GET RESCUED FROM QUICKBOOKS! QuickBooks Training for Naperville - Plainfield - Joliet - Aurora

Intuit Payroll Update

2012-01-20T07:37:00.000-06:00

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?

2011-12-21T07:45:00.001-06:00

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?

2011-11-28T07:00:00.002-06:00

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

2011-11-12T08:15:00.001-06:00

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?

2011-10-25T07:00:00.006-05:00

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

2011-09-15T16:00:00.002-05:00

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

2011-08-01T20:44:00.000-05:00

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

Change Check Colors in QuickBooks

2011-06-28T21:12:00.000-05:00

If you have multiple checking accounts in your QuickBooks company file, do you ever get them confused? Have you ever created a check and then realized you created in the wrong bank account.

There is a little-known feature in QuickBooks which can help prevent this!

Open "Write Checks". Select a bank account. On the menu bar at the top, select "Edit". Scroll down to "Change Account Color". Select your new color and click "ok".

For a quick demonstration, watch this video:

How to Change Check Colors in QuickBooks

Open Windows in QuickBooks

2011-06-07T18:34:00.000-05:00

Those of you who use QuickBooks on a regular basis know that you use a series of windows. Everytime you do something, another window opens up. It is very easy to have several windows open and not even know it! Having too many windows open at one time can actually slow down your performance. I even had one situation where QuickBooks permanently froze because there were so many open windows. We could only solve the problem by un-installing the software and installing it again. You don't want that to happen to you!

Take a look at this video for a demonstration: QuickBooks Open Window Tutorial

So, how do you know how many windows are open? One trick that I use is the "Open Window List". On the menu bar, click "View", and select "Open Window List". This creates a column which shows all the windows that are open. Ideally, you want to keep the open windows to a minimum. I generally keep under ten open. If you have a large company file and open several reports, you may want to keep even fewer open windows.

When you close QuickBooks, make sure all the windows are closed. That will close it faster and open it faster.

How to Make a QuickBooks Backup Copy

2011-02-08T08:00:00.002-06:00

Backup copies are VERY important, easy to make, and yet something many people simply ignore!

How often should you make a backup copy? How much data do you want to re-enter if your computer crashes? Probably not much, so make a backup at the end of each use.

The following directions are for making a local backup. You can, however, also make an online backup through QuickBooks using the Intuit Backup. That will be another blog article.

To make a local backup, first designate a location for saving the local backup. You do NOT want it on your computer. If your computer crashes, you will not have access to it. Make the backup to some type of external device. You can purchase external drives for around $100 or even purchase a flash drive for under $20. Smart business owners have a recent copy stored off-site in case something happens to their office. Once you have designated a location, follow these directions.

1. Open up QuickBooks, go to "File", and scroll down to "Create Backup". QB software prior to 2011 will give the option to "Save or copy".

Then, this screen will appear:

Clicking the "Options" button will allow you to select certain options for this backup and future backups. That screen looks like this:

Once you have selected your options, click OK, and save and follow the rest of the interview. You can even create a schedule for making your backups. It's easy!

If your QB file is located on a server, make sure your IT professional is making a backup through QuickBooks as well as saving a copy of your file. It is important to make a backup through QuickBooks on a regular basis so you can "verify the data". This will help prevent data corruption problems in your file.

Payroll Updates

2011-01-30T18:57:00.000-06:00

Don't forget to update your payroll subscription. Lots of tax changes have been made recently. If you are using an older version of the payroll subscription, you may not be withholding the correct amounts.

Updating is very easy. Just click "Employees" on the top menu bar. Scroll down to "Get Payroll Updates".

You will be given the option to download only changes and additions or the entire download. I usually download only the changes and additions.

Click "Update". It will only take a few minutes. A screen will eventually pop up which will tell you the recent changes to payroll taxes. Read this, then close. It is usually best to close QuickBooks and then open again to make sure all the changes are activated.

Batch Invoicing - Now Available in QuickBooks 2011

2010-11-07T18:05:00.000-06:00

Batch invoicing is now available in QuickBooks 2011. This is a great new feature which will be a big help to many QuickBooks users. If you have the unpleasant task of billing many customers for the same product or service on a regular basis, you might want to take a look at this.

Batch invoicing is accessed by going to "Vendors" on the menu bar. You will see an option "Create Batch Invoices". This is the screen you will see when you click on this option:

If batch invoicing is done on a regular basis, you might want to create a billing group. This may take a little while to set up, but once it is configured it will only take a few minutes each time you want to create batch invoices. A great time-saver!

Great New Features - QuickBooks 2011

2010-10-24T21:31:00.000-05:00

This year I am very excited about some of the new features in QuickBooks 2011. I have not been the last few years, but this year Intuit has done a great job of listening to QuickBooks users and small business owners.

One of the features is a "Customer Snapshot". It looks like this:

The Customer Snapshot is accessed through the Customer Center. In includes information such as: how long have they been a customer, average days to pay, recent invoices, recent payments, sales history, and best-selling items for that customer. The screenshot can even be customized.

Remember, you can only use QuickBooks for THREE years and then you must up-grade to the latest version. So, if you are currently using QuickBooks 2008, it is time to start thinking about up-grading to QuickBooks 2011.

Keep watching this blog for more features and tips about QuickBooks!

The QuickBooks "History" Button

2010-08-30T09:00:00.001-05:00

Have you ever paid a bill only to receive a phone call from the vendor regarding the payment? Or, perhaps a customer has questioned a payment which was sent in. Using the "History" button at the top of your transaction is an easy way to see related transactions.

For example, a customer tells you that their check for $2000 paid your Invoice No. 55339. You can find the payment in QuickBooks, go to the bar immediately above the transaction and click "History". This will show how the payment was applied. Perhaps, you applied it to a different invoice.

Once the "History" screen is open, you can "go to" a selected transaction or you can print a report.

Click here for a video demonstration: QuickBooks History Button Tutorial

Recording Debit Card Transactions in QuickBooks

2010-08-23T08:15:00.001-05:00

You are trying not to run up your credit card, so use your debit card instead. So, how do you record those transactions in QuickBooks? Basically, anytime money is "sucked" out of your bank account, you should create a "check" in QuickBooks. "But," you say, "I didn't write a check." That's ok. The purpose of recording a "check" is to make that automatic journal entry. Follow these steps:

Open "Write Checks"
Enter information just as if you were writing a check to that vendor.
If you normally print checks, uncheck the "to be printed" box
Next to "No.", type in DC for debit card

Capitalization is important. You always want to use that same configuration. That will make your bank reconciliation much easier because everything will be sorted appropriately.

Note, you can also use this for automatic withdrawals, wire transfers, etc. Simply change the check numbers to EFT (electronic fund transfers), WIRE, ACH. Develop a simple coding system and stick to it.

Recording Bounced Checks in QuickBooks

2010-08-16T08:00:00.001-05:00

How do you record the transaction in QuickBooks when a customer's check has been returned? Unfortunately, with the economy and new bank rules, this is happening more and more. Your bank may also charge you a fee because a check has bounced. How do you record this, let your customer know that it has bounced, and pass a fee on to your customer? There are several steps.

First, create two new items:

Go to your item list and create a new item called "Bounced Check".
Item type should be "other charge"
The amount field can be left blank
Select "non" for the sales tax field
In the account field, select your bank account
Create another item called "Returned Check Charge". This item will be used to charge your customer a fee for their returned check.
Follow steps 2 -4
The account field should be an income account such as Returned Check Charges. (You may have to create this as well)

Second, create an invoice to your customer.

Click "Create Invoice"
Select the appropriate customer:job
There will be two items on this invoice. The first item will be "Bounced Check". The amount will be the amount of the check which bounced. The second item will be "Returned Check Charge". This amount will be the amount you are charging your customer. Make sure it at least equals what your bank has charged you.

Third, when the customer sends you another check or your bank re-deposits the check, receive payment against the above invoice.

How to Use the QuickBooks Calculator Feature

2010-08-09T08:00:00.022-05:00

This is a really cool feature that most people only stumble upon when they hit the wrong key! Here are the steps:

Put your cursor in the amount field and type in an amount
Hit a calculator function key (+, -, *, /)
Type in another amount
Hit "Tab"
The calculated answer will appear

You can repeat Steps 2 and 3 several times with different calculator functions.

Here is the video demonstration: QuickBooks Pop-up Calculator Tutorial

Handling Vendor Deposits in QuickBooks

2010-08-02T09:00:00.002-05:00

Sometimes our vendors require us to give them a deposit before they will perform a service or ship a product. The deposit is due before they send you the bill. To record this properly:

Write the Check:

Click "Write checks" to create a check
The payee will be your vendor. The amount will be the amount of the required deposit. Tie the check to "Accounts Payable". Click save and close to record.

Record the Bill:

When the bill arrives, record it as you would any other bill.

Pay the Bill:

Click "Pay Bills"
Select the bill to pay
Click "Set Credits"
Select the previous payment to be applied to the bill. Click "Done"
If there is still a balance due, it will appear in the last column. That will be the amount of your check. Click "Pay Selected Bills".
If there is no longer a balance due, the last column will show "0". You are basically writing a check for zero dollars. Even so, you will still have to click "Pay Selected Bills" to record applying the credit to the bill.

What do you then send to your vendor? Since the bill payment check does not show the credit which has been applied, you might want to open up the bill and then do the following:

Click the "History" button at the top
This screen shows both the check which paid the deposit and the check which paid the final amount
Click "Print" and send with the check to the vendor.

QUICKBOOKS KEYBOARD SHORTCUTS FOR DATES

2010-07-26T09:00:00.001-05:00

Before learning about keyboard shortcuts for dates, let's talk about setting up date preferences. You can set up a default date in QuickBooks to be either today's date or the last entered date. To do this, click "Edit" on the Menu bar and scroll down to "Preferences". Highlight the "General" category and click the "My Preferences" tab. This is where you set up the default date to be either "today's" date or the last entered date.

To use the date keyboard shortcuts, put the cursor in the date field and click the following:

Click this key:                   To achieve this result:

    t                                    Today

    +                                   Tomorrow

    -                                    Yesterday

    m                                   First day of displayed month

    h                                    Last day of displayed month

    w                                   First day of displayed week

These few tricks will help your fingers fly across the keyboard and get your data entered faster!

KEYBOARD SHORTCUTS FOR QUICKBOOKS

2010-07-12T08:00:00.002-05:00

Have you ever noticed that some people have fingers that just fly across the keyboard when they are using QuickBooks? They make everything look so easy! They are probably using a lot of SHORTCUTS. Here are a few to help with navigating around the QuickBooks screen:

1. To move the cursor to the next field, click the TAB key. It will automatically highlight what is already there so all you have to do is start typing the desired text or number.

2. If you are really good at using the number keys on the right side of your keyboard, you might want to use the ENTER key to move from one field to the next. By default, QuickBooks uses the ENTER key to record the transaction, but you can change that. Go to "Edit" at the top of the screen; scroll down to "Preferences". Highlight "General" and you will see a place where you can direct QuickBooks to use ENTER to move between fields.

3. To close out a window, most of us click that little tiny "x" in the upper right hand corner. Unfortunately, you probably have clicked the big "X" by mistake and closed the program! To avoid all this, simply click the ESC key on your keyboard and the window will close.

4. You can see all the windows you have open by clicking "View" at the very top and then click "Open Window List". This will create an additional column on the left which shows all the open windows. You can then click on this list to get from one window to the next. However, only have a few windows open at a time. Having dozens of windows open, slows down the program - especially if you have reports open. You also want to close all the windows before shutting down. It will make exiting faster and opening faster.

More Paperless Office Ideas through QuickBooks

2010-05-31T19:26:00.000-05:00

In Annette's quest to achieve a paperless office, she has tried many different things. (Some of them didn't work at all!) But, something that has been working for her and some of her clients is to scan each document. You can scan bills from vendors, purchase orders, documents concerning sales, etc. Just about anything. The problem is once you scan it, how do you name it? Well, there are all kinds of naming scenarios. One which Annette really likes is naming the scanned document as the transaction number of the QuickBooks entry. This is what she does:

Enter the transaction just like you normally would.
Save the transaction
Look at the journal entry it creates. Either click the button named "journal" or hold down the control key on your keyboard and then hit "y".
The Transaction Number is listed.
Scan the document
Name the document after the transaction number. For example: Trn. 000250
Save the scanned file in a file folder you have created in My Documents. You could save bills in a folder named "Bills", for example. Or, you could create a file folder for each general ledger account and save it there.

Now, I thought this would be a lot of work, but it really isn't. What happens is that the document is instantly filed and doesn't sit forever in the stack of "To be filed" which takes up a lot of space on the desk. An added plus is that if you are in QuickBooks and have a question about a transaction and wonder what the actual document looks like, you just check the journal entry and find the file.

Watch for my next blog and I'll tell you some ways that you can even "attach" that document to the QuickBooks transaction.

GOING GREEN WITH QUICKBOOKS - PART TWO

2010-05-18T07:30:00.002-05:00

To help you "go green", QuickBooks allows you to set user and company preferences for sending forms. Just follow these few steps.

Step 1: Select the edit menu at the top, select Preferences, and then select Send Forms.

Step 2: On the My Preferences tab, choose if you want to send the form using Microsoft Outlook or QuickBooks Email service.

a. If you choose to send the forms using Microsoft Outlook you have better control over the formatting. You can attach additional documents to the email before you send it. Plus, you can maintain a record of the email in your Sent Items folder within Outlook. However, if you send numerous forms electronically on a regular basis you will need to regularly archive your sent items folder to keep the size of your Outlook file manageable. You can setup company preferences to send a blind copy to a designated email and use that email account to store the forms you sent.

b. If you choose to send the forms using the QuickBooks email service you will not store a copy on your computer. However, you can still setup Company email preferences to automatically send a blind copy to an administrative email and store the forms using that address. This option also allows you to send forms without Outlook installed or configured on the local computer – with only an Internet connection. There is no fee for this service.

c. Click the Company Preferences tab to set the default email message the customer will receive when you send the form. When you are done, click OK to save your changes and close the preferences window.

Going Green with QuickBooks

2010-04-10T22:09:00.001-05:00

Did you know that QuickBooks can help your office go green; saving paper, ink and eliminate waste? As a corporation, Intuit went green in 2007, taking steps to reduce their carbon footprint and so can you. Most editions of QuickBooks include tools to share and file your reports and sales forms electronically. The following sales and purchase forms allow you to send the form as an Adobe Acrobat document – attached to an email.

                        • Estimates
                        • Sales Orders
                        • Invoices
                        • Purchase Orders
                       • Credit Memos
                        • Statements

Adobe Acrobat can be downloaded free of charge at www.adobe.com

A Common QuickBooks Error

2010-01-24T07:30:00.001-06:00

As a QuickBooks consultant who specializes in training and troubleshooting, I have literally seen hundreds of QuickBooks files in the past few years. Many of the people who contact me had already been using QuickBooks, but had problems. Quite often my client's CPA told them to contact me because QuickBooks had so many problems that their taxes could not be done properly. One of the most common mistakes is that the set-up was done incorrectly or incompletely.

It is easy to think that software named "QuickBooks" is easy and can be done by anyone.   Even the ads from Intuit portray it as a "do-it-yourself" program. But, you really need to call in the expert!

So, who is "the expert"?

You want to find a certified QuickBooks ProAdvisor. That person has taken course work concerning QuickBooks software and passed an exam.   An Advanced Certified ProAdvisor has been a certified ProAdvisor for at least three years and has taken a more rigorous exam which combines accounting knowledge and software knowledge. Other organizations such as The Sleeter Group also have a certification process. The Sleeter Group specializes in QuickBooks knowledge and how QuickBooks integrates with over 400 other software programs. Certified Sleeter consultants can be defined as "business process specialists".

When setting up QuickBooks, you also want to get trained on how to best use QuickBooks. If QuickBooks is set up correctly, the accounting will be done correctly. Many people stop there. Taxes are prepared correctly, but their set-up is incomplete because it doesn't include using the software as a business tool.  You want to find someone who understands how businesses work. That type of person can show you how QuickBooks can work best in your business environment.

Recently on the Sleeter Group on-line forum, one of the Sleeter members asked us to list the ten most common QuickBooks errors. Set-up and lack of training was mentioned over and over in the responses.

If you use QuickBooks or are just getting started, a little time and a small investment will teach you and your staff tools which will be a great asset to your business.

Keep watching this blog to learn more common QuickBooks errors.

QuickBooks Said I Made Money - Why Don't I Have Any?

2009-11-17T13:11:00.000-06:00

You run a profit loss report in QuickBooks. You look at the bottom line and you see that you made a profit. Great! Well, then, you say, why don't I ever have enough money to pay the bills? How many times have I heard that question!

Let's take a look at an example. The profit loss report shows your small business had a gross profit of $10,000 and that you had $8,000 in expenses. Your net income would be $2,000. Often people think this is the amount of money they have left after they pay their bills. This assumption may not be true for a couple different reasons.

First, the report you ran may be calculated on accrual basis. While an accrual based report is excellent for looking at the "big picture"; it is rather deceiving for cash flow. The amount of income is then what you billed - not necessarily received. The amount of expenses would be the amount of the bills you received - not necessarily what you paid. So, you change the report to cash based. The report then shows that you received $12,000 and had expenses totalling $11,000. You still think you should have $1,000 left over. But, in reality, you don't. Where did it go?

Second, take a look at your balance sheet. Do you have any bank loans, auto loans, or equipment loans? When you write a check to pay that loan, part of the payment is for principle and part is for interest. Only the interest expense is going to appear on your profit loss report. The principle portion appears on your balance sheet.

Example: You wrote a check for a loan payment for $1000. Of that amount, $600 was for principle and $400 was for interest. Your profit and loss report will include that $400, but it does not include the $600. So, the $1,000 you think you had left over may have actually paid that $600. Then you had another loan you paid in the amount of $1500. That amount included $800 in principle and $700 in interest. Again, the interest was included in the profit loss, but not the principle. In this case, that $1,000 you had left actually paid $600 and $700 in principle or $1,300. You didn't have enough, so you ended up not being able to pay $300 worth of current bills.

It is not uncommon for a business to be paying down so many loans that the money they receive goes there instead of being able to pay current bills. It is very difficult, if not impossible, to carry on business when your cash flow is negative. It is always a good idea, especially when times are tough, to really examine your cash flow as well as your profit loss reports and your balance sheet reports. There are many factors to take into account. Talk to your QuickBooks ProAdvisor or your CPA to get some help in designing this report. As Harold Geneen once said, "The drudgery of numbers will set you free". The more accurate information you have about your business's numbers, the better able you will be in making good business decisions.

Get QuickBooks 2010 for Free!!!! - Well, there is a bit of a catch......

2009-11-05T09:04:00.001-06:00

As many of you are aware, QuickBooks 2010 has hit the stores. If you recently purchased QuickBooks 2009, you may be eligible for a FREE upgrade!

You are eligible if:

1. You purchased it directly from Intuit 7/28/09 to 9/27/09
2. You purchased it from a retail store 8/11/09 through 10/10/09

If those dates apply to you, call 888-246-8848

This offer is good through 1/31/2010.

If you choose to download the upgrade, it is free. If you choose to have a cd sent to you, it will be $14.95 plus tax.

QuickBooks Security Alert - Time for an Update

2009-10-29T09:00:00.001-05:00

Intuit recently issued an announcement stating that a POTENTIAL security issue is now FIXED in supported versions of QuickBooks. Intuit is unaware that this has caused problems for any customers. This update is a preventative step. Intuit does come out with updates to QuickBooks from time to time. While this sometimes take awhile to do, it is always a good idea to be using the current release.

If you are using QuickBooks 2007 through 2009 Simple Start, Pro, Premier, and Enterprise Solutions 7.0, 8.0, and 9.0, you will want to update your QuickBooks file.

You can find the update at: http://support.quickbooks.intuit.com/support/productupdates.aspx

So what's this all about? Here is what Intuit has to say:

"We've recently released a fix to address a potential security vulnerability within QuickBooks. The issue was related to the use of ActiveX technology in some versions of QuickBooks. On learning about the issue, we fixed the problem, tested the fixes within the identified versions of the software, and have released updates that will address the vulnerabilities. We are unaware of any customers affected."

"What is ActiveX? ActiveX is a distributed object system and protocol technology developed by Microsoft. Microsoft updates its implementation of ActiveX controls from time to time through scheduled security updates. Many software and Web companies use ActiveX in their offerings."

Intuit also says, "If exploited, this vulnerability could allow a hacker to access the data on the user's computer."

Sometimes it seems that there are so many viruses and threats to the computers systems that our crucial to running our businesses. Keeping current on your QuickBooks updates - especially this one - is one additional way to prevent problems from occurring.

Should I Upgrade to QuickBooks 2010?

2009-10-16T15:46:00.009-05:00

QuickBooks 2010 is now available! But, should you upgrade?

If you are using QuickBooks 2007, Intuit will be "sunsetting" it early in 2010. That means the product will no longer be supported. More importantly, it means that any add-on products, such as payroll, will not work properly once the sunset policy has taken effect. It also means that if you choose to upgrade later, it will not be easy. If you wait more than 3 years to install a new software version, you are not able to open your company file up in the new version. So, if you are using QB 2007, you will want to upgrade in the next few months to 2010. You can go to my website to see if you can get any special deals. You may also want to use this as an opportunity to look into the different features between Pro, Premier, and Enterprise. This may be the time to change which edition you are using.

If you are using QuickBooks 2006 or before, you need to have your file opened in a more recent year before you can open it in QuickBooks 2010.

If you are using QuickBooks 2008 or 2009, you may want to check out the new features of 2010. They include:

Company Snapshot - You can get a graphs and reports on one screen to find out what is happening in your business. This screen can be customized to show what is important to you.

Improved Report Center - Reports are easier to access and "see" before opening. Enterprise users will have the ability to use an additional 13 custom fields in their reports. This is a big plus!

Add/Edit Multiple List Entries - This feature allows you to make mass changes in your lists.

Access Web-Based Applications - Intuit is making the move to integrate QuickBooks will all kinds of business-related web-based applications. They include email marketing, scheduling, document management, and customer relations. You can try them for free.

Just a bit of advice - Sometimes QuickBooks users think that their file is not working because it doesn't have the latest and greatest feature. Before purchasing more software, contact your QuickBooks expert!

When To Get Help with QuickBooks Problems

2009-10-15T19:51:00.000-05:00

This past week has been filled with networking events. It's fun to meet new people, catch up with some I haven't seen before, and get some leads for future business! This week I ran into a couple interesting situations.

The first was an individual whose company's financial software was being phased out by the software developer. They were looking to purchase another program. This company with well under 50 employees is seriously considering a software purchase of $30,000. This is only for the software. It does not include any of the time to transition or to train. They have been putting it off because it is so expensive. Not knowing what this software was like, I asked the individual if they had looked at other options. They had looked at QuickBooks, but immediately ruled it out because it just couldn't do what they wanted. They were right. QuickBooks by itself was not capable of performing those tasks. But - did they know that QuickBooks integrates with over 400 other software programs? Had they checked out any of those possibilities? She didn't think so and was going to have someone call me to investigate this possibility. Now, it may turn out that they have no choice but to purchase the $30,000 product. However, they now may have some other options!

The second individual was one who simply groaned when I introduced myself as a QuickBooks consultant. Those are the people who I know always need help with QuickBooks. It was probably set up incorrectly and, as a result, they cannot get what they need out of it.

AMS Office Solutions can help solve both problems. You may be at a point where you are "out-growing" QuickBooks. You may think that the only solution is to throw lots of money at the problem and purchase new software. There just may be other solutions out there! As a QuickBooks ProAdvisor and a Certified QuickBooks Consultant through the Sleeter Group, I have access to a wide varray of sofware applications which link to QuickBooks. Quite often, I can turn to these resources and find out what works, what doesn't, and what is recommended.

For those people who groan when the word "QuickBooks" is mentioned - some of my favorite clients were there once upon a time. I was even in that place many years ago. Sometimes just a few hours of fine-tuning your program and a little bit of training, will solve many problems and make your headaches go away. QuickBooks is an awesome program. You spent money on it. You spend time using it. You may as well learn how to use it properly and develop all sorts of reports so you can run your business with accurate information!

Will QuickBooks 2010 Help You Become Paperless?

2009-10-07T20:15:00.000-05:00

Each year Intuit comes out with the latest version of their software. They just released QuickBooks 2010 and Enterprise Solutions 10.0. Each time there are new whistles and bells. This year Intuit has made the move to web-based applications working with QuickBooks. Their Doc Center allows you to attach a document to your transaction. For instance, you can enter a credit card transaction and attach that little receipt that fades with time but you need to keep for IRS. All you need is a scanner. Once you have scanned it and made a couple keystrokes in QB, you have saved it and attached it to your transaction. Documents are stored on-line so even your accountant can have access if you choose.

There is also another option for document management - SmartVault. It is a third-party software application which integrates with Quickbooks. SmartVault accomplishes the same thing, except you can use it in older versions of QuickBooks and documents are not stored on-line.

A great feature with both products is that you can have a person who does not even have access to QuickBooks scan all the documents. Then the person with access can simply attach them to the transactions.

For more information about these applications, please feel free to contact me.

QuickBooks 2010 Release Coming Up!

2009-09-18T12:42:00.000-05:00

Intuit has announced that the new QuickBooks 2010 will be released on September 28th! Watch this blog for more information about new features including document management and features which will make it easier for your accountant to file your taxes.

Purchasing QuickBooks is easy. You will be able to download the new version from my website, http://www.amsos.com/, or purchase it through a variety of stores.

If you currently have QuickBooks 2007, you will need to be up-dating it to 2010 in the next few months. Intuit generally "sunsets" editions when they are three years old. The sunset date usually occurs in the spring. Once the sunset policy is in effect, Intuit discontinues support of that product and also discontinues any integration with add-on (such as payroll or merchant services). It is also difficult to up-date the product in later versions. For instance, it is easy to go from QuickBooks 2006 to 2009. To go from 2006 to 2010 will require access to QuickBooks 2007-2009. So, plan ahead for your QuickBooks upgrade.

QuickBooks Makes Journal Entries? Automatically?

2009-09-14T07:00:00.001-05:00

A QuickBooks user creates a form and then hits "save and close". What did that just do? It actually automatically created a journal entry! To see the entry, go back to form created. Some versions of QuickBooks have a button on the bar directly above the invoice labeled "Journal". If your version does not, hold down the Control key on your keyboard and hit "y". A report will pop up on the screen with your journal entry.

We may not be finished yet! Some versions do not automatically show the debit and credit columns. If your report does not, click the "modify" button on the upper left hand side of the report. In the "column" section of that screen, simply put a check mark next to "debit" and "credit" and then click "ok". Your report will now show the debit and credit columns.

Just remember - the form must be saved before you can see the journal entry.

QuickBooks Can Do This? A Few Quick Tricks

2009-09-04T11:01:00.002-05:00

Sometimes getting around QuickBooks can be a bit confusing and frustrating. There are lots of little tricks. Here are two of them:

On the Home page, click "View" on the menu bar in the upper left hand corner. Check the first option, "Open Window List". Another column will pop up on your screen on the left hand side. This column will show all open windows such as reports, the customer or vendor center, or various forms. It is easy to jump from one window to another using this column. This is especially helpful if you are looking at reports. A few words of caution - you only want a few windows open at a time. I have seen clients have forty or more windows open at one time. It slows down your computer and can actually jam up your reports. When shutting down QuickBooks, it is always a good practice to close all the windows except your Home page. This will make the shut down faster and the start-up much faster.
Closing out windows in QuickBooks. When we are finished with a report or one of the Centers within QuickBooks, most of us click on the little "X" in the upper right hand corner. That works fine, but it is very close to that big red "X" which shuts QuickBooks down. What a pain when that happens! So, in order to avoid that, simply hit the "escape" key on your keyboard. That will close out the window that is on your screen.

Get QuickBooks Working for You

2009-08-05T14:25:00.000-05:00

Quite often as I am out in the community networking with area businesses, a person who learns I am a QuickBooks ProAdivsor will say to me, "I use QuickBooks, but I know it's messed up. I just let my accountant fix it at the end of the year. I don't understand that stuff anyway."

What a shame! QuickBooks is an awesome program. Most people only scratch the surface and use it simply as an electronic check register, a word processing program to send out invoices, and a means to get information to their accountant. Used correctly, it can help a business owner make all sorts of decisions on a daily basis.

For instance, it is not uncommon to think that the customer who gives us the most business is our most profitable customer. By utilitizing a few tools within QuickBooks such as job-costing and tying expenses and time to various customers, we can create a profit and loss report by customer. We may find that the customer who gives us the most business is also costing us a lot more than we think! In fact, by the time we calculate all the time, entertainment, and all the discounts you give this customer, we might even be losing money. Set-up correctly, this information is actually fairly easy to obtain.

In the course of my consulting work, I see many QuickBooks company files. Quite often a business will have all revenue generated posted to one account - Sales Income. While there is nothing wrong with this, it really doesn't tell the business owner very much. That revenue may come from different sources. Some may be from labor; some may be from materials which had to be purchased. By creating a few more accounts in the Chart of Accounts and a few more items, the business owner will get a more detailed picture of the business.

Harold Geneen said in his book, Managing, "The drudgery of numbers will make you free." The joy of QuickBooks is that once set up correctly, it takes very little effort to get those numbers to create all sorts of reports you can rely on to better run your business.