New Business Direction LLCOpening Balance Equity in QuickBooks
Ah, the Opening Balance Equity account – as accounting professionals it’s one of the first things we look for when someone hands us a QuickBooks® file at year end. It tells us a great deal about the clients’ skill level with QuickBooks® and is an early indicator of how much time we…
Memorized Transactions in QuickBooks
If you frequently enter the same transaction, you can memorize and schedule the entry of the transaction so that you will not have to re-enter it each time. For example, you can memorize your monthly rent or a journal entry for monthly depreciation expense or even a recurring invoice to a customer….
QuickBooks File Types and Extensions
Did you know that there are at least 40 different file extensions in QuickBooks®? Those are just the ones that I found when researching this article – I am sure there are many more! There are extensions for everything from Loan Manager and Financial Statement Designs to Online Banking and Images. There…
Announcement: POS V10.0 Certification
Rhonda Rosand, CPA completed her certification in QuickBooks® Point of Sale Version 10.0 in May of 2012. This is her second official recognition in Point of Sale as she was previously accredited in Version 8.0. In order to become a Certified QuickBooks® Point of Sale ProAdvisor, Rhonda was required to be certified…
How to Record Employee Advances in QuickBooks
If your company has a policy that allows you to give your employees advances on upcoming payroll, you can use QuickBooks® and QuickBooks® Payroll to record the advance, which can then be reimbursed to the company through payroll deductions. We recommend that you document any loans to employees with terms for repayment…
Cash-Basis Balance Sheet with Accounts Receivable and/or Accounts Payable
When you run financial statements on a Cash Basis in QuickBooks®, the results may not be what you expect. For example, you may find balances for Accounts Receivable and/or Accounts Payable on Balance Sheets run on a Cash Basis. This often means that the client has assigned a Payable or a Receivable…
Period Copy with Condense Data Feature – New in QuickBooks 2012
New in 2012 – QuickBooks® Accountant and Enterprise Accountant versions only Starting with the 2012 version of QuickBooks® Accountant and QuickBooks® Enterprise Accountant, accounting professionals can now set a date range to extract transactions for a specified period of time and condense transactions outside the date range. This preserves transactions in the…
How to Write off a Bad Debt in QuickBooks
If you are using the Accrual method of accounting and you extend credit to your Customers, as soon as you create an Invoice it is recorded in QuickBooks® as an Accounts Receivable. Unfortunately, you will not always collect all credit you have extended. From time to time you will have Bad Debt – money you…
