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

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.  
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How to get the best car leases

To get a good leasing deal, focus on the following three figures:

· Capitalized cost (price). In some cases, the price is adjusted for extras, such as extended service contracts and registration fees.
· Residual value (estimated cost at lease end). Negotiate to minimize the spread, i.e., the difference, between the capitalized cost and the residual value. This difference is the amount of depreciation your company will be financing through the lease.
· Interest factor. If you want to know the true annual percentage rate, ask for the “leasing factor,” then multiply it by 24.
Compare the following among leases:
· Excess mileage charges due when you return the car. The lease specifies the number of miles included and the fee for extra miles.
· Excess-wear charges due when you return the car. In the lease agreement are the standards by which excess wear will be determined (body damage, worn tires, etc.).
· Early termination fees for ending a lease early. The earlier that you end it, the higher the fee.

For more: Visit: www.federalreserve.gov, search “leasing,” click on “FEB: Vehicle Leasing: Quick Consumer Guide.”

-Republished from the AIPB newsletter, "the General Ledger" Volume 7, Issue 43




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