QuickBooks, Vista and Windows 7

Filed Under (QuickBooks) by moirapottow on 03-04-2010

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PLEASE NOTE: All Versions of QuickBooks  2006  and prior are not compatible with Microsoft Vista and Microsoft Windows 7. Many forums say that it can be done, but my experience is that a lot of problems arise down the line (especially when you get windows updates). To avoid any frustration, if you would like to  upgrade your computer and operating system, I suggest your upgrade Quickbooks as well to versions 2008 or 2010 (which will be launched in the next few months). Please contact me on moirapottow@mweb.co.za

Your QuickBooks Data File is slowing Down!

Filed Under (QuickBooks) by moirapottow on 03-04-2010

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I have a lot of clients who get frustrated at Quickbooks is slowing down. This happens for a number of reasons:

1. Your Computers resources do not comply with the minimum requirements for you Quickbooks data to run efficiently.For the best performance, each computer on your network should not only meet the QuickBooks minimum hardware requirements, they should exceed the minimum hardware requirements. It is best to purchase at or near to the top of the market when purchasing new workstations and then to replace or upgrade workstations every three years.

2. In QuickBooks 2006 and prior Versions, the optimal Data file size is 50Mb and QuickBooks 2008 the optimal data file size is 400Mb. If you Data file exceeds this, Report building will start slowing down. To check you data file size, open your Quickbooks Data file and press Ctrl 1 . If this is the case the following measures may need to be taken:

a. Get your QuickBooks Support Consultant to set up a new Data File for you. Your Financial Year-end is a great time to do this

b. Go to File, Utilities, Verify Data ( This checks the integrity of your datafile) and then go to File, Utilities, Rebuild Data (this process tidies up your Datafile) These processes can be done on a monthly basis

c. Set QuickBooks So the Home Page Does Not Show When You Open the File. To change the default setting for each user, you must log into QuickBooks using each user’s name and password, access the User Desktop View preferences and uncheck the box that reads, Show Home page when opening a company file. Running the Home page uses system resources each and every time a user either opens and closes the program or user switches from one data file to another. The more access the user has to financial information, the more resources QuickBooks uses to display the Home Page.

d. Set User Preferences to Clear All Open Windows Each Time You Exit QuickBooks. To change the default setting for each user, you must log into QuickBooks using each user’s name and password, access the User Desktop View Preferences, and select the radio button that reads, Don’t save the desktop. If you save the desktop, QuickBooks will reopen every window you used in your previous session, including reports that require a tremendous amount of QuickBooks resources to generate.

e.Set Reporting Preferences So You See the Modify Report Window before QuickBooks Displays the Report. Edit the Reports & Graphs User Preferences to check the box that reads, Prompt me to modify report options before opening a report. With this box checked you will be able to narrow the date range for a report and to set other filters to limit the amount of data QuickBooks searches when you create the report. You will you get the specific report information you need faster because you don’t have to wait for QuickBooks to run the report once, edit the settings and then run the report again. You will also free up system wide resources that other users on the network can use. This suggestion is most effective for data files that are 100MB or larger, though you will still see some benefit for smaller files.

Receiving a Customer Payment for Multiple Jobs

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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A client wrote to say that he tracks jobs, and sends invoices to customers on a job-by-job basis. Some of his customers send a single cheque to cover multiple invoices connected to different jobs (and sometimes the cheque is a partial payment on each job). He said he was selecting a job in the Receive Payments transaction window, applying the appropriate amount to the Payment Amount field, and then moving to the next job. He used the same cheque number for each payment. This turned out to be a problem when a customer called to ask him a question about total payments, including questions about a particular check. You can easily apply a payment against multiple jobs. Just select the Customer Name in the Receive Payments window, instead of selecting a job.  QuickBooks displays all the open invoices for all of that customer’s jobs in the transaction window and you can apply payments, and partial payments to each job.

Multiple Payment Methods for a Single Invoice

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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A client wants to know how to enter a customer payment when the customer pays part of the amount due in cash or by cheque, and the rest with a credit card. The credit card payment won’t be part of the deposit she makes (she has to wait until the money is transferred to the bank by the merchant card bank), so she needs separate deposit amounts to make bank reconciliation work properly.
Make sure your receipts are being posted to the Undeposited Funds account. Go to Receive Payments and enter the customer. The balance appears, along with a list of open invoices. Fill in the amount and type of the credit card payment, and apply it to the appropriate invoice. Click Save & New and in the new payment window, select the same customer. Fill in the amount and type of the next payment type (cheque or cash) and apply it to the same invoice (which has its balance reduced by the previous payment you’d applied).
Open the Make Deposits window and deposit the cheque or cash. You can deposit the credit card payment in a separate Make Deposits window when the funds have been transferred to your bank.

Moving an Applied Credit to a Different Invoice

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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A client requested help with the following problem: “I applied a credit to a customer’s invoice, and it should have been applied to a different invoice. I can’t find a way to un-apply or move the credit amount”. You can change the invoice to which a credit was applied. This task requires several steps, but if you follow the instructions a step at a time, it’s not as complicated as it seems.
1. Open the invoice to which you applied the credit.
2. Click the History button at the top of the transaction window to display the list of all transactions linked to this invoice.
3. Click the listing for the credit you want to change, and click Go To, to open the original credit transaction.
4. Change the customer name to another customer. It doesn’t matter which customer you choose because you’re going to change it back (I create a customer named @Test to use for occasions like this and for other “tests” I want to run and it will default to the top of your customer list).
5. Click Yes in any warning dialogs QuickBooks displays about the results of making this change. Now you’ve destroyed the link between the credit and the invoice to which it was originally applied. (QuickBooks returns you to the original invoice window, where the credit no longer appears in the History dialog.)
6. Open the credit transaction you just moved to another customer (@Test). (You can select the credit from the other customer’s history by selecting the customer and pressing Ctrl-Q.
7. In the Create Credit Memos transaction window, change the customer name back to the original customer name.
8. When you save the transaction, QuickBooks offers the original choices for applying this credit. Choose to apply the credit to an existing invoice, and be sure to select the right invoice.

Creating a Simple Report that lists Invoices and Credit notes for a given period

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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Often Clients request a simple report to List Invoices/Credit Notes for a given period. QuickBooks doesn’t provide a report that displays a simple listing of invoices (Date, Invoice Number, Customer, and Amount on a single line). You can create this report using the following steps:
1. Choose Reports | Banking | Missing Checks (yes, that’s right, it’s not a typo).
2. Click OK in the Specify Account dialog that opens (it doesn’t matter what bank account is displayed).
3. When the Missing Checks report opens, click Modify Report.
4. Set The Date Range for the report e.g. “Last Month”
5. Move to the Header/Footer tab and change the text in the Report Title field to Invoice/Credit Note Listing.
6. Move to the Filters tab and make the following changes:
In the Current Filter Choices box, select the Amount filter and click “Remove Selected Filter”.
In the Filter list, select Account and then select your Accounts Receivable account from the Account drop-down list.
In the Filters tab select Transaction Type, choose Multiple Transaction Types in the drop-down list, and then select both Invoice and Credit Memo.
7. Move to the Display tab and deselect all columns except the following:Type, Date, Num, Name, Amount
8. Click OK to save your changes.
A simple list of invoices and credit notes appears, and QuickBooks inserts data about missing invoice numbers or duplicate invoice numbers in the appropriate places
Memorise the report so you don’t have to go through this again each month.

How tedious is your Bank Reconcilliation ?

Filed Under (QuickBooks) by moirapottow on 03-08-2009

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 We now have a software product that can use a download of your bank statement to import all bank transactions into quickbooks hence not having to enter each transaction individually. eZ Account Import enables you to easily import into QuickBooks. It reads banking transactions from different online banking download file formats such as OFX or QIF. The simple user interface empowers you to: 

  • Review transactions contained in your download file
  • Assign payees and accounts 
  • Post the transactions you select to your QuickBooks bank account

How It Works:
Once you have selected the QuickBooks bank account and the downloaded internet bank statement, transactions from the bank statement display. You select the type of transaction (check, deposit, payment, or bill payment), payee and account to assign the transaction. This is all done via easy-to-use drop-down menus populated by data from your QuickBooks company file. For transactions you want to import as bill payments or customer payments, you may even select the bill or invoice to apply the payments to from a list. No typing is required…just point and click!
To accelerate the import process even more, the eZ Import applications can memorize transactions so that they are pre-populated with payee and account information the next time an internet bank statement is reviewed. This is done with the functionality called Aliases.
To reduce errors and the importation of duplicate transactions, the eZ Import applications display the bank register for the QuickBooks account that is being imported into. Additionally, verification is completed during the scan of the export for any matching transactions between your QuickBooks bank register and the downloaded internet bank statement. If there is match, eZ Import indicates the possible match next to the transaction graphically. In addition, when a “matched” transaction is selected, the corresponding transaction is highlighted in the bank register for comparison.

What is the Safety Margin?

Filed Under (Accountancy Term of the Day) by moirapottow on 15-03-2009

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The Safety Margin shows the amount of sales that can be lost before the business begins trading below the Breakeven Point and therefore at a loss. See the safety margin as a safety net.

 How is Safety Margin Calculated?
The formula to calculate Safety Margin is:

Safety Margin    =              (Actual Sales – Breakeven Sales) X 100
                                               Actual Sales

How do I Get Gross Profit Margin on Quickbooks

Filed Under (QuickBooks) by moirapottow on 18-02-2009

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You can modify the Profit and Loss as follows to show the Gross profit Margin – Reports » Company & Financials » Profit & Loss » Choose Dates »  Click Modify Reports » Display Tab and tick % of income on the bottom right corner.

Corrupted Backups on Flash Drives?

Filed Under (Bookkeeping) by moirapottow on 18-02-2009

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Backing up your Data is probably the most important regular chore that we need to do! We’ve had a number of messages from clients who said that when they needed to restore a company file backup from a flash drive, the backup file was corrupt and couldn’t be used. 
Several of these clients admitted they don’t always remember to use the Windows “Safely Remove Hardware” feature.(Right Click on the Flash drive icon on the taskbar) That is almost always the cause of corrupted data on a flash drive; you can’t just yank that stick out of the USB port. 
That’s not to say that flash drives are perfect and data can’t become corrupted even if you use the Safely Remove Hardware feature. Don’t rely on any single type of media for backups. If you’re using flash drives, buy a separate flash drive for each day of the week so you always have multiple backups. Once a week (or, at worst, once a month) backup to the desktop (or another place on your computer) and then burn a CD and take it offsite. Look into online backup services to supplement your manual backups.