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A New Feature in QuickBooks 2012 Accountant and Enterprise Editions

Most small businesses have moved to the electronic age and so have the Internal Revenue Service auditors. Now, there is a new option available in the QuickBooks Accountant and Enterprise Accountant editions: the Period Copy. It is ideal for the accounting professional required to provide a file, on behalf of a client, which contains only a specified period by a third party, such as an IRS agent. The Period Copy shows only transactions that occurred during a specific date range. Period copies are also excellent for situations when a company needs to archive data for a past date, including balance forward, to create a smaller current working file and start fresh with a new company.

Note: Create a copy or backup* of the company working file before removing any data.

Navigate to File > Utilities > Condense Data . In the Condense data screen, choose the option: Transactions outside of a date range (to prepare a period copy of the company file). Then choose to remove transactions before (Date 01/01/2010) and after (Date 12/31/2010). Choose: Do not create a summary.

This will remove all transactions before 01/01/2010 or after 12/31/2010, regardless of status, and does not replace them with a journal entry. Note that a Balance Sheet prepared for 12/31/09 will have a -0- balance for all accounts. The result will have all the information only for the period specified.

You will also have the option to remove unused list entries including: Accounts, Customers, Vendors, Other Names, Items, Done, To Do Notes and Classes.

Back up the new condensed QuickBooks file to give to the third party. They will have only the transactions for the time they want to look at.

Note: You will now want to restore your backup file to bring your QuickBooks back to its original, full information file.

Since most businesses do not purchase the high tier QuickBooks for Accountants edition, you can give your CPA a copy of your file and have them complete this procedure for you.

*A backup file contains everything you need to re-create your company file and QuickBooks environment, including all of the QuickBooks files (templates, letters, logos, and images) related to your company file. QuickBooks also backs up your Financial Statement Designer, Cash Flow Projector, Business Planner, and Loan Manager files if you are using these features. The backup file has a .QBB extension. Certain payroll forms are restricted and are not included in the backup.

QUICKBOOKS AND MAC 2011

Since Apple computers are more popular than in prior years knowing how to convert QuickBooks for Mac files for use with Windows is a must.

Converting a QuickBooks company from QuickBooks for Mac to QuickBooks for Windows:

In QBs for Mac,  Choose FILE/Backup to QuickBooks for Windows. Choose the name of the file you want to convert and click SAVE.

On the Apply Password window, enter a password for the file (Optional-leave blank). You’ll need this password to open the file in QB’s for windows.

After QB’s creates a .qbb file, click Show File in Finder to locate the file on your Mac. QuickBooks will create an Instruction PDF file in the same location and with the same name as your .qbb file.

Send both the .qbb file and this Instructional PDF file to the Windows user via CD, USB drive or secure file transfer.

Restoring a QB file from an Apple computer in Windows:

In QuickBooks for Windows, choose FILE/ Restore a backup copy and follow the on-screen instructions.

When you are asked to update the file, mark the check box and click Update Now.

Review the file and make changes as needed.

Sending a changed QuickBooks File from Windows to MAC:

In QuickBooks for Windows choose File/Utilities/copy Company file for QuickBooks Mac to save the file as a .qbb backup file.

Send the .qbb file to the Mac user on a CD or USB drive.

In QuickBooks for Mac, choose File/Open company and select the .qbb file and click Open. Enter a name for the restored file and click Save.

REMEMBER!

Intuit QuickBooks 2011 for Mac .qbb files can be restored to Intuit QuickBooks Pro, Premier, and Premier Accountant Edition 2011 for Windows. (Round-trip between Mac and windows)

Intuit QuickBooks 2011 for Mac can convert files from Intuit QuickBooks Simple Start, Pro, Premier and Premier Accountant Edition 2009, 2010, and 2011 windows. (On-way between Window to Mac)

YEAR-END REPORTING ADJUSTMENTS FOR 1099-MISC

The Dilemma: You paid a Vendor cash or you reimbursed an employee who made a payment to a Vendor.  Now you want it to reflect on the Vendor’s 1099 for the total amount paid to them for reporting purposes.

HOW TO CORRECT A 1099 REPORT TO THE PROPER VENDOR:

The Vendor is showing $200.00 less on their 1099 report because the check was written to an employee to reimburse them for a payment to a Vendor (or cash was handed to them).

• Go to: Company (gray menu bar)/Make General Journal Entries.
• Date should be 12/31/2009 (or year-end date you are correcting).
• On the first line under the Account column, choose the expense account to which you made the original expense.  In the Debit Column put the Amount Paid and in the Memo section put “To correct amount paid to proper Vendor.” Now, in the Name Column put the NEW (correct) name of the Vendor who should have the amount added to their 1099 report.
• On the second line under the Account Column , choose the same expense account as the first line.  In the Credit Column, put the same amount as the first line, and in the Memo section copy the same memo as the first line.  NOW, under the Name Column put the Vendor name that the reimbursement check was written to (or wrong Vendor name).

Note: the correct Vendor will be a Debit and the wrong Vendor name will be a Credit. The journal entry is to the same account.  You are only changing who the amount should be for by changing the Vendor name.

• Click on Save & Close.
• After completing this, you will need to generate the 1099 report again to see the corrected changes.

 

***2010 VERSION OF QUICKBOOKS IS HERE***

There are so many changes in QuickBooks 2010; it is  hard to know where to start.

Since the world has been trying to go paperless or “GREEN,” perhaps the best new feature of 2010 QuickBooks is “Document Management.”

You can now electronically attach or “Paperclip” scanned support documents to your QuickBooks transactions for customers, vendors, employees, accounts, or transactions via online, keeping the documents at your fingertips. This new feature lets you organize all of your business documents in one place. Now, your accountant won’t have to ask you for the document; it will be available online, via hosted storage.

Although the first 100 MB (approx. 1000 documents) is free, you can sign up for more storage space if necessary.

To start the feature, after you fill out the transaction entry, you select the Attach button, a browser window will open and you will be directed to the QuickBooks Management Sign Up or Sign In Page.  After completing the mandatory registration, you will be required to  sign in to your account each time you attach a new document.  The attachment box will also let you know the total remaining online storage space available (e.g. 20KB of 100MB storage space used)

When you attach a document, you give the attachment a Name, a Title, and a Description.  Keywords are also added including the creation date, the user name, and the size of the file.

Now that’s “Green”.

QuickBooks Release 8 & Automatic Updates

Intuit will soon be issuing Release 8 to address a variety of issues with QuickBooks Pro 2009, QuickBooks Premier 2009, and Enterprise Solutions 9.0. This is a significant update, and I encourage you to accept this update when it becomes available.

If you do not do so already, I recommend you ENABLE automatic updates.

To allow QuickBooks to update automatically, follow these steps:

• From the QuickBooks Help menu, choose Update QuickBooks.
• Click the Overview tab and click Update Now.
• Select the desired downloads in the Update Now window.
• Click Get Updates to download your selected updates.
• When the Update Complete message appears, click Close.
• From the File menu, choose Exit.
• Start QuickBooks and click Yes when prompted to install the update.

For more guidance, see the QuickBooks Product Update site at http://support.quickbooks.intuit.com/support/ProductUpdates.aspx

These instructions apply to standalone installations of QuickBooks.  If you use QuickBooks on a Network and you are uncertain as to how to proceed, please don’t hesitate to call.

Note: Don't worry if you have had updates turned off previously. QuickBooks updates are cumulative. You will only need to update with the most recent release.

E-Mailing Reports

Yes, you can e-mail reports from your QuickBooks Data!

Not only is this convenient but the functionality has been greatly improved, offering Outlook users the option of sending reports and forms through their own account. This feature enables you to use your Outlook database for e-mail addresses as well as track your sent items. If you do not use Outlook for your email, QuickBooks continues to send the e-mail through QuickBooks Business Solutions, which has been available for years.

You have two Options:

1. You can create a separate Adobe PDF for each report or,
2. Create an Excel file as an attachment to the email.

Follow these directions:

E-mail a Report:

1. From the open report, click E-mail and choose to send the report as Excel or PDF.
2. When the security message appears indicating the information being sent over the Internet e-mail is not secure, click OK to continue or click Cancel. If you click OK QuickBooks (starting with 2008) will launch Outlook within QuickBooks and creates a new message with the report attached.
3. When you use Outlook, simply add your e-mail address and any additional comments to the e-mail. Click Send when you are done. The e-mail is stored in your Outlook Sent Items folder, and you are returned to your QuickBooks data file. If you are not using Outlook, click Send Now and QuickBooks transmits the e-mail for you.

QuickBooks offers an automated sync of contacts with Microsoft’s Outlook. To obtain this tool, simply download it from:
http://support.quickbooks.intuit.com/support/tools/contact_sync/

The tool is FREE and will create a menu option in your Outlook program where you can sync your QuickBooks contacts to Outlook or Outlook to QuickBooks.

QUICKBOOKS 2009 IS NOW OUT!  

One of the first questions that comes to mind when you see news like this is, "How much longer will my version of QuickBooks be supported?"  You may also ask, "What enhancements in the new version might compel me to upgrade?"

 Since all versions of QuickBooks are supported for three years, QuickBooks 2006 will still be supported through May 15, 2009.  This is most critical if you use QuickBooks to do your payroll.  It may be hard for you to get help if you continue using versions of QuickBooks prior to 2006.

Following is a summary of what's new in select editions of QuickBooks 2009.

PREMIER ACCOUNTANT EDITION & ENTERPRISE SOLUTIONS

• Multi-Currency Capability: Actual accounting is conducted in the home currency designated by the user. Records will show the original amt. in the foreign currency and the converted amount in the home currency.
• Free Website for your Firm or Business: Package includes a three-page website and 12 months free hosting.
• Intuit QuickBooks time Tracker: Improved tracking of both billable and non-billable time.
• Intuit Statement writer: This is an excel-based plug-in that combines the flexibility of Microsoft Excel and real-time links to QuickBooks data. Choose 20 pre-set templates or create your own

PRO & PREMIER

• Client Data Review:  No your CPA or Accounting professional can access tools to make corrections easily either from Remote Access or during an office visit. It’s data available exclusively to accounting professionals.
• Multi-user Enhancements: Easier use to enable back while in multi-user mode and a messenger tool enables you to instantly collaborate & communicate with others working in the same date file.
• Improved Online Banking: Simplified the set-up and improved the online banking center to make it quicker and easier to match or download transactions.
• Co. Snapshot: Creates a consulting engagement to better manage your business.
• Multi-Currency Capability:  Now invoices, bills & more can be captures in the currency of most countries.Free Website Creation & Hosting: Fee website to promote their business with a simple drag-and-drop interface for 12 months free.
• Intuit QuickBooks Time Tracker: Track both billable and non-billable time.

QUICKBOOKS FOR MAC

• Now built for the Leopard operating system: Makes full use of new Mac features like Spotlight and Coverview.
• Customer, Vendor, & Transaction Centers: Access customers, vendor or transactions from one place.
• Company Snapshot: Get up to the minute info on income and expenses, account, customer and vendor balances and important reminders all on one screen.
• Improved Home Page: Brings key tasks to one screen.
• Improved Online Banking: Securely download bank and credit card transactions directly into QB’s.
• Improved Batch E-Mail: Send out invoices in batches.
• Improved iCal Integration: Change terms on an invoice in QuickBooks and check the Add to iCal box.

SIMPLE START

• Historical Payroll Data Entry: Mid-year start up of payroll, old set up used 30 screens now there are only 6 screens.
• Fee Website Creation and Hosting: Fee Website to promote your business.

 

TRACKING INVESTMENTS WITH QUICKBOOKS

QuickBooks doesn’t have the prepackaged tools to track investments (as does Quicken) but there are three options to help you complete this task in QuickBooks.

Option One: Aggregate Values by Brokerage Accounts

Work from Statements received from your Brokerage Firm to set up accounts as “Other Current Assets” and rely on broker statements to enter the monthly changes in value (dividends, sales, purchases, etc.).  These changes are recorded as summary general journal entries. There is no tracking of individual securities or mutual funds, unit prices or numbers of shares. Using this option, the QuickBooks user does not recreate the wheel, and the statements provide the detail.

Option Two: Create Accounts for Each Security or Mutual Fund

Use a sub-account for each security or mutual fund, and keep track of each transaction in QuickBooks, with details and numbers of units in the memo field of each entry. Since memo fields are text fields, this won’t provide complete quantity information at the end of the year.  However, it is possible to print out the transaction detail report including the memo which specifies numbers of shares or units. This approach can get cumbersome if the number of transactions is high.

Option Three: Use QuickBooks Inventory Tracking

Use QuickBooks inventory tracking to track individual stocks or mutual funds. Parts are parts, and these securities are just parts that you buy and eventually sell. Set up each stock/fund as a separate item (“Inventory Part”) in QuickBooks. Set up an item called “Investment Portfolio” and each of the stocks as a sub item of this item. Enter the purchase price and the sales price the same upon initial setup, then change the price of the stock each month to reflect the market value. The financial statements of the company are unaffected as stock prices have no impact until they are sold. The number of shares can be tracked along with their cost.

Dividend reinvestments in terms of extra shares can be tracked using the “Adjust Qty/Value on Hand” (with offsetting account as Dividend Income).

Note that you check OFF “Value Adjustment” in the bottom left corner of the “Adjust Quantity / Value on Hand” window, put in the new quantity and new value, then make the “Adjustment Account “Dividend Income”.

To sell stock, use the “Sales Receipt”.  Use the item of stock, number of shares sold, and for rate use the selling price net of commissions per share. The income should be mapped to an income account (Shares Sold) and the cost should post to “Cost of Shares Sold”

By using this option you can indeed track investments.

Improve QuickBooks Startup Time

If you find that it takes too long to load or open a company file, try the following tip for better performance.

First:     Take the time to close all components (opened reports and or lists) within QuickBooks before exiting the company file. If you don’t want to lose the report, remember there is always the “Memorize” option.

Closing components within QuickBooks before exiting will decrease the start up time on the next launch of  QuickBooks.

• Close all Windows: Close all windows within the QuickBooks application before closing the file or exiting QuickBooks. Next time you open the company file or launch QuickBooks (with the last file used) it will come up quicker. You can do it by selecting Close All from the Window menu or by pressing Alt + W and then pressing A.
• Close Company File. If you close the company file before exiting QuickBooks, the next time you launch QuickBooks you will be up and running much quicker. On the next time you launch, QuickBooks will display the No Company Open window, and you can then select the file you want to work on. Select Close Company from the File menu or by pressing, Alt + F and then pressing C.
• Run from Hard Drive (Not Removable Media). Some users run the company file from removable media like a flash drive or a CD-ROM. This helps them keep companies separate and is one way they juggle multiple company files. However, running the company file from removable media is definitely slower than from the hard drive. In the interest of speed, Intuit recommends moving the company file from the CD to computer’s hard drive for faster operation.

Payroll in Version 2007………………….Yikes !

By now you have probably noticed the changes in version 2007 for payroll. They have created a “Scheduled Payroll” setup which is causing nightmares for folks in Oregon and perhaps other locales.

QuickBooks wants you to pay the Oregon SUTA, WBFA, TriMet Transit District, and Lane Transit District Taxes every pay period, which we know are only due on the Quarterly reports.

You can correct this by going to each individual employee’s set up (including the inactive employees) and under the “Payroll Comp. Info” option DELETE the “Payroll Schedule” and choose “Pay Frequency” instead.

This is also true with the new “Employee Center” “Payroll Tab” for the “Pay Scheduled Liabilities”. Sometimes you will have scheduled liabilities that you have already paid still sitting there to be paid. You can get rid of these by following these steps:

1. Checking one line to pay.

2. Click “View/Pay” box.

3. When the check appears, notice the payroll item it is paying. Click on the Expense Tab and choose the liability account to which the liability tab item is mapped. Enter in the amount as a – (negative) number. When you are done the Expense Tab (-) and the Liability Tab (+) will equal zero.

4. Click on the box “To be printed” so it appears as the check has been written.

5. Change the check amount to zero.

6. Change the check number to Adjmt. (short for adjustment).

7. Save and close.

8. When the Payment Summary Window appears just click on “close”.

You will notice in the payroll liability accounts on the chart of accounts register shows an “increase” and a “decrease” for the pmt. (Which equals zero).

When you don’t use the Scheduled Payroll option you will have to click on the “Related Payment Activities” box to choose “Pay Unscheduled Liabilities”.

This will look familiar and bring up the “Select Date Range for Liabilities” screen.

Simply continue by putting in the date range you wish to pay.

REPORT ON SICK AND VACATION HOUR LIMITS

You may need a report that shows your employee limits and balances of sick and vacation hours. To create and memorize such a report in QuickBooks 2006 (other versions are similar) follow these steps:

• Choose Reports.
• Choose Employees & Payroll.
• Choose Employee Contact List.
• Choose Modify Report (if you have the preference to display modify report window this will be displayed for you).
• Remove from the Columns display option, Phone, SS No., Gender, Address.
• Scroll down the Columns list and Select Date of Last Check (add check mark).
• Select Sick Rate, Sick Available, Sick Limit, Sick Used, Vacation Rate, Vacation Available, Vacation Limit, Vacation Used.
• Choose the Header/Footer Tab.
• In Report Title section enter “Employee Sick/Vacation Hours”.
• Choose OK to close your modifications and display the report. You can adjust the columns as needed.
• Choose Print, Landscape and select the checkbox for “fit report to 1 page wide”.
• Choose Preview.
• Choose Print.
• Choose Memorize to keep this report handy for future need.
• Choose OK to save the memorized report name as “Employee Sick/Vacation Hours.

The next time you run the report, simply choose Reports/Memorized Reports/Employee Sick/Vacation Hours.

REMINDER LISTS – THE MOST UNUSED OPTION IN QUICKBOOKS

Did you know QuickBooks allows you to add a reminder to commonly used tasks, as well as how and when the reminder will appear?

You can be reminded when it’s time to pay bills, print forms, print checks, deposit money, enter memorized transactions, act on overdue invoices, or act on your personal “To Do” notes.

 To create a reminder for a task:

• From the Edit menu, choose Preferences.
• In the Preferences window, select Reminders from the list on the left.
• Click the Company Preferences tab.
• For each type of task listed, choose on of these preferences:
• Show summary
• Show list
• Don’t remind me
• For date-driven events enter the number of days in advance that you would like QuickBooks to add a reminder to the list.
• If you want the Reminders to appear each time you start QuickBooks, click the ‘My Preferences” tab and select the “Show Reminders when opening a company file” checkbox.
• Click OK

To set up personal reminders, go to the Company menu and choose “To Do list”.  You can then create any reminders you need. Example would be: “Call Client to see if he needs any more services.”

This personal reminder is great for reminding yourself to run some errands or pick someone up at a certain time.  Not only will you save time in coordinating business work, but this will come in handy for daily tasks outside the business.

Changing the Look of the Customer, Vendor, and Employee Lists

In the new 2006 version of QuickBooks you can now edit your Customer, Vendor or Employee List to look like the previous version.

Since QB 2006 has hard wired these lists on the icon bar and has called them Centers you may have looked for the way the older version presented the lists for these tasks.  However, the process has changed and the steps that follow should give you the desired results.

1. Open the Center you want to change: Choose “Customer Center” (or press Ctrl+J)

2. Click the Customers & Jobs tab (or press Alt+J)

3. Choose View/Show full customer list only or click on the arrow on the Customers & Jobs tab.

4. Choose View/Customize Columns

5. In the available Columns list, select the column you want to display.

Example:

a. Scroll to the bottom of the list.

b. Select Job Status

c. Click Add or press Alt+A

d. Repeat steps a through c for each column you wan to display.

e. If you want to change the order of the Chosen Columns, use the Move UP/Move Down buttons.

f. Choose OK to close Customize Columns.

6. Position the mouse on the right end of the Name column bar.

7. The mouse icon changes to a “plus” sizing icon.

8. Hold the left mouse button and drag the Name column left or right and release when you reach the width of the column you desire.

9. Click the X in the upper right corner or press Ctrl+F4 to close the center.

10. Choose Customers/Customer Center or press Ctrl+J to re-open the center.

11. Your customized customer list is displayed.

12. To run reports, choose View/Show Customer List & Details.

13. Reports for this Customer appear in the upper right section of the Customer Center.

14. Choose one of the following:

a. Quick Report

b. Show Estimates (if Estimate Preference is on)

15. If the above Customer reports are not what you need, use the Report Center or Reports menu.

Now, to customize your Vendor, or Employee lists just repeat the steps 1-8.  Just remember you have more than one option in the View drop-down list.

This should help you find what you are looking for in the new 2006 QuickBooks “Center”.

QuickBooks 2006 version is now available.

The most notable change in QuickBooks 2006 is to the icon bar across the top of the QuickBooks screen.

The new version is hard-coded with five icons: Home, Customer Center, Vendor Center, Employee Center and Report Center.  Since they are hard-coded, they cannot be removed or changed by user configuration of preferences.  For example, in the default view, the Employee List is no longer available so you must use the Employee Center to access the same information in 2006.  The same holds true for the other “Icon Centers.”  However, if you are not happy with this new look, there is a way to add the old familiar icons.

Here’s how:

Notice the small double vertical line divider between the new “Center Icons” and your regular Icon bar icons.  Left-click on the divider and drag the icon bar down UNDER the “Center Icons.”

Your icons will now be displayed on their own line under the hard-coded icons.

Many things have changed in QuickBooks 2006.  If you haven’t upgraded yet and you are still using versions 2004 or 2005, you may want to consider waiting for the 2007 version. Hopefully by then, some of the new features will be options, not rigid requirements.

1099 Year End Requirements

Start thinking of 1099 year end requirements now.  Did you know that with proper configuration, QuickBooks can help you file your 1099 Misc. reports?

Remember, it’s required by all businesses to file the 1099 Misc. reports for all vendors who provided services to your company (visit the IRS website at www.irs.ustreas.gov for forms and instructions).

The first step is mailing out a request for taxpayer identification number and certifications.

This is done on the W-9 request form (revised Jan.2005) found on the IRS website at www.irs.ustreas.gov.  You can also attach a form letter with your company logo requesting the W-9 form be filled out and returned before year end.

This will give you time to put the Taxpayer identification numbers (TIN) in QuickBooks under the vendor tab “Additional Info”.  This is required to properly identify the various 1099 Misc recipients to QuickBooks.  Click on the QuickBooks “Help” icon for step-by-step instructions.  Under the index tab, if you double-click the 1099 entry, you will see help topics listed for: Setting up, Independent Contractor, Reports, Forms, and Troubleshooting.  If you have any trouble at all, do not hesitate to call.

Start now on getting the information needed before your other year end report deadlines start pressing in on you.

How to make deposits in “Customers / Receive Payments” window for the new 2005 version of QuickBooks

QuickBooks has now revised the Customer “Receive Payments” window.  You no longer see the receive payments options (“Group with Undeposited Funds” or “Deposit to” in the Customer / Receive Payments window).  What you previously setup in the Preferences is now the default choice.  This can be bothersome because now you have to change the preference each time you change how you receive payments.  Some days you may want to directly deposit a check, or some days you may want to use the “Undeposited funds” account because you have received many checks.  Since there is currently no work-around you will have to change your preference accordingly.

Follow these steps to change the preference to make deposits in the “Customers / Receive Payments” window for the new 2005 version of QuickBooks:

1. Left click Edit
2. Left click Preferences
3. Left click Elect “Sales & Customers”
4. Left click Company Preference Tab
5. Make sure the checkbox labeled, “Use Undeposited Funds as a default deposit to account” is checked.

Hopefully in the 2006 version this will be corrected for easier use.

Posted 1/5/05

How to make deposits in “Customers / Receive Payments” window for the new 2005 version of QuickBooks

QuickBooks has now revised the Customer “Receive Payments” window.  You no longer see the receive payments options (“Group with Undeposited Funds” or “Deposit to” in the Customer / Receive Payments window).  What you previously setup in the Preferences is now the default choice.  This can be bothersome because now you have to change the preference setup each time you want to change how you receive payments.  Some days you may want to directly deposit a check, or some days you may want to use the “Undeposited funds” account because you have received many checks.  Since there is currently no work-around you will have to change your preference each time you want to use one or the other option.

Follow these steps to change the preference to make deposits in the “Customers / Receive Payments” window for the new 2005 version of QuickBooks:

1. Left click on Edit
2. Left click on Preferences
3. Left click on Elect “Sales & Customers”
4. Left click the Company Preference Tab
5. Make sure the checkbox labeled, “Use Undeposited Funds as a default deposit to account” is checked.

Hopefully in the 2006 version this will be corrected for easier use.

Posted 10/5/04

QuickBooks 2005 is here!

TRACKING BARTER & TRADE TRANSACTIONS

Let's say you are a window washer and you wash the office windows of a builder.  The builder fixes your fence.  You create a $50.00 invoice in QuickBooks for the window washing and present it to the builder.  The builder sends you a bill for $50.00 to cover the fence repair.  You and the builder acknowledge that you don't owe each other any money, but you want to record the transaction in QuickBooks.

 There are two ways to handle this situation but the preferred method is as follows:

 Use a Clearing Account

• 1.       From the Lists menu, choose Chart of Accounts.
• 2.       Choose New from the Account menu button.
• 3.       Choose Bank from the Type drop-down list.
• 4.       Enter an account number.
• 5.       Type Clearing Account in the Name field.
• 6.       (Optional) Enter an account description.
• 7.       Click OK.
• 8.       Pay the $50.00 bill from the builder using the Clearing Account. This will indicate a payment to this account.
• 9.       Receive payment of $50.00 from your builder and deposit it into the Clearing Account. This will indicate a deposit to this account.

Result: The Clearing Account now has a zero balance. The 1099 report and the Accounts Payable & Accounts Receivable reports reflect the correct information. The income from the invoice and the expense from the bill reflect the true value of the activities of exchange .

Posted 7/7/04

ORGANIZING YOUR MEMORIZED REPORTS

Everyone should know that you can memorize reports (custom or regular) or transactions (entries of checks, regular journal entries etc.) that you use often.  As the number of memorized reports & transactions increases, the “clutter” may make it difficult to find the memorized report you want to retrieve.

On memorized reports you can use numbers to preface the report names that you use most often or that must not be overlooked. You can adjust the numbers so they will appear on the list in the order of importance or the order of usage.

Example: -0- Entered/modified today

01 payroll liability report

02 payroll account balances from trial balance

03 Bi-weekly paycheck reviews

04 MONTHLY GENERAL JOURNALS

05 MONTHLY GENERAL LEDGERS

To edit a memorized report name: From the report pull down menu, click on Memorized Reports and select the Memorized Report List. Then find the report name you want to edit, right-click on it, and from the popup menu, click on Edit. This calls up the Edit Memorized Report dialog box. At the Name field, you can edit the name of the report.

You can also use users Initials to distinguish among reports. If there are several people using the software, the reports can be listed so that various people’s reports will be prefaced with their initials.

Or if the owners or principals want regular reports, you can preface the report with their name.

Since the memorized reports are automatically alphabetized on the Memorized Report List, these reports are easy to locate.

Posted 5/10/04

HOW TO DISTINGUISH REPORTS & BACKUPS GIVEN TO YOUR ACCOUNTANT OR CPA

When you print a report, to go along with a backup you are giving to your Accountant or CPA, follow these directions for distinguishing your reports.

Before printing or backing up, go to the QuickBooks Company Information and add the backup’s date in a six digit format, such as 010903, to the end of your company name.

EXAMPLE: Sample Company 010903

Now print your reports, they will still show the company name but they will also show the date of the backup from which they are coming from. Then backup your file to give to your Accountant or CPA to help them distinguish and match when you gave them the last backup with your reports. You can also backup files with the company name and the backup date on the file name when you restore to your hard drive.

EXAMPLE: C:\QuickBooks Clients\ Sample Company 010903.qbw

This is beneficial to you and your CPA or Accountant, especially when you are working with a system with large amounts of cleanup. It will also prevent client confusion (for the CPA or Accountant) when current numbers don’t match previously printed reports, and then you will have fast access to the proper backup time period.

Since you can have many companies on one QuickBooks purchase, you can also research unauthorized changes if you have a backup to restore under a different name.

Posted 4/7/04

Making a Backup .qbb on your hard drive in QuickBooks 99, 2000, 2001, 2002, 2003, and 2004 and sending the file via email (or other media) continues to be a problem for some of our clients.  Consequently, we thought it might be helpful to publish the instructions on our website.  They are as follows:

Make all entries in your QuickBooks company file for the tax year (for instance, 12/31/03).

1. Choose File > Back Up.
2. In QuickBooks 2001, 2002, 2003, and 2004: Note the Location and file name: (C:\QuickBooksVERSION\YOURCOMPANY.qbb)
3. Choose OK. (Choose Back Up in QuickBooks 2001 and 2002.)
4. In QuickBooks 99 and 2000: Note the folder name in Save in: (for example, QuickBooksVERSION).  Note the File name: (for example, YOURCOMPANY.qbb).
5. Choose Save.
6. Backup may display, "Are you sure you want to back up your company data to your hard disk?"
7. Because you will email the file, choose Yes.
8. IMPORTANT: For regular backup, back up to removable media, such as CD-R or other disks and not your hard disk.
9. Backup may display, "The backup file you chose already exists. Do you want to replace it?"
10. Choose Yes if you want to replace the file.  If you do not want to replace the file, choose No.  Change the filename in step 4. IMPORTANT: Keep the .qbb on the end of the filename.
11. QuickBooks Information displays, "Your data has been backed up successfully."
12. Choose OK to close QuickBooks Information.
13. Start your email program.
14. Create a new mail message to your tax preparer.
15. Choose the option to attach a file. In some email programs you click a 'paper clip' icon.
16. Select the folder and file in step 4 (for example, C:\QuickBooksVERSION\YOURCOMPANY.qbb).
17. After you have attached the *.qbb file, type a message to your tax preparer asking for a response from him or her when the *.qbb is received.
18. Choose Send.
19. Close your email program.

Tips:

If you have already backed up your company file .qbb to a CD-R or zip disk, skip steps 1 through 8. You can attach and send the CD-R or zip disk .qbb via email using steps 13 through 19.

If you need the steps for backing up to a CD-R or CD-RW, see the Quick Tip in QuickBooks E-news, December 2003.

If your tax preparer makes changes in their copy of the company file, you cannot merge those changes back into your company file.

Errors:

Some email systems have file size restrictions. If the .qbb is too large, you may not be able to send the backup file via email.

If the tax preparer can't open the .qbb, try re-sending the backup file.

Posted 3/15/04

Standard Windows shortcut keys that work in QuickBooks:

CTRL + C = Copy

CTRL + X = Cut

CTRL + V = Paste

CTRL + F = Find

QuickBooks specific shortcuts:

CTRL + M = Memorize Items

CTRL + T = Bring up Memorized Transaction List

CTRL + A = Show Account List

CTRL + R = Open Register

CTRL + Q = Quick report on highlighted list element (item/name/account)

CTRL + D = Delete

CTRL + E = Edit

CTRL + I = Create Invoice

CTRL + W = Write Check

CTRL + 1 or F2 = Show Product Information screen

CTRL + Delete = Deletes the selected line from a transaction

CTRL + Insert = Insert a blank line in the selected area of a transaction

 Posted 2/5/04

ANNOUNCES PRODUCT SUNSETS

With the start of the New Year, QuickBooks announced the “sunset” (no longer supported by Intuit) of a couple of their products:

• QuickBooks 2002 will no longer be supported effective April 30, 2005
• QuickBooks 2001 sunsets on April 30, 2004
• QuickBooks 2002 Do-It-Yourself Payroll will no longer be supported after the product retires (4/30/05).  To continue receiving support for this product, you will need to upgrade to a newer version of QuickBooks.

With this in mind, perhaps you should consider upgrading to QuickBooks 2004.  As in the past, this version comes in several flavors including Premier: Accountant Edition, Professional, Contractor, and Basic.  Following are some of the new features:

• Print plain paper W-2’s
• Undo reconciliation quickly and easily
• E-Mail forms and reports & save as PDF’s
• Improve your data exchange with Word, Excel & Outlook
• Predict cash flow for the next 6 weeks
• Track vehicle mileage and fixed assets
• Manage loans

Contact us if you need help deciding which QuickBooks version is right for you.

Posted 1/8/04

IMPORTANT CONSIDERATIONS FOR THE NEW YEAR

QuickBooks 2003: Release 8 is the number you should find on your 2003 version of QuickBooks when you press the F2 key. If you have not updated your 2003 version you should go to File/Get updates to download and choose Release 8.                                     

1099s: Don’t forget to prepare your 1099s.  You have to set up the Preference first, then, set up the Vendor to show they are eligible to receive a 1099.  Contact our office if you need help preparing 1099s.  You can also find the directions in the Help menu.

Bank Reconciliations: If you haven’t kept up with reconciling your bank statements the start of a new year is a good place to begin. Reconcile for year-end and set up a reminder to reconcile your bank statements on a monthly basis.  For corporations, partnerships and not for profits, the monthly bank reconciliation is mandatory.  In fact, it is routinely requested by the Internal Revenue Service in most audits.  You can ask your bank for the proper format and cutoff date if you want a statement report for the end of the month.

Oregon SUTA: Remember to set the new Oregon SUTA tax rates in your payroll item. By now you should have received a schedule of the new rates for 2004.  To do so, go to the payroll item list and edit the OR State Unemployment item and put in your new rates.

Payroll Check Changes: If you change an old payroll check for any reason the rates will change on the check for the Company’s liabilities, so make sure you have the year-end closing date set.

As always, let us know if you have any questions or concerns about QuickBooks.  Our certified Professional Advisors are here to help. 

Posted December 2003

ADVANCED PAYMENTS

 When you have customers who prepay on something (or pay in advance for a service not yet received) this is considered a liability for your company. How can you track customer advances as a liability?

Create a current liability account in your chart of accounts called “Customer Deposits”. Then create a service item called “Customer Deposits” and assign it to the “Customer Deposits” liability account. When your customer pays in advance, create a sales receipt that shows one item – “Customer Deposit” item.

 Example: You receive a $500.00 advance on a project. You have no invoice to apply it to yet. Create a cash sale, and use the item “Customer Deposit (assigned to the Customer Deposits liability account). When you record the cash sale, QuickBooks debits the cash (or Un-deposited Funds) and credits the liability account.

 Now suppose the final invoice is for $1,500.00 for construction income. They’ve already given you $500.00, so after creating the invoice, use the Customer Deposit item on the last line and enter a negative ($500.00 minus) as the amount for the item. This makes the accounts receivable balance $1.000.00.

To Keep track of who paid deposits, create a transaction detail by account report and do some customizing.

From the Reports menu, choose Accountant & Taxes, and then choose “Transaction Detail by Account”

1. Click Modify Report
2. From the Total by drop-down list, choose Customer.
3. Click the Filters tab.
4. From the Filter list, choose Account.
5. From the Account drop-down list, choose Selected accounts, and then choose the Customer Deposits liability account.
6. Click OK.

 Now the report shows the inflows and outflows by customer, so you can tell who has used up a deposit and who has not. The report shows a balance of zero for a customer after you’ve used up the deposit.

Posted: September 2003

Backups, Restores, & New Technology: The USB Hard (or Flash) Drive

Portability

• Most of the USB Drives I have seen are roughly three times the size of the average ball-point pen and can be put on your keychain if desired.

Reliable

• These are solid state devices meaning they are strictly electrical and thus, more reliable.  No moving parts also means less power required to operate them.

No drivers needed on newer PCs

• Drivers are not required on systems running Windows 98 SE and later.  When drivers are needed, although it is an extra step, they are easily installed.

Ease of use compared to burning CDs

• Since, in most cases no driver or additional software is needed, you simply plug the device into one of your computer’s USB ports and it shows up as another hard drive in “My Computer” or Windows Explorer.  To use it, just drag and drop files to it or use the normal commands to create, delete, or rename subdirectories. 
• It is re-writable so you can use it again and again.

No recurring media cost

• You don’t need diskettes, cartridges, or blank media of any kind.  The device itself stores the data! 

Relatively low cost

• When compared with the price of a CD-RW drive or even a floppy disk drive, these devices are very cost-effective.  The 16 MB models begin at $25 and the 512MB model sells for around $700.  Consider the floppy disk drive: you pay $15-$30 for the device and $.25 per diskette.  Each diskette only holds 1.44 MB of data.  Of course, you can re-use the diskettes but they have a limited lifetime and are not very reliable when it comes to multi-disk QuickBooks backups.  The drawback of the CD-RW is the need to use special software to write the backup file to the disk.  Many times, this process is unsuccessful for whatever reason, and the client has to make another attempt. 

To summarize, USB Flash Drives are the low cost, easy to use, reliable alternative to floppy disks or CD-RW.  If you have questions or need help locating a device to suit your needs, simply call Skip at (503) 585-7751 or submit an information request. 

Posted: August 2003

Don’t underestimate the power of shortcuts.

Shortcuts are a great  tool in QuickBooks when you take the time to learn and use them. When you use  the CTRL+L for list, it is also  doubling as a bookmark on the field.

Example: When you are  entering in bills (or, time sheets etc.) and you want to use a class in the  class field, hold the CTRL key,  type L (for list) and the list of  classes appears. When you have selected the class item you need, hold the CTRL key and type U (for use) and the selection will appear in  the class field of the form you are in. As you continue to fill in the form,  whenever you are in the class field and you press CTRL+L, not only will the list appear, but  it will jump directly to the prior selection on the list that you last used--What a time saver!

This short cut is true  for any field on any form . If you are filling in a Credit Card Charge and you  itemize the list of expenses, a commonly used selection (Office Expense) may be selected over and  over in the Expense field.

Again, use your short  cuts!  It will save you time in the long run.

Posted July 2003

Quickly  and Easily Assign Multiple Classes to an Invoice

Most use the class feature at the  top of an invoice, but this only allows you to use one class per invoice. You  can assign multiple classes to the same invoice by modifying the Invoice  layout to include the Class field on each column of the detail area. For those  who keep track of Classes, this allows for a more detailed job cost breakdown on  reports.

In QuickBooks™ 2003 Follow these  steps.

• Display an  Invoice
• In the “Custom Template" field, at  the top right of the invoice, select “Customize”. This displays a list of  Templates that can be customized.
• Click Edit. This displays the  customizable sections of the invoice.
• Click Columns. This shows which  columns are currently displayed on the screen and on the printed  invoice.
• Click the box on the Class line  under the Screen column, and then click OK.

Now your invoice has a new column  for Class that shows up on the screen but will not be printed. You can enter a  different class on each line of the invoice. If you don’t fill in a class, that  line intern will be assigned to the class shown at the top of the  invoice.

Posted 5/6/2003

BACKING UP YOUR QUICKBOOKS FILES ON A DAILY BASIS.

Backup copies are important insurance if you lose data for any reason. You can backup manually or,  if you have QuickBooks 2003, you now have the option of scheduling automatic  backups.

QuickBooks 2003 gives  you two options for back up: 

1. You can schedule  Automatic backups that take place when you close the company  file.

2. You can schedule  backups at Regular intervals, even when you are away from your desk (computer must  be on).

TO SCHEDULE AUTOMATIC BACKUPS IN Q

1. From the File menu, choose Back Up.

2. Click the Schedule a Backup tab.

3. Select automatically  backup data when closing the data file box, then specify how often you want your  data file automatically backed up. (Example: Back up every third time you close  it-type 3)

4. Click OK

TO SCHEDULE REGULAR BACKUPS...

1.  From the File menu, choose Back Up.

2. Click the Schedule a Backup Tab.

3. Click New under Schedule backup to display the  Schedule New Backup window.

4. Type a description for  your backup (Weekly-Firday-Daily..etc) This description will appear in the  backup list on the Schedule a Backup tab.

5. Specify a location for  your scheduled backup. If necessary, click Browse and navigate to the desired  location. Don’t choose your C drive, use a Zip, 3.5 diskette, CD Rom, tape, or  main frame.

6. *OPTIONAL* If you want to keep more than one  backup, select the number of backups to keep and specify how many.  For example,  if you want to keep three past backups, type 3 in the filed provided. The new  backup replaces the oldest one, always leaving a total of three backups. If you  want to keep all backups, make sure Number of backups is  deselected.

7. Select time and day you  want your backup to run. You can select as many days per week as desired. You  can also select every week, two weeks and so on, up to five  weeks.

8. If necessary (recommended), set a password.

9. Click OK

*NOTE* The QuickBooks Backup command does not  copy the data for your QuickBooks company.  It compresses the data into a compact file that is smaller than your company file. Even if you use disks that come preformatted, QuickBooks recommends formatting to ensure you get a good backup.

Posted  4/7/2003

Print Due Dates on Statements

To the surprise of many, due dates can be printed on  statements. However, QuickBooks uses the Intuit "Standard Statement" template to  print statements so you will need to modify the statement template.

To create a customized statement with a field for the  due date you will need to complete the following steps.

1. From the QuickBooks List menu, choose Templates.
2. On the Templates list, click Intuit Standard  Template once to select it.
3. Click the Template button at the bottom of the list   and select Duplicate. A duplicate template is added to the list.
4. Double-click the duplicate template  created in Step  3 to open the Customize Statement window.
5. In the Template Name field, type a new name for   your customized statement form. "Statement Due Date"
6. Click the Fields tab.
7. Select the Due Date checkbox in the Print column.  Click OK. If a Warning window appears, click the Relayout button.
8. When you prepare statements for  printing, make sure  this new template is selected when creating your  statements.

You will also need to make sure each customer's  record is set up to reflect the desired payment terms.

If you were able to complete the above steps without  problems, the next statements will print with due dates. If not, give us a  call--we would be happy to help!

Posted 2/17/2003

Transfer QuickBooks Files

Transferring QuickBooks files can be tricky.  E-mailing them can also require great patience if you do not have a high-speed Internet connection on both ends.  To give yourself or the recipient of your file the best possible opportunity to work with it, heed these simple guidelines: 

• When e-mailing over dial-up connections, don’t send files that are greater than 4MB in size.
• When receiving a QuickBooks backup file via e-mail or on any other media, don’t double-click to open it.  Instead, right-click and choose <Save As>.  Save the file to a location on your local hard drive (e.g. c:\) to which you can easily navigate and browse to during the restore process..
• Open the correct version of QuickBooks.  Preferably, the same version used by the originator of the file.  Using the same version will allow you to return a QuickBooks company file (with changes) to the originator for their use.  If you attempt to restore the file with a newer version of QuickBooks, the file must be updated to the newer version.  If, after updating, you make changes to the file, it will not successfully restore to the originator’s older version.
• For security’s sake do not put the username and password (and you should definitely password protect your QuickBooks file) in the e-mail to which your backup file is attached.  Call the recipient later with that information.
• When copying your QuickBooks backup file to media or attaching it to e-mail, verify that it has the correct extension.  A QuickBooks company file has an extension of .QBW.  A QuickBooks backup file has an extension of .QBB.
• Beware of copying only a shortcut to your company file.  If you put this “link” file on a CD-Rom or other media or attach it to an e-mail, it will be useless to the recipient.
• When saving the file to a CD-Rom, verify that you are following the software manufacturer’s instructions for copying the file.  Some packages require a specific step needed to save the file in a format compatible with most PCs.

Posted 1/22/2003

Employee Advances

Handling Employee Advances can be  troubling if not done correctly in QuickBooks. The best way to handle payroll  advances is to manually set up two payroll advance items to  keep track of the transactions:

The first payroll item can be called  “Payroll Advances” and should be set up as an addition item. The second item can  be called “Advanced Repayments” and should be set up as a deduction. Both items  should be allocated to the same account, usually another asset account called  “Employee Advances”.

The key is to never simply write a  check for an employee’s advance but instead create a paycheck for the employee using  the appropriate pay period and the “Payroll Advance” item. All other earnings  items on this check should be deleted so only appropriate taxes are recorded.  Thus, the only item included on  the advance paycheck is the ”Payroll Advance” item.

When it comes time to collect the  advance from the employee’s paycheck, use the “Advance Repayment” item on the  paycheck. When you try to create a paycheck for an employee who has received an  advance for that pay period, QuickBooks issues a warning that the employee has  already received a paycheck for the pay period. This is your reminder that an advance check was cut and you should deduct the “Advance Repayment” from  their check if you haven’t already done so.

Since both the Advance and the  Repayment items are processed using payroll items, both amounts will appear on  the payroll reports as separate line items making it easier to reconcile Payroll  Advances issued against Advanced Repayments. You will also find adjusting for  errors are eliminated because both items are allocated to the same  account.

The method helps to ensure that payroll advances are recorded (and reported) and future paychecks are adjusted accordingly.

Posted 12/17/2002

Improve QuickBooks Processing Time

It’s the time of year to think about condensing your QB files.  Old records unnecessarily maintained in QuickBooks can cause your QuickBooks system to process commands slowly.  Why waste your valuable time when this situation can be avoided?  The Archive and Condense wizard will lead you through the process required to condense your data file.  Before you begin, you should have available media for backing up your data, and know that a large file will take a long time to condensed.  Be sure to schedule this process when you can afford the time.

NOTES:

• You will be prompted to back-up your company file as part of the Archive & Condense Data wizard. 
• In all versions of QuickBooks financial software, before you archive and condense the data file, disable the screensaver on your system. Since archiving and condensing can take a long time, the screensaver may, depending on your configuration, come on in the middle of the process. When this happens and you press a key to return to the progress screen, the status bar will be gone. Without the status bar, you won’t we able to track progress or know if the program has stopped responding. 
• You will not be able to update any transactions that fall within the period you have selected to condense.
• You must be in single-user mode to do this.

1. From the file menu, choose Archive & Condense Data.
2. Choose a condense option.  You can choose to remove all transactions as of a specific date or you can remove all transactions.  We recommend specifying that you keep the current year and prior year.
3. Continue through the wizard screens choosing items to be removed.  Removing unused items can greatly reduce the size of a data file and may improve performance.
4. Click Begin Condense when you are sure you want to proceed.  Note: a message is displayed  stating that it will make a backup file before it condenses the transactions.  the backup file ensures that you will still have a record of the details of any transactions that QuickBooks deletes from your company file.
5. Click OK to dismiss the message and open the Back Up Company File window.
6. Click Create Back Up and then condense your file.
7. Backup then makes an Archive copy of your company file.  The backup file is the compressed version of the company data file and the archive file is the copy of the file before you condensed.  If you needed to restore your company file for any reason, you will use the backup version of the file to do so.

Posted 11/8/2002

Would you like to reduce the cost of your malpractice insurance? 

Some insurance carriers may lower  your malpractice insurance if you’ve established a computerized  conflict-checking procedure. You can use QuickBooks to do a simple  conflict-checking procedure by adding a customized field called “Versus” to the  Customer Job List. QuickBooks lets you add extra fields to each client’s record  (which you enter in the Customer Job List) for any purpose. You can use these  customized fields to track dates, personal information, and so on.

You can add up to seven customized  fields so if you represent clients in more than one case you can add additional  “Versus” fields later (example: Versus 1, Versus 2). For the customized “Versus”  field you enter in the opposing party.

You can then check for a conflict of  interest by crating a Customer Contact report and filer it by the new client’s  name:

• From the Reports menu,  choose List, followed by Customer Contact List.
• On the report button  bar, click Modify Report. Then select the Filters tab.
• In the Filter list,  select “Versus”.  Then in the “Versus” field, enter the name of the potential new  client. Click OK.

If the potential new client has  never been an opposing party in any of your previous cases, QuickBooks displays  a report with no names (because the filter condition was not  met.)

If, after filtering the report for a  specific name, you see one or more client’s names in the Customer Contact List,  it means you have a potential conflict.

Posted 9/17/2002

Have you ever wanted to see transaction history for an invoice, bill, or deposit?  While in a transaction window, use the Control + H keyboard shortcut to see the history of the transaction. You can also view this information by using the <History> button at the top of most transactions (in the newer versions of QuickBooks).  Depending on which window you are in, transaction history gives information about prior amounts received for an invoice, prior payments made on bills, etc. This is a very useful tool that often goes unnoticed -- Try it today!!

Posted 8/12/02

Pressing the F1 key from any opened screen in QuickBooks will pop up a “Help” window. The help window tells you what is important about the report or the screen you have opened, explains the different files on the screen, and provides quick access to context-sensitive help. Try it and begin saving time as you enter information into QuickBooks!

Posted 6/15/02

Creating more than one estimate for a customer in QuickBooks can be accomplished by creating a new job for each estimate with a prefix of E1,E2, E3, etc. As you create the estimate, select the customer name and press the : (colon) button after the name to “quick add” a new job. QuickBooks will then fill in the correct customer information and you will have all your estimates under the correct customer. When the estimates are not accepted or no longer valid, you can then delete the estimate and the  temporary jobs easily because of the E1 prefix in front of the job name.

Posted 4/22/02

Most tax returns have been completed and filed. Don’t forget to set your closing date.  If the closing date has been entered properly, when you attempt to change prior period information, you will be prompted with a warning to that effect.  However, if you forget to set the closing date, information from 2001 year end will be changed without a warning prompt. 

You set the closing date in QB’s 2001 by going to <Company> in the menu bar and then to <Set up Users>. You will then click on <Closing Date>…Set the date for the end of the year 2001 (or other appropriate closing period). QuickBooks will now give you a warning about changing information prior to the Closing Date.

QuickBooks 2002 users are now required to enter a password before they can change prior period information. You should let your CPA enter a password to prevent any accidental changes.  The inadvertent changes (for example, deleting or voiding a check from the prior period) can cause an incorrect Retained Earnings.  Of course, your CPA will have to figure out why Retained Earnings is incorrect resulting in higher accounting fees next year.

Posted 3/18/02

To avoid having to enter prior period information after the year-end has been finalized, make sure you set your closing date.  You must be in single-user mode and only the admin can set the date but it will prevent many “headaches” down the road.

Posted 2/15/02

Would you like to eliminate a hand movement while entering QuickBooks transactions?  Or perhaps you would like to keep from going to the mouse & back to the keyboard to click on the OK button.  Use the keyboard shortcut by holding the <CTRL> key down while pressing the <ENTER> key.  Your transaction will be recorded without having to use the mouse.

Posted: 1/7/2002

QuickBooks 2002...is already on the shelf.  If you are thinking of upgrading, now may be a good time.  Those with QuickBooks versions before 2000 will definitely want to give this careful consideration.  This is due to the fact that effective April 30, 2002, live support will be discontinued for the earlier versions.

You may say, “I would like to upgrade but I am not sure which version of 2002 I should purchase.”  We can help...We will ask you a few simple questions to help you determine which version is right for you.

For professional looking Financial Reports...

Try using the Copperplate Gothic Light font.  To change your reports to always print out using this font make the change in <Preferences>.

To make this change, go to:

• Edit / Preferences / Reports & Graphs
• Click on the <Company Preference> tab
• Click <Format Key>
• Click <Fonts & Numbers>
• Click <Change Font Key>
• Under Font, change to Copperplate Gothic Light
• Under Font Style, change to regular
• Under Font Size, change to 8
• Click OK / OK / OK / OK.

Returned checks...

Can be a problem with some businesses.  Handling them in QuickBooks is a breeze if you know how to set it up in the <Items List>.  Not only will you be able to track the returned check but you can also keep track of it when you do your Bank Reconciliation.

In the <Item List> you need to create an “other charge” type item called Bad Checks (or returned checks), and under the account box put in your checking account.  When the check is returned you simply re-bill your customer and use the Returned check item on the invoice.  This will then post the returned check to your checking account and also show as an amount due from that customer.  when you redeposit the check, you simply treat it as a payment on account, which will be offset to the invoice you created for returned checks.  If you would like more help on how to set this up, just call one of QuickBooks Professional Advisors for help.

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