need multiple item codes for each county/city. New York as example, has different rates for each county. Orange County, Dutchess County, Westchester County each have its own rate, and Sales to each county are required to be reported. </span></span><br />
<span style="font-size: 9.5pt; mso-bidi-font-family: Arial;"><span style="color: white; font-family: Verdana;">As far as the liability - you might need to set up sub-accounts under Sales Tax Payable, and do a journal entry to move the liability on a daily, weekly, monthly or quarterly basis. </span></span>Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-9217239890078350822011-12-06T09:20:00.000-08:002011-12-06T09:20:13.593-08:00QuickBooks 2012: New Paths to Better, Faster Financial Management<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">As it usually does this time of year, Intuit has introduced new versions of its Pro and Premier products. QuickBooks 2012 promises to help you get better organized, save steps, and acquire more in-depth financial insights.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">The new <b style="mso-bidi-font-weight: normal;">Express Start </b>is designed for businesses that want to blast through setup and start entering customers and invoices. You have two other options, though: <b style="mso-bidi-font-weight: normal;">Advanced Setup </b>is the old EasyStep interview that solicits more details. You can also open an existing file or convert data from Quicken or other accounting software.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Express Start requires minimal input: company name, industry, company type, tax ID, and contact information. After you save your company file, it lets you start adding or importing customers/vendors/employees, products/services, and bank accounts.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><span style="font-family: "Arial", "sans-serif";"><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">An Activity-Driven Calendar</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">QuickBooks' <b style="mso-bidi-font-weight: normal;">Reminders </b>keep you apprised of each day's tasks, but they don't provide any information about the past or future. QuickBooks 2012 solves this problem with its new <b style="mso-bidi-font-weight: normal;">Calendar</b>. When you enter an appointment, to-do, or key business task (invoices, bills, purchase orders, etc.), it appears in the calendar. You can display a graphical view of the month that tallies activities for each day and lists them below. Daily and weekly views are in list form. And links open the original documents.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Save Excel Formatting</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Once you've formatted a QuickBooks report in Excel, it's frustrating to have to reformat it each time you run it for different time periods and/or with your ever-changing content.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">Excel Integration Refresh </b>simplifies this process. You can now export a report to Excel, make formatting changes and save them, and then reapply them later to the same type of report using different date ranges and your updated QuickBooks data. Acceptable alterations include:</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Row and column header font formatting</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">New formulas</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Renamed column and row headers, and report titles</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Resized columns</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Inserted columns and rows</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif";">Inserted formula text</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">You can do this by opening your report in QuickBooks and clicking <b style="mso-bidi-font-weight: normal;">Update an existing worksheet</b>, or by launching your report in Excel and clicking the <b style="mso-bidi-font-weight: normal;">QuickBooks </b>tab on the toolbar, then the <b style="mso-bidi-font-weight: normal;">Update Report </b>button.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">A New Report Community</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">There's always room for more report formats. QuickBooks 2012 offers a library of <b style="mso-bidi-font-weight: normal;">Contributed Reports</b>, variations created either by Intuit or your fellow users. You can select one of these, like <b style="mso-bidi-font-weight: normal;">Customer Sales By Quantity By Item Detail </b>and instantly populate it with your own data.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">You can sort these templates by industry and rating, and view them as a list, in a grid, or in the Report Center's <b style="mso-bidi-font-weight: normal;">Carousel </b>view.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Centralized Operations</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">QuickBooks 2012 also saves you time with its new <b style="mso-bidi-font-weight: normal;">Centers</b>. The <b style="mso-bidi-font-weight: normal;">Inventory Center </b>works similarly to those available for customers, vendors, and employees. It's a clearinghouse of item records and transactions that can be viewed and sorted. You can also do inventory housekeeping tasks here, like adding items and launching transactions.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">The <b style="mso-bidi-font-weight: normal;">Lead Center </b>helps you carefully track new leads that you either paste in from Excel or enter manually. You can add to-dos and notes to contact records, and convert them into customers.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif";">Upgrading Can Be Tricky</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">Intuit has included other, smaller time-saving organizational and reporting tools in QuickBooks 2012, like <b style="mso-bidi-font-weight: normal;">One-Click Transactions</b>, which lets you create related transactions from existing ones (i.e., invoice to credit memo) with one click. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";">There's nothing especially difficult about using most of QuickBooks 2012's new features. But upgrading and setup are sometimes quirky, and the <i style="mso-bidi-font-style: normal;">Excel Integration Refresh</i> tool has a learning curve. We're happy to help you start your company file on the right foot or get acclimated to this latest version.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"></div></span>Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-11976386158516932632011-11-18T09:19:00.000-08:002011-11-18T09:19:10.422-08:00Customer Refunds: Are You Doing Them Right?<div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; font-size: 14pt; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks' tools. Others, not so much. You may find yourself unable to balance your accounts receivable. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">There are numerous scenarios that necessitate the use of credit memos, including overpayment, order cancellations and bad debt write-off. It's critical that these are entered correctly. If they aren't, you may lose a lot of the time that QuickBooks helped you save as you try to chase down a few dollars.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"><shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f"><stroke joinstyle="miter"></stroke><formulas><f eqn="if lineDrawn pixelLineWidth 0"></f><f eqn="sum @0 1 0"></f><f eqn="sum 0 0 @1"></f><f eqn="prod @2 1 2"></f><f eqn="prod @3 21600 pixelWidth"></f><f eqn="prod @3 21600 pixelHeight"></f><f eqn="sum @0 0 1"></f><f eqn="prod @6 1 2"></f><f eqn="prod @7 21600 pixelWidth"></f><f eqn="sum @8 21600 0"></f><f eqn="prod @7 21600 pixelHeight"></f><f eqn="sum @10 21600 0"></f></formulas><path gradientshapeok="t" o:connecttype="rect" o:extrusionok="f"></path><lock aspectratio="t" v:ext="edit"></lock></shapetype></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman";"></span></i></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Sending money back</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Let's say a customer pays for an order but cancels before it ships. You could:</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Apply the balance to an existing invoice</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Keep it as an available credit </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Issue a refund </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>Click <b style="mso-bidi-font-weight: normal;">Customers</b> | <b style="mso-bidi-font-weight: normal;">Create Credit Memos/Refunds</b>. Select the correct customer and job (and A/R account, if you have more than one). Enter the items just as they appear on the invoice. When you're finished, click <b style="mso-bidi-font-weight: normal;">Save & New</b>.<span style="mso-spacerun: yes;"> </span>The <i style="mso-bidi-font-style: normal;">Available Credit</i> window opens, displaying your options.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial", "sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman";"></span></i></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">You would select <b style="mso-bidi-font-weight: normal;">Give a refund</b> and click <b style="mso-bidi-font-weight: normal;">OK</b>. The <i style="mso-bidi-font-style: normal;">Issue a Refund</i> window opens and should already be filled in. If everything is correct, click <b style="mso-bidi-font-weight: normal;">OK</b>. The refund check has now been entered in the checking register, ready to be processed.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="color: red; font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">WARNING: If the invoice was paid with a credit card, it gets complicated. Your instructions will depend on whether you are using Intuit Merchant Service for QuickBooks or another merchant account service. You'll also have to deal with transaction fees. We can help you deal with this.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Other refund options</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">If the customer has open invoices, you may want to choose <i style="mso-bidi-font-style: normal;">Apply to an invoice</i> in the <i style="mso-bidi-font-style: normal;">Available Credit</i> window. A list opens;<span style="mso-spacerun: yes;"> </span>just select the correct invoice. Or if you want to have those extra funds available for other invoices but don't want to apply them immediately, click <i style="mso-bidi-font-style: normal;">Retain</i> as an available credit.<span style="mso-spacerun: yes;"> </span>When you want to use them, click the <b style="mso-bidi-font-weight: normal;">Apply Credits</b> button in the lower right corner of the invoice. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
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</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Sometimes, customers overpay an invoice or statement charge, or make a down payment for which there is no invoice. This is easy to fix. Open the <b style="mso-bidi-font-weight: normal;">Customer Payment</b> screen (<b style="mso-bidi-font-weight: normal;">Customer Center</b> | <b style="mso-bidi-font-weight: normal;">Transactions</b> | <b style="mso-bidi-font-weight: normal;">Received Payments</b>) and double-click the related payment. </span><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">In the screen's lower left corner, you'll see your options.</span></span><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";"></span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Click the correct button, then <b style="mso-bidi-font-weight: normal;">Save & Close</b>. The <i style="mso-bidi-font-style: normal;">Issue a Refund</i> window opens; you'd treat it the same way you did when you dispatched a return refund.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Another use</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">You can also use credit memos to write off bad debt if you are using the accrual method of accounting. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">If you don't already have a Bad Debt item in your item list, set up a new item as an Other Charge. Name it “Bad Debt” and match it to the correct account.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Open the <b style="mso-bidi-font-weight: normal;">Credit Memo</b> window and select the customer, then select <b style="mso-bidi-font-weight: normal;">Bad Debt</b> as the item. You'll get a message saying that the item is associated with an expense account; click <b style="mso-bidi-font-weight: normal;">OK</b>. Enter the write-off amount minus sales tax if taxable (be sure the Tax column is correct) and click <b style="mso-bidi-font-weight: normal;">Save & Close</b>. </span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="color: red; font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">WARNING: Enter two lines on the credit memo if it combines both taxable and non-taxable items (both charged to the <i style="mso-bidi-font-style: normal;">Bad Debt</i> account), one for each type. Be sure that the Tax Columns are correct.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">The <i style="mso-bidi-font-style: normal;">Available Credit</i> window opens. Select <b style="mso-bidi-font-weight: normal;">Apply to an invoice</b>. Put a check mark next to the correct one and click <b style="mso-bidi-font-weight: normal;">Done</b>.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">Make refunds make sense</span></b></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif"; mso-bidi-font-family: "Times New Roman";">It seemed easier in the days when you just wrote a check for a refund or made an entry in a paper ledger, didn't it? Using QuickBooks credit memos, though, helps you maintain records that follow standard accounting procedures and simplifies our understanding of your files. We'll be glad to help you make sure that this sometimes-complex task is done right from the start.</span></div><div class="MsoNoSpacing" style="margin: 0in 0in 0pt;"><br />
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</div></div>Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-81549164425910309132011-11-03T10:09:00.000-07:002011-11-03T10:09:04.049-07:00Accounts Receivable Payment IncorrectI recorded a payment from a customer through Accounts Recievable but it wasnt for Invoices it was for something else, how do I get it out of AR?<br />
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1) Go to Receive Payment screen for the payment that is incorrect<br />
2) Uncheck the checkmark next to the statement charge it was applied to (unapply pymt)<br />
3) Click on History and see date of when the Deposit was actually made<br />
4) Go to bank register and find the deposit on that date<br />
5) Open up the Deposit- Find the check that is incorrect- Take notice of total deposit amount<br />
6) Click on the line of the incorrect check and hit edit- Delete Line<br />
7) Click Edit and insert a line (if needed) <br />
8) Enter Account Name for whichever revenue account it should have been and deposit amount<br />
9) The deposit amount should be the same prior to any adjustments<br />
10) Go back to customer center and the payment that is being corrected<br />
11) Edit- Delete Payment<br />
12) As long as deposit amount is the same you should not have to clear the deposit again in the bank rec moduleDanielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-56044447021321216242011-09-21T03:22:00.000-07:002011-09-21T03:22:33.205-07:00Freelance Bookkeeper<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><b><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">Can a Freelance Bookkeeper Help My Business Succeed? </span></b></div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">At times in order to be successful we need to learn how not to fail.<span style="mso-spacerun: yes;"> </span>There are things that you must do to succeed in business, but there is one thing that you should NOT do and that is to attempt your own bookkeeping when you have no clue what you are doing.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">Many business owners make this mistake when they are first starting out.<span style="mso-spacerun: yes;"> </span>In order to save a few dollars they either shirk this responsibility onto a spouse or spend hours trying to figure out a skill they are not trained in -- many times with costly errors.<span style="mso-spacerun: yes;"> </span>Then before they know it, the government is hounding them because they are behind in important remittances and have a huge mess on their hands.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">If you are willing to invest money in your business, then you need to be willing to invest in having your bookkeeping done properly.<span style="mso-spacerun: yes;"> </span>A freelance bookkeeper can take this responsibility off your hands and competently get your bookkeeping done on time.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">Not only will your freelance bookkeeper take care of all your daily paperwork to keep the government away, but they will also provide you with monthly financial statements so you can see how your business is doing.<span style="mso-spacerun: yes;"> </span>After all, how can you react and make necessary changes if you don’t know what you need to change?</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">Most small business owners worry about the cost of hiring a freelance bookkeeper, but you may be surprised to learn that many small businesses can have their books done for under $200 a month.<span style="mso-spacerun: yes;"> </span>Of course, it does depend on the scope of what needs to be done for your business.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN-CA" style="font-family: "Verdana", "sans-serif";">So before you get yourself in hot water with the government, make sure you contact a freelance bookkeeper and see what they can do for you.<span style="mso-spacerun: yes;"> </span>It could be the difference between success and failure in your business.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div>Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-19665805015180833122011-01-23T05:24:00.001-08:002011-01-23T05:24:56.734-08:00Incorrect Amounts on 1099'sWith <span class="blsp-spelling-error" id="SPELLING_ERROR_0">QuickBooks</span> you have to map accounts to a certain box on the 1099. Once these accounts are mapped <span class="blsp-spelling-error" id="SPELLING_ERROR_1">QuickBooks</span> looks for the vendors eligible for 1099's that have transactions in these accounts. If you run the 1099 report and see that the amounts are incorrect you can try to troubleshoot and see if there are transactions for these vendors in different accounts that you have not mapped to the 1099 box. However if the amounts are wrong and you just need to enter a certain amount for this 1099 you can follow the following steps. There are also instances when you will just use <span class="blsp-spelling-error" id="SPELLING_ERROR_2">QuickBooks</span> in order to print 1099's since you did not use the 1099 set up correctly and it will take you longer to try to change vendor's eligibility and map the accounts. These steps can be used for this purpose too.<br />
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1) Create 3 new expense accounts: 1099's, 1099 expenses, & 1099 Clearing, make the last 2 accounts sub-accounts of the 1099's account.<br />
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2) Map the 1099 box to the 1099 expenses account only.<br />
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3) Create a journal entry debiting the 1099 expenses account for the correct amount that should on the 1099, and crediting the 1099 clearing account for the same amount. (This will cause the expenses to net to zero, therefore not affecting the profit & loss statement)<br />
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4) The 1099 report will show a total of zero for the vendor, there will be a debit in the 1099 box <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">column</span> and a credit in the <span class="blsp-spelling-error" id="SPELLING_ERROR_4">uncategorized</span> <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">column</span>, this is <span class="blsp-spelling-corrected" id="SPELLING_ERROR_6">OK</span>, the 1099 will print correctly.<br />
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If these steps are taken and the amounts are not coming up correct, check the following:<br />
<br />
1) Make sure vendor is 1099 eligible<br />
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2) Check any other accounts that are mapped to 1099 boxes that might have transactions for this vendor, you might have to adjust the amount of the journal entry by the amount in these other accounts or you can just create a new vendor with 1099 after the name, use this vendor in the journal entry and <span class="blsp-spelling-error" id="SPELLING_ERROR_7">uncheck</span> the box to make the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_8">original</span> vendor eligible for 1099 so it does not show up on the report.Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.comtag:blogger.com,1999:blog-8304720417188398581.post-85377765963584928172011-01-21T05:35:00.000-08:002011-01-21T05:35:48.005-08:00Close Out Year in QuickBooksIn QuickBooks there is nothing that you have to do in order to "close out" the year. QuickBooks will automatically post profit and loss to the retained earnings account. There is one thing that you should do once you are done with the year and your file is either given to your accountant or you file your tax return. This one step is to set a "closing date". After the tax return is finished or your accountant has your file, the information for that year should not change. This closing date will prevent transactions with dates in the year that was closed out. You will receive a warning that you are trying to create a transaction for a year prior to the closing date. You will be required to enter a password in order to proceed. In order to set the "closing date" follow the steps below.<br />
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1) Click Edit on the toolbar<br />
2) Select Preferences<br />
3) Choose Accounting <br />
4) Click Company Preferences Tab<br />
5) At the bottom you will see "Set Date/Password"- click on it<br />
6) In Closing Date box enter the date of the year that ended (Ex. 12/31/10)<br />
7) Enter a Password<br />
8) Confirm Password<br />
9) Click OK<br />
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After the closing date is set, QuickBooks will not allow you to enter a transaction prior to this date without entering the password. <br />
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After a tear is closed out there are a few entries that should be done on the first day of the next year. For more information see "Beginning the Year" post. ( Coming Soon)Danielle Hajenhttp://www.blogger.com/profile/10988230123828519888noreply@blogger.com