Intuit Payroll Update

If you use subscribe to the Basic or Enhanced version of QuickBooks payroll, a new update has been released!  It is Payroll Update 21204. 

The following message from Intuit describes what you need to do:

How do I get the Payroll Update?



It's important that you receive everything in the Payroll Update to make sure that you are in compliance with legislation that affects your payroll. Just follow these three simple steps:


1. Check to see if you have Automatic Updates turned on.


-- Choose Help > Update QuickBooks.


-- On the Options tab, you will see either Yes or No selected for Automatic Update.


2. If Yes is selected, verify that you received Payroll Update 21204 from within QuickBooks. Go to Employees > Get Payroll Updates. You should see a message that says, "You are using tax table version 21204."

If you do not have version 21204, you need to download the update manually.  Click here for instructions


3. If No is selected for Automatic Update, you need to download the update manually.  Click here for instructions.

FYI - Make sure you do this prior to processing your next payroll.  You want to make sure all the tax tables are accurate and any forms you may be using are the latest updates from your tax agency.

It's Year End! What Do I Do?

The end of the year is fast approaching!  Many clients are asking me what they need to do to "close their books".   There are two parts to my answer. 

First, you don't really "close" the books in QuickBooks as you do in other accounting programs.  At the end of the year, whatever amount that QuickBooks shows as a profit or loss for that year will automatically transfer into retained earnings on January 1. 

For instance, you run a profit and loss report for 1/1/11 to 12/31/11.  Your profit is $10,000 for the year.  You run a balance sheet.  Your balance sheet dated 12/31/11 shows a net profit of $10,000 and retained earnings of $50,000.  You then run a balance sheet dated 1/1/12.  Assuming you have made no entries dated 1/1/12, your balance sheet will now show a net profit of "0" and retained earnings of $60,000.  If you don't want everything combined into retained earnings, you can make a journal entry to separate funds.

Second, there are a few things you should do before sending your QuickBooks file over to your accountant.

a.  Reconcile your bank and credit card statements.
b.  Reconcile any loan accounts you may have.
c.  Correct any entries which may have been duplicated or entered in error.
d.  Make a list of all equipment purchased during the year.  (A great way to track this is through the Fixed Asset List.)
e.  If you have inventory, take a physical inventory and make any necessary adjustments.
f.  If you run payroll through QuickBooks, verify that the data is correct.  Make all necessary tax payments.
g.  If you have 1099 contractors, verify that data is correct and that you have the necessary information to prepare 1099's.
h.  Contact your tax accountant to determine if any additional information is needed.
i.  Make a backup and set a closing date.

This is also the time of year to consult with your QuickBooks ProAdvisor to solve any problems encountered as you go through the above steps and to see if there are ways to streamline your accounting for the next year.

Is Your QuickBooks ProAdvisor Certified?

Each year Intuit comes out with the latest and greatest QuickBooks edition.  QuickBooks 2012 was released a few months ago.  They then release the certification test for ProAdvisors.  The certification test just came out last week.  I was able to take the test and passed it!  I am now certified for QuickBooks 2012.

Why is this important?  Does accounting change?  No, a debit is still a debit and a credit still a credit.  But, keep in the mind that QuickBooks is more than an accouting program.  There are hundreds of business tools.  Each year Intuit tries to make doing the accounting more user friendly and they try to develop more tools which can be used to make daily decisions for your business.  Part of the certification is to learn about all the new features.  The other part of the certification is to test knowledge about the accounting part of the program.  There are many really great accountants out there, but if they do not have the proper QuickBooks certification, you may miss out on some of the "tools" within the program.  Many Certified ProAdvisors work in conjunction with your accountant.  So, it is important that the person you depend on to help you with QuickBooks knows the latest information.

Secondly, a person must be certified for three years before becoming eligible to take the Advanced Certification.  This certification tests on a wide variety of topics and really get delves deeper into QuickBooks, problem-solving, advanced reporting, and accounting. 

Third, Intuit has recently made some changes in the ProAdvisor Program.  One change is that only Certified ProAdvisors have access to U.S. based telephone support.  This can be very helpful.  There are many times where even I, an Advanced Certified ProAdvisor, gets stumped by a problem.  I can just pick up the phone and call tech support.  The U.S. based ProAdvisor tech support is much more knowledgeable than the general tech support.  Usually I can get an answer very quickly.

As you are looking for help with QuickBooks, make sure your ProAdvisor has current certification for QuickBooks.

Scheduled Maintenance for Intuit Payment Solutions

There is scheduled maintenance for Intuit Payment Solutions on 11/12/11 from 8:30 pm to 1:00 am PST.  According to the Intuit website, you will not be able to use the following services:  Merchant Service for QuickBooks, Intuit Online Terminal, the Merchant Service Center, Go-Payment, and Intuit based E-Commerce sites. 

You will be able to run voice-authorized credt card payments by calling the following numbers:

                                   Visa/MC/Discover/Amex: 800-228-1122
                                   American Express: 800-528-2121
                                   Discover: 800-347-1111

For a full description of the workaround, click on this link: 
http://www.quickbooksmerchantservice.com/newsletter/0905_Merchant_How-Tos.php

Should You Upgrade to QuickBooks 2012?

Usually I don't get too excited when Intuit releases a new  edition of QuickBooks.  This year is different!  

Since QuickBooks 2009 will become obsolete in the spring of 2012, you pretty much have to upgrade to 2012 before then.  Why?  First, Intuit will no longer support it.  You will not be able to run payroll or use any of the features which require connection to Intuit.  Second, if you wait to upgrade until the  following year or the year after, it is very difficult.  Intuit now locks the file after three years, so it cannot be opened in the new software.  Example - if you have 2009 and upgrade to 2012, it is very easy to open up your data in 2012.  But, if you wait until 2013, you cannot automatically open it.  You have to "step it up" in three year increments.  It is a major hassle and expensive.

What if you are using QuickBooks 2010 or 2011?  Should you upgrade?  Usually, I would say "no".  This year is different!  You may want to give it some serious thought.  There are amazing new features.  Scroll down to my last blog article to see a listing of these features.  They include free document attachments, FIFO inventory, period close, serial number tracking, saving excel spreadsheet formatting, calendar, and a lead center.

When should you upgrade?  QuickBooks 2012 was released to the public the end of September.  It is  usually wise to wait until at least the first maintenance release it out.  It was just released and addresses many of the initial "bugs".  While you may want to wait just a little bit longer, I feel comfortable installing it now. 

Where should you buy it?  Check out the AMS Office Solutions website:  http://www.amsos.com/specials.html, if you are purchasing QuickBooks Pro or Premier.  Many times, you can get a good price there, but shop around!  If you are purchasing Enterprise and are an AMS Office Solutions client, call 815-768-6163 or send an email to ams@amsos.com.  We may be able to offer special discounts. 

QuickBooks software is easy to install, but if you need help, you can always contact AMS Office Solutions. 

QuickBooks 2012 - New Features

QuickBooks 2012 has already been released to the QuickBooks ProAdvisors.  It is scheduled to be released to the general public on September 26th.  There are some exciting new features which will give small business owners even more tools to manage their busineses.
Document Center - You can now attach documents directly to transactions in QuickBooks and store the documents on your computer.

Calendar - View invoices, billing, and other tasks.

Batched Time Sheets - Easily create muliple timesheets for employees/vendors.

Lead Center - Track and follow up on new leads.

Excel Integration - Save worksheet formatting and integration for import into Excel.

Advanced Inventory - QuickBooks Enterprise will also be able to track serial numbers or lot numbers as well as use FIFO inventory valuation and Average Costing.

These features will be available in the client-based versions of QuickBooks.  Your QuickBooks ProAdvisor will have access to even more tools.

Watch for future postings to see a more detailed description of these features!

How to Disable the Intuit Payment Link on Invoices

It is now possible to have our customers connect to a secure website and pay us with their credit card or through their bank account.  When you elect to do this, a link is put on your invoice. 

However, this is not an option for some of us, so we need to learn how to disable it.

Check out this video to learn how:   Disable Intuit Payment Link on QuickBooks Invoices