Intuit Power Outage 7/14/10 6:00 PM

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Denise Merritt

 

Your Favorite QuickBooks Expert 6/4/10 11:40 AM

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Hi!

We could use your help! QuickTrainer is vying for a $70,000 grant from Intuit. That's exciting, right?

In order for us to have a chance, we need you to take 5 minutes from your busy schedule and go to the following website and cast a vote for QuickTrainer, Inc. Hurry, because voting ends June 30!

Here’s what you do:

· Click on this link: http://lovealocalbusiness.intuit.com/fan

· If for some reason the above link is broken, cut & paste the text.

· Next, looking at the right hand side of the page, type in QuickTrainer, Inc and then in the next line, Wilmington, NC

· Click “Find”

· Click on the word, QuickTrainer, Inc. – Jim Merritt

· In section 3, type in a few words (250 max) about why you love our business, QuickTrainer. How have we helped you and your business?

· Finally, click on one of the Social Media icons (Facebook, Twitter, Yahoo, LinkedIn, and MySpace). A window will pop-up asking you to log into your selected social media account.

· Confirm your login, and then the pop-up window will close.

· You’re done!

· Oh, did I mention you can vote as many times as you like? You may want to say something unique each time.

Thank you so much for your help and participation.

Sincerely,


Jim Merritt
Specializing in QuickBooks Training, Classes, Bookkeeping & POS

We are Intuit Solution Providers and also specialize in QuickBooks Enterprise Solutions!

Main: (910) 338-0488
Fax: (866) 489-8091
Web: www.quicktrainer.biz
Blog: www.quicktrainer.biz/blogroll

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Note: This transmission contains privileged and confidential information intended only for the use of the addressee named above. If the reader of this message is not the intended recipient or the employee or agent responsible for delivering the message to the intended recipient, please note that any distribution or copying of this information is strictly prohibited. If you have received this transmission in error, please notify us immediately by telephone so that we can arrange for the return of the document at no cost to you.

#ilm

Denise Merritt

 

Having Trouble Opening QuickBooks - Error 6094,0 4/26/10 2:13 PM

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We are getting phone calls and emails today from clients that can't get their QuickBooks file to open. It is giving an error 6094. If you are getting this error, simply click on the below link and follow the instructions.

Instructions to Fix Error 6094,0.

If you're still having trouble, give us a call (910-338-0488 x3).


Denise

#ilm

Denise Merritt

 

The Perfect Surfer 4/13/10 9:02 AM

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In November of 2009, I had the privilege of meeting an outstanding couple who were soon to launch an outstanding and innovative training product for the surfer enthusiast. It's called... The Perfect Surfer Pop Up Trainer.
Frank and Natosha Perry are the masterminds behind The Perfect Surfer. Working with them has been great as they are simply good people with a great attitude along with a vision and passion for their business. The Perry's have a 2-1/2 year-old daughter, Kiana, who is the cutest little girl and has that look of a future "Surfer Girl".

What is The Perfect Surfer and what can it do for your surfing experience? The Perfect Surfer is a training device designed to help you improve your skills on the water. From the beginner to the weekend warrior, to the pro-level surfer who wants to teach their kids and others the art of surfing, The Perfect Surfer is your ideal training device. With it's rugged, durable construction, The Perfect Surfer allows you to simulate the water experience in the comfort of your home (or on beach sand if you like). The Perfect Surfer teaches you how to pop-up before you ever hit the waves. And let's face it; getting up (and then staying up) is the hardest part of surfing.

Now here's the best part for you surfers... The Perfect Surfer website is live as of March 17th (St. Patrick's Day) and you too, can now own The Perfect Surfer. Check it out; it's totally rad dude! (ok, do people still say that?)

Jim Merritt

 

QuickBooks 2007 Sunsetting in May 2/26/10 3:53 AM

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It's nothing new with regards to Intuit's policy to discontinue support for their software after 3+ years. They've been doing this for numerous years. Furthermore, I understand the reasons for it from my days when I worked for a software development company. While I'm not sure if Intuit chooses this policy for the same reasons we did it at the aforementioned company, let me explain my take on why this is a good idea:

• Good software companies (like Intuit) are constantly striving to make their product(s) better; to take advantage of other evolving technology and ideas. If you don't upgrade in a timely manner you are missing out on features and functions which can only help you in your use of software.
  
  
• Developers love working on new ideas; new technology, etc. As a company, if you don't allow for the development team(s) to grow their skills, they will grow them with another company. That's expensive. Good companies must retain their best employees. The main way to do this is to consistently challenge them with growth opportunities.
  
  
• On the flip side of the above, the older software gets the more expensive it is to maintain. Developers demand (if you can find them) a premium for working on older software. Why? Because they can. No one else wants to touch the older software, so some developers do so with the attitude that they can and will charge a premium.
  
  
• Software support engineers want to do their best work when you have a problem. However, they can only retain so much knowledge across various versions of software. Additionally, these support engineers love new stuff too.
  
  
• OK, while this is likely the least driving force you may be concerned with, it is the fact that new software sales and upgrades feed the revenue stream. Without the consistent revenue, there would be no software company.

While I certainly don't suggest that everyone upgrade their QuickBooks software every year (sorry Intuit), you should budget an upgrade of QuickBooks every two years; three years tops. Right now, if you are using QuickBooks 2008 (or older), you are missing out on some very useful features. Just to name a few which were introduced in 2009 and 2010:

• The ability to sort the various columns when doing a bank or credit card reconciliation. This is one of my favorites, as I find this simple little feature to be very useful.
  
  
• If you accidentally or purposely click on the Red "X" in the upper right-hand corner, QuickBooks now prompts you to confirm if you really want to exit QuickBooks. Come on, you know you have mistakenly clicked here before and QuickBooks just closed. No longer, beginning in 2009.
  
  
• Company Snapshot - especially for the business owner, he or she can see at a glance the overall health of the business. You can see things like, income/expense trends, your top customers, account balances, A/R, A/P and recent transactions, just to name a few.

So here's what you need to know about the upcoming May 31, 2010 date. If you wish to use QuickBooks Payroll, Merchant Services, Online Bill Pay, Online Banking and/or Technical Support, you need to upgrade to the current QuickBooks version. If these things are not important to your business, then you can continue to use your current version (again, you are missing some nifty features).

For more information concerning this visit the Intuit website posting on this subject at http://support.quickbooks.intuit.com/support/discontinuationplan.aspx.

QuickTrainer can assist you with procuring your upgrade and we can install the software for you. Furthermore, we can sit with you and your other team members to teach you "What's New" in the latest version. Just call us at 910-338-0488 or email us at info@quicktrainer.biz.

Jim Merritt

 

Create a QuickBooks Invoice with Remittance Section 2/20/10 2:55 PM

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Kevin, a QuickBooks peer, posted on LinkedIn an issue he was facing within one of the QuickBooks groups. Here is what he asked...

"Special Customized Invoice - How to copy certain fields so they show up twice on an invoice?

Client wants to print invoices and have customers tear off the perforated bottom third as a stub to mail back with payment. The design is easy. The problem I'm having is getting certain fields (i.e., Amount, Invoice #) to show up multiple times on the form so that I can place one above the perforation, and one below. Thoughts? Thanks in advance."

After seeing some of the answers to Kevin's issue (one person initially suggested this could not be done within the QuickBooks template design), I decided this issue was worthy of a blog posting. What follows is a link to a video giving you step-by-step instructions on how to achieve this invoice customization.

Customizing a QuickBooks Invoice Template to include a Remittance

I hope this helps Kevin and many other readers!

#ilm

Jim Merritt

 

Keyboard Shortcuts 2/18/10 4:29 PM

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Jim taught a class today. In addition to the many features of QuickBooks, he mentioned keyboard shortcuts. The two ladies that took our class today wanted to know where they could find a list of them. Here's our collection.

EDITING	SHORTCUT	ACTIVITY	SHORTCUT
Edit transaction selected in register	Ctrl + E	Copy check transaction in register	Ctrl + O
Delete character to right of insertion point	Del	Create new invoice	Ctrl + I
Delete character to left of insertion point	Backspace	Delete check, invoice, transaction, or item from list	Ctrl + D
Delete line from detail area	Ctrl + Del	Find transaction	Ctrl + F
Insert line in detail area	Ctrl + Ins	Go to register or transfer account	Ctrl + G
Cut selected characters	Ctrl + X	History of A/R or A/P transaction	Ctrl + H
Copy selected characters	Ctrl + C	Memorize transaction or report	Ctrl + M
Paste cut or copied characters	Ctrl + V	New invoice, bill, check or list item in context	Ctrl + N
Increase check or other form number by one	+ (plus key)	Open account list	Ctrl + A
Decrease check or other form number by one	– (minus key)	Open Customer Center (Customers & Jobs list)	Ctrl + J
Undo changes made in field	Ctrl + Z	Open Help for active window	F1
		Open list (for current drop-down menu)	Ctrl + L
		Open memorized transaction list	Ctrl + T
GENERAL ACTION	SHORTCUT	Open split transaction window in register	Ctrl + S
To start QuickBooks without a company file	Ctrl (while opening)	Open transaction journal	Ctrl + Y
To suppress desktop windows (at Open Company window)	Alt (while opening)	Paste copied transaction in register	Ctrl + V
Display product info about your QuickBooks version	F2	Print	Ctrl + P
Close active window	Esc or Ctrl + F4	QuickReport on transaction or list item	Ctrl + Q
Record (Save & Close, Save & New or Record)	Enter	QuickZoom on report	Enter
Record (always)	Enter	Show list	Ctrl + S
		Use list item	Ctrl + U
		Write new check	Ctrl + W
HELP WINDOW	SHORTCUT
Display Help in context	F1
Go to next option or topic	Tab	MOVING AROUND A WINDOW	SHORTCUT
Go to previous option or topic	Shift + Tab	Next field	Tab
Display selected topic	Enter	Previous field	Shift + Tab
		Beginning of current field	Home
		End of current field	End
DATES	SHORTCUT	Line below in detail area or on report	Down Arrow
Next day	+ (plus key)	Line above in detail area or on report	Up Arrow
Previous day	– (minus key)	Down one screen	Page Down
Today	T	Up one screen	Page Up
First day of the week	W	Next word in field	Ctrl + Right Arrow
Last day of the week	K	Previous word in field	Ctrl + Left Arrow
First day of the month	M	First item on list or previous month in register	Ctrl + Page Up
Last day of the month	H	Last item on list or next month in register	Ctrl + Page Down
First day of the year	Y	Close active window	Esc or Ctrl + F4
Last day of the year	R
Date calendar	Alt + Down Arrow

 

 Enjoy and happy keyboarding!

#ilm

Denise Merritt

 

Oops…Are You Sure You Want To Exit QuickBooks 1/1/10 11:14 PM

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Have you ever been using QuickBooks and you attempted to close a report or other transaction screen, but instead of clicking the "X" to close the report or transaction screen, you mistakenly click on the red "X" in the upper most right-hand corner and closed QuickBooks instead? We've all done this and it's annoying.  

Beginning in the 2009 release of QuickBooks, Intuit added a handy little feature. Intuit made it so if you did click the red "X" (on purpose or by mistake), an "Exiting QuickBooks" dialog box is displayed and you are asked, "Are you sure you want to exit QuickBooks?" You then have the choice to click, "Yes" or "No".

So, what's the problem with this? No problem at all... UNLESS, you accidently check the box which reads, "Do not display this message in the future". You see, if you check this box and then select "Yes" or "No", the next time you click on the red "X", QuickBooks will close and you are back to the pre-2009 days; unless, you know how to bring this very useful dialog box back. And that is the primary intent of this particular blog"

How do you bring this dialog box back? Why, you watch this short step-by-step video! Click HERE to Watch this Video!

Cool, huh?

#ilm

Jim Merritt

 

Changing the Percentage of SUTA Payroll Item 1/1/10 7:22 AM

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Today is January 1, 2010... Happy New Year!

QuickBooks users who use QuickBooks to do their payroll often have a daunting question this time of year. The question is, "How do I change the percentage of my SUTA payroll item?" This is a logical and important question. Assuming your rate has changed for 2010 (and many businesses SUTA rates have changed as a result of the economy and these businesses having to lay employees off), ideally you want to change this percentage before your first 2010 payroll. Therefore, now is the time to make this change.

How will you know if your rate has changed? Typically, within the November/December time frame, your Employment Security Commission (ESC) would have mailed you a letter indicating what your new rate would be. If you don't recall receiving such a letter (or perhaps you have misfiled this letter), call your ESC and request (a) your new rate, and (b) that a letter be resent via mail, email or fax.

So, how do you go about changing your rate within QuickBooks? The step-by-step instructions can be found here: Changing the Percentage of SUTA Payroll Item

After watching, if you still have questions about this topic or any other QuickBooks topic, feel free to email QuickTrainer at info@quicktrainer.biz.

#ilm

Jim Merritt

 

Snow Blizzard of 1989 12/19/09 7:30 PM

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Do you remember what you were doing on Christmas Eve 1989? I do.

Jim and I were driving from our home in Atlanta, Georgia to his mom's home in Wilmington, North Carolina. We also had something else riding with us. We had a new puppy, a Yorkshire Terrier. Her name was Bridgette and she was only 8 weeks old. She was so tiny; she fit in the palm of my hand. (By the way, that's Jim in the photo on the right.)

Before we left Atlanta on Christmas Eve we heard reports that Wilmington was going to get some snow. But we really didn't believe it would happen---not Wilmington! So we got in our car and headed towards Wilmington.

As the sun was setting, we ran into, lo and behold, some snow. It was coming down! We were so excited! But we kept driving. We arrived at Jim's mom's home safely. The snow was still coming down.

The next morning we awoke to a lot of beautiful snow on the ground. I could not remember ever waking up to a white Christmas. It was my first.

We just had to get out in it. We took Bridgette out too. It was so cute seeing her try to run through the snow. I remember Jim's mom put her on top of this table they kept outside. Cute picture!

Fast forward to 2009. A couple of weeks ago, Shannan Bowen of the Star News posted on Twitter that Gareth McGrath, Senior Reporter at the Star, was looking for photos of the 1989 snow. I responded and sent him what I had. I didn't know what would happen to them until this evening. My nephew, Anthony, called me and said he saw our pictures on the Star website. You can see them too by clicking on the below link:

Snow Pictures

Click on 'comment' below and tell us what you're favorite memory is of that snow. If you weren't in Wilmington during that snow, tell us what you were doing Christmas Eve 1989.

Merry Christmas!

#ilm

Denise Merritt

 

CRITICAL - QuickBooks 2009 R9 Update 12/3/09 10:01 AM

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Many clients, running QuickBooks 2009 are showing concern and confusion by the new patch release known as R9. The following information from Intuit should alleviate any concern and confusion.

We are here to help...Call QuickTrainer if you have any questions: (910) 338-0488.

QuickBooks 2009 Release 9 Step-by-Step Update Guide

QuickBooks 2009 Release 9 differs from most releases. Because of the changes it makes, R9 is not backwards compatible with earlier releases of QuickBooks 2009.

Therefore you need to treat it the same way you treat an upgrade to a new year version. That is, both your program and data files will need to be updated.
More Information (with Use Case Scenarios for Accountants)

QuickBooks 2009 Release 9 requires that ALL computers accessing QuickBooks company files be updated to R9 or later, including the server.

Step-by-Step Instructions:
Frequently Asked Questions:
How do I update the QuickBooks server to R9?
How do I resolve the error message No version of QB found to update?
What if I use QuickBooks 2009 with a company file that is on the server?
Errors: "H101," "H202," "H303," and "H505"

#ilm

Denise Merritt

 

Frosty da Bon Bon 11/20/09 8:22 PM

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Do you have that special someone in your life who you have a hard time finding an excellent Christmas Gift for? I know I do. However, last year I found the perfect gift...Bon Bons. That's right Bon-Bons. Not just any Bon Bons though. When my family orders Bon Bons, they must be the absolute best Bon Bons you can find. And guess what? We know where they can be found!


When it comes to Bon Bon varieties, you won't be disappointed (believe me, I've tried them all): Fudge Brownie, Peanut Buttah (my personal favorite), Chocolate Chip Cookie Dough, Coconut, Pistachio, Cookies'nCream, Cafe au Lait (another personal favorite).

Take it from someone who has sent many of Bon Bons to our clients, this is a GREAT gift; a great way of saying, "we appreciate you"! And, no need to wait for Christmas. Order your Bon Bon's now in time for the Thanksgiving and let your family and friends try them. They will not be dissappointed and you will be a hero as you help your family and friends solve their gift giving ideas.

Indulge! And when placing your orders, tell Charlene or Pascal that you found South'nFrance through The QTi Blog!

Joyeux Noël à vous!

#ilm

 

 

Baby Animals 11/19/09 1:11 PM

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These are just beautiful! They are great pictures of some of God's creatures.

My favorite is the sixth one---elephant babies with their mommies. I think baby elephants are so cute.

Thank you, Aaron Alexander, for sharing these with me on twitter!

Baby Animals

#ilm

 

 

What's in the Budget - The Why and How of a QuickBooks Budget 11/12/09 4:40 PM

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Did you know you can easily create a budget for your business in QuickBooks? I promise you can! But before I outline the basics of creating and reviewing your budget in QuickBooks, I need to address the “Why” your business (and personal) finances need a budget.

 

First, the obvious reason would be to help you forecast how much revenue and expense you believe your business will incur in an upcoming period; typically the next calendar or fiscal year. The budget then allows you to measure how you expected you would do –vs. - how you actually did (Budget vs. Actual). Additionally, you can make smart, informed business decisions based on whether or not you have money in the budget to purchase that new printer or not.

 

Second, as I write this blog article, our economy is in dire straits. Unemployment is currently 10.2%. Factor in the government's own U-6 unemployment statistics (people unemployed plus those who have simply given up trying to find work, people whom are underemployed and people who want full-time work but are currently working part-time) and the true unemployment rate is a staggering 17.5%. If you want your business to succeed, and not become another statistic, then you MUST know where your money is going and you MUST have a viable plan.

 

One part of this plan needs to ensure you have a sound budget in place and that you are consistently checking this budget to measure how your plan is performing. I cannot think of a better time of year for you to create a budget for the upcoming year.

 

The above represents the “Why”. Next, let’s look at the “How".

 

To begin the budgeting process, I suggest printing out a Profit & Loss for the current year-to-date and then total columns by month so your report reflects each month and then a total. This, of course will show your actual revenue, cost of goods and expenses for the year. With this data in hand, begin thinking about the upcoming year. Here are some basic questions to ask yourself (and you need to be completely honest with yourself):

 

• What would or should you do differently to increase revenues, while decreasing expenses?

• When your annual date occurs for your leased space, does your rent increase?
  
  
• How about CAM charges?
  
  
• Insurance costs – Is your Workmen’s Comp insurance likely to increase or decrease?
  
  
• Does your business accept credit cards? Is it time to look at the merchant service rates you are paying to accept credit cards? (Shameless plug #1 – QuickTrainer can help you get started with an Intuit Merchant Service account which offers highly competitive rates, not to mention the tight integration you enjoy with QuickBooks or QuickBooks Point of Sale.)
  
  
• Paying too much for your monthly telephone bill? Perhaps it’s time to look at the various options to having an AT&T landline. At QuickTrainer, we use Voice Over Internet Protocol (VOIP) technology. Our monthly telephone bill is only $64.97 and includes a fax number and voice mail technology which delvers both faxes and voice mails as emails. It’s great!
  
  
• Can your business decrease the monies spent on accounting? It can if the QuickBooks data you provide your CPA is clean and accurate (Shameless plug #2 – QuickTrainer can help you with your data cleanup and ensure proper management going forward.)
  
  
• Will you be hiring additional employees? Don’t forget to factor in the other costs of employees (e.g., company Social Security, Medicare, FUTA and SUTA, Company Medical/Dental costs, 401-K matches).
  
  
• Are you currently outsourcing your payroll? If so, GOOD! But how much are you paying to your outsourced vendor? (Shameless plug #3 – Perhaps it’s time to look at Intuit’s Assisted Payroll. QuickTrainer can help you get started with this service and save you money.)
  
  
• If your business model currently has you traveling a good deal, you might want to seriously consider the many technology choices you have today which can keep you grounded and save you some serious bucks. All the while, providing the same excellent client service your clients have come to expect.

 

No doubt, I could go on and on with areas you should consider. But I believe you get the idea. Regardless, question with boldness.

 

With the above in hand, you are ready to create your budget within QuickBooks. For a short video tutorial on the steps involved, click this link: How to create a QuickBooks budget.

Happy budgeting!

#ilm

 

 

QuickBooks End of Year Tips 9/28/09 7:14 AM

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1. Account Reconciliations – Make sure all bank and credit card accounts are reconciled to the penny as of month-end. Business bank statements typically end on the last day of the year. Credit card statements have varying closing dates. If you find, when reconciling, that your opening balance does not match the statements opening balance, STOP and give us a call.
   
   
2. Make a Copy – Once January 2010 rolls around, and you do the December 2009 reconciliations, take the time to make a copy of the front page of each bank and credit card statement. Your CPA will want this just to verify these accounts have been properly reconciled. Also, if you have made any major capital purchases in 2009, say greater than $1K, make a copy of the sales receipt or invoice for your CPA. This does not include purchases of product for resale.
   
   
3. Want to know one of the best things you can do for yourself, your CPA and anyone whom you desire to review your books? Really pay attention to this advice! It will save you thousands of dollars during the duration of your business. Are you ready? ALWAYS, always, AlWaYs… put a brief and succinct memo in EVERY transaction you record. Check, bills, deposits, etc., should always contain a brief memo which describes, “What is this expense?”, “What is the source of this revenue?”. Do NOT cheat in this area. It will help you when you are looking at a transaction months from now. It helps your CPA (or us at QuickTrainer) when you have a memo, to understand what the purpose of the transaction expense is. It tells us if the transaction has been recorded to the proper G/L account. If not, we can correct the transaction quickly. Assuming the transaction is in the correct G/L account, we can move on with confidence. When accountants encounter transactions we don't understand, we have to ask questions. Questions cost you money. MEMO, MEMO, MEMO.
   
   
4. As you review each General Ledger (G/L) account found on your Balance Sheet and Profit & Loss statement, look for accounts which have, “ – Other” in them. This is a typical indicator that transactions have been recorded to a parent G/L account. The rule for QuickBooks is, whenever you have sub-accounts (a.k.a., child accounts), you never post ANY transaction to the parent account. The parent account serves as a means to SUM the transactions within the sub-accounts.
   
   
5. W-2/W-3 – If you have employees (personnel in which you withhold federal, state, social security and Medicare taxes on; a.k.a., payroll taxes), and you are responsible for providing them with a W-2, make sure you are prepared to do this sooner rather than later. Do you have a current Form W-4 and I-9 on file for each employee? Do you have all employees social security numbers recorded in their QuickBooks employee profile? Do you have current addresses for each employee? Are you confident your payroll items are setup properly?
   
   When printing W-2 for your employees and your records, don’t forget to include a W-3. The W-3 is a summary of all W-2’s. It gets filed along with Copy A of your W-2’s and is to be mailed to the Social Security Administration. NOTE: DO NOT FOLD OR TEAR COPY A OF YOUR W-2’S. SAME THING APPLIES TO THE W-3. When you are ready to send Copy A and the W-3, place them in an 8-1/2 x 11 envelope.
   
   There is no need to purchase your W-2’s/W-3. It is now acceptable (and has been for about 3 years now) to print these forms on plain paper. Don’t forget to sign, title and date your W-3. You need to mail (or personally hand-out) your W-2’s on or before February 1, 2010. Encourage your employees to compare their final 2009 dated paycheck to their W-2. It is important to correct any errors prior to March 1, 2010. The W-3, along with Copy A of your W-2’s need to be mailed on or before March 1, 2010.
   
   
6. 1099’s/1096 – If you have subcontractors who performed work for you in 2009, then you are obligated to provide each subcontractor a 1099 reflecting the compensation they were paid. However, this need only apply to persons or businesses in which you know they are not incorporated, or whom you have any doubt as to if they are actually incorporated.
   
   To help with this decision, and to make sure you have the proper paper work on-hand, you should have (actually, should already have) a signed Form W-9 on file. The Form W-9 is a form whereby the subcontractor provides you with their proper name, address, tax id number and indicates they are exempt from your withholding any federal taxes. If a subcontractor uses their social security number, then you know they are not incorporated. However, you can be a sole proprietor, yet still have a federal tax id. Again, if you are not certain about the legitimacy of any subcontractor being legally incorporated, err on the side of caution and send them a 1099.
   
   In QuickBooks, your subcontractors must be setup and paid as “Vendors” (NOT Employees). Additionally, you must have each subcontractors address, tax id and the box checked in QuickBooks which reads, “Vendor eligible for a 1099”. Also, you must tell QuickBooks the specific G/L accounts to look in for 1099 subcontractor vendors. The only accounts which should be considered are those which relate to “Compensation”; not reimbursed expenses.
   
   Finally, if a subcontractor was paid more $600 or more in compensation, then QuickBooks knows to produce a 1099. If a subcontractor was paid less than $600, QuickBooks will not create a 1099. This is how it should be, as $600 is the threshold.
   
   
7. With regards to #5 and #6 above, be sure to make a copy of your employees W-2’s, your W-3, your subcontractors 1099’s and your 1096. Your CPA will want a copy to verify your numbers.
   
   
8. The next several topics deal with a review of your Balance Sheet for the year. You should ensure you are looking at the Balance Sheet on an accrual basis (yes, even if you file your return on a Cash basis).
   
   
9. Accounts Receivable (A/R) – If you create invoices, and any invoices are unpaid, you will see “Accounts Receivable” on your Balance Sheet. Check this balance against the balance on an A/R Aging Report. Do they agree? If not, I will share with you, one of the most common reasons for these reports to not agree has to do with Unapplied Payments (i.e., payments received but not posted to an invoice). Call us for help with this issue.
   
   
10. Undeposited Funds – As of 12/31, there should be no ($0) undeposited funds on the Balance Sheet. If you do have undeposited funds showing, it is typically the result of deposits made, but post dated for the next year. If you have checks you have received in late December, but simply have not gone to the bank yet to deposit these funds, and do not plan on going to the bank until early January, you still need to record the deposit as of 12/31. The IRS takes the position of the fact that you had access to these funds in the current year. Just because you did not make it to the bank, does not excuse one for not recognizing the revenue in the year in which the checks were received. Of course, this would only be an issue for Cash Basis accounting.
    
    
11. Fixed Assets – If you have made purchases this year, greater than “X” (where “X” is to be determined by your CPA, or otherwise use a guideline of $250) which have a durable life, then these purchases should be found in a Fixed Asset account. This includes, most commonly, purchases such as land, building, leasehold improvements, furniture, fixtures, equipment or tools, computer hardware, computer software, office equipment and vehicles. You should NOT include product for resale (as this would be found in an Inventory Asset account or a Cost of Goods Sold account), or if you purchased a large amount of a consumable (e.g., Office Depot had a great deal on paper, so you purchased $700 worth).
    
    Finally, unless you record the depreciation of assets yourself on, say, a monthly or quarterly basis, you should not have anything posted to Fixed Asset accounts utilized to reflect depreciation.
    
    
12. Accounts Payable (A/P) – If you enter bills (and you should) and have bills which are still unpaid, you will see “Accounts Payable” on your Balance Sheet. Check this balance against the balance on an A/P Aging Report. Do they agree? If not, much like the A/R notes mentioned prior, I will share with you, one of the most common reasons for these reports to not agree has to do with Bill Payment Checks created to pay a bill but then the amount of payment on the check does not match the original bill (because it was later changed for some unknown reason – don’t do this), or the bill was deleted (again, don’t do this) for some unknown reason. Again, call us for help with this issue.
    
    
13. Credit Cards – We have already discussed the reconciling of credit card accounts in #1 above. While looking at your Balance Sheet, you should not have ANY credit card accounts reflecting a credit balance, unless you really did overpay a credit card total balance.
    
    
14. Sales Tax – This is one of the areas most often abused by people who don’t know better. The bottom line is this… whenever a taxable item is used on an invoice or sales receipt, sales tax is accrued in the Sales Tax Payment liability account. When it’s time to pay your sales tax, you should create a Sales Tax Payment check, not a regular check. Therefore, drill down into the Sales Tax Payment account. The only transactions you should find are invoices, sales receipts, credit memos, an occasional sales tax adjustment entry and sales tax payment checks. Call us for help with this if you find other transaction types.
    
    
15. Payroll Taxes – Much like sales tax above, this is another area frequently misunderstood. Paychecks create the payroll tax liability. Liability checks are used to pay these liabilities. Any other transactions amongst your payroll tax liability accounts, with the exception of an infrequent payroll liability adjustment is unacceptable and going to cause you issues with proper balances.
    
    Personally, I like to separate the various payroll liabilities into their own separate G/L account. This allows me to look at a glance to see if; (a) are the company social security and employee social security in balance with each other? (b) are the company Medicare and employee Medicare in balance with each other? (c) are there any payroll liability accounts showing a credit balance? If so, do I understand why?
    
    Finally, your CPA will want to have copies of your payroll forms filed throughout the year. These include: 941’s, 940, NC-5, NCU101.
    
    
16. Business Loans – This includes business loans from banks, car loans, mortgage loans, a line of credit, a loan from Uncle Tiger or a loan from Shareholder (think S-Corp), Member (LLC) or Owner (Sole Proprietor). Most of these loans provide you with a monthly statement reflecting interest and principal balance. While these type loans can be reconciled monthly, just like a bank or credit card account, it is most often acceptable to conduct an annual reconciliation only utilizing the last statement of the year. Assuming your prior years opening balance was correct, simply enter your year-ending principle balance, make sure the date reflects the statement date and then continue by clearing all principle payments. Any remaining difference is likely going to be the result of principle and interest payments not being recorded properly. A simple journal entry can be made to correct this difference, whereby (most often) the loan account reflecting the principle balance is credited for the difference and an interest expense account is debited. NOTE: Let me caution you to say the above is a typical or common scenario. These could be other issues causing a discrepancy. Call us for help if you have any doubts about this topic.
    
    When it comes to loans from a shareholder, member or sole proprietor, simply make sure the balance outstanding is correct. I too frequently find these loans have a credit balance. This can be where payments have been made for the repayment of a loan, but the actual original principle balance was never recorded.
    
    Finally, if you have made a personal loan of your funds to your business (which is very common), ensure you repay yourself for this loan before taking Profit Distributions or Draws. This way, you avoid any federal and state taxes being paid on these distributions or draws.
    
    
17. Equity – Within the equity section of your Balance Sheet, you will most commonly find balances for Capital Stock, Additional Paid in Capital, Distributions or Draws and Retained Earnings. These accounts seldom have transactions posted against them, with the exception of distributions or draws. Capital Stock would only see a change if something happened to the business such as a partner coming in or leaving. It would TRULY be an exception to have ANYTHING posted to Retained Earnings.
    
    
18. This concludes the Balance Sheet review. Next, we move on to a review of your Profit & Loss Statement for the year. You should ensure you are looking at the Balance Sheet on an accrual basis (again, even if you file your return on a Cash basis).
    
    
19. Income – Within the income section of your P&L, you will typically find Invoices, Sales Receipts, Credit Memos, and an occasional Payment (perhaps reflecting where a discount was given through the Receive Payment functionality). However, I realize some people bypass invoicing and sales receipts, etc. and simply record Deposits. If this is you, then you would certainly have “Deposits” recorded within your income section. Checks would be more of an exception than the rule. The exception most frequently occurs when the business writes a refund check to a customer or client. There are some other unique scenarios whereby checks might appear, but these are considered beyond the scope of this blog.
    
    
20. COGS (Cost of Goods Sold, a.k.a., Cost of Sales) – Within these accounts you will find products you resell, subcontractors who generate revenue for your business, wages of employees who generate revenue and perhaps Merchant Service Fees along with shipping, postage and materials related to shipping and postage. When reviewing the details of these numbers, if you spot transactions that don’t fall within the above, it likely means the transactions has been recorded to the wrong account and should be moved. In other words, you only wish to have those transactions which are directly associated with a direct expense relationship incurred in order to generate revenue for your business.
    
    
21. Expenses – While reviewing the details within your various expense accounts, you are simply making a determination; do each of these transactions residing in the proper G/L account. Remember #3 regarding memos? These memos are going to go along ways towards helping you make this decision. If you see a check in Office Supplies for $777.77 and the memo says, “Laura’s new laptop”, you know this check has been recorded to the wrong G/L account. It should be recorded to a Fixed Asset account (e.g., 1840 - Computer H/W). If you find a bill to Progress Energy sitting in the G/L account, “6710 – Books & Publications” you know this transaction is likely in the wrong account.
    
    
22. Last Year’s Tax Return – Another area often overlooked is ensuring your last year’s QuickBooks financials (in which a tax return has already been filed) ties to the actual tax return. This is sometimes done by your CPA. QuickTrainer provides this service for all of our bookkeeping clients. Why is this important? Your CPA cannot conduct an accurate tax return if this is not done. Again, call us if you have questions regarding this matter.
    
    I will say setting a Closing Date and a Closing Date Password in QuickBooks is a GREAT way to make sure no prior year transactions change once your business data has been submitted for a tax return. This is imperative to your success and saving yourself money.
    
    

While this blog posting certainly does not include every conceivable scenario, I have attempted to layout for you, the reader, some very common areas to review. I hope you find the above information helpful this year and in years to come.

#ilm

 

 

Bowling with Class 8/17/09 7:21 PM

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What can make a bowling alley unique you might ask? I observed several unique qualities about Thunder Alley as I pulled up to this place of business. First, the place was immaculate. Second, I could not smell any signs of smoke or beer as I entered. Third, there is a true sense of pride of ownership and customer service which was better than I have ever witnessed in a bowling alley.

Owners Rick and Ginger Roberts are the people responsible for making Thunder Alley a reality. I spent a good portion of my day at Thunder Alley working with Ricky. He and I were working to properly configure his Point of Sale (POS) software to communicate with QuickBooks. As Ricky and I hung around each other during this day, a sense of common values quickly emerged. Ricky is simply a "likable" kind of guy with high morals, standards and values. I found him easy to get to know (and like). When I asked, "how did you get into the bowling business?", Ricky explained, "Thunder Alley has been a childhood dream of mine which became a reality in January 2009."

As you enter the doors of Thunder Alley, you will notice a fabulous arcade area to your right. Again, very clean and safe. This 2,500 sq. ft. arcade alone will keeps kids (and kids at heart) entertained for hours. Second, to your left is a dining area full of clean tables and chairs so you can enjoy the next thing on your left; a coffee shop and grill. I was treated to wings and rings and they were very tasty indeed.

To your right and past the arcade are 12 open lanes of bowling. These lanes are pristine with a look-n-feel which call out to you, "bowl on me". If that's not enough, hanging over the various lanes are multiple big screens. So, if you want to bowl while watching Tiger Woods win another tournament, or the Atlanta Braves play baseball, or the Chicago Bulls against LA, you can have the best of both worlds. But wait; there's more! Turn the lights down low and fire up some very cool looking black light overlays. Various overlays are superimposed on each of the 12 lanes. Very cool.

But wait; there's even more. If you own a small business and want to conduct some team building, Thunder Alley has a special space just for you. A corporate meeting room with...get this...two private lanes of bowling. And if you want additional privacy in your space, all it takes is a push of a button for the the clear windows, looking out at the other lanes, to become completely frosted.

I have never been impressed with a bowling alley before in my life. Thunder Alley is certainly a tremendous exception. And if all of the above is not enough to pique your curiosity, there's one more thing which got my attention early on during my visit. Remember above, I mentioned there was no smell of smoke or alcohol? There's a great reason for this...Thunder Alley is smoke and alcohol free. WOW!

Check out Thunder Alley for an excellent family and fun filled adventure into bowling, arcades, good Java and good food.

#ilm

 

 

History of Mother’s Day 5/9/09 11:46 AM

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Make Sure You Know Which QuickBooks Version to Buy 5/5/09 11:45 AM

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In Search of Wilmington’s Finest Philly Cheesesteak 4/25/09 11:44 AM

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Strawberry Salad with Raspberry Vinaigrette 4/24/09 11:41 AM

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Poplar Grove Farmers Market 4/23/09 11:41 AM

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Prospecting to Fill the Pipeline in 2009 4/16/09 11:40 AM

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I am posting this opportunity on behalf of my friend, Ron Silver. Ron is a highly respected Sales Trainer. I have been through his two day boot camp and I can speak first hand that his methods are HIGHLY effective. I use his teachings on an almost daily basis when talking with people. Regardless if you are new to sales or a highly seasoned sales person; a full-time sales person or the owner of the smallest business, this is an opportunity you do not want to miss. This opportunity is for ANYONE who want to fill their sales pipeline in a challenging economy.

- Jim Merritt
President & CEO
QuickTrainer Inc.

Prospecting to Fill the

Pipeline in 2009

Watch this short video and see for yourself the IMMEDIATE RESULTS others are getting from Ron Silver’s workshops.   www.moresalesnow.net

Enroll Now to get new customers asking you to do business.

Are the prospecting approaches you used during the booming economy adequate for this economy?

· FACT: You can no longer rely on your current book of business. Finding new customers is now a necessity. (Do you have a plan? Is it working?)

· FACT: Your customers are cutting back and focused on saving money not spending it. Are you still trying to sell like you did in 2007-2008? (How well is that working?)

· FACT: Your competition is hitting hard on your customers. Will you fall prey to their price cuts? (Or can you articulate your differentiating value and keep their business?)

Where are you vulnerable, and how will you address your vulnerabilities?

Bottom line… things have changed. What worked so well 12-24 months ago may be a recipe for disaster in 2009.

Learn how to keep YOUR pipeline full in this powerful 6-hour workshop with immediate results guaranteed

· Improve the effectiveness of your prospecting

· Shorten your selling cycle

· Increase your closing percentages

· Disqualify non-buyers early in the sales cycle

· Develop trust and credibility in the first few minute

· Sell with integrity and respect

· Improve the accuracy of your forecasting

· Eliminate the Fear of Rejection

· Increase Your Confidence

· Design a Personal Prospecting Plan

· Develop an Effective 30 Second Commercial

· Use Voice Mail As a Prospecting Tool

· Turn Gatekeepers Into Friends

· …and much more

Enroll Now to get new customers asking you to do business.

Watch this short video and see the results others are getting after attending Ron Silver’s workshops      www.moresalesnow.net

We are so confident that this workshop will exceed your expectation that we guarantee it! 100% money back – no questions asked.

What do you have to lose?… (lots of business… if you sit this one out)

More Information about this workshop

Best Regards,

Ron Silver

Founder and CEO
Solution Focused Selling
Division of Argentix, Inc.

If you want more GOLD , just ask for SILVER

Phone: 336-689-2287

Visit us on the Web at
www.SolutionFocusedSelling.com

Office:
210-4 Avondale Ave Suite 104 A
Wilmington, NC 28403

Training Center :
Landfall Executive Center
1213 Culbreth Drive 28405

Mail:
PO Box 11147
Wilmington , NC 28404

#ilm

 

 

Cold Calling = Dialing for Dollars 4/10/09 11:38 AM

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QuickBooks Memorized Transactions 3/15/09 11:36 AM

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Aboard the Peacemaker 3/15/09 11:35 AM

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QuickTrainer Inc. Selected as Intuit Solution Provider 3/10/09 11:32 AM

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Contact Information:                                                     Sue Sielecki

QuickTrainer Inc.
(910) 338-0488
sue.sielecki@quicktrainer.biz

QuickTrainer Inc. Selected as Intuit Solution Provider

WILMINGTON, NC - March 5, 2009 - QuickTrainer, Inc. announced today that it has been selected as an Intuit^® Solution Provider. QuickTrainer offers a full range of value-added consulting services for Intuit QuickBooks^® Enterprise Solutions (www.enterprisesuite.com) developed by Intuit Inc., a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals.

The Intuit Solution Provider Program will enable QuickTrainer to better serve regional clients and build their business through the sale, implementation and service of integrated solutions. The program’s lead offering, Intuit QuickBooks Enterprise Solutions, is a flexible and affordable business management solution designed specifically for growing businesses. The software helps businesses efficiently input, organize and access the information they need to manage finances, inventory, sales, purchasing and employees, and make key decisions for growth.

“We are very excited to have QuickTrainer as an Intuit Solution Provider,” said BJ Schaknowski, Intuit’s director of sales. “Their expertise in reselling and supporting mid-market business software solutions and their track record for customer satisfaction make them a valuable addition to our Solution Provider network.”

“Our clients need more than entry-level accounting solutions,” said Jim Merritt, President of QuickTrainer Inc. “They need software with more functions, security, transaction volume and system controls than offered by the basic accounting solutions.”

About QuickTrainer Inc.

QuickTrainer Inc. is a community leader providing QuickBooks services to business owners. Their services include QuickBooks Classes, One-on-One Implementation and Training, Point of Sale Implementation and Training and Bookkeeping Services. The QuickTrainer vision is to teach and train Clients, Bookkeepers, Accountants, CPA’s and Consultants to utilize QuickBooks applications to their fullest. In so doing, they strive to make every QuickTrainer client a testimonial of the services they provide. Trustworthiness, confidentiality and integrity are at the heart of every business relationship they forge.

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation software suites for professional accountants. The company’s financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.

Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.

# # #

All products mentioned in this release are trademarks or registered trademarks of their respective holders.

#ILM

 

 

Star VARs Ease Switch to Intuit QuickBooks Enterprise Solutions 3/9/09 11:32 AM

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Look Out! Cash Back Credit Card Fraud! 3/9/09 11:31 AM

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SBA Readies Emergency Biz Loans 3/5/09 11:28 AM

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Two Companies-Same Business-Same Town-Different Results 2/26/09 11:27 AM

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I Passed! 2/7/09 11:26 AM

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Parent - Child Accounts in QuickBooks 1/26/09 11:25 AM

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QuickBooks Pro Class gets Facelift 1/26/09 11:24 AM

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Intuit Links to QuickTrainer’s YouTube Video 1/25/09 11:24 AM

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QuickTrainer Forms Alliance With Professional Learning Center 1/18/09 11:22 AM

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Intuit Links to QuickTrainer Blog 1/18/09 11:22 AM

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