QTips

Customizing Reports

2009-06-25T10:37:00.000-07:00

To get the most out of your reports, don't be afraid to change them. Use the Modify button on the left hand side of the tool bar to select information you want to see and deselect information that you don't. Use the filter tab to abstract information in a variety of ways and don't forget the Sort By and Total By dropdowns just to the right of the report dates.

Credit Card Reconciliation

2009-06-25T10:29:00.000-07:00

Bet you didn't know that credit cards should be reconciled just like bank accounts. Simply record each credit card charge to the appropriate credit card account using the Enter Credit Card Charges from the banking section of the Home Page. The offset account is to the appropriate expense account. Record any payments using a check, with the offset account being the appropriate credit card account in the Chart of Accounts. When you receive the credit card statement, click on Reconcile in the Banking section of the Home Page, verify that the beginning balance matches the beginning balance on the credit card statement and enter the ending balance. Click Continue, check off the charges and payments that appear on the statement and when the difference equals zero, click Reconcile Now. Voila!

Undeposited Funds Account

2009-06-25T10:25:00.000-07:00

One of the most common errors in Quickbooks is failing to record customer payments properly. the actual sequence of transactions follows the flow on the Home Page... Create invoices, Receive Payments, Make Deposits. If you follow the flow, each Customer is given credit for their payment, the payments are "stored temporarily" in an account called Undeposited Funds and the payments are moved from Undeposited Funds to Deposits to match the actual deposits that are made to the bank. If done properly, reconciling the bank statement is a breeze.

Using Grouped Items

2009-06-25T10:22:00.001-07:00

Did you know that you can group items that you frequently sell together into one unique item? If you find yourself selling, for instance, a baseball, glove and bat and would like to record them as a package, just assign them to a group with a unique item code. Then when your customer purchases the package, just enter the group code. Saves time and provides less potential for errors

Foreign Currency

2009-06-25T10:15:00.000-07:00

New in 2009-the ability to buy and sell in foreign currencies. Simply select the appropriate currency for non-US customers in the client record of the Customer Center. Then set up automatic updating of exchange rates and Quickbooks does the rest-invoices and bills to your non-US customers and vendors are prepared using the appropriate currency. Payments from and to these same customers and vendors are recorded at the appropriate exchange rate, with realized and unrealized currency gains/losses recorded as necessary.