Archive for November, 2009

Accountants Changes Pending

November 28, 2009 2 comments

The QuickBooks Accountant’s Copy is being used more and more often now, especially since Inuit has made substantial improvements to how it functions, and they’ve even enabled you to send it through a free service provided by intuit. In this tutorial we will show you the basics, and then if you are interested, we offer the complete accountant’s copy video tutorial solution in our learning center. In the full version we show you the complete cycle involved in sending the accountant’s copy and round trip conversions until the accountant ultimately sends the changes back and you import them.

The quick and simple screenshot based tutorial is here. After you’ve reviewed this blog post be sure and click to watch the FREE INTERACTIVE VIDEO TUTORIAL on this. We’ll take you through the steps and then invite you to learn by doing. You participate directly clicking where we’ve shown you to review what you’ve just learned. This is our newest format for video software tutorials and I think you will agree that it really does the job in terms of teaching you the material in a way that you will remember what you’ve just learned. Try the free version and see for yourself.

When you create an accountant’s copy you set a dividing date on your books. Essentially you are able to enter things subsequent to that date, and your accountant will be able to work with their “Accountant’s” copy entering and changing things prior to that date. Until the accountant’s copy is restored to your copy (i.e. the accountant’s changes are imported) your copy will show a message in the top bar that says “Accountant’s Changes Pending.”

If you want to go directly to the video tutorial (much more fun J) click this link:


Or go directly to purchase the FULL VERSIONThe place where you want to go whenever you are doing anything having to do with a ‘File’ in QuickBooks is of course the “File” Menu:

Note – you can also click ‘Accountant’s Copy’ and there you will see an option to ‘save file’. We review this way of doing it in the Video Tutorial.

Going about it this way you will next be presented with options for the type of backup you want to make.

Select Accountant’s Copy and then choose next.

Then you will be asked to confirm that the Accountant’s Copy is the most appropriate for your situation.

Choosing your dividing date

This is the critical part of creating the accountant’s copy. The dividing date is what will determine what you can change and what your accountant will be able to change once you send them the accountant’s copy. There are some default settings in the drop-down that you will see next, but in all likelihood you will simply want to use the custom option and enter the date manually.

Next you will browse to save the accountant’s transfer file “.QBX”. This of course is the file you are going to need to send to your accountant, so be sure and save it in a location where it will be easy to find.

One the file has been created you will get the following message:

This is when you will see the infamous message, which has raised so many questions. All kidding aside, QuickBooks lets you know when there is an accountant’s copy waiting to be returned (ie changes imported). There are only two ways to remove the ‘accountants changes pending’. One is of course to import the accountant’s changes. But what if you should decide you do not want to import the changes, or for that matter if you have no idea why the message is there?! Is there no way to remove this message and the related restriction from entering data prior to the dividing date?

Of course there is a way to remove this. Once you do there is no reversing it, so you have to be sure that you want to do this before you go through with it.

You will still be asked to confirm that you want to do this.

After you confirm you will see that the notice is gone from the QuickBooks Title Bar:

BONUS TIP – This is not covered in the video

I have had this situation happen. Let’s say you send your accountant and accountant’s copy and somehow your QuickBooks file crashes? Not to worry, the accountant’s copy can be converted to a full fledged company file “.QBW”. Of course this copy will have any changes the accountant has made, but it will of course not contain any changes you’ve made since sending the file to the accountant. Nevertheless in one case I was able to save a client from losing a ton of data by doing this in one case. Then I sent him the converted full company file and he sent me back a new accountant’s copy.

Please enjoy the free interactive video tutorial. This is the newest format for software training that we are now offering here and in our learning center.



This Blog sponsored by our Learning Center

November 19, 2009 Leave a comment

The reason we are able to bring you this is our Learning Center. Visit The Learning Center NOW to download full length tutorials from 1 – 3 hours. Just add a class to your cart, make your payment and our website shoots you an e-mail with a link to download what you need to watch your video class.

Visit our Excel Blog also for great free excel help and information: MS Excel Guru

Accounting For Real Estate

November 10, 2009 Leave a comment

This is just a quick post to let everyone know that I have begun writing my first E-book on Accounting For Real Estate. I’ve launched a blog for it already and you can see an excerpt of what I’ve written so far in the “About” section of the book. I hope to be finished writing the book by the end of this calendar year. The book will include of course detailed write-ups on setting your books up for Rental Real Estate as well as Real Estate Investment portfolios. Since it will be an “E-Book” I will be able to embed links to video tutorials to demonstrate what you are reading about. This makes for a very powerful learning experience.

If you sign up now for our monthly video subscription and keep it through the end of the year I will include this E-book FREE of charge.

Contact us if you have any questions!

Business Development – Bookkeeping Services

November 5, 2009 3 comments

This was in response to a question that came to me via E-mail. I get these types of questions a lot and I realized that the answers may be of benefit to the masses.

It is challenging to find a good bookkeeper. There are so many who claim to know bookkeeping and really what they know is QuickBooks (if even that), but they really do not get the accounting fundamentals. So I ask them why payroll is booked at “net” and not gross with the withholdings and tax payments shown and they look at me like I am being ridiculous and unreasonable. I had one bookkeeper accuse me of being an “obsessive micro manager” I still laugh when I hear that – I am the most laid back and relaxed person I know! This was after she went about 6 weeks without submitting a single timesheet and while my clients were calling and asking why the work wasn’t getting done. By the time I let her go I had to just cut her a final check without having a chance to review her work. When I finally did review her work I found that she substantially over-billed me. Then I lost 2 clients to boot and as of today I know that she is now working direct for another client who hung on with me after her for a little while then claimed they could not afford me anymore. Now I know why, I am sure she came in at a much lower rate. This was in violation of my agreements both with her and with the client, but it is not worth the cost of a legal battle and I am sure they know that. I also discounted fees to the clients I lost because it wasn’t their fault my bookkeeper was incompetent and I was not about to charge them for it. So that ordeal cost me about $2,000 all told.

I’m happy to report that I am still here. Aside from the 2 clients I lost that she was working on I have never lost a client based on poor business practices.

Over time I also realized that a lot of what I do with clients was more training than consulting. I found I was teaching the clients to enter their transactions. I started working with more companies training their bookkeepers and then consulting on some of the higher level work. So I started my “Learning Center” a few years back. [Omitted] has downloaded a bunch of the classes that I’ve recorded. Then I brought in a bookkeeper who had absolutely NO experience! Sounds wrong, right? It was the best thing I ever did. She was doing clerical work for one of my clients and I recognized that she was intelligent and hard working. I taught her how to reconcile bank statements to lighten the load of the bookkeeper at this client and she was better at it than the bookkeeper was – more thorough. Maybe that’s because the bookkeeper was in fact rushed to get things done. More importantly she seemed to really enjoy the work. So eventually I approached her and asked if she would be willing to let me train her to do bookkeeping work for my clients. Today she is my #1 bookkeeper. New clients have been slow this year, and the ones that have come in for the most part have wanted more of what I do in terms of cash flow projections and financial modeling. Any new bookkeeping work has gone to her so far because she has proven to be so reliable – that’s the rare quality – reliability.

Through my experience I learned some very important things. I no longer “manage” anyone. I don’t have time for that. I teach! And I am a good teacher (if I may say so myself ). With that approach I hold weekly trainings for the bookkeepers – online, recorded so they can review the content after (I actually have to start that up again I got busy and stopped, but as I grow and bring in more bookkeepers the trainings will be available at their option). [Omitted] was in on a few of these. When it comes to the payroll example, I realized that to them it seems ridiculous because they are only looking at the bank account and what came out, and they just want to get the transactions booked. So when I take the time to teach them about the P&L and Balance sheet I show them how important it is because of the specific way that their work impacts these statements. Moreover I explain why it is important for these statements to be reliable and I point out that the payroll expense is actually understated and will not match the W3 at year end. When I take the time with them in this manner, I am really helping them learn and grow as a bookkeeper. They appreciate that and I find that they are in turn more motivated to help me.

I use my web conference technology to make myself available to the bookkeepers at all times, so if/when necessary I log in with them when they get stuck and teach them how to book the transactions. The clients love this because they are getting the direct benefit of my experience without the cost (I only bill for the bookkeeper and it’s usually never more than 15 minutes at a time) and trust me when I tell you that I sell that point to the clients like crazy when I get them on the phone as prospects.

The timing of your specific question is uncannily perfect. I just sent out a newsletter with an article I wrote on this very subject. You can see the web version here:

I have been developing a significant web presence and my clients can see that. This reassures them that when I send a bookkeeper, that bookkeeper comes with a lot of support and resources. These resources are available to everyone:

FaceBook Fan Page
(I post links to free tutorials and other information I think people will find helpful or interesting)

Let me know if you have any questions and feel free to post on my blogs or join me on FaceBook, twitter, and especially LinkedIn – that’s the business one and I’m learning it’s the most important one if you want to grow your business.