Incorrect currency, number, date, or time format in Quickbooks

Filed Under (FAQ) by moirapottow on 30-01-2009

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Follow these steps:
1. Close the QuickBooks program. 
2. Click Start Button & Look For Control Panel or settings. 
3. From the Windows Start menu, select Settings, then Control Panel. 
4. Double click the Regional Settings icon. (In Windows 2000, double click the
    Regional Options icon). 
5. Click on the Regional Settings tab. (In Windows 2000, click on the General
    tab). 
6. Make sure the correct location is selected. (In Windows 2000, select
     English ( South Africa) in the Your Locale (Location) drop-down list).
 7. Click OK to save your changes. 
8. To change date format click on customise next to regional settings and
     select date, change format to desired display in QuickBooks.

Gross Profit Margin

Filed Under (Accountancy Term of the Day) by moirapottow on 30-01-2009

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 Gross Profit Margin – is the gross profit percentage  that we calculate by expressing Gross Profit in rands as a percentage of Turnover of the business

Gross Profit Margin= Gross profit/Turnover(Sales) x 100

Why Calculate Gross Profit?

Filed Under (Accountancy Term of the Day) by moirapottow on 30-01-2009

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 Gross Profit -The Gross Profit is the amount of money you have left over after you have paid your suppliers for stock that you purchased for resale purposes or paid for the consultants time to deliver consulting services to a client. This is your Profit before deduction of expenses or overhead costs. 

Why do we Calculate Profit?

  • To determine amount of money left over to pay other operational expenses
  • Provides an indication of the effectiveness of your pricing policy
  • Provides an indication of your purchase and production controls

Gross Profit = Sales-Cost of Sales

 

How can knowing this information assist in your business?

  • Calculating the Cost Of Goods Sold and Gross Profit allows you to monitor your sales and the stock in the business and compare the figures to the previous month  or the same period the previous year.By counting and monitoring your stock regularly, you will soon get a feel if things “don’t add up” and can investigate any potential problems areas.This could point to a shrinkage problem. Shrinkage is Theft or wastage and if the GP Margin  is too low, you can put systems in place to monitor stock more closely and try and reduce shrinkage.
  • If the outcome achieved is not the desired one, you must review such activities as:
       -were all Sales put through the business
       -was stock counted correctly
       -are you calculating value of stock on hand using correct  prices: i.e. what you paid for the goods; and
       -is your pricing correct

Cost Of Sales

Filed Under (Accountancy Term of the Day) by moirapottow on 30-01-2009

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Cost Of Sales/Goods Sold – cost of sales refers to the amount of money you paid to obtain or create the product/service you are going to sell to your customers or clients.

The Cost of Sales May Include:

  • The cost of the stock you purchase for resale
  • The labour costs you incur to produce your product or service
  • Equipment and machine hire or running costs
  • Other Production Costs

Cost Of Sales = Opening Stock-Closing Stock + Purchases

Five QuickBooks Keyboard Shortcuts

Filed Under (Bookkeeping, QuickBooks) by moirapottow on 17-01-2009

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By: Caren Schwartz, Advanced Certified QuickBooks ProAdvisor®  

Shortcut One: Keyboard Tips Working with Dates 
When in a date field there are many ways to change the date. Of course you can type the date or you can pull up the calendar but there may be faster ways to get to a specific date.

Changing by a Few Days.


If you only want to change a few days try using the Plus (+) or Minus (-) key to move forward or backwards. You can hold the key down and change dates quite quickly but I generally recommend this for a change of a few days.

Changing by Weeks. 

You can go back to the first day of the week by using the letter W and forward to the last day of the week by using the letter K.
 Note: Recognizing that these are the first and last letters of the word WeeK gives you a clue as to how you can move forward or back within the week.

Changing by Months.

You can go back to the first day of the month by using the letter M and forward to the last day of the month by using the letter H.
Note: Recognizing that these are the first and last letters of the word MontH gives you a clue as to how you can move forward or back within the month.

Changing by Year.

You can go back to the first day of the year by using the letter Y and forward to the end of the year at a time by using the letter R.
Note: Recognizing that these are the first and last letters of the word YeaR gives you a clue as to how you can move forward or back within the year.

Today.

By now you will probably not be surprised to learn that you can return to today’s date at any time by pressing the letter T

Shortcut Two: Saving Transactions from Keyboard 

When working in a transaction and tabbing from field to field, you eventually get to the point where you want to save the transaction.
If you do not wish to take your hands off the keyboard to move the mouse to the Save & New Button, try holding down the CTRL key while pressing the Enter key. This combination will execute whatever is highlighted, almost always the Save & New Button.

Shortcut Three: Calculations on the Fly

How often have you worked in QuickBooks and needed to do add up numbers? Windows and QuickBooks both have calculators that you can pull up, but you really don’t need them.

If you are in an amount field on a check or other transaction, just pressing the number keys followed by a mathematical symbol (+, -, /, *) you will pull up the calculator. You can continue to enter numbers and math functions until you are done.
Note:Just remember to press the Enter key to enter the amount into the number field. If you press the tab key you will lose the amount.

Shortcut Four: Working with Cheque Numbers

Many people don’t realize you can enter something other than a cheque number in the cheque number field.

I like to use the word Debit for all transactions that I do online. Then I put the online confirmation number in the memo field. This makes it easy to track the transactions and they show up grouped together on the bank statement reconciliation screen.
Note: Just be sure to be consistent with the word and the spelling, including capitalization or they won’t be grouped together.

Shortcut Five: Making the Icon Bar Work for You

Last but not least, you can customize the icon bar at the top of the screen to hold the functions you use most often. Just right click on the icon bar and click on Customize.

I hope these tips make using QuickBooks a little easier as you go through the day.

 

Starting a Business? What You Need to Know About Bookkeeping

Filed Under (Bookkeeping) by moirapottow on 14-01-2009

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Author: Lynn Watson

If you are setting up in business then you should make sure you get organised from day one as far as bookkeeping goes so as to avoid any future issues with HM Revenue and Customs (HMRC).

Good bookkeeping will also allow you to plan ahead financially by showing you where the majority of your income and expenditure lies so that you can capitalise on profitable sales and work on minimising your outgoings. And of course, an accurate set of books will ensure you do not pay more tax than is necessary.

There are a number of records that you must keep, whether you are a sole trader or an employer of many. Firstly you need to keep a record of all your income and copies of all invoices you have issued. You also need to maintain records of your outgoings and copies of invoices you have paid for goods or services needed for your business.

Your tax liability is based on your profit and loss which is calculated from your income and expenditure. For this reason, keeping track of this information as you go along is crucial because if you leave it, everything will mount up and before you know it, it will be time to file your tax return and you will have a major task on your hands.

You will also need to keep copies of or have online access to your business bank accounts and statements together with details of any amounts you personally take out of or pay into the business.

Other things that you should keep on file are:

  • Petty cash book
  • Till rolls
  • Electronic or internet sales records
  • Stock take report
  • Cheque stubs
  • Paying in slips
  • Records of interest earned on savings accounts
  • Details of any income in addition to your main business income

If you hire the services of an accountant to prepare your accounts they will charge you based on the amount of work they need to do. If you simply hand them a carrier bag filled with crumpled receipts then as you can imagine, they will have a lengthy job on their hands and your resulting bill will reflect this. The more you are able to prepare in advance, the less your accountants’ fees will be.

Smaller businesses generally find that hiring the services of a bookkeeping company is money well spent because it can ease the burden of taking care of day to day accounts paperwork so that time is freed up to concentrate on running the business. Bookkeeping firms will make sure your books are kept up to date and will get them ‘accountant ready’ for you. They will also make sure that you are maximising your taxable expenditure and that you don’t miss crucial filing and payment deadlines. So by hiring a professional bookkeeper, there is money to be saved all round!

About the Author:

Lynn Watson is the Director of Office Assistants, a company certified by the Institute of Certified Bookkeepers. They offer small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining systems and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

Article Source: http://www.articlesbase.com/accounting-articles/starting-a-business-what-you-need-to-know-about-bookkeeping-688737.html