Archive

Posts Tagged ‘QuickBooks Accounting’

Send us your QuickBooks file

March 26, 2010 Leave a comment

Upload your QuickBooks File to us and we will give you a free exclusive video report with our analysis of your books.

Simply click the link on our main site at www.nerdenterprises.com

Oh and hey! If you use QB for mac please save a backup for Windows (we do not have MAC computers in our facilities even though we know QB for Mac very well).

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:

FREE VERSION – THE ACCOUNTANT’S COPY – INTERACTIVE VIDEO TUTORIAL

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.

FREE VERSION – THE ACCOUNTANT’S COPY – INTERACTIVE VIDEO TUTORIAL

Handling Reimbursed Expenses in QuickBooks

September 8, 2009 Leave a comment

Many times in all business we are faced with the situation where we are being reimbursed for an expense. In other words – I go out and purchase a chair for a client and then I sell it to that client. It is not really inventory, because I am not in the habit of selling chairs to clients. Maybe this was a onetime thing or it will happen once in a while, but not as a normal course of business. There are a few ways to handle this in QuickBooks. The first thing to understand is that the cost is not “Cost of Good Sold”. I know it seems like it should be, but Cost of Goods Sold or COGS are defined as all of the costs necessary to get our inventory ready for sale. Since this is not Inventory, we do not want to book the purchase to COGS.

We can do it one of two ways:

  • First we can simply enter it in a bill or check for an expense and mark it billable to a specific client. We will encounter a problem if we want to mark it up in that QuickBooks will show the markup on a reimbursed expense. If we don’t mind our client seeing how we marked this up then this is ok. If we do not want this, then we need to take a slightly different approach within this same option. That would be to bill it through with no markup initially, then change the price once in the invoice. The problem with this is you will wind up with a negative expense.
  • The second way is to enter the purchase of the item as a “Non-Inventory Part” and then bill that through. In this case you will want to link the non-inventory part to an income account, perhaps called “Reimbursed Expenses”. I know it seems weird to use the word “Expenses” in an income account title, but that is really what this is. By doing this, when you mark up the cost of the item it will net out as a positive income number instead of as an expense.

By doing this and then changing the method based on seeing the results you will wind up needing to troubleshoot this. So in the following video tutorial we go over how to make the mistakes and fix them as well.

Once you think you have entered this correctly you will want to run a Profit and Loss for that customer to be sure that the transactions are showing up correctly. Specifically you want to see that the cost of the item is in there and that what you billed for it is properly netted out by that cost. We will show you how to do this in the video tutorial that we’ve recorded online:

Please enjoy the FREE video tutorial:

Reimbursed Expenses ßClick

Did you file an extension this year?

June 24, 2009 Leave a comment

How many times have you told yourself that you weren’t going to file an extension this year? Then how many times after filing that extension have you said you were not going to wait until the deadline only to find yourself scrambling in September or October to get it all together? 

You don’t have to do that again this year! We can help. Lack of planning is the single biggest and yet most avoidable cause for stress! How can Nerd Enterprises, Inc. help?

I’m glad you asked. We can send you a staff member to evaluate your current status, what needs to be done and how long it will take. Then we can either train you or your bookkeeper as the case might be on how to tighten things up or we can go to the next step for you and have our staff do the work to get you cleaned up and ready for Year End, tax planning (i.e. estimating what you owe for the year and helping to plan on setting that aside if necessary between now and March Or April).

Now what about the plan for Next Year? How many of you have sat down and spent some time thinking about what you expect your income to be next year, compared that with your expenses and now have an idea of what you might be able to afford to do much less save during the year? I have already spent hours on it for my Company as well as for myself personally. Even if you are an “employed” person you should do this. My experience has been that unless you do this you will not likely generate a significant savings. I’ve read articles that people my age (in their 30’s) have substantially less savings on average than our parents did by the time they were our age. And we make a lot more money!!! 

I’ll give you a few reasons besides the obvious, why you should do this and how it can help.

First and foremost… Peace of mind! When my mind is at ease, I am much more productive and I have found that my mind is MUCH MORE at ease when I understand exactly where my finances stand. Then when I am not working I find it much easier to relax – I don’t have to worry about spending because I know exactly what I can afford to spend.

Second… Goal setting and reaching. This applies more to the self employed (but not entirely). When I know what I should be able to make at a minimum, I can then see what I can do to raise the bar. For the employed person maybe that means putting in an extra 10% in order to lock in that raise and promotion. Sometimes it might mean a lateral move in order to position yourself within the organization for an upward move. What ever the case might be, plan it and see what you can do in order to make that happen. For the Self employed this means thinking both in and out of the box. Inside the box it is the obvious – how can I get more business? Outside of the box means thinking about new ways to generate revenue and perhaps most importantly, how do I generate residual / recurring revenue. Come up with some ideas and add that in to your model or projection. The idea is to have the same effort invested one time continue to generate revenue.

Third… Motivation. It is a lot more likely that you are going to get excited about where you are headed if you have that concept well defined. If I know that I can earn $250,000 this year but I am going to need to work to do it – as long as this is a realistic goal for me, then I will get excited about it and I will in turn be motivated to do what it takes to make it happen. Caution here! If I set unrealistic and unachievable goals then I am setting myself up for failure and I will be overwhelmed and disappointed. This is the opposite of what we are trying to accomplish. So be realistic but do plan and do set the goals. If you have never operated this way before then I suggest you start off by setting fairly easy to attain goals and then each time you achieve one, set the next bar a little higher over your head than the last one was.

So there you have it. A few reasons. We can help you with all of this using two very important tools (and the very things that have made my life what it is today) – QuickBooks and Microsoft Excel.