Los Angeles Bookkeeping Service Inc.

Separate Cash From Checks

January 16th, 2012 Cari Johnson Comments off

Separate Cash from Checks

Affordable Accounting Solutions
QuickBooks doesn’t provide separate payment methods for cash and checks.
However, if you turn in a cash bag, select only the checks and deposit them; then
start the process over to select only the cash (or do it the other way around). This is
a common practice when depositing cash, because sometimes the bank notifies you
that their automatic counting machine produced a different total from the total on
your deposit slip (you probably don’t own counting machines for coins and paper
money). If that happens, you can edit the cash sales deposit item in your bank
register, and the cause of the edit will be obvious (and you’ll have a good audit trail
in case you have to discuss the transaction with the bank).

Categories: Bank Balance, Bookkeeping, Checks Tags: cash, Checks and Cash, QuickBooks

Customizing Color on a template

December 27th, 2011 Cari Johnson Comments off

Provided to you by Cari Johnson

Customizing Colors on a Template
You can change the color of the lines that appear on the template by selecting a
color scheme from the drop-down list in the Select Color Scheme field. Click Apply
Color Scheme to save the change and see its effect in the Preview pane on the right
side of the dialog.
You can also change the color of any text that’s printed on the form by using the
features for changing fonts section. Adding Colors and themes will make your invoices stand out and I strongly recommend this.

Categories: Bookkeeping Tags: Custom Colors, Invoicing, QuickBooks

Creating Credit Memos in QuickBooks

December 15th, 2011 Cari Johnson Comments off

Creating Credit Memos
A credit memo will reduce a customer balance. This is necessary if a customer returns
goods or is not satisfied with the work performed and has been billed for goods that were lost or damaged in shipment or during installation, or wants to dispute the price of a service or product you provided.
The credit memo itself is usually sent to the customer to let the customer know
the details about the credit that’s being applied. The totals are posted to your
accounting records just as the invoice totals are posted, except there’s an inherent
minus sign next to the number. Creating a credit memo is similar to creating an
invoice.
Follow these steps to create a credit memo:
1 Choose Customers | Create Credit Memos/Refunds from the menu bar to open
the Create Credit Memos/Refunds transaction window (see Figure 3-5).
2 Select a customer or job, and then fill out the rest of the heading.
3 Move to the line item section and enter the item, the quantity, and the rate for
the items in this credit memo. Don’t use a minus sign—QuickBooks knows
what a credit is.
4 Remember to insert all the special items you need to give credit for, such as
shipping.
You can use the Customer Message field to add any short explanation that’s
necessary.
Click Save & Close to save the credit memo
When you save the credit memo, QuickBooks asks you to specify the way you
want to apply the credit amount.

Categories: Bookkeeping, QuickBooks Tags: Credit Memos, Invoices, QuickBooks

How to Handle Cash Sales

December 13th, 2011 Cari Johnson Comments off

Provided by Affordable Accounting Solutions

Handling Cash Sales
A cash sale is a sale for which you haven’t created an invoice, because the exchange
of product and payment occurred simultaneously, or you received money for an
order you’ll ship to the customer.
Cash sales are the same as invoiced sales insofar as an exchange of money for
goods or services occurs. The difference is that there’s no period of time during
which you have money “on the street.”
N O T E : QuickBooks uses the term “sales receipt” instead of “cash sale.”
However, the term cash sale is the common jargon (a sales receipt is a piece of
paper a cash customer receives).
N O T E : Don’t take the word “cash” literally, because a cash sale can involve
a check or a credit card.
There are two methods for handling cash sales in QuickBooks:
• Record each cash sale as a discrete record. This is useful for tracking sales of
products or services to customers. It provides a way to maintain records about
those customers in addition to tracking income and inventory.
• Record sales in batches (usually one batch for each business day). This method
tracks income and inventory when you have no desire to maintain information
about each customer that pays cash.
To record a cash sale, click the Create Sales Receipts icon on the Home page (or
choose Customers | Enter Sales Receipts from the menu bar) to open the Enter
Sales Receipts

Categories: Bookkeeping Tags: Cash Sales, QuickBooks, Sales in QuickBooks

What is the Undeposited Funds account and how do I use it?

December 7th, 2011 Cari Johnson Comments off

Provided by Affordable Accounting Solutions

Understanding the Undeposited Funds Account
When you enable automatic use of the Undeposited Funds account (or manually
select that account in the transaction window), each payment you receive is entered
into the account named Undeposited Funds (QuickBooks establishes this account
automatically). It’s an account type of Other Current Asset. When you finish
applying customer payments in QuickBooks, and you’re ready to make your bank
deposit, you move the money from the Undeposited Funds account into a bank
account.
If you don’t opt to use the Undeposited Funds account, and post each payment
you receive directly into the bank account, you don’t have to take the extra step
involved in moving cash receipts from the Undeposited Funds account into the
bank account (and you don’t have to read the rest of this section).
However, each payment you receive appears as a separate entry when you
reconcile your bank account. If you receive six payments totaling $10,450.25 and
take the checks to the bank that day, your bank statement shows that total amount
as the deposit; it does not show the individual payments. When you reconcile the
bank statement, each deposit you posted (one for each individual payment you
received) is listed in your bank register in the Reconcile window.
This is not an easy way to reconcile your bank account. You’ll have to select each
payment individually, mark it as cleared, and make sure it matches the day’s
deposits on the bank statement (have a calculator handy, because you have to do
the math as you go).

Categories: Bank Balance, Bookkeeping, Deposits Tags: Deposits, QuickBooks, Undeposited Funds

Adding a Logo to your QuickBooks Invoice

December 5th, 2011 Cari Johnson Comments off

Adding a Logo to your QuickBooks Invoice
You can add your company logo to a template by selecting the Use Logo check box.
In the Select Image dialog, navigate to the folder that has your logo graphic file, and
select the file. Use the following guidelines to add a logo to a template:
• The logo should be a square shape to fit properly on the template.
• QuickBooks accepts all the common graphic formats for your logo. However,
the graphic loads when you print the template, and graphic files saved with a
BMP format tend to be larger than other formats and may take quite some time
to load each time you print. The most efficient format, in terms of size and
resolution, is JPG.
• Your logo appears in the upper-left corner of the form, unless you open the
Layout Designer (covered later in this chapter) to reposition it.
• You won’t see the logo on the screen version of the template.
• If you can’t place the logo in the size and position you prefer, consider printing
stationary and using it as the paper source for the template.

Categories: QuickBooks Tags: Adding Logo, Logo, QuickBooks

How to Handle Batches of Cash Sales

December 3rd, 2011 Cari Johnson Comments off

Handling Batches of Cash Sales
If you sell products or services and receive instant payment on a more frequent basis,
you might want to consider batching the transactions. This works only if you don’t
care about maintaining information about the customers and no customer expects a
receipt. This technique also works if you have a business in which sales and service
personnel return to the office each day with customer payments in hand.
You can make this easier by creating a customized Sales Receipt transaction
template with the following guidelines:
• Name the form appropriately (for example, “Batch Sales” or “Sales Batch”).
• On the Header tab, keep only the Date and Sale No fields in the heading.
• On the Fields tab, deselect all the optional fields.
• On the Footer tab, remove the Message field.
N O T E : Some Premier/Enterprise editions have a batch sale template,
named Daily Sales Summary, built in. Select that template to record batch sales.
To batch-process cash sales, use the following guidelines:
• Use a customer named “Cash” or “CashSale.”
• In the line item section, use a new line for each sale, regardless of whether the
same customer is purchasing each item, each item is purchased by a different
customer, or there’s a combination of both events.
• Use the Save & Close button at the end of the day. If you need to close the
window during the day (perhaps you’d like to get some other work done in
QuickBooks), open the Enter Sales Receipts window and click the Previous
button to find your previous sales.

Categories: Bookkeeping Tags: Cash Sales, QuickBooks

How to Deal with Merchant Card Fees In QuickBooks

December 1st, 2011 Cari Johnson Comments off

Provided by Affordable Accounting Solutions

How to Deal with Merchant Card Fees in QuickBooks
If your merchant card bank deposits the gross amount of each transaction and
charges your bank account for the total fees due at the end of the month, you don’t
have to do anything special to deposit credit card payments. You can deal with the
fees when you reconcile your bank account.
If your merchant card bank deducts fees from transactions and deposits the net
proceeds to your account, you have to track credit card charges and deposit the
correct amount.
Follow these steps to deduct credit card charges:
Select the credit card transactions in the Payments To Deposit window. These
are gross amounts.
Click OK to move the deposits to the Make Deposits window.
In the first empty line, click the Account column and select the expense
account to which you post merchant card fees.
Move to the Amount column and enter the fee as a negative number.
The net matches the amount that is deposited in the bank.

Categories: Bookkeeping Tags: How to Book Merchant Fees, Merchant Fees, QuickBooks

Running Aging Reports in QuickBooks

November 28th, 2011 Cari Johnson Comments off

Provided by Affordable Accounting Solutions

Running Aging Reports
Aging reports are lists of the money owed you by your customers. You run them
whenever you need to know the extent of your receivables. Many companies run
an aging report every morning, just to keep an eye on the amount of money on the
street (“on the street” is business jargon for uncollected receivables).
QuickBooks provides two standard aging reports, which you can open by
choosing Reports | Customers & Receivables, and then choose either the A/R Aging
Summary report or the A/R Aging Detail report. You can also customize an aging
report to match the information you want to see.

Categories: Bookkeeping Tags: A/R, QuickBooks, Recevable

Ommitting Details on the Invoice

November 26th, 2011 Cari Johnson Comments off

Omitting the Details on the Invoice
If you have multiple reimbursable items, you can combine all of them into a single
line item on the invoice. Choose the option Print Selected Time And Costs As One
Invoice Item. When you click OK and view the results in the invoice, you still see
each individual item. Don’t panic—you’re not losing your mind. The screen version
of the invoice continues to display the individual items. However, when you print
the invoice, you’ll see a line item named Total Reimbursable Expenses with the
correct total in the Amount column.
T I P : You can preview the printed invoice by clicking the arrow next to the
Print icon on the invoice window and choosing Preview.
QuickBooks changes the format of the printed invoice to eliminate the details
but doesn’t change the data in the onscreen version of the invoice. This means you
can open the invoice later and see the detailed items, which is handy when the
customer calls to ask, “What’s this reimbursable expense item on my bill?”

Categories: Bookkeeping Tags: billing, Omiting details, QuickBooks

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