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