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Frequently Asked Questions The following FAQ's are some of the most asked questions from clients. Some of these you can not find in your QuickBooks® User's Guide. If you do not see your questions answered here, please email us at Accu-Service.
What is the most critical points I should know for accounting and using QuickBooks®?
Should I upgrade to QuickBooks® Basic 2007/Pro 2007 or Premier 2007? QuickBooks® 2007 versions have several new features and benefits. One of those features is a great time-saver if you use email to invoice customers or have customers pay online. There are many pros and cons to upgrading but it is beneficial to have the latest release from QuickBooks® for any version you may be running. Compare your needs to those the new version is offering to determine the value of upgrading. If you do not think that you will use these features on a regular basis, there may be no need to spend more money to upgrade. Of course, if you have any questions to see if you should upgrade, we can help you. Click here to view the comparison reports for each new type. Should I upgrade to an industry specific version of QuickBooks® (such as Retailer's Edition or Contractor's Edition)? QuickBooks® industry specific versions are very useful for the industry if you are looking for more detailed features and/or reporting. The QuickBooks version looks very similar to the Premier edition, with another task bar section located on the top section of your screen. These tasks are directly related to your industry. For example, there will be many construction related tasks, such as detailed job costing or detailed job reports listed rather than the generic job reports that come with the Premier version. What is a portable file? The Portable Company file (.QBM ) is much smaller than the QuickBooks data file (.QBW) and depending on the size of the QBW file, it could be as small as one sixth of the size of the QBW file. QuickBooks users need to move or copy the data file to offsite locations. For example, a user might want to work at home by sending the file to herself as an email attachment and then opening the file at her home computer. Or, the user might provide her accountant with a copy of the data file for year-end tax preparation work. With previous versions of QuickBooks the user typically created a QuickBooks backup (QBB file) for this type of electronic transfer because the backup file is much smaller than the data file. However, in QuickBooks 2007, backup files are not as compressed as they were in earlier versions, so the Portable Company file was developed so that users could create a highly compressed version of the data file that would transfer faster over the Internet. To create a Portable Company file, select the File menu, select Portable Company file, and then select Create File. QuickBooks creates a file with an extension of .QBM and places the file in a folder of your choice. After you transfer this file you can open it on the remote workstation by selecting the File menu, selecting Portable Company file, and then selecting Open File. Intuit does not recommend using portable company files as a means for daily backups. You should continue to use the backup feature (.QBB) for daily backups. Compliments of Doug Sleeter, of The Sleeter Group Why does my assistant get release update notices, payroll update notices and shows admin features that should be on my computer, not hers? We just installed 2007 and I installed it on my computer (Admin) first? “Floating Host” & “Alternate” Multi-User Setup If QuickBooks 2007 was installed using the same multi-user setup as you used with QuickBooks 2005 or earlier, it is likely that you have an “alternate setup” and that you are using a “floating host.” The result is slow performance for all of the clients when using QuickBooks. What is a “floating host?” If QuickBooks is not installed on the server, or if the “hosting options” are improperly set on the server and/or client computers, your installation may be using a “floating host.” With this configuration, the “host” of the QuickBooks data file will be the first client that opens the QuickBooks data file and (a) enters multi-user mode, or (b) selects the “Start Hosting Multi-User Access” option. Therefore, since the host of the data files could be different each day (depending on which computer opens the data file first), the setup is referred to as a “floating host” setup. The documentation also refers to this setup as the “alternate multi-user setup.” The proper setup I described in last month’s article is referred to as the “Recommended Installation.” It turns out that many configurations could cause a floating host condition, but all have the following characteristics:
The following are the main problems with a floating host:
_______________________ Correcting a Floating Host Installation In order to correct the floating host condition on your network, you need to follow these steps: Identify which computer will be the “host” for your data files and move the files to that computer. You should put your data files in a folder and share that folder with other users on the network. Step 1. On each client computer (all workstations that will not be the host of the data files), open each data file that has ever been opened by this client and deactivate multi-user hosting by selecting the File menu > Utilities > Stop Hosting Multi-User Access (see Figure 1).
Note: The following techniques will NOT work to fix the floating host problem:
__________________________ Legitimate Uses of Alternative Mode Although it is highly recommended that you use the “recommended setup,” there are environments in which you won’t be able to comply with the requirements of the recommended setup. Some environments constitute legitimate uses of the alternative mode of installation:
In these cases, you should consider one of the following options:
The alternate network setup for QuickBooks 2007 is shown visually in Figure 2 below. The recommended network setup for QuickBooks 2007 is shown visually in Figure 3 below.
------------------------------------ Compliments of Doug Sleeter, of The Sleeter Group When I get a message to install the latest release, what do I do? If you are online constantly in QuickBooks® 2007, the latest release can download for you automatically if this feature has been turned on. If not, QuickBooks® will connect to the internet for you after answering the prompt that comes up. Once it is downloaded, then you have to close QuickBooks® to let the new release install. What is the blue line that shows in my register? The blue line that you see in the register tells you that an entry you have made is after today's date. (Example: Today's date is 1/1/07 and a check was written on 1/5/07). This is acceptable if you have processed checks to be printed at a later date, but generally, it signals a data entry error. Can I customize my iconbar to match only what I use in the program? Yes! First, go to File:Preferences:Iconbar to delete the icons you will not use and to make room for the new ones and save. (Think of this procedure as taking a picture) Pull up a screen that you want to add to your iconbar (ex. receive payments), go to Window:Add window to Iconbar, then choose an icon on the left side and give it a name. Be careful to type it in the format used on the other icons. Then say ok. It will save your icon at the end of the iconbar row. Go back to File:Preferences:Iconbar and left click on the diamond next to the icon you want to move with your mouse. Hold down the mouse button and drag it into the spot you want. Say ok! What are the best reports to run for my CPA to prepare my taxes? The 2 main reports are the Profit and Loss and Balance Sheet for your fiscal year. Any other detail you can provide is always recommended. A general ledger report and a backup of your company data is also helpful, just in case more information is needed to answer any questions. Contact your CPA to find out if there are any other particular reports they may need. What is the recommendation for a company file that is getting too large? My reports are starting to run really slow when I try to pull them up and my backups are on 2 floppy disks now. There are a couple ways to determine if your file needs to be either condensed or a new company file started (see condensing down below). If your reports are running slow and backups are taking up more than one disk, you may want to start a new company file at the beginning of your new fiscal year. A general guide to keep in mind is top start a new file every 3-4 years. It also depends on how many accounting features you are using in QuickBooks®. If you use inventory or payroll, your company file will grow more rapidly than if you were only using the basic check and deposit recording features. In order to start a new file, you can import all your list items over so that you don't lose valuable information, however you will be jumping between the company files for a few months as you need to research historical data. You will basically be starting from scratch again and will notice a big difference in the way the computer runs reports and backups. We have a complete procedure which details all the steps required to start your new file. Go to Setup for this procedure. The best time to start the new file is at the end of your current fiscal year in preparation for the new fiscal year. However, if you can not wait until then, pick a calendar quarter, especially if you are recording payroll. You must enter all the year-to-date figures in to bring QuickBooks® up to date for that current time period. What is the purpose of condensing my file? Condensing makes the company file smaller in size by deleting detail from specified years and making one journal entry by month to maintain the financial records. By doing this, your company file can run a little quicker and still have the previous year-to-date information for comparison. However, if you use sales tax or inventory features, you may not be able to condense all old transactions since they have multiple links that may still be open, according to QuickBooks®. Compare the pros and cons to starting a new company file vs. condensing to see what is best for you. (see above) Caution: When doing this, make sure you have a complete backup prior to condensing so that any detail information can be accessed if necessary. Once you have condensed, the information is deleted! How often should I backup my data? It is imperative that you backup your data on a daily basis in general. If you only use QuickBooks® once a week, backup at the end of that day that you did your entries. For daily backups, label a disk or file for each day of the week (Monday-Friday). Then, backup at the end of each day. By the following Monday, you will start the process again, however, you will have four days of backups that can restore your data in case one disk goes bad. Make sure to write the date of each backup in pencil on the disk label. QuickBooks now provides a time/date stamp feature, once turned on, will allow the computer to mark the exact time and date of the backups without interaction from you. Why is it important to backup my data? Backing up your data could save your life! By backing up your data on a regular basis, you have an outside source which you could use in case you have computer problems. A good rule of thumb is to think how much information can I afford to lose? What media should I use to backup my data? CD's, Zip drives and flash/memory sticks are more reliable than floppy disks. By keeping a separate backup for each time you send a backup to this format, you will be able to keep the integrity as intended. Flash or memory sticks are also reliable and easy to use. It conveniently plugs into your USB port and acts as a separate hard drive. You can backup your data from one computer and take the flash stick to another computer to restore it easily. It is compact and easy to use, as well as affordable. I haven't reconciled my bank accounts for several months. Can I do one reconciliation for that entire time period? It is best to do a month-to-month reconciliation, otherwise it will make errors harder to spot. This is critical, especially if you have a large bank reconciliation every month. What is the difference between a summary and full report after reconciliation? The full report gives a detailed recap of the reconciliation for uncleared and cleared checks. This could come in handy when there is a change after the last reconciliation and your opening balance doesn't match for the next month's reconciling. You can compare the details to those in your check register to spot the problem. The summary does not provide that detail to you, only the recap. I reconcile my bank statements manually. Do I have to do it in QuickBooks® also? It is best to do the reconciliation in QuickBooks® so that any errors, bank charges and/or interest can be entered. You will never be able to reconcile your opening balance that QuickBooks® shows and truly verify all the figures unless you do it in the computer. Your CPA requires that your financials are correct and match the bank statement, so this is the best way to ensure that they have been matched identically. Should I use QuickBooks® Payroll features or go with a payroll service? Payroll services are a great feature to help you with your in-house payroll needs. There are many benefits to using a payroll service, especially if you would like to be responsible for as little as possible regarding payroll taxes and reporting. Payroll is a complex function of accounting and needs to be handled by a professional who knows about all the rules and regulations with the Internal Revenue Service and Employment Development Department. This topic, like many others, needs to be discussed with your CPA and/or QuickBooks® Professional and compare the benefits and costs with your local payroll service. How can I tell if I have the current version for payroll? Go to Help:About Tax Table, then go to TTS Website. This will tell you what the most current version is for your state and if you are currently subscribed to the Tax Table Update, then you can update your system right from the website. If you are not subscribing to the Tax Table Update Service, make sure you do so right away. If you are not able to download the information from their website, Intuit will send you a floppy disk to ensure you have the most current rates. They send the disk ANYTIME there are any changes without having to worry about it! How many customers or vendors can I put in QuickBooks®? It's unlikely that you'll run out of room on your lists. This table shows the maximum number of entries each type of list can hold: I see something called Reminders. What is this used for? The Reminders List is a VERY important feature in QuickBooks®. It summarizes all your open invoices, money to deposit, checks to print, payroll to print, memorized transactions, etc. It gives you a quick overview to what's happening in all the various areas of your accounting system without having to run a report for each separate module. You can also double-click on any of these transactions and edit them right from the reminders list! It is important that the reminder list is used on a regular basis, which you can setup to open when every time you open QuickBooks®. You can spot errors easily and determine if any outstanding items need to be addressed as soon as you open the program. It is an important tool that can save you a lot of time if used on a regular basis. Why does a name always appear when I type in the first few letters of a customer or vendor? The Quick Fill feature is trying to sort through that particular list to help you find the name you are searching for. Keep typing in order to get the name you want if there are several with the same first few letters. How can I delete a duplicate name on my customer list if I have used it before? In general, you will not be able to delete any names that have historical transactions linked with it. This is to protect data from disappearing from your system for auditing purposes. You could take the transactions individually and move them to the correct name, but what if there are multiple transactions for this customer? Merging is the best answer. Open your customer list and select the name you want to change, while keeping in mind the exact spelling of the name you want to keep. Edit the name you want to change at the top field, where it says Customer:Job. You only need to change the name in this field to merge it. When QuickBooks® asks if you want to merge your name with the one that all ready exists, say yes. It will take all the transactions linked to this name and put it together like a puzzle. You can use merging for any list found in QuickBooks®. How can I sort my customer or vendor list when it gets out of order? By opening the vendor list and clicking on the vendor button below that list, click on resort list. You will now have everything back in it's original order. This applies to every list menu. We have a cash register at our front desk. I want to record my daily sales into QuickBooks® at the end of the day. Can I do this? Yes! An invoice or cash sale screen can be customized to record the information as it prints out of the cash register. You can record the entire day (sales and payments) into one screen. Call us for more information regarding customization. How can I prepare an invoice in the system but not record it as a sale? You can enter invoices into QuickBooks® but mark it pending under the edit list once you have completely filled out the screen. This will hold it in an area where it doesn't book the income until you mark it final for the customer. Create a custom report that shows you pending invoices so you can keep track of them. Another trick: If the invoice needs to be entered in the system and you still have to make a few changes before printing it, mark it to be printed so it shows up on your Reminders screen. This way, it is easy to access and update prior to printing for the client. What is the best way to handle a bad debt? The best way to handle a bad debt is NOT to write it off inside the original invoice. Remember that everything in QuickBooks is date driven, so by altering data on the original date, you are saying that you charged a customer for services or products and then wrote it off on the same day, which is not accurate. The best way is to create a credit memo on today's date, linked to bad debt expense, and use the receive payment window to link the credit with the original invoice. |
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