ProAdvisor Tips ~~ Preventing Prior Period Changes ~~

A common issue with QuickBooks is how easily users can (intentionally or unintentionally) enter or edit transactions in prior periods. To prevent unauthorized prior-period entries or changes, set up a unique username and password for each user and set each user’s preferences to prohibit him or her from bypassing the closing date. Thereafter, by establishing a password-protected closing date and moving it forward each month as review and adjustments are completed, you can lock down the prior-period data as the year progresses, as shown in the screenshot at the bottom of the previous page. To access the tool, go to the Company menu, Set Closing Date.

Reprinted from the December 2011 Issue of the Journal of Accountancy

What's New In QuickBooks 2012?

Are you still using an older version of QuickBooks?   It may be time for an upgrade!   There are some really cool new feature and improvements to the 2012 version.   Below are a few of the most exciting changes:

NEW! Calendar View
Staying on top of invoices, billing and other important tasks just got easier! The new integrated Calendar feature allows your clients to quickly view invoice and billing dates and other scheduled tasks. Plus, the improved To Do List now captures more relevant information and displays it, making it easier to see and get done.

IMPROVED! Excel Integration Refresh

Save time when exporting QuickBooks to Excel. Your clients can now save their worksheet formatting when they export, then when they refresh the report for a new time period, simply update the saved file and their formats will be automatically applied to each new report2—it’s that easy!

NEW! Contributed Reports

Save time and increase efficiency by leveraging report templates, created by other QuickBooks users. You can also create report templates for your clients to use. Your clients can easily find the reports they need and filter them by industry type, user ratings and report popularity. They can populate the report with their data in one click.

NEW! Document Center

Your clients can improve their organization by attaching and storing contacts, proposals, receipts and other important documents in the QuickBooks Document Center. Simply drag and drop the documents they need, when they need them to their hard drive. Just another way QuickBooks 2012 is helping make tax time a little easier.

IMPROVED! Memorized Transactions

Increase efficiency by reviewing individual transactions (billing, invoices, estimates, etc.) before they are processed, and have the freedom to choose which transaction to process and which to postpone—all with a simple click of the mouse.

NEW! Batched Time Sheets

Increase efficiency by creating time sheets for multiple employees or vendors in one batch. It’s simple, just create the time sheet and select the employees who worked the same hours and click “create.” No additional re-entry needed.

NEW! Lead Center

Track and follow up on important sales leads in the new QuickBooks Lead Center. When your client’s leads become customers, that customer’s contact information can be transferred into the Customer Center with the simple click of the mouse.

ProAdvisor Tips ~~Memorized Transactions~~

Memorize Transactions

For every company, a significant number of transactions recur regularly, and QuickBooks accommodates this by enabling you to memorize recurring transactions. For example, suppose a company makes the same monthly rent payment, bills clients for recurring monthly services or records the same monthly depreciation entries. In these cases, QuickBooks can memorize the transactions and automatically enter them for you at regularly scheduled intervals. This feature can help save time, reduce mistakes and increase accuracy. You also can use this feature to memorize complex journal-entry templates, such as detailed allocations, and enter the actual amounts later. To access the tool, type Ctrl + M.

Memorize Transaction tip. Memorize Transaction will generate electronic payments or paper checks but it does not automatically send or print them. Once a check is created in QuickBooks, you can send or print the check using the File menu’s Send Documents or Print Documents menu options.