Archive for December, 2009

Ask Us

December 31, 2009 2 comments

Aks your questions by replying here.

Or you ASK your questions. Whichever you prefer. Back in NY it was usually Aks.


Importing and Exporting Lists and Templates

December 19, 2009 Leave a comment

Often times we find ourselves in the situation where we have a list or template in one QuickBooks Company File that we would love to be able to transfer to another QuickBooks Company file. The most common reason is someone has one company and they are starting another company in a related field, or they are closing one entity and starting another in the same business. Whatever the reason is you want to be able to use the same chart of accounts, the same invoice template(s), and maybe the same customers and vendors as well.

Happily you do have the ability in QuickBooks very easily in fact to export any/all lists and templates from one company file and then import them into another company file.

In QuickBooks 2010, you can easily copy and paste customers, vendors, and items from excel directly into your company file by using the Lists feature:

Figure 1 Add/Edit Multiple List Entries – click for a larger image in a new window

We do not go over this method in the video. If you play with it in QuickBooks it should be pretty straight forward. Feel free to post questions about it as a reply to this post.

In the video we show you how to export and then import lists and templates. They each work a little differently (lists vs. templates) in terms of how to do this.

Please enjoy the video web cast here:

Reply to this post with your questions about this web cast. For all other questions please see the post at the top (click the blog title).

Oh and Hey! Thanks for choosing the QuickBooks Help Blog brought to you by Nerd Enterprises, Inc.

Editing Your Forms and Printing Batches

December 8, 2009 2 comments

This question just came in via E-mail:

Good Morning Seth,

When I email customers a statement an automatic greeting appears, how do I edit this?  We use QB Pro 2010.

Also while I’m asking… you know if there is a way for me to be able to print checks w/o seeing their check register?  I am able to print one at a time but not print a “batch”. 

Here’s my answer:

You can edit forms as follows:

  • Click
    • Edit
    • Preferences
    • Send Forms (in the left margin with all of the topics, near the bottom)
    • Go to the Company Preferences Tab
      • Choose the drop-down for which “Form” you want to change the text for (one of the choices is “Statements”)

To print a batch of checks you first have to save them all with the box checked that says “To be Printed” or choose that option in the bill pay screen. Then in the “Write Checks” dialogue you click the drop down arrow immediately next to “Print” and there is an option to “Print Batch”. QuickBooks will prompt you for the first check number and increment all other checks from there.

Also while we are at it there is another option in there that is handy. Also in the ‘Preferences’ section under ‘Checking / Company Preferences’ There is an option you can check off (it is NOT checked off by default) that says “Change check date when check is printed”. This is handy when you might have added checks to the batch several days ago and you are first printing them today. QuickBooks will update the check date to today’s date when you print them.

Accounting for Leased or Rented Inventory

December 2, 2009 6 comments

Please enjoy the video web cast by clicking on this link

Watch The Web Cast

Watch The Web Cast

When you lease or rent equipment you have an unusual challenge in QuickBooks.

Ordinarily with inventory you buy it, hopefully sell it and never see it again because your customers love your superior product and they would never dream of returning it!

  • You have 4 things involved in the sale of inventory on the books:
    • Income (Yay we made a sale and now we have income)
    • We have a receivable (Someone has to pay)
    • We reduce inventory (because we just sold it)
    • We now recognize the cost of that inventory on the P&L (COGS)
  • QuickBooks has two areas that touch inventory in terms of set up:
    • Item List
    • Balance Sheet

Everything you set up in QuickBooks has to be set up to mirror what happens in reality. So the core issue here is how do I account for inventory when, unlike what is described above I not only hope to see it again, that in fact is my full and complete expectation. In other words, when I rent inventory out I expect it to be returned. I need a way to account for it so that I am able to keep track of what is rented or leased out vs. what is in stock. This is especially important in terms of making sure that I do not promise a customer something I don’t have.

So there are two sections of inventory that need to be set up in two places in QuickBooks.

  • Item List:
    • In Stock
    • Lease or Rented out
  • Balance Sheet
    • In Stock
    • Lease or Rented out

The mapping of the items is a little tricky and I can go over that with you in a private session. The key is making sure that the item called inventory out of stock is mapped to the Balance sheet account called inventory out of stock. You also have to choose a COGS account to map the item to. This will not matter because as you will see in the video web cast the transactions involving the transfer of inventory from in stock to out of stock will zero out. You just need to make sure that you are consistent with all items going to the same COGS account so that it does properly zero out.

  • Once you have the setup in place you need to record 2 invoices when you initially rent the car out or lease the equipment out
    • The first invoice is for the actual lease or rental contract.
      • This one is easy- you have a service item mapped to an income account for lease or rental income
    • The second one is a little more challenging. You have two line items:
      • One transfers inventory out of the “In Stock” category
      • The second line item transfers that inventory into the “Leased or Rented Out” category
  • If you book this correctly then the inventory transfers from one category to the other at cost.
  • Depreciation is calculated on the total inventory regardless of what is in or out of stock, so you will still have your “Accumulated Depreciation” account on the Balance Sheet, but you will not need to be concerned with transferring the inventory between categories at its book or net depreciated value. The inventory transfers at it’s historical cost. Your individual assets can be tracked separately in a fixed asset schedule which is usually what your CPA or tax preparer sets up for you for tax purposes anyway. Then you simply book the depreciation entry when your CPA gives it to you either monthly, quarterly or annually depending on how frequently you need to record it.

Please enjoy the video web cast by clicking on this link