Archive for January, 2010

Staying in Touch with your Customers and prospects in QuickBooks

January 31, 2010 Leave a comment
  • QuickBooks 2010 has an e-mail marketing feature that is worth looking into
    • This one is very cool, actually – it will track information from QuickBooks about your customers and then let you e-mail customers based on various criteria
    • Send a “We miss you” e-mail to customers who haven’t spent any money with you in a while.
    • Send a thank you to customers who have been spending a lot of money with you.
    • Send a welcome e-mail to new customers
  • Or your can do it manually
    • Customer Center show columns and customize
    • Reports – customer lists
    • Customize
    • Export
  • There are also programs like Constant Contact
    • Export your customers from QuickBooks
    • Import to Constant contact and create a list of “Customers”
  • Best Practices when it comes to e-mailing customers and prospects
    • The rules – opt-out, complete contact info in all correspondence
    • Unofficial rules – how not to annoy people
    • In each e-mail you send you want to offer something that will make the reader want to get your e-mails. So using the QuickBooks E-mail Marketing feature in QuickBooks 2010 you can send a welcome e-mail to new customers and offer them something for free as an incentive to come back and spend more money with you. The top spending customers identified by the QuickBooks E-mail marketing feature might be an area where you simply offer them something for free, no purchase required as a thank you. This will of course encourage them to want to continue being a top spender at your business.

Please enjoy the video web cast by clicking the image here:


Loans To and From The Company

January 6, 2010 Leave a comment

URL: Due To From Video

When a loan is made to your company you have to think of it from the company’s perspective:

  • I am receiving money (increasing cash=Deposit)
  • I have to pay that money back – Loan = Liability
  • Is this loan being paid off within a year?

    • Yes = Current
    • No = Long Term

When I initially receive the loan I record a deposit for the money received and the account it goes to is a liability account (usually current). You can call it “Due To ____”. This can be applied to all loans received. Next I have to repay the loan.

When owner’s loan money to their own company there is usually no interest involved, especially if there is only one owner. So re-payment is pretty simple – you write checks to repay the loan and the account that the check is written to is the same liability account. But what if there is interest? There are really two ways to deal with the interest.

  1. One is to split your check and write the principal amount of the payment to the “Due To ____” account with the second line in the check’s split going to Interest expense. If you choose to do it this way you of course have to know with each check you write what the correct split is, which means you either have a statement from the lender that tells you how it is split, or you have your own effective interest table. The calculation aside, this is a complicated way of doing it. Also you often won’t have that split until the next statement comes from the lender where they will show you the payment you made and how much was applied to principal vs. Interest. So when you write the check you have to make an assumption about the split (ie use last month’s split) and then you have to go back and fix it.
  2. The second and frankly much simpler way is to write the check and book the entire amount to “Due To___”. Then separately book an entry for any interest. This is a journal entry and would look as follows:




Interest Expense


Due To _____


The second method above is a much cleaner way to do it. The video tutorial does not cover the interest part – we’ll have to post a “Part II” for that.

Oh and Hey! One more thing! There is a bonus tip in here that walks you through how to create a memorized, automatic, recurring transaction with a specified number of remaining recurrences! Exciting stuff!!

URL: Due To From Video