- Add to my Reminders List. If you click the button in front of this option, the current transaction will appear on your Reminders List every time it’s due. You might request this for transactions that will change some every time they’re processed, like a utility bill that’s always expected on the same day, but which has a different amount every month.
- Do Not Remind Me. Obviously, QuickBooks will not post a reminder if you click this button. This is best used for transactions that don’t recur on a regular basis. Maybe you have a snow-shoveling service that you pay only when there’s a storm. So the date is always different, but everything else is the same.
- Automate Transaction Entry. Be very careful with this one. It’s reserved for transactions that are identical except for the issue date. They don’t need your approval – they’re just created and dispatched.
New Business Directions, LLC is pleased to announce the recognition of Rhonda Rosand, CPA as an Insightful Accountant Top 100 ProAdvisor for 2016. This will be Rosand’s third consecutive year receiving the award out of tens of thousands of ProAdvisors in the country.
Leading Top 100 ProAdvisors leverage the ProAdvisor Program to better serve their clients, grow their own business, deliver great client service, and increase their knowledge and understanding of the Intuit ecosystem.This years award ceremony will take place at the Scaling New Heights 2016 conference at Atlantis Paradise Island Resort in the Bahamas.
It’s not hard to see when your home needs a good cleaning but QuickBooks company file errors are harder to recognize so here are a few errors to watch for:
- Performance problems
- Inability to execute specific processes
- Occasional program crashes
- Missing data (accounts, names, dates)
- Refusal to complete transactions
- Mistakes in reports
One thing you can do on your own is to start practicing good preventive medicine to keep your QuickBooks company file healthy. Once a month or so, perhaps at the same time you reconcile your bank accounts, do a manual check of your major Lists.
Run the Account Listing report (Lists, Chart of Accounts, and Reports). Ask yourself: Are all of your bank accounts still active? Do you see accounts that you no longer use or which duplicate each other? You may be able to make them inactive or merge duplicates. Be very careful here. If there’s any doubt, leave them there. Do not try to fix the Chart of Accounts on your own. Let us help or speak with your tax preparer. Do not make accounts with balances inactive.
Figure 2: You might run this report periodically to see if it can be abbreviated.
A Risky Utility
The program’s documentation for this utility contains a list of warnings and preparation steps a mile long. We recommend that you do not use this tool. Same goes for Verify Data and Rebuild Data in the Utilities menu. If you lose a significant amount of company data, you can also lose your company file. It’s happened to numerous businesses.
Figure 3: Yes, QuickBooks allows you to use this tool on your own. But if you really want to preserve the integrity of your data, let us help.
The best thing you can do if you notice problems like this cropping up in QuickBooks – especially if you’re experiencing multiple ones – is to contact us. We understand the file structure of QuickBooks company data, and we have access to tools that you don’t. We can analyze your file and take steps to correct the problem(s).
Your copy of QuickBooks may be misbehaving because it’s unable to handle the depth and complexity of your company. It may be time to upgrade. If you’re using QuickBooks Pro, consider a move up to Premier. And if Premier isn’t cutting it anymore, consider QuickBooks Enterprise Solutions.
There’s cost involved, of course, but you may already be losing money by losing time because of your version’s limitations. All editions of QuickBooks look and work similarly, so your learning curve will be minimal.
We Are Here for You
We’ve suggested many times that you should contact us for help with your spring cleanup. While that may seem self-serving, remember that it takes us a lot less time and money to take preventive steps with your QuickBooks company file than to troubleshoot a broken one.
The New Business Directions team is pleased to announce our newest QuickBooks® Online ProAdvisor!
Sondra Love has successfully completed the requirements to earn her QuickBooks® Online 2016 certification. This training will allow Sondra to provide assistance to businesses setting up, navigating and troubleshooting their QuickBooks® Online software.
New Business Directions, LLC specializes in QuickBooks® consulting and training services, coaching small business owners, and providing innovative business solutions.
To learn more about New Business Directions, LLC and QuickBooks®, please call (603) 356-2914 to schedule an appointment or visit our website.
Rhonda Rosand, CPA has successfully completed the requirements to earn her designation for the twelfth consecutive year as a Certified QuickBooks® ProAdvisor.
Certified QuickBooks® ProAdvisors are CPA’s, accountants and other professionals who have completed comprehensive QuickBooks® training courses and met the annual testing requirements in order to become certified as experts in QuickBooks®. The courses are designed for accounting professionals and consultants who have a solid understanding of accounting principles.
An accounting professional since 1986 and a Certified Public Accountant since 1992, Rhonda is a one-of-a-kind, live-your-dreams business coach and trainer. She has real-world business experience, well-honed problem-solving skills and an enthusiastic, energetic, can-do attitude. She believes that a successful business stays that way not only by managing its finances well, but also through a proactive plan that includes marketing, strong customer service and long range planning. “Today it is not enough to have a good advisor who works with you once a year”, says Rosand. “The best approach is to actively manage all aspects of your business, all year long.”
Rhonda Rosand, CPA is the owner of New Business Directions, LLC.She specializes in QuickBooks® consulting and training services, coaching small business owners and providing innovative business solutions.
To learn more about New Business Directions, LLC and QuickBooks®, or to schedule an appointment, please call (603)356-2914, email email@example.com or visit the website at www.newbusinessdirections.com.
QuickBooks 2016 offers some new features that we are excited to share with our fellow accounting professionals. Batch Delete/Void Transactions and enhanced Statement Writer Support are two of the latest features available to Accountants only. Sorting on Item Custom Fields and Auto Copy Ship to Addresses are features only available in Premier (including Accountant) and Enterprise versions of the software.
Batch Delete/Void Transactions
We are cautiously excited about this new feature as it could prove to be quite dangerous in the wrong hands. Fortunately, Intuit realized that and only made the tool available in the Accountant and Enterprise versions of the software and in the Accountant Toolbox in the Pro and Premier versions.
It works for Invoices, Bill and Check transactions, but not for Credit Cards Charges or Deposits, at this time. It is also not available for Payroll or Sales Tax Transactions. The columns can be sorted by Entered Date, Modified Date or Transaction Date as well as by Payee, Type, Number, Account or Amount.
Any other transactions that are linked to the transaction to be voided/deleted are highlighted for you to be aware and to address them as well, if need be. For example, voiding a Bill-Check does not void the related Bill.
I am hopeful that Intuit will improve this feature and add the ability to work with Credit Card Charges, as I have seen many occasions where these were imported to the wrong account or even twice to the same account. As with any tool of this nature, we recommend a backup before and to Void instead of Delete.
Statement Writer Support for Microsoft Office
I do not prepare financial statements, but for those who do and for those who use the QuickBooks Statement Writer, it is essential to have the integration with Microsoft Word and Excel. With QuickBooks 2016, we have this integration with the Accountant and Enterprise versions of the software. However, we still do not have support for the cloud-based Microsoft Office 365.
Sorting on Item Custom Fields
In prior versions, we had the ability to sort on the Customer and Vendor Custom Fields, but not on the Items Custom Fields – those fields were mostly notational and not very reportable.
In QuickBooks 2016 Premier, Accountant, and Enterprise, Intuit introduced this feature which will allow sorting on Inventory Valuation and Inventory Stock Status reports as well as the Inventory Price List. This will save countless hours of exporting to Excel and creating Pivot Tables to gather the required information.
Auto Copy Ship to Addresses
For Contractors and Retailers who order materials or goods to be shipped directly to the job site or customer, QuickBooks 2016 – Premier, Accountant and Enterprise, has the ability to populate the Customer address in the Ship To Address directly from an Estimate or Sales Order, simply by selecting the Drop Ship to Customer checkbox when creating a Purchase Order.
QuickBooks 2016 Desktop was recently released and there are a few new features that you will want to take a look at to see if it has something worth upgrading for.
The Bill Tracker is similar to the Income Tracker in the Customer Center that was released as a new feature in QuickBooks 2014 and improved with QuickBooks 2015. The Bill Tracker is located in the Vendor Center and allows a Snapshot View of Purchase Orders, Open Bills, Overdue Bills and Bills that have been paid in the last 30 days. Transactions can be managed from this area and batch actions can be taken to print or email and to close Purchase Orders and Pay Bills.
This Fiscal Year-to-Last Month
In the past, we had choices for date ranges on financial reports of This Fiscal Year or This Fiscal Year-to-Date as well as This Month or This Month-to-Date, none of which worked well for month-end reporting purposes. We now have This Fiscal Year-to-Last Month which allows us to print our financial reports as of the end of the Last Month, through which accounts are typically reconciled. This will allow us to Memorize Reports with the correct date instead of saving with a Custom Date that needs to be changed each time.
Sales Receipts, Invoices, Estimates and Purchase Orders all have an Email Later check box and it’s a “sticky” feature, meaning that once selected, it remembers for future transactions. In the past, we would accumulate many documents in the queue to be sent later and if we wished to clear the queue, it would have to be done individually. With this release, under the File menu, Send Forms, we can now Select All and click Remove.
do a Backup!
A couple of years ago, QuickBooks® gave Accounting Professionals a tool just for us – it’s only in the QuickBooks® Accountant and QuickBooks® Enterprise Accountant versions. It’s called Period Copy and it allows us to extract transactions between a set of dates for a specified period of time and condense transactions outside of the range.
This preserves transactions in the condensed file only for a particular period with entries prior to that period summarized and entries after that period removed.
This is useful for clients with file size and list limit issues as well as for third-party requests of information – not only for audit requests, but also in the event of a business sale, a divorce or legal dispute when you do not need to provide the entire QuickBooks® file.
First thing – BACKUP your data file. You are creating a new file to be issued to a third-party and you do not want to overwrite your working file.
Then under the FILE menu, UTILITIES, CONDENSE DATA –
Accept the prompt that it is ok to lose Budget data.
When it prompts you for what transactions you want to remove, select “Transactions outside of a date range” to prepare a period copy of the company file. Set your before and after dates to include the period you want to keep.
Then when it prompts you how transactions should be summarized, choose “Create one summary journal entry“.
Remove the recommended transactions.
Once complete, you will have a QuickBooks® data file with only the relevant transactions for a specific period of time and you won’t be disclosing more information than need be.
Both the Desktop and Online versions of QuickBooks maintain an Audit Log showing a history of activity in the file by user.
QuickBooks Online Accountant allows you to see all of your QuickBooks Online accounts listed in one login screen and you can choose which client file to access.
Recently, we have witnessed several cross-overs of usernames in the Audit Logs. For example, you could be working in QuickBooks Online as yourself (the Accountant) on Client A, but the Audit Log shows you logged in as Client B on Client A’s file. If Client A happens to check the Audit Log, this could cause quite an alarm!
Unfortunately, there is nothing you can do to change the username retroactively in the Audit Log. There are, however, ways to fix this if it is happening now, and ways to prevent it from happening in the future.
If you have access to multiple QuickBooks Online companies, review the Audit Log in each company. If you log into QuickBooks Online as yourself, and the Audit Log lists another user’s name, this is where you will need to edit your Username record. To edit your username record in any of your QuickBooks Online company logins, go to https://www.login.quickbooks.com/.
Once logged in, you will see a drop-down menu of QBO companies that you have access to. After selecting the company with the incorrect username, you can edit that username to correct the issue going forward.
When you access a new QBO Company, it is always a good idea to check the Audit Log firsthand to prevent future issues.
We have notified Intuit Support of these Realm issues as have other ProAdvisors, and we are awaiting their solution. In the meantime, you may wish to reach out to your affected clients proactively.
As Accountants we default to the tried and true – the journal entry – we use the traditional system of accounting to record, adjust and correct all things. A debit here, a credit there and voila, we are done.
Not so in QuickBooks® – Journal entries do not use “Items” and items are the backbone of all the subsidiary reports in QuickBooks®. When you run job profitability reports, the costs recorded by journal entries do not show up on the Profit & Loss by Job reports. This holds true for any item-based reports in QuickBooks®.
QuickBooks® likes to have all transactions start with the source document – a Sales Receipt, an Invoice, a Credit Memo, a Payment Receipt, a Deposit, a Bill, a Credit, a Bill Payment, a Check, a Credit Card Charge, a Statement Charge, an Inventory Adjustment, a Sales Tax Adjustment, a Sales Tax Payment, a Payroll Check or a Payroll Liability Payment.
There are very few reasons to create journal entries in QuickBooks® and they should be limited to non-transactional entries with the exception of outsourced payroll.
If you use a third-party payroll service like Paychex® or ADP, the payroll company sends you reports. To record the numbers from those reports into your company file where you need them, you can use journal entries.
You may also need to enter year-end adjustments for Depreciation, Amortization, Prepaid Expenses, Deferred Revenues, Accrued Payroll and Taxes or to allocate Net Income to Partner Equity accounts. These may be done in the form of journal entries and/or reversing entries.
Otherwise, it’s best to use the source documents. Using the forms allows you to maintain the integrity of the management reports like Sales by Customer or Sales by Item.
You should never make journal entries with Accounts Receivable and/or Accounts Payable accounts. While it may clear out the account to zero, you will notice on your Aging Reports that the fixes live forever in the clients’ QuickBooks® file.
Sources and Targets in Journal Entries
All of that being said; I am convinced that some of you are still going to insist on using journal entries for adjusting Accounts Receivable and/or Accounts Payable in QuickBooks®.
With that in mind, a final word of caution – do not use these particular Balance Sheet accounts that require a Customer or Vendor name to be associated with them as the first line in any journal entry.
The first line in a journal entry is the Source of the transaction. All subsequent lines are Targets of the transaction. When you enter a Source Name, QuickBooks® copies that name into any Target Name that you leave blank.
When you make a journal entry in QuickBooks® with Accounts Receivable/Accounts Payable as the first line item and assign a Customer/Vendor Name to that line, each subsequent line uses that Name even if you leave it blank.
For example, let’s say this is the journal entry that you give to your client to enter into their QuickBooks® file to tie out to the year-end trial balance:
This is what QuickBooks does with the transaction behind the scenes:
All lines of the journal entry are associated with the Customer Name “Bill Smith”.
Copying the Source Name creates issues when you filter a report for the Customer: Job Name and the report includes transaction lines that you do not intend; it distorts the report.
To avoid having Customer/Vendor Names incorrectly copied down to the blank lines of an adjustment –
- Enter the accounts with names on the lower lines of the journal entry after the accounts without names, or
- Create a dummy name on the Other Names list e.g. “No Name” and enter it on each of the Target lines.