Wow! Intuit fixed the void option for prior fiscal periods

 It is amazing how you can work in the QuickBooks program and stumble upon a new feature after using it for several months.

Today I was auditing the books of a client and found a check from last year that I wanted to void.  Normally, I would enter a deposit to the same expense account to "clear" the check from a closed period.  This way, I could clear the old check and clear the deposit, thus voiding it, but not disrupting my prior period figures.

When I clicked void to void the check, this new screen came up:

Click picture to enlarge

Finally, after all of the feedback notes I have sent in, Intuit listened!  Since this check was a prior period (I used a sample company for this blog.  It's date of current transactions is 2015).  When I checked "yes" it made the deposit for me to "clear" the old transaction and not change my prior period numbers:

Click photo to enlarge

I am so glad to find this new feature to QuickBooks 2011.  I cannot tell you how many times a client has called me to tell me that "last years numbers are messed up and I don't know what I did."  This new warning box with the option will help users void a prior period check.

I do have to say that QuickBooks 2011 is the best new QuickBooks product ever!

Happy New Year Everyone!

Lynda
Check out my website www.artesanibookkeeping.com

Closing out the year in QuickBooks

I thought this may be a timely post.  I have seen many people ask what the procedure is for "closing out the books in QuickBooks".

Well, with QuickBooks, unlike other programs, there really is nothing you have to do. It happens for you "behind the scenes".   Quickbooks automatically posts your net profit/loss to retained earnings so you start with fresh zero'd out income and expense accounts in your new fiscal year.

Here are a few of the things I do to close my books:

• Make sure all bank accounts are reconciled.
• Run a P&L detail report to make sure that all transactions are properly accounted for and if applicable, classed properly.
• Go through all liability accounts.  Recheck end of year balances with loan statements from the bank.
• Make sure depreciation entries have been made to assets.
• Check any prepaid accounts, like insurance, and make sure their balances are correct.
• Double check your payroll entries, especially if you do payroll manually.
• Check all accounts payable.  Run an A/P aging summary report.  Make sure balances are correct.
• Check all accounts receivable.  Run A/R aging summary report.  Make sure balances are correct.

Once I am sure my records are in order, I lock out the year by going to edit, preferences, accounting, set closing date password.  Then I send my file to the accountant by sending an accountant's file or a portable file, depending on my client.

I generally like to get the records to the CPA as soon as possible.  That way he/she has time to work on them before the mad rush of tax season.  For the most part, I get them to the CPA around the third week of January.

Then I prepare my 1099's for my subs and any W-2's for my employees ASAP.

That is it!  But it is a lot of work doing each file and it is time consuming.  So the busy time of my job is fast approaching.  The only final thing I do to each file is check the DB fragments by clicking F2 while in the file.  I like to keep my customer data files in good order.   You can refer back to a prior post regarding that type of "housekeeping".

So Happy Holidays to everyone out there!  And a Happy and Prosperous New Year too!

Lynda            

Check out my website www.artesanibookkeeping.com

Bank Reconciliation hangs when I click "reconcile now"

The dreaded spinning wheel of Windows.  You just clicked reconcile now and that is what you see.  Then the program (sometimes) crashes on you and you have to re-open QuickBooks.  How do you fix this?

Well here is a great tip from Ray White that fixes whatever is wrong and happening to your program:

Create a new bank account (here I created one called Checking 2) Change the name on the bank account that can't print from (Checking) to the new bank account name (Checking 2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Click photo to enlarge

This will merge the accounts (click yes)

Then rename he bank account to the original name. This should clear up your problem.

Lynda

Check out my website www.artesanibookkeeping.com

Online payment link - I want it off my invoices!

For the most part, I have not seen too many negative posts on the new QuickBooks 2011 program.  With one exception, Intuit is trying to promote it's Intuit payment network service.  While if you are using the service, it is a wonderful link to have on an emailed invoice (it connects your customer to a link to pay you directly from their bank account to your bank account).  I use this service for my business and it really is a time-saver.  Your customer can click the link, put their routing number and bank account numbers into the web page and pay their bill without having to issue a check.  The charge to your business is a minimal 50 cents per transaction.

However, if you do not use this service, it can cause confusion with you and your client.  Especially, if you did not notice the new feature and you don't use their service and you emailed your customer an invoice.  Here is a screen shot of the default setting when you upgrade to QuickBooks 2011:

  Click photo to enlarge

 You can see the box on the bottom left side,  just under the invoice.

So how do you shut this off?  You have to do the following:

• Go to edit
• Preferences
• Payments
• Company preferences tab
• Invoice payments
• Uncheck the boxes "show payment link on printed invoice and emailed invoices"
• You will see a warning box explaining the service and what you are shutting off, click yes.

Click photo to enlarge

It is that simple (although the link is kind of hidden).  I think Intuit did not make the greatest decision in putting this link on as a default since if you don't see it, it can cause some confusion with your customers if you don't use their service.

Have a wonderful weekend!

Lynda
Check out my website www.artesanibookkeeping.com

Sending larger QuickBooks portable files by email

Occasionally, I get to a client's site and need to work on their records at my office.  Many times this includes fixing payroll errors, something you cannot touch with an accountant's copy.  So how do you do this?  Well, I use a portable file and email it to myself (this is usually only an option when I cannot use my favorite remote service Logmein). 

To create a portable file:

• Click file
• Backup
• Portable file
• Save it to the desktop

Now I can attach the file and email it.  But most of the QuickBooks data files (even portable ones) are too large to attach to a regular email.  So, what do you do?  You sign up for a free program from You send it.  They allow you to send larger data files.  There is also a program called drop box.  That is a program you get for free if you use Yahoo email.  Either one will let you send that file.  

You set up your account on their website, log in, attach the portable and send it.  That is it.  It will be emailed to your accountant or in my case, to me, so that you can work on it and then send it back.  The client will have to restore this file with any changes you have made.  Also, the client will not be able to work in QuickBooks while you are working in the portable.   This is not like using the accountant's file where they merge your data.  Many times, I will do the portable route on a Friday and have the file back to the client for first thing on Monday morning. 

The best part about restoring a portable is that it re-indexes your data file.  That means it kind of cleans it up for you.  Keeps the house in order, so to speak.

Lynda
Check out my website www.artesanibookkeeping.com

Rental property management in QuickBooks

 My husband and I own 98 units in Rhode Island.  We are very versed in the Rhode Island Landlord Tenant Act and all that goes with owning property and being a landlord.  Let's just say it is definitely not "easy money".  Especially when you get that sewer line backup call on Christmas Eve.

The easiest way to set up your records for property management using QuickBooks is to open QuickBooks and go to:

• File


• New company file


• Select property management chart of accounts from the default selections


• Now, depending on your business, you can make your tenants your customers and use the class feature for your property locations.  This way you can run a Profit and Loss Statement by class and it will show all income and expenses per property location.  Your CPA will need this at the end of the year for tax filing.


• Now create and invoice for the first month's rent and memorize it. Create a memorized group called "monthly rentals" and add the memorized transaction to the group.  Set the memorized group to enter automatically each month.


• Depending on your business, you will have to create the following items: rental income, security deposit and prepaid last month's rent.  Create separate invoices for each item to be invoiced to your tenant.


• Make and item for any application fee or credit check fee.


• Now, when the tenant pays you, go to customer, receive payments and enter the payment against the appropriate invoice.


• Make sure you classify all bills and checks for each property as well.

That is a brief description of how to set up property management in QuickBooks.  If you are managing a property for someone else, you will set up the books differently.  Your customer will be the property owner and the tenants would be the jobs under the customer name.  You would invoice the jobs instead of the customer, but will be able to run a customer report to show all properties for your client.

Added side note:  There is a really detailed help page on "Ask Intuit" on property management.   It will answer many of the questions not addressed in this blog.

Lynda
Check out my website www.artesanibookkeeping.com

Recording a deposit when there are merchant service fees

This one always stumps people because they figure that only income can be recorded in the Make Deposit Window.

For example below, Heather Campbell has paid me through my Paypal account.  Now, I could download my transactions from Paypal, but I want to track my sales through items so I can see what I sell the most of.  When I go to download from Paypal, only the net deposit is downloaded, which in this case is $975.00.  So, I may have charged her $1000.00 for my services, but Paypal charges a fee of 2.5% for the service of collecting the funds via a credit card so I have to show that merchant fee of $25.00 somehow.

Here is how I record the payment to Heather Campbell's account:

Click photo to enlarge

Next, I record the deposit and enter the merchant fees:

Click photo to enlarge

So as you can see,  you will enter the sale for the full amount to clear the invoice and enter the merchant service fees expense this way.  Then you will be recording the correct net amount that actually deposited into the bank.

Lynda

Check out my website www.artesanibookkeeping.com

Closing out the new history button in the Customer or Vendor Section

I guess with all new improvements, they take some getting used to.  I am the biggest offender of this because when the home page was introduced, I quickly shut it off because I could not see a need for it.  I was so used to using the icons.  It wasn't until an employee asked me, "how come every time you work in a customer's file, you shut off the home page?"  And then she went on to tell me that this is how she finds areas in QuickBooks.  This is the only way she had known QuickBooks to look like. 

Of course, now I find the home page to be an effective teaching tool.

So onward to the topic of my blog.  A new feature in QuickBooks 2011 is this history panel that shows up in the customer>invoice or vendor>enter bills area:

Click photo to enlarge

Now there is this small blue arrow at the top of the history screen, just to the left of Heather Campbell's name.  Click that and your history page will close. 

I like the history box but I have worked on some of my client's computers that are not as speedy as mine and this new feature causes a delay in working in the program.  Only a few seconds, but every second counts, right?  To get the screen to return, click that same blue arrow, which will move to the right.

But if you don't have a delay, consider keeping the history button open.  I find it to be a handy way of looking as past transactions. 

Lynda

Check out my website www.artesanibookkeeping.com

Opening two data files at the same time in QuickBooks 2011

How do I open two files in QuickBooks 2011?
It is very easy.  First open QuickBooks 2011 and open your first data file.  This will be your primary company file:  (click on any picture below to enlarge)

Next, minimize QuickBooks and go to the data file folder where your next company file resides.  Double click on the actual data file:

This will open the next QuickBooks data file, which will be your secondary file.  You will see this warning box:

You will then see that you will have two QuickBooks icons on your desktop that you can switch back and forth with.  At the top of the data file, you can see which file is the primary and which is the secondary:

Now, for the list of restrictions (things you cannot do when you have the two files open):

Restrictions on both files:
When two company files are open, you cannot perform the following operations listed  below in either file.

Accountant Menu Items:

1. Manage Fixed Assets
2. Intuit Statement Writer
3. Export Balances to Lacerte Tax
4. Export Balances to ProSeries Tax

Add QuickBooks Services:

1. Adding any QuickBooks Add ons

App Center:

1. Install Intuit Partner Platform (IPP) applications

Intuit Data Sync (IDS) Setup: 

1. IDS Setup and Reset

Internet Connection Setup:

1. Setting up an internet connection from the Windows Control Panel

Registration and Licensing:

1. Registering QuickBooks, License Sync, Changing a License, Unlocking to Premier, and Adding Seats

SDK Applications:

1.  Any application that use the the QuickBooks Software Development Kit (SDK) to connect to QuickBooks.

Tax Product Integration:

1.  Integrating with TurboTax, Lacerte, or ProSeries

Update QuickBooks:

1.  Download an update to QuickBooks. If Automatic Download is on, the updates download, but are not installed until you exit from both file windows.

Restrictions on the Secondary file
When two company files are open, in addition to the operations listed above, you cannot perform the operations listed in the table below in the secondary file.


Banking:

1.  Order Checks and Envelopes
2. Set up Account for Online Services
3. Import Web Connect File
4. Create Online Banking Message
5. Loan Manager 
6. Set check Reorder Reminder
7. Participating Online Institutions
8. Learn about Online Bill Payments
9. Change Online Banking Mode

Company Menu Items:

1.  Advanced Service Administration
2. Alerts Manager
3. Customer Credit Card Protection
4. Manage Currency
5. Planning and Budgeting Tools
6. Prepare Letters with Envelopes

Customer Center:

1.  The Collections Center

The following Credit Card Processing activities:

1. Add Credit Card Processing
2. Add Electronic Check Processing
3. Add Mobile Payment Processing
4. Link Payment Service to Company File
5. Process Payments
6. Authorize/Capture Payments
7. Set up Recurring Payments
8. Get Online Payments
9. Record Merchant Service Deposits
10. Download Fees
11. Merchant Service Center
12. How to Process Credit Cards
13. Add Billing Solutions

Complex Password:

1.  The Complex Password Setup for Credit Card Protection

Customize Design and Layout:

1.  Estimate, Purchase Order, Sales Order, Invoice, Sales Receipt, and Credit Memo forms

File Menu Items:

1.  All items on the Import and Export submenus of the Utilities menu
2. Convert
3. Send Forms
4. Shipping Manager
5. Ship FedEx Package
6. Ship UPS Package
7. Track or Cancel a Shipment
8. Shipping Settings
9. Synchronize Contacts
10. Update Web Services

New Business Checklist:

1.  All items on the checklist

Payroll:

1.  My Payroll Service (all items)
2. Pay Employees
3. Setup
4. Create Termination Check
5. Start Scheduled Payroll
6. Edit Payment Due Dates/Methods
7. Edit Filing Methods
8. Setup Workers' Comp
9. Add, Edit, and Delete Payroll Items
10. Get Payroll Updates

Printer Setup:

1.  You can only setup a printer in the Primary window.

QuickBooks Messenger:

1.  Restricted in the Secondary window

Template List:

1.  New
2. Edit
3. Delete
4. Duplicate
5. Active/Inactive
6. Download

Year-End Guide:

1.  Restricted in the Secondary window

Restrictions on QuickBooks Help:

1. QuickBooks Help can only open in one window. It opens in the current window. If Help is already open in one widow and you click Help in the other window, Help does not open again. Use the Help in the other window to search for a topic.

Lynda

Check out my website www.artesanibookkeeping.com

Reconciling just one transaction

This is a question that I answer over and over again.  Sometimes you have to delete a deposit or a check that was already reconciled.  Many people think that means they have to undo their entire bank reconciliation and do it over.  This is not necessary.  You can make your change and just re-reconcile the one transaction, as follows:

First you make your changes.  In this case, I deleted two bill payment checks that were cleared by mistake.  When I went to reconcile I noticed the beginning balance is off.  So,  to see why my beginning balance is off, I run the reconciliation discrepancy report:  Click on any picture below to enlarge

 I know I need to recreate these two bill payments that I deleted in error.  I go to vendor>pay bills and recreate them.  Now, I go back to the bank reconciliation screen and re-reconcile just these two transactions.  Make sure you backup the dates of the bank rec one month so that you will be all set when you do your full bank reconciliation.

 

Then I just click reconcile now and close.  There is no need to print the bank reconciliation for just these two re-reconciled transactions. 

And that is basically it.  You have fixed your mistake of deleting a cleared transaction.

Lynda 

Check out my website www.artesanibookkeeping.com

Using Credit Card feature in QuickBooks

The best way to use credit cards in QuickBooks is to go to banking>enter credit card charges.  You can also access this link on your home page.

Once you have entered all of your credit card charges/refunds and your statement arrives, now it is time to reconcile the credit card acct. (click on photo to enlarge):

 Enter your balance due from your statement.  Enter any finance charges.  Click continue:

 Once you have clicked off all the transactions on the statement, you will see a difference of zero.   Next click reconcile now:

Now you will have the option to pay the statement in full (write a check) or enter a bill to make payments later.  For demonstration purposes, I clicked to pay the bill in full.  Now QuickBooks will create a payment to the credit card account:

It is that easy to use credit cards in QuickBooks.  If you do not want to pay in full, you can use the create a check selection and change/modify the amount.  The next time you reconcile, it will show the unpaid balance.


Lynda


Check out my website www.artesanibookkeeping.com

QuickBooks 2011 is here!!!!

Normally, I do not get exited about the new edition of QuickBooks.  This year is different.  There are changes that we all have been asking for and you will love this new program.  I have been using it for awhile and I have to tell you about a couple of things that I just love (more posts to come).

I love how quickly the program starts up.  There has been changes to how the program works when you click on the shortcut to start it.  My experience is that the program starts at least a full minute quicker.  This will depend on your PC, but any minute saved is a minute more that you can get your work done.  

Email is much better.  New this year, you can import business contacts directly from your Gmail, Yahoo or Hotmail webmail accounts.

There is also a search option that works like the old Google search from the 2007 version.  There were issues with that Google search, so it was removed from the versions after that and now a new and improved search is in this new program.

That is just a few of the new features.  If you were considering upgrading and held off, now is the time to do so.  Get QuickBooks 2011, you will be glad you did!

Lynda

Check out my website www.artesanibookkeeping.com

Using Memorized transactions

Well, it is finally Friday. Yeah! We have had the best summer and it is hard to believe it is Fall already.  Okay, now for my tip of the day:

Using memorized transactions:

I use these on many of my client's accounts because they save me time and save me from making errors. If you have a payment that is directly debited from your checkbook, you can memorize it so that it is entered automatically into your records.   Go to write checks off of your home page and enter the check and click on edit>memorize:

This is a great time saver if you are a bookkeeper who has multiple clients. Additionally, you can save time by setting up memorized transactions that you have to modify each time, like a rental property company with several locations and is using the class feature. If you have more than one utility bill from more than one location, you can memorize them so that they are all set up with the proper account and class imputed. Then you select the link for that property from your memorized list and your information will be recorded correctly and quickly.

Enjoy your weekend!

Lynda

Vendor who is also your Customer

So, you have this great relationship with your vendor and they purchase your service.  The vendor calls and says, "Look, I owe you and you owe me, let's call it a wash, since the amount owed equals the amount due".  But you need to record the expense and the income somehow.  Here are the steps to record this type of transaction:

• Create a bank account called "barter".
• Enter your bill and pay your bill using the new "barter" bank acct.
• Now go to your home page and enter your invoice to your vendor.
• Go to receive payments and enter your payment.
• Go to make deposits and select the deposit of the customer payment.
• Deposit this payment to the new "barter" bank acct.
• Your balance in the new "barter" bank account will be zero when the transactions have been entered.

Now,  you realize that these are "paper" transactions only.  No money actually changes hands.  It is just a way to record your expense and income in your records.

Lynda
Check out my website www.artesanibookkeeping.com

QuickBooks deleted some of my work!

I have received a telephone call from a client who have found me through the ProAdvisor site.  They stated that they worked in QuickBooks and then the next day when they went in their program, all the data from the prior two months is missing.  "The program deleted my work!"  

Can this happen?  No.  The program will not delete your work.  This is usually the case of saving the data file in more than one place and then opening an old data file.  

How can you prevent this from happening to you?

First, let's find out if you have more than one data file.   While in windows, do a search for .qbw files:

These are your data files.  Now when you find the most current data file, open it in QuickBooks and keep it open, but shrink or minimize it on the screen.  Now you can delete the duplicate files.  QuickBooks will not allow you to delete the open file. 

Lynda
Check out my website www.artesanibookkeeping.com

Adjusting Sales Tax Payable

While working with a client from New York, he stated, "How do I account for the discount the State of New York gives me for paying my sales tax on time?"  Here are the steps we followed to enter this income:

Go to vendor, sales tax, adjust sales tax (click on picture below to enlarge)

Select to decrease the sales tax and use "other income" or miscellaneous income for the adjusting account since this income is unearned income:

Next, when you go to make the payment, go to vendor; sales tax; pay sales tax and make sure you click on the amount due and the adjustment which will give you the correct net sales tax payment.

Lynda

Check out my website www.artesanibookkeeping.com

Bad debt: How to write one off in QuickBooks

This is one of the questions I see often on the QuickBooks Live Community forum:
(Please note, you can only write off a bad debt if you do your books on an accrual basis, if you use cash basis, you cannot use this method)

How do I write off an invoice that I will never collect? 

1. Go to customer>receive payment.
2. Click on the invoice you want to write off. Do not enter an amount at the top.
3. Select the discount button on the bottom right and use the bad debt expense as the discount acct.
4. Enter the amt you are writing off, save and close. 

(You can click on any of the photos above to see a larger view)

Lynda
Check out my website www.artesanibookkeeping.com

What is a QBWIN.log file?

So, what is a QBWIN.log file?  What is this file used for?

Have you ever received the dreaded message from QuickBooks that something is wrong with your data file and you need to rebuild it?  Now, I am curious and want to see what is wrong.  Here is how you do it:

• Open QuickBooks
• Click F2.
• While in the Product information window, Click Control button and 2 and open the Tech help window (this is what they would tell you to do if you call Tech Support). 
• On the Tech support help window, select the tab that says Open File.
• Scroll down to the QBWIN.log file, hightlight it and click open file.
• Now scroll down to the very bottom of this report and look at the last entry.  You should see the "error" listed there.  This will give you information on which transaction has the problem with it.
• Delete and re-enter this transaction and this should correct your error.  If it is not a transactional entry but a duplicate list entry, you may need to rename the duplicate entry to correct the error by merging the two list entries together.

Here are a couple of screen shots to show the above screens:

And if all else fails, you can send the file to Intuit's tech support for them to analyze and correct (fees will apply).

Lynda

Check out my website www.artesanibookkeeping.com

Have you ever used the F2 key?

Have you ever used the F2 key while in QuickBooks?   It is a pretty cool screen that pops up when you hit the F2 key that has a lot of important information.  But what does all of the info mean?

You can find out what product you are using, your license numbers, what release you are using (especially helpful to see if your product is up to date).  On the right side, you can see list information, which includes how many customers, vendors, etc.  You can see if the company cleanup feature was ever used.  On the left side,  you can see how many data base fragments you have.  

Okay, that is cool, but what does that mean to me?  You should try to keep your client's data base fragments to less than 9.  The more fragments, the more likely to have a data file problem.  

Here is a screen shot of the Product Information Box:

My next blog post will give you steps on how to keep the data file healthy and keep the fragments down.

Lynda
Check out my website www.artesanibookkeeping.com

Accountant's copy will not work thru Inuit's servers

I am not sure if this is something Inuit is doing because of the power outage last week or if this is something they scheduled to do, but the service to send an accountant's copy using their servers will be down today.  They are changing the server that provides this service.

What does this mean to you?  Well, you can still send the accountant's copy.  Just click to save it and use your own email service to send the file.  The same thing for sending the file back to a client.  Save it and send it back.

We are told that this will be fixed by tomorrow evening.  So, let's hope that is the case. 

Lynda
Check out my website www.artesanibookkeeping.com

Intuit and their server problems

This has been a difficult week if you are an online QuickBooks user, an Intuit Merchant services client, or an online payroll client.  The issue began in June 16th and they had another server problem on June 19th.  If you read the Live Community page, there were some nasty postings on the forum by the users of these services.  This is understandable, because in this economy, even losing one customer is one too many.

Whenever you have a computer problem, the time lost is valuable time.  And computer failures eventually happen to all of us.  While I feel for the people who suffered from  the lack of these services, you have to remember that these things do happen.  You also need to understand that Intuit does not want this to happen either.  I am sure they worked furiously through the days and nights trying to get the services back up and running. 

When I worked as a manager at a large office complex in Richmond Square in Rhode Island, we had a company that hosted client's websites.  They not only had backup servers that they could switch to if there was a mechanical problem but they partnered with a firm in another state that they could switch the entire system over to if a major power failure hit in Rhode Island (they also had a generator if there was a power failure).  I am surprised that Intuit does not have a system in place similar to this emergency plan by this much smaller business.  

We may never really be told what happened or why it happened, it just goes to show you how you need to also have a backup plan if you use online QuickBooks or online payroll. Michelle Long, another ProAdvisor wrote a wonderful blog to help people out at this time of crisis.  It was such a thoughtful thing to do and I am sure she helped out many (especially those who needed to do payroll).  

Let's hope that Intuit will get a handle on what happened and will create a better emergency plan so this does not happen again.  But we all have to understand that just like our computers can go down with no warning, this can also happen on a much larger scale.  We cannot be happy about it when it does happen, so we also need to learn and put a plan in place for when it does happen again.

Lynda
Check out my website www.artesanibookkeeping.com

Signature Feature in QuickBooks

Maybe I have been reading Erica Barton's "Diary of a Bad Bookkeeper" blog too much, but I really do not like this newer feature in QuickBooks.  I can just see the problems that can occur with it.

Additionally, many users are having trouble lining up their signatures or making it large enough to see on their checks.  Or just plain frustrated with setting the whole feature up.

  

But just imagine the possibilities for fraud or embezzlement if you set up your software to print your signature on your check.  It is as bad as having that old fashioned stamp with your signature on it.  A few times a year you read about a bookkeeper who stole from their employer.  I have been hired after that bookkeeper was caught and help these employers put policies in place to protect themselves.  And by far my #1 tip is not using this signature feature.  I know signing a check takes valuable time out of your day, but it is time well spent. 

If you read Erica's blog (& I highly recommend it), you will see many tips on how to protect yourself.  Her #1 tip is to have your business bank statement mailed to your home and not the office.  That #1 tip would have saved many of the clients I have met that had the Bad Bookkeeper.

Lynda

Check out my website www.artesanibookkeeping.com

Voiding a check from a prior period

This is a question I see over and over again.  It is a feature that would be nice to be added to QuickBooks.  That is, voiding a check from a prior period.  If you have an old outstanding check from a prior period and you go to edit, void check, it will mess up your prior period's numbers. 

So, how do you handle this transaction?

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Create a deposit in the current period and in the" apply to" area of the deposit to the same expense acct as the check you want to delete was written to. 

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Then when you reconcile, you clear the deposit and the old check. This will zero out or "void" your check in the current period and not affect the prior period's numbers. 

Lynda

Check out my website www.artesanibookkeeping.com

Transferring money between bank accounts, using a check

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Still an easy transaction, but when you use a check to transfer money, you need to process the transaction this way so you can have the check entered.  You just apply the other bank account as the "account from" and this will create a deposit into the savings account at the same time.

Lynda

Check out my website www.artesanibookkeeping.com

Transferring money between bank accounts

I am bringing this subject up because I worked for a client recently that made a simple one step transaction in QuickBooks much more difficult than it needed to be.

Without going into the creative way of entering 4 transactions that they used to enter this same transaction into their records, when I showed them all they had to do was go to banking, transfer funds, they were amazed.   Here is a screen shot of this transaction:

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I guess that would fall under the "KISS" theory (keep it simple, stupid).  But sometimes when you are working in an accounting program, you think it is much harder to do some of the tasks without knowing that there is an easier way.  This works great when you are transferring monies from one bank account to another, like an online transfer.  If you use a check to deposit into another account, my next post will show you how to handle that transaction.

Happy Friday everyone!

Lynda
Check out my website www.artesanibookkeeping.com

Changing a customer to a vendor in QuickBooks & Memorial Day

I used quick add feature and added a person as a customer and they should have been a vendor.  What can I do to fix that? 

Well, there is no easy, one click answer within QuickBooks.   You will need to create the vendor first, use the same name with "-new" after the name.  Don't forget, QuickBooks will not let you have a vendor and a customer with the same name.  

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Click photo to enlarge

Next run a quick report on the customer for all dates and move the transactions to the new  vendor with the "-new" name.  Once all transactions are removed, you can delete the customer and remove the -new.

Those are the steps. 

Since today is Memorial Day, it is a time we need to think about our veteran's that helped us be the great country that we are.  A special thanks to our veteran's past and present, especially the ones overseas fighting for our country right now. 

Lynda

Check out my website www.artesanibookkeeping.com