Thursday, August 29, 2013

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



Thursday, August 8, 2013

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

Monday, August 5, 2013

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.

Friday, August 2, 2013

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



Friday, July 26, 2013

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

Monday, July 1, 2013

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


Monday, June 17, 2013

Payroll and Your Business

I am often asked what I recommend regarding payroll. My answer is always, "Out source payroll!"

Payroll can be a huge undertaking. A few of the many considerations are; making sure the appropriate tax amounts are withheld, tax deposits are made on time, and returns filed correctly. It is just too easy to mess up payroll.

When choosing a payroll processing company it is important to use a very reputable firm. Employers are responsible for the service's failings. According to The General Ledger, "In one recent case, when a payroll service company went bankrupt after allegedly embezzling client's money, the IRS told each client it owed tens of thousands of dollars in unpaid taxes and penalties, even though each had given the service the money for the taxes." So choose wisely and have all correspondence from the IRS or State regarding your taxes come directly to you.

QuickBooks offers payroll services which integrate easily with your QuickBooks file and allow you to make Intuit QuickBooks Payroll Enhanced. This service costs less than $30 per month!
good use of the time sheet data within QuickBooks. You can learn more about QuickBooks payroll services at

Other companies such as PayChex and ADP also offer complete payroll services. An agent will meet with you and assess your needs and give you an estimate of their charges. Tip: these rate are negotiable!

Out source your payroll but be sure to use a reputable company.

--Rhonda H. Smith
Your QuickBooks Coach


Tuesday, June 4, 2013

Quick Date Entry in QuickBooks

Looking for a quick way to enter dates in QuickBooks? Check this out...
T = today's date
M = First day of the month you are working in
H = Last day of the month you are working in
Y = First day of the year
R = Last day of the year
+ = Move the date forward by one day
- = Move the date backward by one day

--Rhonda H. Smith
Your QuickBooks Coach

Tuesday, May 7, 2013

Is 2013 The Year You Finally Go Mobile With Financial Data?

Using QuickBooks Mobile, you’ll improve business relations, put out fires before they start and unchain yourself from your office computer.

There are only a few reasons why you wouldn't be using QuickBooks Mobile on your smartphone or tablet. Maybe you don’t have a smartphone or tablet. Or when you’re out of the office, you don’t want to be available for accounting work. Or you might not think that it has enough features to make it worth using.

While the first two reasons are matters of personal preference, the third just isn’t true.  QuickBooks Mobile automatically – and almost instantly – synchronizes the data from your desktop or laptop computer copy of QuickBooks. While it’s only focused on sales, not payables or payroll, you can manage receivables quite nicely whether you’re in a customer’s office or at a trade show or community event – or sitting on the couch at home.
If you would like to learn how to finally go mobile you can read more about it at http://yourquickbookscoach.com/articles/quickbooksmobile.pdf

--Rhonda H. Smith
Your QuickBooks Coach
www.yourquickbookscoach.com 

Friday, April 12, 2013

Should QuickBooks Updates Be Installed?


When you open QuickBooks you may see a message that says, “QuickBooks has recently downloaded the Rxx update. Would you like QuickBooks to install this update now?”

According to QuickBooks, "Periodically, updates to the QuickBooks software are available for download externally (by way of the quickbooks.com website) or internally through your software. These updates, also referred to as maintenance releases or patches, improve program functionality and fix known issues with the software."


In other words there maybe some issues with the software that you have not experienced yet, but the team at QuickBooks is aware of the problem and have updated the software to resolve the problem.

These updates do not cost you money. You should always install the update as soon as possible. Sometimes the update may require you to restart your computer, so plan accordingly. If you have QuickBooks installed on several computers and use the file in Multi-User mode, each computer will need to install the update.

Do not be afraid to install the update...be afraid NOT to!

--Rhonda H. Smith
Your QuickBooks Coach
www.yourquickbookscoach.com 

Wednesday, March 20, 2013

Multiple QuickBooks Company Files

A question I often get asked by new QuickBooks users is, "Can I set-up more than one business in QuickBooks?"

The answer is YES!

You can set up as multiple company files in QuickBooks...just like you can have multiple documents in Word or multiple spreadsheets in Excel.

The fact is, you may need to set-up more than one company. If you have more than one business with separate tax ID numbers then you should have separate companies set-up in QuickBooks. However, you should only set-up one company file if you have one tax ID number for multiple companies operating as DBAs.

Setting up properly from the beginning will save you time when it comes to preparing reports for the business(es).

--Rhonda H. Smith
Your QuickBooks Coach
www.yourquickbookscoach.com 



Tuesday, March 12, 2013

Windows 8 and QuickBooks

If you are considering upgrading to Windows 8 or buying a new computer with Windows 8 you will have to upgrade your QuickBooks to 2013. Prior versions of QuickBooks will not work properly with Windows 8.

--Rhonda H. Smith
Your QuickBooks Coach
www.yourquickbookscoach.com

Wednesday, February 6, 2013

Use QuickBooks’ Tools -- and Common Sense Procedures -- To Prevent Financial Fraud


You work hard for your money. Strong internal controls can keep it from disappearing unnecessarily.

You trust your employees or you wouldn’t have hired them. That’s what everyone says as they watch a valued staff member being hauled off in handcuffs. But I trusted him.


Whether your accounting tasks are done on one PC or you have multiple users working on different screens, it’s critical that you make use of all that QuickBooks offers in terms of internal controls. You’ll also need to establish some common-sense rules.
  



First Stop: Audit Trail

An audit trail is a very large report that displays every addition, deletion and modification of every transaction. In older versions of QuickBooks you could turn it on and off, but it’s permanently on now.
Because of its size, you’ll probably have to use QuickBooks’ filtering tools to zero in on the user and/or date(s) you’re looking for. Go to Reports | Accountant & Taxes | Audit Trail. Click Customize Report | Filters to set up your search.

Your audit trail won’t alert you when someone tries to enter a prohibited area, and it won’t detect changes to lists. Setting up permissions will help (Company | Set Up Users and Passwords | Set Up Users), but you need more than that.



Figure 1: Be especially careful when granting user access to areas that contain customer, vendor and employee information.


Run the Right Reports
Other QuickBooks features can help prevent fraud. Review these reports regularly:
·         Closing Date Exception. Why were those changes necessary?
·         Voided/Deleted Transactions. Is there supporting documentation? Should you be reviewing these daily?
·         Expenses by Vendor Detail. Look for irregularities, especially multiple payments made to a vendor in a short period of time.
·         Check registers. Use the Balance Sheet for this. Go to Reports | Company & Financial | Balance Sheet Standard and customize the report for the correct period and – if necessary – for specific customers, vendors and/or jobs.

Adhere to Best Practices
You undoubtedly implement financial best practices in your personal life. You reconcile your accounts. You don’t give your online banking password to anyone. And you glance through your recently-posted transactions on your financial institutions' websites.

If your company is large enough that you have multiple accounting employees, you probably can’t be as hands-on as you are at home. But you can still set up internal control procedures.



Figure 2: Debit? Credit? Reverse the transaction? No one should be making General Journal entries but you. It’s easy to err here; talk to us before using this feature.


For example, if your company has grown to the point where you’re removed from the daily workflow, you may still want to have approval rights for some procedures, like bank balance adjustments, refunds and credits, printed checks (you should still be signing them), timesheets and expense reports.

It goes without saying that you should password-protect your QuickBooks company file and change the password regularly, even – and especially – if you’re the entire accounting department. And protect yourself from external fraud. We can do a review of your security procedures and make suggestions.



Reinforce the rules



Figure 3: Anyone in your company who has access to accounting data should have a background check.

Know who your employees are (consider running background checks) and, if you can, rotate the duties assigned to accounting staff. If you have only one person managing all of your bookkeeping work, conduct an even more thorough background search: credit, references, criminal activity, etc.

Finally, make sure that all employees understand the definition and consequences of fraud. Let them know about the steps being taken to prevent it, but do some unannounced auditing on your own. Include a session on fraud in orientation and get current staff up to speed. Explain that this is necessary for their protection, too. Make it easy to report fraud anonymously, with no fear of repercussions.

This may seem like a lot of extra tasks in your workday, but imagine the time you’ll lose tracking down fraudulent activity if it occurs. So spend a fraction of that time upfront.

If you have questions on this subject, or anything else Accounting or QuickBooks related, give us a call or email. We're here to be your partner.

--Rhonda H. Smith
Your QuickBooks Coach
www.yourquickbookscoach.com