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