QuickBooks

Entering Batch Transactions in QuickBooks

2014-09-07T01:43:00.001-07:00

Entering batch transactions in QuickBooks is every bookkeeper's solution to their dilemma of entering backlog transactions especially if it involves a number of months. It's a good thing if you already have an excel file of the transactions because it can easily be exported to QuickBooks by just copy and paste after doing some modifications in the columns. If there is no excel file yet and all you have are just raw data like the hard copy of receipts or invoices then at least you don't have to click Save for every transaction and it will at least save some time and effort. This feature started in QuickBooks Accountant 2013 and QuickBooks Enterprise Accountant 2013. In these editions, we can do batch entry for checks, deposits and credit card charges. But in the 2014 editions of QuickBooks Accountant and QuickBooks Enterprise Accountant, we can also batch entry the invoices, credit memos, bills and bill credits in addition to checks, deposits and credit card charges.

Steps:

1. Click the Accountant menu then choose Batch Enter Transactions from the drop down.

2. In the Batch Enter Transactions window, choose what type of transaction you would like to export. In this example, we use checks so you need to choose from which bank account you take the money from.

3. Make sure that the columns in your excel file are the same as the columns in QuickBooks. You may click the Customize button to do this.

4. Once QuickBooks has the same columns as the excel file or vice versa, you may now copy from excel then position your cursor in the first field in QuickBooks then click Paste.

5. Review the entries. If there are red entries, it means that there is an error. You may hover your mouse on the red entries and you can see an error message at the bottom of the page.

6. After being fixed, click Save Transactions at the bottom then you're done.

Tips:
1. Create a backup first before copying from excel.
2. Make sure that the vendor names in excel are the same spelling as what you have in QuickBooks because it will prompt you to add the vendor. Do the same thing with customers if you enter deposits and invoices.
3. Make sure that the accounts are the same spelling as what you have in QuickBooks because it will also prompt you to add a new account.
4. Make sure that the amounts doesn't have a currency. You may format the excel file first as plain numbers.
5. If the account is a sub account, the format should be like this - Automobile Expense:Gasoline Expense. Please refer to Step 5 and 6.

Entering Beginning Balances of Inventory in QuickBooks thru Add/Edit Multiple Feature

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1. Click the Items and Services icon from the Home Page > Right click anywhere in the items table > choose Add / Edit multiple list from the dropdown.

2. Select a list > Make sure that you choose Inventory Parts in the dropdown list.

3. Fill out the item name > then put in sales and purchase description (if any)

4. Enter quantity on hand, as of date (your own cut off date) then enter the total value of the inventory (or you may right click > Customize to just enter the cost per inventory to automatically get the total value.

5. Enter COGS account which is usually Cost of Goods Sold.

6. Enter the Income Account which is usually Sales, Revenue, Service Income.

7. Asset Account should be Inventory Asset or you can point this to a specified asset account.

8. Enter the Sales Tax code.

9. Once complete, click Save Changes in the lower right.

Important : If you have many inventory to input, you may also use this Add / Edit multiple window to copy / paste from excel. Just make sure that the columns in your excel file are the same with the columns in this window. Just right click then click Customize your columns.

Factoring in QuickBooks (Selling your Receivables)

2013-09-13T06:06:00.001-07:00

Accounts Receivable is a Current Asset. One definition of an asset is something that has value and can be sold. So some companies, to be paid faster, sell their receivables. Sometimes this is referred to as “factoring.” Why? I don’t know. Be aware that “factoring” has another meaning that has nothing to do with Accounts Receivables.

Selling your receivables is a form of financing: we receive a percentage of our accounts receivable from the factoring company and we pay interest in the form of “factoring service fees.” We benefit by receiving cash sooner than we would otherwise. The factoring company benefits by investing in our receivables and receiving a return on that investment.

Be aware that this is just one way to set up your vendors and accounts for factoring. There are other ways to do it.

Set Up

Set up the buyer of your receivables (your bank, a factoring company, an investor) as a Vendor in the Vendor Center. You will need this vendor to record interest paid and additional expenses.

Set up an account of type Bank, as a contra account to A/R. You will use this account to receive payments from the Factoring Company. (See example below)

Set up an account, either Expense or Other Expense called “Factoring Service Fees.”

Example:

1. You are the bookkeeper for Larry’s Landscaping. Your company did $1,000 of landscaping services for John Smith. Because Larry’s Landscaping needs cash immediately, you will invoice John Smith for $1,000 and then sell the receivable to the ABC Finance Company for $950. John Smith will write his check to the ABC Finance Company for $1,000.

2. Enter an invoice to John Smith for $1,000.00 in landscaping services. In the memo, include instructions that the check is to be written to the ABC Finance Company.

3. Larry’s Landscaping receives a check for $950 from ABC Finance. Enter a Journal Entry:

a. Debit Cash for $950.00
b. Debit Factoring Service Fees for $50.00
c. Credit the A/R Contra Account for $1,000:

4. Enter a Receive Payment:

a. Bank account is the A/R Contra Account.
b. Customer Name is John Smith.
c. Payment amount is $1,000
d. Apply the $1,000 payment to the $1,000 Invoice.
e. In the memo, include that the check is from ABC Finance Company.
f. Click Save & Close.

Notes
1.   In some cases, your customer will send the payment to your company, in which case, you must send the payment to the factoring company immediately.
2.   You may be able to direct your customer to create a two payee check, i.e., both your company name and the factoring company name are included in “Pay to the order of” and either company may cash the check.
3.   Use a Bill/Bill Payment to record any additional expenses from the factoring company.

Setting Up a Closing Password in QuickBooks

2013-09-11T03:22:00.001-07:00

A closing password in QuickBooks is important to control any changes or modifications to the file after the books have been closed or if the bank accounts have already been reconciled. Only the Admin can do this function. Once there is a closing password, the other users can’t make any modification to the file without informing the Admin. To do this, click the Edit Menu > Choose Preferences > Go to Accounting then Company Preferences > Click Set Date / Password at the bottom of the window > Enter the closing date and your preferred password.

Write a refund check for a cancelled order

2013-09-10T05:47:00.004-07:00

Use this procedure when a customer makes a down payment on goods or services and then cancels the order.
Note: This procedure assumes that you recorded the down payment in the Receive Payments window. To ensure proper accounting, you must record down payments in the Receive Payments window instead of the Make Deposits window.
To do this task

1. Go to the Banking menu and click Write Checks.

2. Fill in the customer's name and the check amount.

3. (Optional) Enter a memo to remind yourself what the check was for.

4. In the Account field of the detail area, assign the check to Accounts Receivable.

5. Save the check.

After you record the check, you must apply the check as a "credit" against the customer's down payment in the Receive Payments window. This ensures correct accounting for the check.

6. Go to the Customers menu and click Receive Payments.

7. Enter the customer's name in the Received From field, but leave the amount at $0.00.

8. Click Discount & Credits.

Make sure that the check you wrote is selected in the detail area of the payment. If any invoices are selected, clear the checkmarks by the invoices.

9. Save the transaction.

Write a refund check for an overpayment

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Use this procedure when a customer overpays an invoice or statement charge.
To do this task

1. Go to the Customers menu and click Receive Payments.

2. Enter the payment in the Receive Payments window.

The overpayment box appears where you can choose whether to leave the overpayment as a credit or issue a refund for this amount.

3. Click Refund the amount to the customer.

4. Save the transaction.

5. Fill in the customer's name and the check amount in the Issue a Refund window.

6. (Optional) Enter a memo to remind yourself what the check is for.

7. Click OK.

Write a refund check for returned merchandise

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1. Click the Customers menu, and then click Create Credit Memos/Refunds.

2. In the Customer:Job field, enter the customer name, or click the down arrow and choose the name from the list.

3. In the lower portion of the invoice, click the first line on the form and enter the item that was returned. Click the next line to enter another item, and so on, until you've listed all of the returned merchandise.

4. On the toolbar (at the top of the Credit Memo/Refund window), click the Use Credit to drop-down arrow, and then click Give Refund.

5. In the Issue a Refund window, all of the information should be filled in for you. You might want to enter a memo to remind yourself why you made the refund.

6. Click OK.

The credit memo is stamped REFUNDED and is automatically save for you. The check is recorded in your register.

How to do Bank Reconciliation in QuickBooks

2013-09-08T07:38:00.000-07:00

Click Reconcile from the Home Page
Choose the bank account you want to reconcile, enter the bank statement date and the ending balance. The opening balance will automatically populate since it is the ending balance last month.
Enter any bank charges or interest earned that are not yet recorded in QB.
Click Continue.

1) Place a tick mark for the transactions that you can see from your bank statement. If you can’t find a withdrawal transaction in the bank statement but recorded in QB, it is an outstanding check. Same thing with deposits, if it’s not in the bank statement, it’s a deposit in transit.

2) Once the difference at the lower right is 0.00, it means that your reconciliation is correct and you may now click Reconcile now. If not, you can check the Deposits and Other Credits and Checks and Payments at the lower left of the screen and compare it with your bank statement so you can easily find the discrepancy.

3) If you can’t find the difference, you can click Reconcile Now since QB will create a Reconciliation Discrepancy account.

4) Print the Reconciliation Reports for your records. QB Pro will only let you access the last reconciliation report while QB Premier will store all your reconciliation reports.

QuickBooks Frequently Asked Questions

2013-01-22T05:00:00.000-08:00

1. Can we setup Philippine VAT in QuickBooks US version?

Definitely. We can even customize QB so that you can easily fill out BIR forms like 2550M, 2551M, 1601E, 1604E, 2307 or 1601C.

2. Can we use the Peso sign in our QB forms?

Yes, any currency will do.

3. How do we know that the licenses you sell are not pirated?

You may go to www.quickbooks.com/support then to their installation center. If we download QuickBooks using your license number, it will let you do so if it is genuine. If not, you can never download from their website.

4. Do you also sell QuickBooks with CD installer and manuals?

Yes, we do and for the same price but you will pay for the shipping costs and customs charges since the package is from the United States.

5. Do you have after sales technical support?

We have 6 months FREE technical support through remote access, email or phone. Charges may apply for on site visit.

6. What if my computer crashes? Can I still reinstall QuickBooks?

Yes you can. You may call us so we can reinstall it for you (FREE OF CHARGE) or you may go directly to the QuickBooks website so you can download the installer. As a rule of thumb, always backup your files to an external drive.

7. How often do I have to upgrade my QuickBooks?

I have to provide a 3-part answer to this question.

Part 1 - If you are involved with any of the QuickBooks connected services or online services (i.e. payroll, credit card processing, e-mailing invoices through QuickBooks servers, etc.), Intuit forces you to upgrade at least once every 3 years. If you do NOT upgrade during that time, access to any of the connected services you use will cease to function.

Part 2 - If you are NOT involved with any of the QuickBooks connected services above; upgrading is completely at your discretion. As long as QuickBooks meets the new requirements of the future operating systems, then you can use it as long as you want.

Part 3- A new version of QuickBooks is released every October. You can assess if the new features and benefits are worth the cost of an upgrade.

8. Will I lose my data if I upgrade from an older version of QuickBooks?

No, you will not lose your data. The process of upgrading from an older version to a newer version is pretty easy. The upgrade process forces you to make a backup copy of your QuickBooks data before it begins, so you have that available "just in case" something goes wrong (i.e. power outage during the upgrade, etc.

9. How does the licensing for QuickBooks work?

Each license (or user) means that there is only one person who can work in the QB file in one time. For example, if you are a big company and you have bookkeepers in charge of AP, AR and Inventory. Of course, these people needs to access QB simultaneously that's why you will need 3 licenses.

10. How many people can use QuickBooks at the same time?

Answers:

· Pro and Premier versions: No more than 5 people can access QuickBooks at any time

· Enterprise version: No more than 30 people can access QuickBooks at any time

· Online version: No more than 3 people can access QuickBooks at any time. Your accountant can also access it and not count against the 3 person limit.

· Mac version: No more than 3 people can access QuickBooks at any time (beginning w/ 2011 version. Prior to that, only one person at a time).

11. Can Statements Be Formatted Into Columns For Departments?

Yes. The ability of setting up "Classes" for income and expenses will allow you to see activity for different departments within your company. Classes are one of QuickBooks most powerful features and one that is often under-utilized. Classes offer a straight forward means of segregating your business activities by Profit

Center or Department. Thus, operating statements can be generated for individual segments of your business.

12. What Methods Of Inventory Method Does QuickBooks® Support?

QuickBooks uses the average cost system for inventory tracking. It doesn’t support LIFO or FIFO.

13. How do I move QuickBooks or my data to a new computer?

To move QuickBooks from one computer to another:

· Install and register QuickBooks on the new computer.

· Back up the company file on the old computer.

· Restore the backup on the new computer.

If you installed a newer version of QuickBooks on the new computer, the company file will be updated automatically the first time you open it.

14. Where is my company data is file?

The location where QuickBooks automatically stores your company data files depends on your operating system and QuickBooks version:

Windows 7 or Vista - C:\Users\Public\Documents\Intuit\QuickBooks\Company Files

Windows XP - C:\Documents and Settings\All Users\Shared Documents\Intuit\QuickBooks\Company Files

Creating a New Company File

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You can create a new company file by clicking File Menu > New Company. This will lead

you to the Easy Step Interview. You have three options in creating a new company file:

1. Convert Data - if you want to convert your Quicken, Peachtree, Small Business Accounting and Office Accounting software to QuickBooks.

2. Skip Interview – if you are a QuickBooks expert. You can add your company information later once you are in your company file.

3. Start Interview – QuickBooks will walk you through by asking you basic questions regarding your company so that it can customize the company file for you.

Of course, I’ll walk you through the interview!

1. Enter your company information. The Legal Name is the name you use on your tax and legal forms. If you use a DBA name, use the DBA in the company name.

2. Select your industry. Your industry selection is used to recommend features that work best for your business. QuickBooks will recommend features that can best meet your business needs.

3. Choose your business entity. Because different tax laws apply to each business entity, it's important to select the one that corresponds to your company's organization. Your selection determines which tax forms QuickBooks will use to report taxes for your company. If you choose Other/None, no tax form will be associated with your company. You can update your company information later to select the desired income tax form.

5. Select the first month of your fiscal year. A fiscal year (also known as a financial year) is

a 12-month period used for calculating your company's yearly financial reports. Some

states require financial reports once every 12 months, and don't require that the twelve

months constitute a calendar year (i.e., January to December). Many businesses use January as the first month of their fiscal year to coincide with their income tax year, which makes it easier to prepare their company's income tax statement. Your accountant can advise you if you decide to use a month other than January.

6. Set up your administrator password to protect your company file. But this is optional

especially if you are the only user of QuickBooks.

7. Create your company file by saving it in your computer or server.

8.We’re now ready to customize your QuickBooks so that it will meet your business

needs by answering the next questions.

9. What do you sell? QuickBooks will use information about what you sell to tailor the rest

of the EasyStep interview to your needs. For example, if you sell products, you will have

the opportunity to set up inventory.

10. Do you charge sales tax? If you charge sales tax for the products or services you sell, you pay your collected sales taxes to a tax agency on a regular schedule. QuickBooks helps automate your sales tax-related tasks so you can keep accurate information about the sales taxes you collect and pay.

11. Do you create estimates in QuickBooks? If you provide estimates, bids, or quotes to your customers, you can use the QuickBooks estimates form. By creating estimates in QuickBooks, you can track your proposals and easily turn each estimate into an invoice. You can create multiple invoices to bill for the portions of estimates that have been completed.

12. Using statements in QuickBooks. Statements are used when you allow a customer to accumulate charges before requesting payment, or if you assess a regular monthly charge. When you're ready, such as at the end of the month or when you've accumulated charges, you can print a billing statement to send to your customers.

13. Using invoices in QuickBooks. Use an invoice any time you bill your customers for payment. You can bill your customers for an entire project or for portions of a project.

14. Managing bills you owe. Managing your bills in QuickBooks will help you keep track of what you owe, who you owe it to, and how much you owe.

15. Tracking time in QuickBooks can help you:

· See how much time you spent on a project. This can help you calculate your costs and decide if you are charging appropriately.

· Track hours worked by employees. You can then create accurate paychecks and bill customers for actual hours worked.

16. You can use QuickBooks to track contact information about all your employees, manage your payroll, track employees' hours, and manage sick and vacation time.

17. Next we will guide you through creating the bank accounts, expense accounts and income accounts that make up your chart of accounts

18. The start date is a date you choose as the starting point for your financial records in QuickBooks—similar to starting a new register for a checking account.

Important: Once you choose a start date you'll need to enter the balances for your accounts as of your start date. Once you start using QuickBooks, you'll enter details for any transactions—such as bill payments, invoices, and payments from customers—that have occurred between your start date and today's date.

19. This portion of the EasyStep Interview will guide you through creating income and expense accounts. Based on your industry selection, QuickBooks will recommend a set of income and expense accounts to use. You can start with these accounts or create new ones later. You can also delete or rename these accounts later.

20. CONGRATULATIONS!

QuickBooks 2013 System Requirements

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QuickBooks for Mac 2013

System Hardware and Software Requirements
Minimum system requirements
Mac with Intel Core 2 Duo or higher processor to run the server. Mac with Intel processor and QuickBooks installed to connect as a client
Note: Current Macs running on a PPC platform are only supported with 2009 and earlier QuickBooks for Mac products.

Mac OS X v10.7 or later
2 GB RAM (4 GB RAM recommended)
CD-ROM drive for installation
160 MB of available disk space
Printer: 100% Macintosh-compatible printer, if you plan to print invoices, checks, deposit slips, lists, purchase orders, mailing labels, reports, or graphs
Checks: Use Intuit Checks if you plan to print checks. Canadian Image Ready Cheques are not supported.

Integration/compatibility requirements

Export report data requires Microsoft Excel 2008 or 2011 for Mac or Apple Numbers ‘09
Email requires Apple Mail; Microsoft Entourage 2008 or Outlook 2011 for Mac
Back up to MobileMe requires paid MobileMe account available separately from Apple, Inc.
iCal and Address Book are included in Mac OS X from Apple, Inc.
Accepting credit and debit cards directly into QuickBooks 2013 for Mac requires Intuit Merchant Service for QuickBooks for Mac (sold separately); subject to application approval and debit card transactions are processed as Signature Debit, which does not require entering a PIN code. See http://payments.intuit.com/legal.jsp for details.
Processing payroll, integrated with QuickBooks for Mac, requires paid subscription (sold separately), EIN and Internet access. QuickBooks 2013 for Mac works with Intuit QuickBooks Payroll for Mac.
QuickBooks Payroll for Mac requires Internet connection and Adobe Reader to print checks and forms. Additional fees apply.
System requirements for Intuit QuickBooks Payroll for Mac and Aatrix
Top Pay may differ from those of QuickBooks.

Download requirements
You must have all 3 of the following to download QuickBooks:

A high-speed Internet connection (DSL, cable modem, or higher)
Safari 2.0 or higher
2.5 GB free disk space
After installing QuickBooks, you can delete the installations program from your computer to free up disk space. The QuickBooks Pro and Premier installers give you the option to auto delete those files. Choose that option to free up disk space immediately.

Important: Customers with dial-up connections cannot download QuickBooks, due to the large file size.

QuickBooks for Windows Pro / Premier 2013 and Enterprise Solutions 13.0
System requirements for QuickBooks 2013 include the following:

Operating systems supported

Windows 8, all editions including 64-bit, natively installed (QB R4 and later required)
Windows 7, Windows Vista or Windows XP: QuickBooks Pro / Premier minimum requirements
Windows 7, Vista, and XP: QuickBooks Enterprise Solutions minimum requirements
RAM requirements for Microsoft Terminal Services
Software compatibility
Firewall and antivirus software compatibility

Operating systems supported
To run QuickBooks 2013 or QuickBooks Enterprise Solutions 13.0:
Windows 8, all editions including 64-bit, natively installed (QB R4 and later required)
Windows 7, all editions including 64 bit
Windows Vista (SP2 or later), all editions including 64 bit
Windows XP (SP2 or later), all editions including 64 bit
Windows Server 2008, Small Business Server 2008, and Windows Server 2003, including 64 bit

For Database Servers:
Windows: natively installed and Windows 8, Windows 7 (SP1), XP (SP2 or later), Vista (w/ UAC on), 7 (w/ UAC on), Windows Server 2003, Windows Server 2008, Small Business Server 2008.
Note: Windows Home Server Edition is not supported.
Linux: The following versions are supported when using an Enterprise Solutions Database server only installation.
Linux: OpenSUSE 11.2, Fedora 12, Red Hat Enterprise 5.4.

Windows 7, Windows Vista and Windows XP: QuickBooks Pro / Premier minimum requirements (Client and Server)

At least 2.0GHz processor; 2.4GHz recommended.
At least 1 GB RAM for single user, 2 GB RAM recommended for multiple users.
2.5 GB of disk space (additional space required for data files).
4x CD-ROM drive required for CD installs.
Display optimized for 1024 x 768 screen resolution or higher. 16-bit color or higher
U.S. version of Windows only.
Regional Settings are supported when set to English (United States) with keyboard setting to US only.
Disk space requirements for additional software: 250MB for Microsoft .NET 3.5 Runtime, provided on the QuickBooks CD.

Windows 7, Vista, and XP: QuickBooks Enterprise Solutions 13.0 minimum requirements (Client and Server)

At least 2.0 GHz processor, 2.4 GHz recommended - Client.
At least 2.0 GHz processor (1.2 GHz for Linux), 2.4 GHz recommended (2.0 GHz for Linux) - Server.
At least 1 GB RAM for single user, 2 GB RAM recommended for multiple users - Client
At least 1 GB RAM, 2 GB RAM recommended - Server
2.5 GB of disk space (additional space required for data files) - Client and Server
4x CD-ROM drive required for CD installs.
Minimum 1024 x 768 screen resolution or higher. 16-bit color or higher
U.S. version of Windows only.
Regional Settings are supported when set to English (United States) with keyboard setting to US only.
Disk space requirements for additional software: 250MB for Microsoft .NET 3.5 Runtime, provided on the QuickBooks CD.
Minimum network requirements:
- 100 Mbps network card.
- 100 Mbps switch or router.
- 40 Mbps network bandwidth.

RAM requirements for Microsoft Terminal Services

5 users: 2-3 GB
10 users: 3-4 GB
15 users: 4-6 GB
20 users: 6-8 GB

Software compatibility
QuickBooks is capable of integrating with hundreds of third-party applications. In addition to the following standard integrations provided with QuickBooks (additional RAM will enhance the use of these features), see QuickBooks Solutions Marketplace for the most up-to-date list:

Microsoft Office
- Preparing letters requires Microsoft Word 2010, 2007, 2003 or 2002. Word 2010 is only supported on QuickBooks Pro and QuickBooks Premier non-Accountant editions (Contractor's, Non-Profit, Mfg. and Wholesale, etc.)
- Exporting reports requires Microsoft Excel 2010, 2007, 2003 or 2002. Excel 2010 is only supported on QuickBooks Pro and QuickBooks Premier non-Accountant editions (Contractor's, Non-Profit, Mfg. and Wholesale, etc.)
- Contact Synchronization with Microsoft Outlook requires Outlook 2010, 2007, 2003 or 2002.
- Synchronization with Outlook requires QuickBooks Contact Sync for Outlook (the download is available at no charge). Contact Sync does not work with the Microsoft Business Contact Manager Outlook plug-in. If a sync is performed, duplicate records could result
Note: Microsoft Office 2010 is currently not supported for QuickBooks Premier 2013 Accountant Edition and all QuickBooks Enterprise Solutions 13.0 editions.
QuickBooks Point of Sale v7.0 and later.
Adobe Acrobat Reader: Business Planner functionality and viewing forms requires Adobe Acrobat Reader 5.0 and later
Payroll and other online features and services: Requires Internet access with at least a 56Kbps connection speed (DSL or cable modem recommended).

Firewall and antivirus software compatibility
QuickBooks 2013 has been tested with the following firewall and antivirus products. In some cases, it may be necessary to adjust settings in these products to ensure the best possible performance with QuickBooks.

Windows 7 Firewall (all editions)
Windows Vista Firewall (all editions)
Windows XP Firewall (all editions)
Symantec Norton AntiVirus, Internet Security, Norton 360
McAfee VirusScan Plus, Internet Security, Total Protection
Trend Micro PC-cillin Internet Security
ZoneAlarm

QuickBooks Shortcut Keys

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Editing QuickBooks Transactions and Lists
ctrl-Del Delete the selected line in a transaction
ctrl-Ins Insert a blank detail line in a transaction
ctrl-N Create a new transaction or list item
ctrl-D Delete the current transaction or list item
ctrl-E Edit an item in an item list, or in a register

Opening QuickBooks Windows and Lists
ctrl-W Opens the write check window to write a new check
ctrl-Q Open a Quick Report for a list item when you have selected the item in the list. ctrl-Y Open a transaction journal for a transaction, if you are viewing the transaction
ctrl-L Open a list – if the cursor is in a field that has a dropdown list, such as selecting the item in an invoice detail line, this will open the list associated with that dropdown.
ctrl-J Open the customer center
ctrl-A Open the Chart of Accounts
ctrl-I Open the create invoice window to create a new invoice

Memorized Transactions
ctrl-M Memorize the current transaction. This opens the memorize transaction window ctrl-T Create a new transaction from a memorized transaction. This opens the memorized transaction list

Miscellaneous Shortcuts
ctrl-H Transaction history – if you have a transaction like an invoice, which has payments applied to it, the transaction history can be very useful.
ctrl-R Most transactions have a register associated with them. This opens the register for the transaction you are looking at.
ctrl-F Opens the find window for the list or transaction type you are working with.
(+) key Increase a number in a form, such as a check number or invoice number
(-) key Decrease a number in a form, such as a check number or invoice number

Standard Text Editing
ctrl-Z Undo typing or changes made in field.
ctrl-X Cut
ctrl-C Copy
ctrl-V Paste
Del Delete a character to the right
Backspace Delete a character to the left

Opening QuickBooks
ctrl Start QuickBooks without opening a file. This is useful if you are having problems with the last company file you were using – and you want to start with the Open or Restore Company window.
Alt Start QuickBooks without all the windows. If you have your desktop set to remember what windows you have open, sometimes it takes a VERY long time to start QuickBooks. This option will start it without opening all the windows.
(+) key Advance to the next day
(-) key Previous day
T Today
W First day of the Week
K Last day of the weeK
M First day of the Month
H Last day of the montH
Y First day of the Year
R Last day of the yearR
Alt-down arrow Opens the calendar

How to avoid the top mistakes made by new QuickBooks users

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If you're new to QuickBooks, now is the time to get off on the right foot. Learn from others' mistakes and avoid these common problems. You'll thank yourself later!

Don't use the sample files as your actual company file
QuickBooks includes sample files that you can use as examples for setting up your own QuickBooks company data file. These files are examples, not templates. They contain only a limited set of items and services typically performed by particular types of businesses. Use them to see how a file might be set up and to learn how QuickBooks works. Do not try to use these files for your live information; they won't work for that purpose. You must create your own company file to store your accounting data.

Don't write a check and forget to apply the payment to the bill
QuickBooks gives you options for paying your bills, depending on how closely you want to track bills and payments. Once you've chosen a method for a particular bill, you need to stick with it - otherwise you might end up paying your bills twice. Here's what to do:

1. If you enter a bill in the Enter Bills window, always use Pay Bills to pay it. (If you use Enter Bills and Pay Bills, you can still pay by check or credit card.)

2. If you're sure you don't need to track your bills and bill payments, you can use the Write Checks or Enter Credit Card Charges window instead of using Enter Bills and then Pay Bills.

3. Don't use Pay Bills if you've already used the Write Checks or Enter Credit Card Charges window to record your bill payment.

Don't enter invoices and then make a deposit without going through the Receive Payments step
If you are entering invoices in QuickBooks to record your sales, be sure to use the Receive Payments screen to apply the payment against the invoice. Sometimes people make the mistake of skipping that step. But if you go right to the Make Deposits screen, the invoice won't show as paid, and your sale might end up being counted twice.

Don't accidentally record your customer payments twice
When you receive a payment from a customer, you have two options:

1. You can record that payment as a deposit to a bank account in QuickBooks at the same time that you apply the payment against the customer's account. The payment will be automatically recorded as a deposit to your bank account on that day. (All you need to do is get the check to the bank, if necessary.)

2. Alternatively, you can group several payments together and then record the entire group as a deposit in QuickBooks later. In this case, QuickBooks holds those payments in the Undeposited Funds account until you move them to the bank account.

When you receive a payment for an invoice and enter it in the Receive Payments screen, QuickBooks automatically puts that money in the Undeposited Funds account. Sometimes people do this but then also make a separate deposit for the same amount, and that makes a mess of their records. Instead, when you go to the Make Deposits window, include the payment in the Payments to Deposit window that comes up. This will move it from Undeposited Funds to your bank account.

Don't choose your bank account in the Expense Account field when writing a check When they're using the Write Checks window, sometimes users don't realize that the check is already affecting their bank account, so they select their checking account as the expense account. This causes the money to go out and immediately back into your checking account instead of reducing the checking balance. Typically, you'd want to specify one of the expense accounts you've set up, such as Utilities, not the bank account the check is drawn on.

Don't rename or delete the critical accounts that QuickBooks automatically creates
To simplify the job of setting up your company file, QuickBooks creates critical accounts like Retained Earnings and Sales Tax Payable for you. Changing the names or account types it assigns, or moving these accounts, can seriously impair QuickBooks' ability to work for you.

QuickBooks automatically sets up other accounts as well: Accounts Receivable, Cost of Goods Sold, Estimates, Inventory Assets, Payroll Liabilities, Payroll Expenses, Purchase Orders, Retained Earnings, Sales Tax Payable, and Undeposited Funds. Moving or editing these accounts can easily introduce errors to your financial records. Worst case: You might have to dedicate hours (or days!) recreating these accounts and correcting all the errors, and we bet you've got better things to do!

Don't assign items to the wrong kind of account
In QuickBooks, an item is anything your company buys, sells, or resells in the course of business, such as products, services, shipping and handling charges, discounts, and sales tax, if applicable. Think of the line items on an invoice. For your records to be accurate, you need to associate every item you create with an account and account type that make sense. For example, any item you sell must be assigned to the right income account. (Generally, Balance Sheet accounts - such as Bank, Accounts Receivable, Accounts Payable, Credit Card, etc. - would not be assigned to items.)

The Intuit Payment Solutions

2011-03-17T11:32:00.000-07:00

The Intuit Payment Solutions provides seamless integration - it saves time re-entering transactions into QuickBooks and provides accurate records of the payments received. It saves you time going to the back to deposit checks, faster processing to the bank account (1-2 business days), accepts payment anywhere and anytime of the day and downloaded transactions are batched in accordance with bank deposits so it's easy to track funds for bank reconciliation issues.

Unaccepted Business Types for Payments

Airlines
Collection Agencies
Credit Counseling, Restoration, or Repair
Credit Card Protection
Dating Services
Gaming, Lotteries, or Raffles
Employment Agencies
Hair Growth and/or Replacement
Investment Advice/Opportunities
Pyramid Sales
Diet Supplements/Enhancement Pharmaceuticals
Precious Metal or Stamp
Timeshare
Travel of any kind
Telephone Service, Rechargeable Phone Cards
TV Cable Boxes
Water Softener Products
Internet (Fulfillment Houses)
Annual Sales
Psychic Readings (over the phone)
Freight Forwarders
Import/Export
Video Streaming/Audio Text
Ink and Toner Cartridges (internet)
Tobacco Products (mail, phone, internet)
Online Pharmacy
Drug Paraphernalia
Auto Performance Chips (fuel economy, etc)

PAYMENT SOLUTIONS

Merchant Services for PC

It is simple to start accepting credit cards, set up online then begin credit card processing right from your computer
Qualify for our low discount rate with an optional card swiper
Includes free access to the Intuit Merchant Service Center where you can:
- View transaction cycle and deposits
- Create reports
- View online statements
- E-mail receipts to customers
Optional Features:
Virtual Terminal Plus lets you process credit and debit cards payments anytime, anywhere there's an Internet connection — Free
Recurring Payments feature securely stores credit card information and automatically processes cards on scheduled dates — Free
Intuit Billing Solution for QuickBooks - gives you powerful invoicing features and allows customers to pay you online with a credit or debit card

Merchant Services for Online Terminal

Online credit card processing gives you the freedom to accept payments whenever you have an Internet connection.

Intuit's virtual terminal is a great entry level solution for any business
Low monthly cost — no contract required
Save money — no software or hardware required
Save time by setting up automatically recurring payments for customers you bill on a regular basis
Easy to export information into Excel
Supports multiple, simultaneous users
QuickBooks not required
No additional hardware or software required
Complete access to Intuit Merchant Service Center
- manage your merchant account
- track transactions, deposits
- create reports
- view online statements
- e-mail receipts to customers
Available Optional Card Reader

Merchant Services for Mobile (Go Payments)

Fast & Easy

Get paid on the spot.
Process any major credit card.
No need to purchase additional equipment
Get authorization in seconds – no need to write down payment information or call into your back office
E-mail or text message clients electronic receipts directly from your phone
Access our free Merchant Service Center 24/7/365 to view all your transactions and manage GoPayment users.
Add up to 50 employees to a single GoPayment account by simply providing them a user ID and a GoPayment supported mobile phone.
Just key in card information directly into your phone or swipe cards with an optional GoPayment compatible card reader.
Save time and increase bookkeeping accuracy by downloading GoPayment transactions into QuickBooks financial software.

Protected

Credit card information is not stored in your phone – it’s like using a credit card terminal.
Customers gain peace of mind because their cards never leave their sight.
Use the optional Bluetooth card reader to ensure accurate data entry.
Increase customer trust by safely transmitting customer payment information with GoPayment technology.

Professional & Proven

Put the Intuit brand to work for you.
Over 4 million businesses currently use Intuit solutions.
Over 220,000 merchants use our credit card processing services.
Intuit processes over 116 million transactions per year.

Check Solutions

Convert paper checks to electronic payments and get paid faster

Simply run checks through a reader that attaches to your terminal
Check funds automatically deposit into your bank account in 2-3 days
Set-up for electronic check conversion is quick — takes only minutes to get started

Hassle-free solution guarantees verified checks for payment

Funds are directly debited from the customer's bank account
No paper checks to keep track of
Gain peace of mind by knowing the check you have received will be in your account

Help save time and money

Avoid bad checks and loss of revenue
Eliminate extra trips to the bank

Merchant Services for Webstore

Process transactions securely

128-bit SSL encryption with Internet Fraud Prevention
Card security fraud prevention features

Save time and money with a QuickBooks-ready Web store

Choose from Web stores including Homestead, Go Daddy, Web.com, UltraCart, IA Modules and PDG Software
Reduce errors and eliminate double data entry by synchronizing with QuickBooks
Use one merchant account to manage multiple sales channels

Merchant Services for Terminal

Process credit and debit cards using a low-cost terminal

Affordable and easy-to-use terminal choices that work with dial-up, broadband or wireless connections. Qualify for low, card-swipe rates
Lower rates for PIN-based debit card transactions using built-in or plug-in PIN-pad

Easy-to-get started

Merchant service application process is fast and easy
Set-up is quick — you or your employees can start processing right away

Save Time

With one click, download transactions and fees into QuickBooks
Cut down on manual data entry and reconciliation time
Downloaded transactions are batched in accordance with bank deposits so it’s easy to track funds

QuickBooks Enterprise Edition - Triggers, Features, Benefits and what you can get if you upgrade today

2011-03-17T10:56:00.000-07:00

TRIGGERS - if you experience or need any of these, then it's time to upgrade to QuickBooks Enterprise Edition

1. File size at least 200MB.
2. 14500 list limit
3. Terminal Server/Linux Server
4. Multi-location
5. User Restrictions
6. Number of users (More than 1)
7. Number of users (More than 5)
8. Slow performance
9. Data damage
10. Combining reports
11. Reports (ODBC)
12. Account clue (Upgrades every year)
13. Adjust inventory in multi user mode
14. Using lower version of QBES (Inactive FSP)
15. Has a client using QBES
16. Using a trial version
17. Wants to add license to QBES
18. Third party application
19. Field Service management
20. Warehouse management

FEATURES AND BENEFITS

CAPABILITY TO ACCOMMODATE UNLIMITED NUMBER OF LIST - you don't have to worry about limits in terms of numbers of list that you can enter as well as you can use in terms of tracking purposes

MULTI-LOCATION INVENTORY ENHANCED BUILT IN REPORTS - it will save you time because you can already compile all those customer's information in just one report and do some comparisons

ACCESSIBLE IN DIFFERENT LOCATION VIA A TERMINAL SERVER - it saves time by not needing to go back and forth on any sites and you don't have to worry about the business because you can see how it progress even if you are not on the location physically

CAPABILITY TO ACCOMMODATE FROM 5 UP TO 30 USERS AT THE SAME TIME - multiple people using QuickBooks means faster work done and this will also prevent duplicate entries because QuickBooks will not allow 2 people using QuickBooks to do it

INTEGRATABLE WITH 3rd-PARTY APPLICATIONS - prevents inaccuracy because if the program syncs perfectly with QuickBooks, you don't have to enter the information manually

CAPABILITY OF COMBINING REPORTS FROM DIFFERENT COMPANY FILES - you can compare certain parts of the business and it gives you the edge to compare results in one screen and the you can give more focus on the branch which is selling more

FIELD SERVICE MANAGEMENT CAPABILITY - you have a direct access on the file and be able to enter information from your cell phone without going to the office again

CAPABILITY TO HANDLE LARGE FILE SIZES - you don't have to wait for a specific task to finish and it gives you peace of mind that the company file is secured from possible data corruption

MULTI-INSTANCE - you don't have to shut down your data file to open another and you don't have to "find your place" again in the first data file

MORE DEFINED USER RESTRICTIONS AND ROLES - gives you a feeling of security regarding you file since you can limit the information you want to share to other QuickBooks users and you can limit their access

MULTI-LOCATION INVENTORY - you can keep track of your inventory even if they are in a different location

Unlimited Technical Support, Free Upgrades and More

Your purchase of QuickBooks Enterprise Solutions includes a one year membership to Intuit's Full Service Plan entitling you to the following benefits:

U.S based Product Experts
o Get exclusive access to our team of U.S.-based QuickBooks experts who can advise you on how to use Enterprise Solutions more effectively within your business.

Product Upgrades
o You'll automatically receive any new versions of our product that are released, along with updates to your current version so you'll always have access to the latest features and enhancements.

Data Conversion Service
o Moving up to QuickBooks Enterprise Solutions from QuickBooks Pro and Premier is as easy as any other upgrade, and we provide free data conversion tools to help you transfer data from other programs such as Microsoft Excel and Peachtree into QuickBooks. We can also assist you with converting your business data from a wide range of popular financial management programs to help you get up and running quickly.

Training Tools
o Get a complimentary copy of Mastering Intuit QuickBooks Enterprise Solutions (a $399 value) - an interactive training DVD for beginner and intermediate users to help you and your staff learn how to use QuickBooks Enterprise Solutions.

Online Backup
o No need to worry that your valuable business data could be lost to viruses, hard disk crashes, or simple human error. Protect your Enterprise Solutions file and any other business data with up to 25 GB of free online backup storage. Your data is stored in a private and encrypted format at two separate locations so you can easily retrieve it whenever you need it.

Data Protection Services
o You are protected against problems you encounter with your QuickBooks data. We can help you recover your data if your hard disk crashes. We can also reset lost or forgotten passwords.

Renewal Date
To ensure that you have uninterrupted access to all the benefits of the Full Service Plan, we will automatically renew your Plan every 12 months and bill your account on your renewal date. We'll notify you by mail that your Plan renewal date is approaching, then on your renewal date we'll automatically renew your Plan for another 12 months and debit your account in the amount of the current, annual renewal fee. You can cancel the automatic renewal service at any time

The Different QB Premier Editions

2011-03-16T13:30:00.000-07:00

PREMIER CONTRACTOR EDITION

best for construction, landscaping, plumbing
document and track change orders
track subcontractor general liability
progressively bill clients by job phase
run cost to complete job reporting
analyze the profitability if jobs in the job profitability center
Contractor reports:

Job statusJob costs by vendor and job summary
Job costs by vendor and job detail
Job costs by job and vendor summary
Job costs by job and vendor detail
Cost to complete by job
Cost to complete by job detail
Job costs detail
Unpaid bills by job
Unpaid job bills by vendor
Expenses not assigned to jobs
Open purchase orders by vendor
Open purchase orders by vendor detail

PREMIER MANUFACTURING/WHOLESALE EDITION

manage inventory and costs - including buying and selling the same item in different units
track customer orders and see which orders have shipped and which haven't
manage pending builds and assemblies
adjust price levels by item
run customized reports by item profitability
Manufacturing/Wholesale reports:

Sales by Sales Representative Detail (Sales by Rep Detail)
ReportSales by Product
Sales by Customer Type
Sales Volume by Customer
Sales by Class and Item Type
Profitability by Product
Inventory Reorder Report by Vendor
Open Sales Orders by Item
Open Purchase Orders by Item
Open Sales Orders by Customer
Physical Inventory Worksheet

PREMIER NON PROFIT EDITION

donor tracking and contribution
budget by program and project
statement of financial income and expense
financial position and functional
Non Profit reports:

Biggest Donors/Grants
Budget vs Actual Donors/Grants
Donors/Grants Reports
Donor Contribution Summary
Budget vs Actual Programs/Projects
Programs/Projects Report
Statement of Financial Position
Statement of Financial Income and Expense
Statement of Functional Expense (990)

PREMIER RETAIL EDITION

monthly sales by customer
gross margin by inventory item
customer payments by payment item
returns summary
opened purchase orders by customer
price level for specific items (fixed for all items in PRO)
NCMR forms
Retail reports:

Profit & Loss Monthly Comparison
Balance Sheet Monthly Comparison
Gross Margin by Inventory Item
Sales Graph
Customer Payments by Payment Item
Estimates by Customer
Monthly Sales by CustomerAccounts Payable Graph
Bills by Due Date
Purchase Volume by Vendor
Vendor Returns Summary
Vendor Returns Detail
Open Purchase Orders by Vendor
Sales Tax Liability

PREMIER PROFESSIONAL EDITION

open balances by customer and project status
billed/unbilled hours by person, hours and activity
project cost detail
job cost reports by vendor
job summary and detail
Professional reports:

Project Costs Detail report
Job Costs by Vendor and Job summary
Job Costs by Vendor and Job Detail
Job Costs by Job and Vendor Summary
Job Costs by Job and Vendor Detail
Cost to Complete by Job Summary
Cost to Complete by Job Detail
Unbilled Expenses by Project report
Expenses Not Assigned to Projects report
Billed vs. Proposal by Project
Billed/Unbilled Hours by Person and Project report
Open Balances by Customer/Project report
Project Status report
Project Contact List report

PREMIER ACCOUNTANT EDITION

exchange and work with client files from all QB 2010 programs
review balances, adjust entries and enter work paper references in one screen
find and fix client entry errors from one screen via Client Data Review
toggle to other QB Premier Editions

QuickBooks Financial Sofware (Desktop Editions)

2011-03-16T13:08:00.000-07:00

QuickBooks for MAC
Built for the Mac OS - Looks and works like you'd expect.

QuickBooks PRO
Manage your business better on a PC. Best suited for up and running businesses.

QuickBooks Premier
For established and expanding businesses and tailored to your business needs since there are industry specific reports and tools that are tailored to your business type.

QuickBooks Enterprise
Intuit's top of the line! It has enhanced reporting customization, sophisticated inventory capabilities, expanded user controls, multi-location access, up to 30 users and if you purchase today it includes support and upgrades for 1 year. If you call QuickBooks sales @ 1 800 224 0960 , you can take advantage of the current promos and you can even pay by installment!

In Every Story, There Should Be An Intro

2011-03-16T11:29:00.000-07:00

I graduated BS in Accountancy last 2005, worked in a travel agency as an accountant, found it boring after 6 months and never touched journals or ledgers since then. I didn't take the board exam since I lost my passion for accounting. I have worked in one of the 5-star hotels in the Philippines as a Guest Relations Officer. I loved the job and found a new passion in customer service, especially with people from different races. I even asked myself why the heck I took Accountancy, why not HRM? After working in a hotel, I worked in the call center industry. I have this sense of fulfillment everytime I resolve customer's minor issues. I was a Reservations Specialist with United Airlines; Customer Service Representative with a British shopping tv; Customer Service Representative again for a Canadian utilities company and now... I'm a Technical Support Specialist for Intuit - the maker of Quickbooks - an accounting software.

I find it amusing - the one thing I've been avoiding all those years is coming back to me now - but in a different fashion! It's not anymore the boring journals and ledgers that I used to where I have to manually write all the entries which gave me sleepless nights unless I balance the balance sheet. I can now pull up all financial reports in just seconds! Oh, thanks to technology! So here I am, blogging about my new love - Quickbooks...