QuickBooks Seminar in DeLand, FL November 1, 2013

To Register go to http://www.yourquickbookscoach.com/qbseminar

Using QuickBooks Seminar

Learn how to use QuickBooks effectively and efficiently!
In this One Day Seminar

Friday, November 1st, 2013 @ Clarion Hotel, DeLand, FL
9am-4pm

If you have only scratched the surface of QuickBooks' many features
or if you are frustrated because you want to do more,
this training is for you!

We will cover:
Basic Understanding of Accounting
Setting Up Your Company File
Keeping Track of Who Owes You Money
Keeping the Check Register Balanced
Knowing Who You Owe
Job Costing
Using Reports for Better Business Decisions

You are welcome to bring your laptop if you have QuickBooks installed, but it is not necessary. You can learn even without a computer.

Seminar conducted by Intuit Advanced Certified QuickBooks Pro Advisor
Rhonda H. Smith

Early Bird Registration until September 30, 2013
$149 including lunch!

Registration October 1- 10, 2013
$179

Sound Financial Practices for Your Business Success

Successful businesses know they must have a product or service that is in demand, results-oriented marketing and sales, customer service that meets or exceeds the customer’s expectations, and  sound financial practices.

Often times business owners focus last on  “sound financial practices” only to find out too late how crucial this step is to business success.

Recently I asked a CEO of an international training company to share a snapshot of  "a day in the life of a CEO."  He replied, "I start my day like most CEOs by looking at the financial picture because it (the financial picture) will impact all the decisions I will make through-out the day."   This CEO understands how the importance of sound financial practices.   Do you?

A good bookkeeping and tracking system is at the foundation of building a prosperous business; just like the corporate CEO you must understand and evaluate your financial position at all times.

In the May 2012 edition of Martha Stewart Living magazine Michael and Robin Tesoro were interviewed about a booming spaghetti sauce business they created after both lost their jobs. When asked what they wished they had known when they started their business the response was, “How to use QuickBooks ….”

  

Now is the time to implement your bookkeeping system. If you are not certain how to get started call or email me for a complimentary 30 minute QuickBooks coaching session by phone.

In this session you will learn:

• How QuickBooks can help you grow your business
• Which version of QuickBooks is best for your business.
• Tips on how to use QuickBooks to make sound financial decisions.
•       A solution you can use if bookkeeping really isn’t your thing.

 You will be on your way to laying the foundation of sound financial practices for your business success.

Rhonda H. Smith

--Your QuickBooks Coach

386.785.4444

Rhonda@YourQuickBooksCoach.com

Pinterest for Your Business

If you are like me and many other business owners you may be wondering how to use Pinterest for your business. I just found this great article on Intuit Small Business Blog. Click here to read the article.

Managerial Accounting (Non-GAAP Compliant) vs. Financial Accounting (GAAP Compliant)

There are two related but different types of accounting, managerial (non-GAAP compliant) and financial (GAAP compliant.)

Most day to day bookkeeping is "Managerial Accounting". This type of accounting is flexible and provides decision-making, pricing budgeting, and other information used by the business owner, internal managers, and staff. When you hire or contract a bookkeeper you are most likely getting managerial accounting.

Financial Accounting is mainly used by creditors, investors, potential investors, investment analysis, and other external users. Financial accounting must follow Generally Accepted Accounting Principles (GAAP) to provide general information for credit and investment decisions. For more information on GAAP visit FASAB. Some CPA firms perform financial accounting and prepare GAAP compliant reports.

Both types of accounting serve their purpose in the systematic recording, reporting, and analysis of the financial transactions of a business.

Rhonda H. Smith
--Your QuickBooks Coach

How to Remove Duplicate Checks in QuickBooks From a Previous Year

Question: 

Hi Rhonda,

We are trying to clear up our outstanding checks etc. in QB's and need to know how to delete/void them. Some are back to 2011. Here are a couple of different examples:

Duplicate checkcard/eft entries

Checks that were issued but have never cleared our account.

I know that we have to be careful due to our accounting method (accrual basis.) What is the best way to get rid of these?

Answer:  

As for the checks that were issued but never cashed you are actually bound to Escheat laws. That means you must keep them in your register for 5 years waiting for the person to cash the check. After 5 years you are supposed to notify the state, you would then void the original check and issue a new one to the state. The state then lists this in their online data base of unclaimed money. Believe it or not 1 in 10 people have unclaimed money...I did and so did my husband. You can see if you have any by going to unclaimed.org. Click on the various states you have lived in and enter any names you have gone by.

In order to void checks or duplicate entries the first thing you need to do is set a closing date in QuickBooks, if this hasn't already been done. If it hasn't then you must be signed in as ADMIN then go to Edit>Preferences>Accounting>Choose Company Tab>Set Date/Password>Set the date to 12/31/2012 and choose a password. Be sure you keep the password for future use...you will not be able to change entries in the closed period without this password.  

Next find the entry you want to void.  Go to Edit>Void Check or right click and select Void Check. You will see the check turn to 0.00 and say void you then click Record>Yes>enter the closing date password> and choose Yes(Recommended) when it says, "The check you are voiding is in a closed period..." This will automatically make the necessary general journal entries so you won't mess up prior period reports.

--Rhonda H. Smith

Your QuickBooks Coach

Receiving Inventory With or Without Bills in QuickBooks

When your goods come rolling in, be sure to document them correctly.

You're probably happy to see couriers delivering inventory items you've ordered since it means you can ship to customers, but recording the new stock means yet another repetitive task.

QuickBooks' tools can help with this, but you need to be sure you're using the right forms. There are two different ones that you'll use, depending on whether or not you've received a bill.  Continue reading

--Rhonda H. Smith
Your QuickBooks Coach