Category Archives: QuickBooks Technical

QuickBooks 2012 – New 1099 Tax Form Wizard

Posted on December 21, 2011 by Laura Madeira

Tracking and Reporting Vendor 1099-MISC Payments Click here if you would like to download a PDF of this Blog Article. ISSUE TO SOLVE: New for 2011, the IRS requires all credit card payers (Amex, MasterCard, Discover, etc.) to report on … Continue reading →

How to Ensure Your Bank Account has a Correct Opening Balance in QuickBooks

Posted on December 20, 2011 by Laura Madeira

If you completed the new bank information in the EasyStep Interview, you might have already entered your statement ending balance. Click Banking > Use Register and select your bank account to open the register. If you have a balance in … Continue reading →

How to Prevent Changes to Prior Accounting Periods in QuickBooks

Posted on December 15, 2011 by Laura Madeira

Did you know that you can prevent changes to prior accounting periods by setting a closing date and optional password? Log in as the Admin or External Accountant User, then from the Company Menu, select Set Closing Date. Click the … Continue reading →

When to Use Classes in QuickBooks

Posted on December 8, 2011 by Laura Madeira

When deciding to use classes, it is important that you have only one primary purpose for the class structure. If you try to track more than one “type” of class, the value in the reporting is diminished. For example, your … Continue reading →

Accrual or Cash Basis for Profit & Loss Reports in QuickBooks

Posted on December 6, 2011 by Laura Madeira

My recommendation is that business owners view their business Profit & Loss report in accrual basis. This method more accurately matches their expenses with the related revenue in the same accounting period. The business’s accountant can then review the data … Continue reading →

How to Set Date Warning Preferences in QuickBooks

Posted on November 23, 2011 by Laura Madeira

Fortunately, QuickBooks preferences help avoid transaction dating errors by enabling you to set a warning for date ranges. To open the date warning preference, follow these steps: 1. Log into the QuickBooks data file as the Admin or new External … Continue reading →

How to Alert Users Who Try to Post Transactions to Retained Earnings in QuickBooks

Posted on November 10, 2011 by Laura Madeira

Did you know that you can set a preference to warn users if they try to record a transaction to the Retained Earnings account? Click Edit > Preferences and select the Accounting preference on the left. Click the Company Preference … Continue reading →

QuickBooks Multiyear Bank Reconciliation Tip

Posted on November 8, 2011 by Laura Madeira

If you are choosing to complete a multiyear or multimonth bank reconciliation, consider reconciling through the last month of your previous fiscal year, which for most companies would be your statement ending December 31, 20xx. Choosing a month to reconcile … Continue reading →

QuickBooks Reconciliation Difference

Posted on November 2, 2011 by Laura Madeira

First determine whether the amount is significant. If the answer is yes, the best method for finding errors is to review each item marked cleared in QuickBooks with the transactions listed on your bank statements. If the difference shown on … Continue reading →

What to Do Before Entering Opening Balances in QuickBooks

Posted on October 20, 2011 by Laura Madeira

Before you begin entering startup balances, make sure you have the following created in your QuickBooks data file: Chart of Accounts—This list is usually created automatically for you in the EasyStep Interview or the new Express Start with QuickBooks 2012. … Continue reading →