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Posts Tagged ‘QuickBooks’

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).

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FREE Live QuickBooks Webinar at 10am Sunday Oct 25

October 24, 2009 Leave a comment

I will be installing and reviewing QuickBooks 2010 right in front of you. It has some pretty amazing features from what I am reading, so this should be pretty exciting.

Click here and go into the ‘Live Webinars’ Meeting room:

http://www.nerdenterprises.com/meeting.htm

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

Changing The QuickBooks Accountant’s Copy to .QBW

August 28, 2009 Leave a comment

The accountant’s copy is a special file ending in .qba. This is the working copy that the accountant uses to post entries prior to a set cut-off date. The full version of the QuickBooks file is the .QBW and when an accountant’s copy exists, you can only enter transactions after the set cut-off date. So what if you decide that you don’t want to import the accountant’s changes? You have the ability to remove the restriction, but beware this cannot be undone. At the same rate the accountant can also convert the accountant’s copy into a full .QBW. I will show how to do both here starting with converting the accountant’s copy into a QuickBooks Working file – .QBW. It is actually really simple and can be shown in one screen shot. You simple click File–>UtilitiesàConvert Accountant’s Copy to Company File/QBW:

To cancel the accountant’s changes on the original QBW (Client copy) simply click FileàAccountant’s CopyàClient ActivitiesàRemove Restriction

Once this is done you will not be able to import the accountant’s changes. It is not a bad idea to create a special backup prior to doing this, so that if you need to you can restore a copy with the accountant’s changes still pending. This way you can get back the ability to import the accountant’s changes should you decide you need/want to after all.

Remote Bookkeeping Services

June 16, 2009 2 comments

Remote bookkeeping is going to become more and more prevalent for small businesses for a few basic reasons. First, it is efficient for the bookkeepers. This means we can charge less because we can go from one client to the next with no travel increasing our billable hours. This is good. Second, it is convenient for the client because you don’t have to make space for a physical human being. Depending on the setup option you choose, you might have to reserve a computer while we are logged in, however if the computer that hosts the QuickBooks file is is used during the day, we can have a bookkeeper log in during the evening hours when no one is there. This means less interruption during normal business hours. Because of the portability of QuickBooks we can also log in and upload a copy of QuickBooks to ourselves. This will mean 5 minutes that someone has to stop working on that computer while we do this. Then when we are finished we can log in after hours and download the updated copy of QuickBooks to your computer. Of course during this time no changes can be made by anyone at your office to QuickBooks. I have one client that I work this way with (actually through a VPN, no computer needed) and it works beautifully. I can even pay his bills by setting the checks “To Be Printed”. When the QuickBooks Company File is back on his server I e-mail him to let him know, and he just opens up his QuickBooks as if it never left his server. Then he prints the batch of checks and signs them. This is convenient for him and I, and it is really efficient while still allowing for him to review all checks before they are sent.

I mentioned “portability of QuickBooks files”. The reality is that with services like yousendit and other FTP site options it is easily to seamlessly transfer your file without interruption on your part. If the file is particularly large, then we simply save a QuickBooks Portable Company file before we upload. None of this really matters to you as the business owner, all you care about is that we will get your file, work on it and put it back without you even feeling it!

So how do we get your information in order to work on your books remotely? There are a few ways to do this. The BEST way is when the client is comfortable and trusts us with the login info for their bank & credit card accounts. It is possible to give us read only access with most banks so that all we could ever do is download the information into QuickBooks and categorize the transactions. The other way is you send us the PDF’s and we enter them manually. It really doesn’t matter to us. In some cases we will set up a private blog site – you can easily upload documents as well as post notes for us as far as things you need us to follow up on. Yes of course you could e-mail that too, but the blog gives us nice platform to track the progress on things while e-mails get filed and forgotten!

So how do we log in to your computer?

The best way is that we set up a VPN (Virtual Private Network) on your server where the QuickBooks file is hosted. This enables us to get to your file without you even needing to interrupt anyone at any computer there. The other way is that we set up one of our gotomypc accounts on your computer. Finally you can set up your own gotomypc (or other remote access) and give us the information we need to log in to your computer. If we provide the gotomypc account there is an annual charge of $150 (about half of what it costs to have your own) and you can use it all you like to get access to your files and of course your own QuickBooks file. As long as you are a client the account is yours to use.

Setting up the VPN will of course require about 3 hours of time with our IT department at $150/hour, once this is done, however you have permanent remote access set up and it doesn’t cost another dime. Oh and yes – we can do this remotely!

In the process we will also be working with you to go as much paperless as possible – scanning bills and other documents in order to make them available to us for input. This is better (more efficient) for you and of course better for the environment – and we like that!

What About Security?

Of course we do everything in our power to protect your information. Everything we see is confidential and treated as such. Our service agreement provides for a bi-lateral NDA (we give you information about our company that we do not want disclosed to the general public as well). The VPN’s are all very secure as is gotomypc.

You can read more about remote bookkeeping services in our main website:

http://www.nerdenterprises.com/accounting/in_house_bookkeeping.htm

Please feel free to post your questions in the form of comments here.

Take our Poll and get a free hour of QuickBooks Training

June 15, 2009 Leave a comment

Click here (or visit the page to your right –>) and take this month’s poll. We’ll give you a free hour of online QuickBooks Training.

QuickBooks Tips & Tricks

June 4, 2009 2 comments

We have a new QuickBooks class in our learning center – QuickBooks Tips & Tricks.

This is a GREAT download whether you are new to QuickBooks or a veteran!