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.

ProAdvisor Tips ~~Best QuickBooks Shortcuts~~

Keyboard shortcuts are those little keystroke combinations that make daily life in front of your computer screen just a bit easier.   Here are some of my favorite QuickBooks shortcuts:

Chart of Account List Display              Ctrl + A
Open the Find Window                       Ctrl + F
History of A/R or A/P Trans                Ctrl + H
Transaction Journal Display                Ctrl + Y 
Delete Line from Detail Area               Ctrl + Del
Insert Line in Detail Area                    Ctrl + Ins
Increase Check Number or Date          + (plus key)
Decrease Check Number or Date         - (minus key) 
Next Field                                         Tab
Previus Field                                     Shift + Tab
Close Active Window                          Esc

Try these shortcuts to reduce your daily keystrokes and make the most of your time.  
Visit again for more ProAdvisor Tips!!

Tick, Tick, Tick...Those 1099's are Due by the End of the Month!

Yes, its time for one of year-ends most annoying tasks.... generating 1099's. They are due to the recipient by January 31st, but Uncle Sam give you until February to get his copy, along with the 1096, out to him.

There are an alphabet soup of various 1099 forms covering everything from the 1099A ( acquisition of abandoned property) to the 1099S (proceeds from real estate transactions.) But the most common 1099 a small business runs into is the 1099MISC. This is the form used to report to the IRS expenses paid throughout the year to independent contractors, service providers, attorneys, and other non-employee compensation.

The typical rule of thumb is that you must issue a 1099MISC to any service provider who is not incorporated, and to whom you've paid more than $600 in the last calendar year. Except for attorneys, who you must issue a 1099 to regardless of how much you spent. Click here for a link to the IRS informational guide for more details.

A couple of tips to make 1099 processing a little easier:

1. During the year, as you use independent contractors-- that's your IT guy, your cleaning company, and the woman who developed your marketing campaign,--make it a habit to have them complete a W-9 Request for Taxpayer ID and Certification and keep it on file. This will insure you have full name, address and TIN# come 1099 time.


2. Better yet, take that info from the W-9 and put it right into your accounting software. Most programs have a section in the vendor set-up screen asking if they are eligible for a 1099 and requesting their taxpayer id number.


3. Taking this one step further, if you go into the options of your accounting software (in QuickBooks you want to go into Edit, then Preferences, and select 1099) you can select the accounts and threshold which are eligible. Now you can easily generate 1099 reporting directly from your software!

Happy Filing!!

Colonial Business Solutions goes back to School!

I'm excited to announce my upcoming involvement with the Assabet After Dark program in Marlboro, where I will be teaching "Introduction to Computerized Accounting with QuickBooks 2006." beginning March 7, 2007.

For years Assabet has been the premier provider of adult education opportunities in the greater MetroWest area, offering a wonderful selection of continuing education courses. From classes that make your home a yummier place like the "Italian Cookie Workshop" to classes designed to improve everyday life such as "How to Pay for College without Sacrificing your Retirement" , and of course *my favorite* classes that help you succeed in business, "Introduction to Accounting with QuickBooks 2006", Assabet really does have something for everyone!

I encourage any small business owner who currently uses QuickBooks and wants a better understanding of its capabilities, as well as anyone considering implementing QuickBooks to take this course. It is designed to provide a strong, broad based understanding of this powerful accounting program.

Classes fill up fast! So call Assabet today at 1-800-537-6663 ext. 429 or sign up on the web at www.assabetafterdark.com.

I look forward to seeing you!