Jumping to a transaction while in a register

Did you know that you can "jump" to a transaction while in the bank register of your QuickBooks program? Not many know about this or use this neat little feature in QuickBooks. We all know about the "find" feature, which is also very helpful when looking for something.

When you're working in a register, you can jump to a transaction if you know:

1. The exact amount of the transaction.
2. The payee name.
3. The transaction number.
4. A word or phrase that appears in the transaction's memo.

You can do this only within the current register. If you need to search across multiple account registers, or search for different information than what is listed above, use the Find command instead.

Open your bank register. In the toolbar at the top of the register, click "Go to". Click the Which Field drop-down list and choose the field that applies to what you're searching for. In the Search For field, enter one of the following:

1. The payee name (the name can be a customer, vendor, employee, or a name from your Other Names list)
2. An amount
3. The transaction number
4. The text from the Memo field

Click Next to search forward through the register; click Prev to search backward. QuickBooks selects the first transaction that matches the search criteria you set. When you are through searching, click Cancel or press Esc to close the Go To window.

So, try this out next time you are in QuickBooks. You probably never even noticed this feature (I know I didn't).

Lynda

Check out my website www.artesanibookkeeping.com

Toggle to another edition of QuickBooks

This is a really interesting feature that I don't think many people, even ProAdvisors, knows exists. If you have a client that has an older version of QuickBooks or if you have a few different versions of QuickBooks programs that you work in, you can "toggle" over to that other version and work in a file and then "toggle" back to the prior version without having to open and close the program. This will save you valuable time.

To find the toggle feature, open QuickBooks, go to file in the top left corner, then select "toggle to another edition"and select your other edition there.

Try it out next time you are working in multiple editions. It is really a unique feature that will get you more billable time because it will save you minutes instead of closing out one program and waiting for another to open.

Lynda

Check out my website www.rhodeislandbookkeeping.com

Considering buying QuickBooks? Which version?

This is a great question and the answer depends on your businesses needs. I have seen many new users for very small businesses buy the best product out there for many dollars and not even use the features available. Then they complain that QuickBooks is so expensive.

Well it is, if you only needed QuickBooks Pro version and you purchased Premier or Enterprise Solutions. The differences between Pro (which is a very good program) and Premier are like night and day. Premier has more reports, multi-currency option, and the list goes on and on. But what if you do not need all of the "bells and whistles"? Some businesses work just fine in Pro. It all depends on what your needs are for your business. It would be far better to get the more expensive program if you intend on using all of it's features. But if all you need is basic accounting, Pro may be all you need. QuickBooks has a great website where you can compare products. Just click this link QuickBooks-Compare to compare Pro vs. Premier.

Pro should only cost $199.95 and Premier costs $399.95. And of course, if you are really still confused, please call a QuickBooks ProAdvisor (like myself). We may even be able to get you the program for a little less than on the QuickBooks site and get you into the program that will work for your business.

Check out my website wwwartesanibookkeeping.com

Customizing in QuickBooks

Customizing your invoicing is a great way to use your creativity. It is one of the favorite ways I can impress a client, especially one that is changing over to QuickBooks from another program (is there really any other program for your bookkeeping????)

To customize an invoice, you go to open invoices. In the right hand corner, select customize (looks like a ruler and you may have to select the "carrot" > to find this). I will touch on basic customization in this post:

Under basic customization, you can select "use company logo" and then just find it on your hard drive. You can add company name, address, phone numbers, email address, website, etc. You can also apply a color scheme, which is a great feature that gives you a really professional appearance. You can also change the color of your font. So, the sky is the limit with QuickBooks. You can make your invoice look just like "the old one" and maybe impress your client because now they can save on not having to buy preprinted forms.

QuickBooks does it all for you. So have fun and play around with your invoicing. You only have to save the template and you will be set to use it in all future invoicing. I usually name my template after the company I made it for for easy use in remembering the name of the template. Once you use it once for your first template, QuickBooks will default to that template so you do not have to remember to select it each time.

So, get creative and design and invoice!

Check out my website www.rhodeislandbookkeeping.com

Online banking dowloads

I think this is one of the areas that cause so much grief with QuickBooks users. QuickBooks actually changed the way downloading your online transactions come through with the 2009 version and then had to release a "patch" to correct all of the issues that QuickBooks users were having with duplicate vendors, etc. Sometimes "when it ain't broke, don't fix it" may have been a better approach from QuickBooks, but at least they fixed it with the patch.

This is also an area of the program that I find works well, if you know how to use it. There are two ways your bank can download the transactions, directly or with a file called WebConnect (a .QBO file is generated for you to save and then open). Personally, it is a good feature because it saves my client my billable hours because I can download the transactions and not have to spend many hours doing data entry. If set up properly, online banking downloads do work. But, oh, have I seen the opposite when my client tries to use this. Especially if they do not match entries already entered, they can have duplicate checks or deposits. This can create a nightmare situation if you do not see a client but once a year at tax time and they tell you that they have NOT reconciled their bank statement. It can be a very expensive fix.

So, my recommendation is use download feature for online banking only if you know how to use it. If not, save it for a professional.

Lynda

Please visit my website at www.artesanibookkeeping.com

How to enter checks using the "assign check number" feature

Well, I had to write this post ahead of time, because today I am running in the Annual Blessing of the Fleet 10 mile race in Narragansett, Rhode Island.

So, that is not a picture of me (I wish). But it is a picture of how I would like to look.

Today's tip is how to enter checks using the "assign check number" feature

Some small businesses do not buy or use the checks that print right out of your printer, they use the kind you hand write right out of a large ledger book. So when it comes time to enter them if they are using Vendor, pay bills, is to select the box at the bottom of the screen that says "assign check number". Once selected, you can pay your bills and enter all of the check numbers manually. Don't forget to use the bill stub printing to put with your manual check (check out last week's posting).

I still believe that all businesses (even small ones) should use the print checks (and buy the voucher checks) so they can save time and have a record of the check, but sometimes you will meet a client that refuses to use them. So using the assign check number is the way to go to track your payments.

Wish me luck -- I am going to need it!

Check out my website www.artesanibookkeeping.com

Petty Cash Account

This is not a QuickBooks tip, but it is something I have seen time and time again when auditing records for my clients.

I call it the Petty Cash Disaster.

Have you seen this? You go to the client's site, you check their trial balance and their petty cash account says $1,021.37 for a balance. You look in the account and you find that they are using it like a bank account. They just write each entry they used cash for and debit the petty cash account. This account is not meant for this.

Usually, a company who wants to have a petty cash account writes a check out for a small amount of money, usually $100-$500.00, depending on the size of the company. You write the check out of your company checkbook and you apply it to the petty cash account on your chart of accounts. That amount will always be $500.00, if your original check was for that amount.

Now, you place that $500.00 into a petty cash box. When someone buys something for cash for the business, you take the money out of the cash box, and log it onto your petty cash sheet. Keep the receipt. As the money starts to diminish, you total what is left. Say you have $75.50 left in the box and you need to replenish, here are the steps you would do to replenish the monies:

1. Total and categorize your receipts, i.e., postage, office supplies, gas, etc.
2. Add them up. In case of the remaining amount above, your total should add up to $424.50.
3. Now write a check for cash in the amount of $424.50, but when you expense it, you do not expense petty cash, you expense it as postage: $$$, gas $$$, office supplies $$$ and this should all add up to the $424.50.
4. Now, when you return with the $424.50, you will again have a total in your cash box of $500.00. Your trial balance will still state the original amount of $500.00 in your petty cash account.

This is the proper way to account for your petty cash.

Check out my website www.artesanibookkeeping.com

Using the QuickBooks Tutorial

One of the underused features in QuickBooks is the tutorial that loads on the system when you download the program for the first time. When I have a new client that calls me and tells me that they have never used the program and they have opened it up, they are frightened by the clutter on it. They see the live community moving, the tutorial and the flow chart and close it down and call me for help. (A fact that I like, by the way!)

So, we set up the appointment and the first thing I tell them is that they have homework. Their homework before the appointment is to watch the tutorials each night. Start with the customer one, go to the vendor one and so forth. It is just like watching a movie, but you can see the features of QuickBooks and become familiar with them without making any mistakes in setting up your data file.

When QuickBooks sends the new program out to the ProAdvisors (before it is released to the general public), we get to watch tutorials regarding all of the new changes they have made to the new program. They are really helpful.

So, all you "Newbies" out there, if you have just purchased the program, watch the tutorials. You may learn some great tips!

Check out my website www.rhodeislandbookkeeping.com

Merging Accounts in the Chart of Accounts

Has this ever happened to you? You go to a client's site and they tell you that their books are all "messed up". They tell you that there are multiple vendors with the same name, probably spelled differently. So you have John Smith, John P. Smith, John Smithe, etc. and they are all the same vendor. Your client wants the data merged. You look at each vendor and their are numerous entries under each one. How do you clean up the data file?

That is what is so wonderful about QuickBooks. You just go to the vendor, edit it and rename. When you rename, QuickBooks will ask you, "this file has the same name as a prior file, would you like to merge them?" You select yes, and all transactions will be merged under the same name with just one click! How easy is that?

This works will vendors, customers, list names, etc. It is also a unique feature for cleaning up the chart of accounts. But here you have to be careful because it will change data in a prior period. So you should check with your CPA before making a change of that nature.

Don't forget to use the merge feature when cleaning up a data file in QuickBooks. It is a real time saver!

Moving your QuickBooks program & data to a new computer

You are so excited. You have a brand new PC. You have it up and ready and you have transferred all of your data from the old computer to the new one. Now you have to load your program so you can get going on your QuickBooks.

Step one: Make sure you have your license number and your product codes needed off your CD before inserting into the new computer.

Step two: Load the QuickBooks CD or download the program and enter product codes where specified.

Step three: Do not select "use Google desktop" because this will really slow your computer down. And you certainly would not want to do that! That is usually the reason for the new PC. (this is for QuickBooks 2009 or earlier versions)

Step four: When it comes to registering, QuickBooks will prompt you to do so. If you are using the newest version of QuickBooks, when it sends you online, you just fill in your prior information and registration is a breeze. QuickBooks will link you back to your license number.  Otherwise, for QuickBooks 2010 or earlier, you have to call an agent and they will provide you with a validation code.

Step five: Open the program, find your data file and you will be good to go!  QuickBooks will update the file if you are upgrading to a newer version of QuickBooks.  It is okay to update the file.

Using Print bill stubs

Recently, I had a client that was writing down each bill that was paid on an account with a vendor that send her 25-30 bills per month. She was struggling because when she printed her bill payment check, the information for the stub was more than allowable on the print area. So she was writing a list of the bills that did not fit on her stub on a piece of lined paper so the vendor would know how to apply the discount she took each month when she paid her bill.

Talk about a lot of extra work. I showed her that all she had to do was pay the vendor. Print the check. Now go to File, Print forms, Bill stub; select the check that you have to print the extra long bill stub for and print. You will get a professional bill stub to attach to your bill payment with all of the information for your vendor to apply your payment.

So, save time and use print bill stub for your larger vendor payments.

Happy weekend everyone!

Why you should use a CPA for your annual tax return

I am not a CPA, so this is my disclaimer on this topic. I am a certified bookkeeper and an Advanced QuickBooks ProAdvisor. I have been in this business for a very long time and have helped and worked with many, many businesses.

One area where you should not skimp when it comes to your record keeping is hiring a professional. I have seen some businesses that spend so much money on what I determine to be unnecessary items and then when it comes time to file their return, they use their own software or hire "the guy next door" who knows a little about accounting. I even had a client who hired a man who said he was an accountant and he sure charged enough; but come to find out, he was not an accountant or a CPA. He was thorough, but he was an older gentleman and still did all of his records on the old green grid sheets. If there was a long way to do it, he did it and charged for it. He did not attend any of the conferences or take any of the classes needed to keep up-to-date on taxes. He was very behind the times.

I eventually convinced this client to hire a CPA. Not only did his costs annually go down, but the CPA saved him money by helping him use some of the tax advantages for his business that the client was unaware of. Additionally, when tangible tax time rolled around, the CPA helped my client fill out his return and saved a ton of money, since the old (faux) accountant was listing items annually that were no longer in the building. He just kept re-filing an old tax listing for the tangible return.

So, if you are unhappy with your CPA, find one that fits your needs. Now is a great time to interview one and find the one you like. There are so many different types of personalities out there and you can find one that works well with you. But hire a CPA, you will not be sorry getting a true professional.

Tracking Information for your 1099's

During the summertime, it is a great time to make sure you have all of the tracking information and preferences lined up in QuickBooks for the future tax season.

Go to preferences, tax 1099, and then map out the accounts that pertain to your business. Most businesses use box #7, non-employee compensation. This is where you set the parameters up for your subcontractors who are paid more than $600.00 annually.

This is also a great time to get all of your "ducks in a row". Make sure you have all the up-to-date information on your subs. Get them to fill out a W-9 and if it applies, get them to fill out the subcontractor form waiving worker's compensation. In Rhode Island, this form has to be filed with the state.

So enjoy your summertime preparing your books for next tax season!

Using the Opening Balance Equity Account

One of the many errors I find when going to a client's site to review their new business set up using QuickBooks is having a balance left in the Opening Balance Equity Account.

This account is a default account set up in QuickBooks as an offset account while entering your opening balances in the program. To start with your new company set up, I generally instruct my clients to use the Trial balance from your CPA and use those ending balances as your beginning balances. If you do that, you will not have a balance left over in the opening balance equity account because your records will reflect the balances from the prior years records from your tax return or your trial balance. They will be balanced out completely.

Now, if you do have a balance in the opening balance equity account, you will need to go through it to see what is in there. If there is money in there from your beginning balance in your checking account? Is that from income earned last year or this year? You need to determine that in order to allocate it properly.

So, be sure to check that account out carefully and get it to a zero balance.

Starting a new company file

So you have just purchased QuickBooks, you have loaded the program and you are excited about starting a new company file to track income and expenses on your new business.

Where do you start? Do you hire a QuickBooks ProAdvisor to help you set up your books? Well, of course hiring an Advisor will help to ensure the accuracy on setting up the file, but you can do this yourself using the templates chart of accounts provided in the QuickBooks program. There are so many choices from Service related businesses, Legal, Retail store, etc. It will be easy to find the select pre-set chart of accounts that works for your business. Go to file, New Company and take it from there! It is that easy. Be sure to watch the tutorials under the help icon on how to use the program and get started using your new accounting software.

Lastly and this is the biggest tip of all if you are entering your own records into QuickBooks, be sure to use the trial balance from the old accounting software and enter your begining balances as a journal entry.  DO NOT ENTER THEM AS YOU SET UP YOUR CHART OF ACCOUNTS IN THE EASY STEP INTERVIEW.  You will only need to enter the balance sheet accounts (unless you are starting mid fiscal period).  Make sure for the opening balances for accts. payable and accts. receivable, you enter the open bills and invoices dated in their earlier dates for the open balances for these two accts.

Proper setup is key to accurate accounting records.  If in doubt, hire a professional to help set you up in the QuickBooks program.

Finding your QuickBooks Data File

So you wake up to a major problem. Your computer is causing you problems and you open QuickBooks and your data file is not there....does this sound like your computer is haunted? No, but if someone had used the program in your absence and your file is m.i.a., you need to locate it. I have seen this happen. Usually, it happens when your boss, who is not too computer literate, attempts to check out QuickBooks.

The first fix is to go to file, open previous company. 99% of the time, the file is there.

I have also been to a client's site where the bookkeeper did not know the program and has been terminated. I am hired and I find that there are multiple copies of the data file on the hard drive. First, find the correct or most up-to-date file. Open it in the program. Next, run a search for the other data files. Delete them. You will not be able to delete the open (or correct file). This is the safe way to clean up the hard drive. Then I usually make my file folders and put the data file where I know where it is.

Then you should be good to go! Have a wonderful weekend (it is supposed to be nice here again this weekend).

Locking our your prior years records

I have been working with answering questions on QuickBooks forum and I came up with the following QuickBooks Tip of the day:

Entering a closing date for which your books are closed:

This is an interesting feature that is little used. It is also very important. I usually lock out my prior year as soon as the information is sent to my CPA. That way the information I sent him is pristine, since my tax return will be based on that information. After the return is sent, I will enter the closing entries and finalize my records.

Now, what happens if you receive a bill to pay that is dated in the prior year and your CPA has completed the tax return? Well, if you have properly locked out the prior year, you would not be able to enter it (and you do not want to) without using the password. I would then expense it in the current year since your return is complete.

Steps on setting a closing date are as follows:

1. Go to Edit

2. Preferences

3. Accounting

4. Company Preferences

5. Set closing date

It is that easy!

Adding a new bank account

Another beautiful sunny summer day in Rhode Island. Okay, I am lying. It is never sunny here. It definitely effects your mood, the lack of sunshine. Everyone in Rhode Island is in such a down mood. Let's hope for sunshine for the weekend.

Now on to the QuickBooks tip of the day:

SETTING UP A NEW CHECKING (BANK) ACCOUNT

So you want to add a new bank account. You will need to go to your home screen and click Chart of Accounts. At the bottom of the left side of your screen, select account, click "new" for adding a new account. select bank account for your account type. Make sure you enter all information like bank routing number and account number to your details for your account. Then, click okay. Make sure you give the account a number for an asset, like account number 1000, 1100, etc. To keep all your checking and savings accounts together on your chart of accounts. Do not select enter a beginning balance. Close out the new account set up (hit save and close). Next, I would record a deposit for my new bank account. That way you can account for where the beginning balance came from. It can be a transfer from the old bank account or a loan from officer, for example. Don't forget to go to edit, preferences, checking and select a default account to use when you open deposits or write checks, etc.

This is the best way to set up a new checking account.

Creating a Job in QuickBooks

The tip for today is Creating a Job for a Customer

One of the many great features of QuickBooks is the ability to use your data file in so many ways. The ability to create jobs under your customer name is one of them.

• Just go to the customer center,
• select your customer
• right click, and select "add job". 

This is especially helpful for contractors. You will be able to run job reports and customer reports. You can run a Profit & Loss on the job itself or on all jobs from your customer. When the job is complete, edit the job and select "close the job" to make it inactive.

Such an easy feature and so helpful for the busy client.

Lynda

Check out my website at www.artesanibookkeeping.com

Vendor type list & our Vermont trip

Sorry so late with this post for Monday. We got in late last night from our Vermont family reunion. I learned one very important thing from this trip, I am a city girl at heart. I could not live in that beautiful state because I was sooooo bored. There is nothing to do. Especially since it rained most of the time we were there. We did stop at this cemetery which was really interesting, since it has a person buried there that served at Gettysburg during the Civil War. Wow! That is an old cemetery.

Okay, now for my QuickBooks Tip of the day:

Using the Vendor Type List

There is a little used feature that you can find when you edit your Vendor information. You can add a "vendor type". Use the Vendor Type list to hold information about the types of vendors you pay, i.e., tax agency, utilities, etc. Use vendor types to categorize vendors in ways that are meaningful to your business. When you edit a vendor type, you can make it inactive, or you can choose to make that type a subtype of one of the other vendor types. This lets you group related vendor types in a nested hierarchy instead of displaying them all in a flat list.

It is a great way to organize your list, especially if you have many vendors, which will help you when searching for a vendor from the long list.

Lynda

Please visit my website at www.artesanibookkeeping.com

Home Page, using it to move around in QuickBooks

HAPPY FOURTH OF JULY EVERYONE!

We are very blessed to live in this country. Every once in awhile, it is nice to step back and stop complaining and be thankful for all of the freedom that we have. And we need to thank our veterans and the young men and women that are currently fighting for our freedom. It is because of them that we are able to live in such a great country. So to them, I say, "THANK YOU".

So, onward to today's QuickBook Tip:

Using the Home Page

Okay, to be honest, I learned QuickBooks many moons ago when we did not have a home page. So, when the home page came out, I quickly shut it off. I never realized what a convenient teaching tool it is until a member of my staff asked me why I kept shutting it off and could I keep it on because it helped them with understanding the flow of money.

Now, I use it all of the time. It is a great teaching tool for me. A lot of times a small business owner may not have the strongest background in Accounting and it helps them with the flow of business as well.

You can customize it to work for your business. Just go to Edit, Preferences, desktop view, click "show home page when opening a company file", then click the top tab that says company preferences and that is where you customize it.

So, Happy Fourth everyone. I am off to Vermont this weekend for the big Artesani Family Reunion.

Lynda

Check out my website at www.artesanibookkeeping.com

Modifying Reports, using the Advanced tab

Well, once again, dreary day in Rhode Island. How does Florida Bookkeeping, LLC sound? Right about now, I am ready to leave the lovely state of Rhode Island because it appears there will not be a summer here.


Today's QuickBook Tip:

Using the Advanced button in Modifying Reports

One of the features I love about QuickBooks is the functionality of being able to modify your reports. In the old days of One Write Plus (remember that) and Peachtree, you had to live with the default reporting that they gave you. With QuickBooks the sky is the limit, for the most part.

The tip for today is in reference to getting rid of all of the zero balance accounts when printing out your reports. Don't be afraid to play around with reporting. Bring up a year-to-date trial balance. Go to modify reports on the top left side of your screen, then click the advanced button. Next change the selection from active to "non zero". Now all of those accounts with zero balances are gone from the report. This is an especially nice feature when you give your client's monthly reports as it cleans them up for them.

So, don't be afraid to try all of the modifications in the reports section of QuickBooks. And if you find you have put a report the way you like it, don't forget to memorize it.

Learning Center: Tutorials

One of the most underused features in QuickBooks is the tutorial. It is funny, when I go out to meet with a client who is completely "green" about using QuickBooks, I find they have downloaded the program and opened it and were frightened about it's content. They see the Live Community running and all of the clutter on the new screen and say, "I can't do this without help", so they contact me. (A fact I am very happy about!)

When I set up an appointment to meet with them, I tell them for their "homework" before the appointment, I want them to explore the QuickBooks tutorials. Do one segment per night. Start with Customers, go to Vendors, etc. These tutorials are great. When I receive my new program every year, we have tutorials that say "Find out the new changes in QuickBooks" and I always watch them to see what changes have occurred. It is nice to have a live event to watch and follow. It is a great way to familiarize yourself with QuickBooks without having to use it before you are ready.

So, if you are a "Newbie" to the program, check out the tutorials. You won't be sorry.

QuickBooks and updates

QuickBooks updates

This is a feature that is usually set when you download the program. It automatically updates any changes that Intuit may have made to the program, i.e. patches to fix problems that have come up since the original making of the QuickBooks CD. Many times I will go to a client site and sit down to help them and when they open QuickBooks, they automatically "x" out of updating their program. As a ProAdvisor, we get emails regarding any fixes or changes to the programs explaining each change or patch to correct a defect in the program. You should always keep your program up to date. These fixes will HELP you. I know that sometimes it may take a few minutes out of your day to do this, but it is important. I have been at client sites and clicked okay and sat there for many minutes waiting for all of the updates because the client did not download any from day one.

So, click okay and grab a cup of coffee. You will be much happier with an updated program!