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QuickBooks tips & tricks, payroll related issues, bookkeeping advice

Payroll processing & entry
Kevin Harris - Monday, January 17, 2011

The 5 Most Common QuickBooks Blunders … and solutions you can understand

This is the fifth entry in a series of five.

 

I have worked with over one hundred QuickBooks using businesses and individuals over the past two years.  Many QuickBooks users are doing themselves a disservice by continuing to use the system in ways that are causing more problems than not.  Here are the issues that I see on a regular basis, and painless approaches to ridding oneself of being ordinary.


Payroll processing & entry.


Many small business decision makers attempt to save a few bucks by keeping payroll in-house. This is Most Common QuickBooks Blunder #5, but it is by far the most costly error of the bunch… and it isn’t specific to QuickBooks users only. All small businesses, unless they are in the accounting services industry, are better off outsourcing payroll. This is not my opinion. It’s fact. Payroll services are comprehensive and streamlined these days, and are available to businesses at extremely inexpensive prices. If your business is located within one state, has around 10-12 employees & contractors, and runs payroll every other week, then your payroll fees should land right around $100 per month. Two states and 25 employees? Around $200 per month. This includes direct deposit, facilitation of all payroll tax filings and electronic payments to the government agencies, and any other company specific deductions & additions. But it doesn’t end there. Today’s best payroll systems are web-based where employers and employees can view their information online, and all transactions can be downloaded directly into most of the common used accounting software packages, including of course, QuickBooks! No journal entries, no constant reconciliations of payroll liabilities, no errors in tax filings, and no wasting of time! All you do is tell your service who to pay, and when. We… I mean they… do everything else. For a small monthly fee. Did I say that already? If your payroll service is not providing all of these bells & whistles, then your money and time is being drained for no good reason. If you don’t currently use a payroll service at all, then your employees’ time is not being utilized to its potential. If you’re going to outsource one single financial task, payroll is your best option.


Solution: Contact QuickSolvers for an obligation free quote… payroll@quicksolvers.com or 773-909-2464.

Customized invoicing made easy… and sending made green
Kevin Harris - Saturday, January 08, 2011

The 5 Most Common QuickBooks Blunders … and solutions you can understand

This is the fourth entry in a series of five.

 

 

I have worked with over one hundred QuickBooks using businesses and individuals over the past two years.  Many QuickBooks users are doing themselves a disservice by continuing to use the system in ways that are causing more problems than not.  Here are the issues that I see on a regular basis, and painless approaches to ridding oneself of being ordinary.

Customized invoicing made easy… and sending made green.

How bland is the invoice that you send out to your customers? Professionalizing your invoice template is necessary, and as simple as you can imagine. Why is it necessary? Because you want your customers to perceive you as the real deal, not only for themselves, but also for referring you out to their network. Sure, the standard QuickBooks invoice is sufficient, but it doesn’t stand out. It doesn’t say, “You need to take me seriously. You need to pay me. You need to build a long-lasting business relationship with me that will lead to more business for you”. Instead it says, “I am a small, ho-hum business, and I have no interest in becoming significant. I am forgettable.” Sounds a bit harsh, but that’s the difference that adding your logo, removing unnecessary fields, and developing a clear & concise invoice can make.

Once you’re happy with your invoice design, consider emailing your invoices to customers. Not only will your customers receive your invoice quicker, you are now environmentally friendly!

 

Solution: Pull up the invoice screen in QuickBooks and click on “Customize” in the tool bar near the top of the screen. Add your logo, then go to the “Layout Designer” to resize and locate your logo correctly, as well as play around with the entire look and feel of your invoice. Click on “Additional Customization” to work with the titles of all fields, columns, etc.

As for sending via email, you can either use the “Send” feature in QuickBooks, or you can choose to go to the “File” menu, “Save as PDF”, and then attach to an email.

Reconciling in the register
Kevin Harris - Sunday, January 02, 2011

The 5 Most Common QuickBooks Blunders … and solutions you can understand

This is the third entry in series of five.

I have worked with over one hundred QuickBooks using businesses and individuals over the past two years.  Many QuickBooks users are doing themselves a disservice by continuing to use the system in ways that are causing more problems than not.  Here are the issues that I see on a regular basis, and painless approaches to ridding oneself of being ordinary.

Reconciling in the register.

I’m always amazed at how many users of QuickBooks I come across who insist on manually placing the checkmarks in the bank account register when a transaction clears the bank. Do they not see the icon on the desktop called “Reconcile”? These are the same individuals who are scrolling through the register looking for transactions that don’t have the manual checkmark, adding them back into the register balance, and hoping that the resulting amount matches the bank balance. Talk about unnecessary.

 

Solution: Click that “Reconcile” icon on the desktop (or in the “Banking” menu). Fill in the information, hit continue, and start checking off transactions on the next screen. Not only will you find this process to be pleasant and easy, you will unearth a feeling of gratification upon completion, knowing that you have not only balanced your checking account for the first time ever, but you have a cute little report that tells you about all those transactions that haven’t yet cleared.

 

***QuickTip to save time…

Now that you’re ready to reconcile your bank and credit card accounts properly, try this. When you go to check off a string of transactions on the reconciliation screen, instead of clicking on each one individually… you can click on the first, hold the mouse button down, and scroll with the mouse. QuickBooks has never been so, ummm, fun.
Failing to input deposits appropriately
Kevin Harris - Monday, December 27, 2010

The 5 Most Common QuickBooks Blunders … and solutions you can understand

This is the second entry in a series of five.

 

I have worked with over one hundred QuickBooks using businesses and individuals over the past two years.  Many QuickBooks users are doing themselves a disservice by continuing to use the system in ways that are causing more problems than not.  Here are the issues that I see on a regular basis, and painless approaches to ridding oneself of being ordinary.

 

Failing to input deposits appropriately.

Do you like to “Record Deposits” rather than “Receive Payments” when a customer pays an invoice? If so, you’ve probably noticed that one or more of the following is true of your QuickBooks data:

 

  1. Income is grossly overstated
  2. Invoices which have been paid still appear to be outstanding in the system
  3. Your receivables have gotten to the point where you laugh each time you look at a balance sheet
  4. Reconciling the deposits in your checking account is a mathematical challenge

Solution: I’ll keep this simple… when a customer gives you money to pay down an invoice that exists in QuickBooks, use “Receive Payments” to tie that payment directly to the invoice (the amount of the payment gets dumped into the asset account “Undeposited Funds”). Then when that payment, and hopefully others, makes its way to the bank, you “Record/Make Deposits” and lump any checks deposited together into one single transaction. If you’re depositing funds that are not to be linked to a customer invoice, skip the “Receive Payments” step. Follow these straightforward rules and your books magically start looking correct! No more chuckling at the balance sheet.
Treating a credit card statement as one big transaction
Kevin Harris - Tuesday, December 21, 2010

The 5 Most Common QuickBooks Blunders … and solutions you can understand

This is the first entry in a series of five.

 

I have worked with over one hundred QuickBooks using businesses and individuals over the past two years.  Many QuickBooks users are doing themselves a disservice by continuing to use the system in ways that are causing more problems than not.  Here are the issues that I see on a regular basis, and painless approaches to ridding oneself of being ordinary.

 

Treating a credit card statement as one big transaction.

The average bookkeeper waits for that credit card statement to come in the mail, then goes to “Write Checks” or “Enter Bills”, and itemizes the entire statement within one singe transaction. At the end of the day the accounting is not incorrect, as you have your credit to cash (write checks) or payables (enter bills) and your debit to the various expense accounts. However, what happens when you need to produce a balance sheet for your boss mid-month? Clearly any credit card balances will be non-existent until that monthly statement hits your desk. This can cause short-term cash projections, amongst other stats, to be skewed. How about reports by vendor? You cannot specify a vendor on the split lines of a transaction in QuickBooks, therefore none of your credit card charges will have vendor names attached.

 

Solution: Use “Enter Credit Card Charges” to create individual transactions for each and every credit card purchase/credit. When you get the monthly statement, immediately “Reconcile” the credit card account. At the end of the reconciliation process, QuickBooks prompts you to create the check/bill.

 

***QuickTip to save time…

If you haven’t already, start making use of the Online Banking feature in QuickBooks… stay tuned for a future blog entry on how to set it up and use it efficiently
Launching QuickBloggers
Kevin Harris - Monday, December 20, 2010

Welcome to QuickBloggers, the official blog of QuickSolvers, Inc. My name is Kevin Harris. A little over two years ago, out of work and looking to do something big, I put an ad on Craigslist which marketed my skills as a QuickBooks expert and freelance business consultant. Inquiries started coming in, clients followed, and a few months later I, along with my trusted group of “experts” (my wife Dori, our very good friends Mark & Jill, and my cousin-in-law Timm), developed the brand QuickSolvers. Actually we developed another brand originally, however a cease and desist letter from a staffing firm on the east coast put a quick end to that.

In the time since I posted that first ad, QuickSolvers has been hired by over 100 businesses for one or more of the services that we offer. Those services are QuickBooks training & consulting, payroll services (our fastest growing segment), bookkeeping, and accounting processes consulting. In short, we work with small businesses and their owners in helping them perform as efficiently as possible when it comes to anything on the accounting side.

The purpose of QuickBloggers is to provide our readers with quick reminders, tips, advice, and stories, within the range of services we offer. Our intention, same as the work we do everyday, is to give value to our readers. Whether it’s a QuickBooks tip (use the “Tab” key), payroll advice (outsource it!), a story about Jane Doe’s inefficient processes (billing out of Word and receivables in Excel???), or a reminder of a tax deadline (we’ll get a tax calendar up here soon), the primary goal of QuickBloggers is that our readers gain knowledge and are in a better position to succeed as a result of spending a few minutes with us. As a bonus we hope that you, our readers, will participate and also add value to QuickBloggers through comments and conversation about your own experiences. All feedback is appreciated and encouraged.


Speaking of feedback, there are two routes that you can take:

From the blog, as you see here, you have the opportunity to make comments which all of our visitors will be able to see. As stated, all feedback is appreciated and encouraged. In the unlikely event that an individual posts something that we deem inappropriate, we reserve the right to remove that posting from the blog.

If you would rather leave blog related feedback privately, you are welcome to email us at blog@quicksolvers.com. We read and reply to all emails.

 

Thank you in advance for your support and participation in QuickBloggers.

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