Archive for May, 2010

Brand new QuickBooks forum!

Hi Everyone! I have great news! We now have a QuickBooks discussion forum which is rich in features so PLEASE direct all QuickBooks questions there, by going to this URL:

We already have a questions topic – you DO need to register, but HEY I’d love to get to know who you are anyway so please visit the forum now and post a question / comment or go to the general discussion for things that are not directly related to QuickBooks.

Also we will be slowly migrating selected content (we’ll pick the best stuff and get it better organized) from here to a new blog location so stay tuned and check back often.  The URL will be forwarded to the new location once it is ready.


10 Keyboard Shortcuts to things you frequently do in QuickBooks


Like the car above you want to be fast. Here are some ways that you can become a Ferrari among QuickBooks Users:

  1. Receive Payments (from Customers): ALT +U, Y
  2. Reconcile: ALT +B, L | Bonus: then use ALT + [down arrow] to activate the drop down and select the account.
  3. Enter Bills: ALT + O, B then to pay bills ALT + O, P
  4. Run Profit and Loss Standard: ALT + R, F, S | for a Balance Sheet ALT + R, F, B
  5. Chart of Accounts: CTRL + A
  6. Make General Journal Entries: ALT + C, J
  7. Make Deposits: ALT + B, D
  8. To edit an item in a list: ALT +E, E
  9. Enter Sales Receipt: ALT + U, S
  10. Customer Center: ALT + U, C | Vendor Center: ALT + O, V

For an hour video of more tips to help you work faster in QuickBooks download our full length video tutorial:

QuickBooks Tips and Tricks

Categories: QuickBooks Tips

Accounting For Donated Inventory

I have always felt that it is important to give back. The more successful we become the more important it is to give back and help others to achieve success. If we don’t give back as much as we can then the success is literally wasted on us. So I love when clients ask me how to account for donated inventory. It means they are giving back and helping others and I love that.

When you donate inventory you essentially sell it for 0. When you sell inventory for zero what you have is a situation where your sales are zero and your inventory is then transferred at cost from the Balance Sheet Account “Inventory” to the Profit and Loss Account “Cost of Goods Sold”. So donating inventory is actually pretty simple. One additional step is required to get the cost out of “Cost of Goods Sold” and into “Charitable Contributions”. The donation is recorded at the lower of cost or market (in this and most cases that will be cost). So it is NOT recorded for the value of what you would have sold it for, but for what it cost you to acquire it.

There are 2 steps in accounting for donated inventory in QuickBooks. The first step in to record the invoice for the donated inventory. The second step is to record the transfer of cost from Cost of Goods Sold to Charitable Contributions. This means that in between these two steps we will need to determine what the cost was.

Please enjoy the video web cast:

Click the image to watch

Categories: Inventory

28 Tweets about Nerd Enterprises, Inc.

If you’re watching our videos here or on YouTube or anywhere else then there is a good chance you have a small business.

If you are a small business we can help you grow. Nerd Enterprises, Inc. is still a “small business” – so we know the struggles you face.

If you have 500 or fewer employees then you are a small business.

If you are a small business then you probably are or should be using QuickBooks

I’ve been there. I started this business from nothing back in 2003 because I was frustrated working for someone else.

I was tired of the condescending bosses that offered venom instead of help and training.

I was making $40,000/year which in Los Angeles is barely surviving.

I taught myself a little bit of web design. You would laugh now if you saw the original site. Some of you have.

Then I started posting ads on Craigslist. Craigslist worked and the clients started coming in.

All we had to do was get the first client. That one lead to the next and so on.

I realized there were a lot of people who knew their business but really needed help with their accounting.

I also realized that there were a lot of bookkeepers out there quite frankly making a mess of things.

I started going in to clean up those messes. I found that I really like to organize things for people.

The expression of gratitude on people’s faces when I help them is worth more than what I charge!

Then I realized I could only take on so much on my own, so I started hiring bookkeepers. They had to be passionate like me.

It was easy for me to find good bookkeepers because I understand what they need to understand. I know accounting and bookkeeping.

Accordingly we’ve been very successful at finding good bookkeepers for our clients, but we are NOT a recruiting firm.

In order to make our services available to anyone, anywhere, anytime I started the Learning Center

Then I started our QuickBooks Blog and our Excel Blog

Before I knew it people were asking for one on one online training in QuickBooks and Excel.

The one-on-one online trainings have been most popular. People really love the fact that we can record the session and provide that FREE.

Our short videos are designed to help you learn some tips and tricks on how to use these programs more effectively.

The full length videos found in our learning center will take what you learn in the short videos 100 steps further.

Do you want to learn the secret to our training? [next tweet in one hour]

Our secret is that we do not simply show off our knowledge – that doesn’t help you. We explain things in a way that help you retain them.

Call (866) 945-8070 or visit us on the web. We can help you with your bookkeeping and accounting.

We can show you how to grow your business. It starts with understanding the numbers so you know where to grow your business.

Your accounting is an inventory of your resources. You have to know this to know what you have to spend and where you should spend it.

Categories: Business Development