Using Memorized Reports Groups in QuickBooks

This is a handy feature, especially for Property Management firms to track monthly recurring sales that are not all the same.

Note, if they are the invoices are all for the same amount, like and HOA (Homeowners Association), then it is easier to do this with the feature Batch Invoicing.

First you have to create your group.  Go to list, memorized transactions list and create a new group.

Select memorized transaction and then new group.

Here I created a Monthly Rents Group, to automatically enter, monthly.

Next create the invoice and go to edit, memorize.

Then attach it to the newly created memorized group, Monthly Rents

Here you can see it is now in the monthly group.

This group will automatically enter for you monthly.  You can edit any of these transactions, for example, when a tenant's rent increases or when they move out and you want to remove them.  You do this by going to the List, Memorized Transactions List page.

Lynda
Check out my website www.artesanibookkeeping.com

Invoice Numbering Doesn't Work in QuickBooks

Has this happened to you?  I started working with a new client and somehow the invoices came up with a punctuation in the number.  It looked like this:

Invoice with Invoice # 210.

To fix this, enter a new invoice, sales receipt, etc., and change the number in the invoice number spot.   Then click the little "save" icon.  It is on the top of the invoice next to previous and next.  Then click save and NEW.

Once you have done this and clicked save and NEW, the next invoice will come up with your new numbering:

This will work if someone accidentally modified an older invoice and clicked save and NEW and restarted the numbering from the past (which will cause you to create duplicate invoice numbers).  I have also used it when someone has entered a credit memo and used the invoice number as the credit memo number with CM before it.  This caused this client to have their invoices numbered CM101, CM102, etc.  Even though they modified a Credit Memo, it caused their invoicing to renumber.  This method will restart your numbering back on track.

Lynda
Check out my website www.artesanibookkeeping.com

Creating a Second Bank Account in QuickBooks

This may seem like a simple thing to do to most QuickBooks users.  But for some reason, I see this over and over again as a question on the QuickBooks Community Forum.

To do this, open QuickBooks.  Click on your home page (if it is not by default on the screen), then click Chart of Accounts (top right side of home page):

Home Page

Chart of Accounts

Next click "Account" and then "New":

New Account Screen

Select Bank and then enter the next screen.  Do not enter a balance in the opening balance box.  Usually, when you start a new bank account, you write a check from the old one (or make a transfer) and open the new bank account this way.  If you use the opening balance box, it will put the funds in opening balance equity account.  You do not want funds there.  See these other posts for how to write a check to start a new bank account or how to transfer from one bank account to another (if done online).

Completed Bank Screen for New Bank Acct.

You have now created a second bank account.  This account could be a checking account, CD, Savings Account, Money Market account or a Barter-type Clearing Bank Account.

The final step is to put this bank account as a default bank account if it is opened to be used for a specific purpose.  Is this the new payroll bank account, new operating account, etc.?  Then go to edit, preferences, checking and make this new account the default account that comes up.

Preferences Screen for Checking

These are all the steps on how to enter a second (third, fourth, etc.) bank account.

Lynda 

Check out my website www.artesanibookkeeping.com