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Receiving Payments in QuickBooks

QuickBooks comes with some helpful pre-defined payment types; however, you also have the flexibility to edit that list and add new types. To see your list, open the Lists menu and select Customer & Vendor Profile Lists, then Payment Method List. This window opens:

Figure 1: QuickBooks lets you accept payments from customers in a variety of ways.

To make changes to this list, click the down arrow to the right of Payment Method. By selecting items from this menu, you can add, edit, and delete payment methods. You can also make one temporarily inactive if for some reason you’re not going to support that option right now but don’t want to delete it, either. Click in the box next to Include Inactive if you want it to remain on the list (an X will appear next to it). When you want to reinstate it, open the Payment Method menu again and select Make Payment Method Active.

To search for every transaction that used a specific payment method, highlight it in the list and select Find in Transactions. QuickBooks will open the Find window with that filter already applied.

When you’re done working with that window, click the x in the upper right to close it.

Applying Funds

Ideally, you or a dedicated staff member will be working frequently with the Receive Payments screen. To get there, open the Customers menu and select Receive Payments, or click Receive Payments on the home page. This is the screen you will work with if you’re recording a payment that is to be applied to an invoice that you sent.

July 2015 News Fig 2

Figure 2: The Receive Payments screen in QuickBooks

First, select a customer by clicking on the down arrow in the field to the right of RECEIVED FROM. If there are outstanding invoices, they will appear in the table below. Enter the PAYMENT AMOUNT in the field below, and change the date if necessary. 

Click on the icon representing the payment method. If you don’t see it there, click the down arrow below MORE and add or select it. Your chosen icon will turn green. Then:

  • For cash or e-checks: Just enter any REFERENCE # needed.
  • For checks: Enter the CHECK #.
  • For credit/debit cards: If you’ve saved the customer’s preferred payment method in his or her record, the number will fill in automatically. If not, or if you need to change it, enter it manually. As you know, you need a merchant account in order to accept credit/debit cards and e-checks. If you haven’t set one up and want to, call us at 256-337-5200.

If the payment amount equals the total of all outstanding invoices, there will be a check mark in the first column of every line in the table. If the payment is for any less than the CUSTOMER BALANCE in the upper right, QuickBooks automatically pays the oldest invoice(s) first. You’ll also see an UNDERPAYMENT box in the lower left corner. Click the button in front of your preference here (leave as underpayment or write off the extra).

When you’re done, click one of the Save buttons.

Other Types of Payments

You’ll also use the Receive Payments window to record down payments and over payments. There may be situations where you’ll have to complete other forms to document the incoming money. For example, if a customer makes a partial payment for products or services that haven’t yet been invoiced, you’d use a Payment Item. A customer who pays for a product at the time it is received would get a Sales Receipt.

July 2015 News Fig 3Figure 3: Sales receipts go to customers who pay for products or services at the time they are received.

This may all sound a little confusing–it won’t be if you gain a thorough understanding of the right way to record different types of payments. We can go over all of this with you to ensure that your incoming money is documented correctly, which will take less time than trying to retrace your steps when a mistake has occurred.  Need more help? Call Small Business Solutions (SBS) LLC at 256-337-5200.  “We’re here to teach you what you don’t know you don’t know,” says ‘QB Bob.’ “


The “QB Bob” Team
256-337-5200

QBO – Creating Reports

Now that you’ve been using QBO for your company’s accounting, it’s probably unimaginable to think about going back to manual bookkeeping. The file folders, paper forms and scribbles on notepads have all have been replaced with a neatly organized, everything-in-its-place website.

If you’ve been in business long enough to remember the old ledger books, you’re probably especially glad to be able to rely on QBO to handle one critical accounting element in particular: reports. You know how important they are in your regular workflow, especially when it’s time to make critical business decisions.

Reports

There are other cloud-based accounting websites, but nothing comes close to QBO in terms of the report templates. Click Reports in the left vertical tab to see what’s available. The site’s generous collection of reports is divided into five areas to make access simpler. Individual reports may appear in more than one of these areas:

  • Recommended. These reports have been hand-picked. Their data changes every time you or one of your employees work with QuickBooks Online, and they contain some of the key information you need to be tracking. The Company SnapshotExpenses by Vendor Summary, A/R and A/P Aging Summaries should be consulted frequently by you and/or anyone else in financial management. Profit and Loss and Balance Sheet do not have to be generated as often. These are complex reports, and the information they provide needs to be analyzed for you to make sense of it. We can create these for you on a periodic basis.
  • Frequently Run. This list will be generated automatically, based on your own pattern of report activity.
  • My Custom Reports. QBO offers tremendous report customization options. When you have crafted a report that you think you’ll probably run again (with refreshed data, of course), you can save that format.
Figure 1: When you click on All Reports on this screen, you’ll see how QuickBooks Online (QBO) divides its reports into related activities.
  • Management Reports. These are somewhat complicated, and we hope you’ll let us work with you on them. QBO comes with three multi-part report templates that you can view and print as is:  Sales Performance, Expenses Performance, and Company Overview. You can also edit and copy these. Management Reports are more polished and comprehensive than other reports and could be used as part of a presentation.
  • All Reports. Click on this link to see everything, divided by type of activity.

Customize

Besides offering a generous number of report templates, QBO offers exceptional customization tools. This means that you can carve out the exact subset of data that you want to see.

To see this in action, click on the Reports tab in the left vertical pane, then All Reports | Manage Accounts Receivable | Customer Balance Detail. Click the Customize button in the upper left. You’ll see this screen:

Figure 2: Use QuickBooks Online’s customization tools to isolate and display the exact information that you need.

To the left is a list of navigation links that will take you to the section where you want to work. You can also just use the scroll bar on the right to browse through your options. Take some time to explore the possibilities so that when you need a specific subset of data in a report, you’ll know how you can use QBO’s customization tools to shape it correctly. 

Not every report in QBO is as simple and as self-explanatory as this one. In fact, there are some reports that your Accountant should be analyzing for you on a regular basis; these fall under the Accountant Report heading. We encourage you to master QBO’s customization tools for many reports, and we’re here to help. Call us today at 256-337-5200 to set up an appointment with one of our certified QBO ProAdvisors.

The “QB Bob” Team

QBO – Importing Bank Transactions

When you connect a bank account to QBO, it pulls in the past 90 days of activity. But what if you need to pull in more data? Or what if your bank isn’t one of the thousands that link with QBO? You’re in luck – if your bank will give you the data, you can upload it into QBO.

From Transactions > Banking screen
In the upper right of the screen and then click File Upload button
The “Upload bank file” window will slide down. Follow instructions to download the data from your bank’s website and save the file on your computer.
Then click the browse button to select the file to upload to QuickBooks Online
This will pull the data onto the Banking screen. From there, you use the Banking screen as you do on other downloaded bank data that is connected directly to a bank.

Mobile Apps for QuickBooks – Helpful Apps

Mobile Sales Using Intuit’s GoPayment

Benefit: Improved sales that aren’t dependent on location

Payment-processing on smartphones has become commonplace these days. You’ve probably seen merchants accepting credit cards on mobile phones in one of two ways: by swiping the card on a small card reader that attach to their device or by entering bank cards numbers directly.

 

Figure 1: One of the oldest apps that integrates with QuickBooks is GoPayment. You can process transactions on your smartphone or tablet from anywhere.
 

Intuit’s GoPayment lets you do both. You can download the free app and process a customer’s payment on your smartphone. However, you still have to download it into QuickBooks and either create a sales receipt or match it to an open invoice. This isn’t a difficult process once you understand it, but you must be sure to do it correctly from the start. We can help you with some practice runs.

Travel Expenses On the Go

Benefit: More accurate, policy-compliant expense reports

One of the smartest, most useful apps that has ever been created is the expense reporter — particularly when used by your road warriors for on-the-go expenses. There are a handful of these. Travelers can record expenses in two ways: they can either enter the information directly or snap a picture of a receipt with a smartphone. When your employees get back to the office, they’re able to prepare complete expense reports, whose approved data can be transferred into QuickBooks.

Concur is one of these apps. When you set it up, it imports Account Codes, Customers, Jobs and Classes, Vendor and Employee Records from QuickBooks so that these can be assigned for each expense entry. Credit card transactions can be imported directly. When an expense report is completed, it can be sent to a manager for approval, and reimbursement is then deposited in the employee’s bank account.

 

Figure 2: Intuit’s App Center is home to hundreds of add-on applications for QuickBooks.

Tallie works similarly. It can automatically categorize expenses and alert approvers to expense policy violations. Used in conjunction with Bill.com and SmartVault, it can accommodate a sophisticated, seamless accounting workflow. We’ll see more multi-app integration as cloud-based financial solutions mature, but if you’re going to attempt such a setup, let us help you with the initial mechanics.

Time-Tracking and Timesheets

Benefits: Employee accountability; recovery and correct classification of all billable hours; and less time required to create timesheets

If all of your employees walk through the office door every morning and stay there, you don’t need a mobile app for time-tracking. But for businesses whose cash flow depends on recovering and recording every minute of billable time, a smartphone time-tracker is ideal.

TSheets Time Tracker can help improve your bottom line in numerous ways. This particular app:

  • Accommodates real-time mobile data entry,
  • Tracks employee locations using GPS, and
  • Creates timesheets that can be synchronized with QuickBooks, tracking billable time by customer, job, employee, etc.

Moving Toward Integration

Given the size limitations of smartphones, some mobile apps contain only a subset of the features found in their desktop counterparts. But that subset is chosen based on the needs of mobile users.

Fewer features means that your learning time for the mobile apps that integrate with QuickBooks will be minimal. But the steps to sync with QuickBooks must be followed to the letter, and you may not be familiar with such a process. We want you to experience the benefits that these smartphone solutions can offer without compromising the integrity of your QuickBooks company file. Let us introduce you to these forward-looking, beneficial tools. Call the “QB Bob” team TODAY at 256-337-5200 to schedule a visit.


The “QB Bob” Team

QuickBooks Online (QBO) “Accounts”

The term “account” in QuickBooks Online (QBO) can have many meanings: checking account, savings account, Chart of Accounts, payment/merchant services account, a customer or vendor account and more.

Most likely you’ll work with all of these while working with QuickBooks Online (QBO), except perhaps one: the Chart of Accounts. Even though the site allows you to modify the Chart of Accounts by adding, deleting, or renaming accounts, please talk to us at Small Business Solutions (SBS) 256-337-5200 if you feel a change is in order. The Chart of Accounts forms the framework of your company, and altering it could have adverse effects on your entire accounting operation.

Set-Up

When you created your company, you probably created at least one bank account, checking. You can set this up without connecting to a bank site; however, that defeats the purpose of QBO, which is to have access to your web-based account. Setting up a connection to your online bank, credit card, or other online financial service like PayPal is easy.

June 2015 QBO Figure 1

Figure 1: QuickBooks Online’s home page displays balances for all of the accounts you’ve connected.

On the home page or the Transactions | Banking page, click the Add account button in the upper right. QuickBooks will display logos for some of the most popular financial institutions. If yours isn’t there, enter its name or URL in the box at the top.

QBO will then create a link between itself and your account, and it will download the most recent transactions (usually 90 days’ worth). Now when you click on Transactions | Banking, you’ll see all of your activity in table form with columns labeled Date, Description, Payee, Category or Match, Spent, Received and Action.

Most of these are self-explanatory; they just provide information about the transaction. You may be unfamiliar, though, with Category or Match and Action (Add). Call SBS at 256-337-5200 so we can guide you step-by-step the first time you launch and work with a transaction download. It’s very important that transactions are classified correctly.

Chart of Accounts Settings

The Chart of Accounts, which is a standard, required element of any double-entry accounting system, is a very different set of accounts. To display it, you’d click on your company name in the upper right corner, then Settings | Chart of Accounts. You’ll see a mini-spreadsheet that lists all of your accounts. QBO selected these based on the information you provided when you were first setting up your company on the site.

Each account is assigned a Type that describes its accounting function.

June 2015 QBO Figure 2

Figure 2: Every transaction that represents money you spend on Advertising/Promotional  activities should be assigned to this Expense in the Chart of Accounts.

Category Types are used by all businesses for classification purposes. There are only a few of them, such as:

  • Expenses (Bad Debts, Bank Charges, Insurance, Job Materials, etc.)
  • Income (Billable Expense Income, Gross Receipts, Markup, etc.)
  • Cost of Goods Sold (Cost of Labor, Freight & Delivery, etc.)

You don’t have to do anything with your Chart of Accounts. In fact, we suggest you don’t try. As we’ve said, if we see a reason in your bookkeeping to add, edit, or delete an account, we’ll be happy to do it for you.

But you will encounter these accounts in numerous QBO activities. Sometimes they’ll be pre-selected for you by the site, but other times you’ll need to make a choice. For example, when you create a Product or Service, there will be three account fields that will already be populated. They are:

  • Inventory Asset Account = Inventory Asset
  • Income Account = Sales of Product Income
  • Expense Account = Cost of Goods Sold

The word “account” is used in so many different ways that it can get confusing. For example, if you wrote a check at the UPS Store for some shipping charges, you’ll be asked for the Account when you enter this in QBO. It’s an Expense, but one of its more specific sub-categories.

June 2015 QBO Figure 3

Figure 3: QuickBooks Online provides the correct drop-down list in form and record fields.

QBO takes care of a lot of the background work of double-entry accounting, but it exposes you to the concept of accounts. We’re here to help if this causes confusion in your daily bookkeeping. Call SBS at 256-337-5200 to assist you or to inquire about moving your business to QuickBooks Online.

The “QB Bob” Team

 

QBO Recurring Payments Video

Click this link to see how to set up recurring payments in QuickBooks Online (QBO)

Preventing Data Theft in QuickBooks

Your small business may not have hundreds of thousands of customer information files, but you can still be targeted by external hackers and even your own employees. Are you taking measures to ensure the security of that data stored on your hard drive and/or in the cloud?

Your Inner Circle

The last thing you want to imagine is that one of your own employees has been tampering with your QuickBooks company data. It happens, though, and you need to protect yourself from potential internal attacks.  

One of your internal controls, then, should include the establishment of boundaries for every employee who has access to QuickBooks. You can restrict each staff member to specific areas of the program instead of sharing a master password and giving everyone free rein. Go to Company | Set Up Users and Passwords | Set Up Users to do this.

Figure 1: If you click on Selective Access in this window, you can restrict your employees’ activities to specific areas and actions. 

The User List window opens, which will display all users who have been set up already, including you as the Admin. Click Add User and enter a name and password. Click the box in front of Add this user to my QuickBooks license, then click Next. Click on the button in front of Selected areas of QuickBooks. Click Next.

The next 10 screens break QuickBooks down into separate activities and activity areas, like Sales and Accounts Receivable, Checking and Credit Cards, and Sensitive Accounting Activities. On each screen, click on the button in front of the correct option:

  • No Access
  • Full Access
  • Selective Access (lets you specify what areas and actions will be allowed for that employee)

Other Internal Controls

QuickBooks’ Audit Trail is your friend. It records everything that is entered or changed in the software, by whom, and precisely when. To view it, open the Reports menu, then click on Accountant & Taxes, then Audit Trail. Like all QuickBooks reports, it can be customized to display the entries you need to see.

Figure 2: QuickBooks’ Audit Trail provides a detailed history of all activity in the software.

There are other reports that you should review frequently, and some that we should create and analyze for you at least every quarter, if not monthly. We can suggest reports that would help you look for fraud, and tell you what to look for.

Common Sense Practices

  • It goes without saying that protecting your entire hardware/software/cloud configuration will help keep your QuickBooks company file safe from external marauders. You must employ state-of-the-art antivirus and anti-malware applications and keep them updated. Talk to us if you need recommendations and/or help implementing them.
  • If you’re a sole proprietor or you work from your home, restrict the computer where QuickBooks resides to business software and websites only. Never let anyone install applications, play interactive games, etc. on it.
  • Change your own QuickBooks password at least every 90 days, and do backups to secure drives or websites.
  • When you run into problems with QuickBooks’ functioning, please let us help. Even a computer troubleshooting specialist will not understand the program well enough to solve problems, and he or she may compromise your data file further.

As security software and systems get smarter, so do the hackers. Don’t let your company and its customers be victims of data theft.  Need help setting up internal controls/access? Contact Small Business Solutions at 256-337-5200.

The “QB Bob” Team

Getting Ready for Payroll in QuickBooks Online (QBO)

While all of the work you do on the site needs to be thorough and accurate, you’re not just dealing with customers and vendors when you manage your payroll. Your employees count on you to compensate them for work completed, and external organizations like benefits providers and the IRS require absolute precision.

We don’t mean to scare you, but we do want you to understand that this is a particularly challenging process, no matter how you accomplish it (do-it-yourself, paper and Excel, software, or outsourcing). QBO provides a whole payroll setup area, which helps you understand what information is needed and provides countless screens for entering it. However, we strongly recommend that you let us help with setup.

Let’s take a quick look at how QBO helps you get ready to start paying your employees. Click on the wheel icon in the upper left and select Payroll Settings (you’ll be allowed to use the payroll features for 30 days for free; after that, you’ll pay monthly fees). WAIT–don’t click and sign up inside QBO–Call SBS at 256-337-5200–we can save you 20-30% off your annual payroll subscription.

Figure 1: This is your home base for payroll setup in QuickBooks Online.

As you can see, this will be a lengthy process. It’s not necessary to go through it in order, but the links that run horizontally across the top are a good starting place. Once you’ve completed those screens, you’ve made a good dent in your setup duties.

As you enter payrolls, QBO calculates your federal and state payroll tax obligations and maintains a running tally. When it’s time to submit a payment, you can do so electronically if you’ve made connections with your company’s bank account(s). The preparation for this process is done by clicking the Electronic Services and Tax Setup links.

You’ll also want to tell QBO about your Pay Policies. By filling in blanks and selecting from drop-down lists, you’ll define your:

  • Pay Schedule(s). How often are employees paid? What is the next payday, and what period does this cover? You can create multiple pay schedules if needed.
  • Vacation and Sick Leave Policies. Here, too, you can set up more than one of each type if employees have varying requirements for earning sick and vacation time.
Figure 2: If employees earn time off at varying rates, you can establish multiple policies in QuickBooks Online.

 Besides calculating payroll taxes, QBO will do additional withholding necessary to pay for benefits like health insurance and retirement plans. The site calculates what’s taken out for each employee (and from you) every pay period so that when you need to pay the benefits provider, you’ll know what’s owed. The actual process of setting up these Deductions, as well as Employee Garnishments, is similar to the one you used to define pay policies.

Some of the links displayed below this top row will take you to the same links you’ve already visited. Others let you define additional preferences in areas like Accounting,Paycheck Printing, and Time Sheets. One signals your next step, though: Overview | Employees.

Figure 3: Once you’ve set up variables like Pay Policies and Deductions, you can use that information in individual employee records.

QBO makes it easy for you to create records for each employee once you’ve set up the background information required. You can see in the image above that you can even edit withholding, frequency, and pay method; add additional pay types (like overtime and bonuses); and add, edit, and delete deductions by clicking the links next to each icon.

We’ve provided a very broad overview of QuickBooks Online’s Payroll Settings here. You’ll encounter a great deal of required details when you actually get in and start working with this element of the site. QBO makes the actual mechanics easier. We can help make setup easier and ensure system-wide accuracy.  Call SBS today at 256-337-5200–we’re here to make “all things QuickBooks” easier for you!

The “QB Bob” Team

QuickBooks: Creating Custom Fields for People and Items

In QuickBooks, you can define up to 12 total fields for use in customer, vendor, and/or employee records. QuickBooks treats these just as it treats your built-in fields. They appear in the records themselves, of course, and are included when you export a file containing them. You can also search for them in reports. There are separate processes for defining fields for your individual and company contacts and your items.  

Setting up Custom Fields for People (Customers, Vendors and Employees) Records

Go to your Customer Center and open a blank Customer record (in newer versions of QuickBooks, you’ll click on New Customer & Job in the upper left corner, and then click New Customer). Then click the Additional Info tab in the left vertical pane of the New Customer window, then click on the Define Fields button in the lower right. This window will open (with blank fields):

Figure 1: You can create up to 12 total custom fields that will be shared by customers, vendors, and employees.

It’s easy to create your custom field labels. Simply type a word or short phrase on a line under Label, and then click in the box(es) on the same line in the appropriate column(s). While it’s possible that you would want to include the same field in multiple record types, you’ll most likely have separate labels for each. 

Consider carefully before creating custom field labels. Ask yourself questions like:

  • What do I want to know about customers/vendors/employees that isn’t already covered in the pre-built record formats?
  • What kinds of information will I want to make available in report filters?
  • How will I want to separate out individuals for communications like emails, memos, special sale invitations, etc

Remember that you’ll have to go back into existing records and fill in these blanks in order to be consistent. You’re not required to complete them, but your searches, reports, etc. will not be comprehensive if you don’t.

Setting up Custom Fields for Item Records

The custom fields we just created are generally only used internally. That is, they won’t automatically appear on sales forms, purchase orders, etc.

You may decide that some custom fields in item records, on the other hand, do need to be available on some forms. For example, you might sell shirts in multiple sizes, colors, and styles.

To start creating them, open the Lists menu and select Item List. Click the down arrow on the Item menu in the lower left, then click New. Since you will be selling similar items that you’ll be keeping in stock, select Inventory Part under TYPE. Then click on the Custom Fields button over on the right and then Define Fields.

Figure 2: If you sell similar items that are available with different characteristics, you’ll want to create custom fields. 

As you did with the earlier custom fields, enter a word or phrase under Label, and then click in the Use column. After you’ve entered up to five fields, click OK.

A Complicated Process

This is where the simplicity of creating and using custom fields for items in reports and transaction forms ends. If you sell t-shirts in various sizes and colors, you’re going to need our help in order to see true inventory levels in reports and add those custom fields to sales and purchase transaction forms.

 

Figure 3: Adding custom fields to QuickBooks’ standard transaction forms is possible, but you’ll need our assistance to make sure inventory tracking is set up right.

You may more inventory-tracking tools than are offered in your version of QuickBooks. If that’s the case, we can help you either add an application that will meet your needs or suggest an upgrade.  Call us at (256) 337-5200–we’re here to help you customize and to make working with QuickBooks easy.

The “QB Bob” Team

256-337-5200

Using Purchase Orders in QBO

QuickBooks Online Plus offers the ability to create purchase orders. But they require knowledge that may be foreign to you.

If your business purchases products from vendors that you then sell, you may have occasion to use purchase orders. These forms simply tell your suppliers what items you want to buy from them.

Not all companies that you buy from will require purchase orders. However, if you place an order without one and the wrong items are delivered, you won’t be able to prove that your order was filled incorrectly. 

Purchase orders add an additional layer to your bookkeeping — one that can improve accuracy and accountability, but that’s also complex. If you want to take them on, we’d like to introduce you to the concepts you’ll need to learn. You can, though, begin the process on your own to start familiarizing yourself with purchase orders.

 

Readying QuickBooks Online

QuickBooks Online Plus contains purchase order templates. You’ll fill these out much like you complete an invoice. And like invoices, purchase orders should include as much detail as is possible to ensure accuracy.

Before you can begin, though, you need to make sure that purchase orders are turned on. Click the + sign at the top of the screen and look at the Vendors list. If Purchase Order is there, click on it to open a blank template.

If not, click on the gear icon next to your company name in the upper right corner, then click Settings | Company Settings. Click the Expenses tab on the left. Click in the box to the left of Use purchase orders.

Figure 1: You may have to go to the Company Settings page to turn on purchase orders and define custom fields in QuickBooks Online.

Now the Purchase Order link will appear when you click the + sign at the top of the screen. You’ll also be able to create purchase orders by clicking Vendors in the left navigational pane, and then clicking the drop-down arrow in the ACTION column.

QuickBooks Online lets you define up to three custom fields for these forms. That is, you can add additional fields that will appear on all of your purchase orders. Consider your entries here carefully.

If you want to create your own transaction numbers, click in the box in front of Custom transaction numbers. If you don’t, QuickBooks Online will automatically assign them. When you’ve finished by entering a default message for these forms (optional), click Save.

Creating a Purchase Order

If you’re not already there, click on the + sign at the top of the page and select Vendors | Purchase Order. QuickBooks Online’s Purchase Order form will open without any fields filled in. In the upper left corner of the screen, click on the small up/down arrow to the right of the first field to open your list of vendors. Select the one you want.

Figure 2: QuickBooks Online’s Purchase Order form resembles the invoice form, except you’re ordering rather than selling here.

Directly below that, you’ll see the word Open, with a drop-down arrow next to it. A purchase order is considered Open until you pay for it, at which point the status changes to Closed.

If you want the item(s) shipped directly to a customer, click the up/down arrow to the right of the field under Ship to, and select the right one. If this remains blank, the shipment will be delivered to your business mailing address.

The date should fill in automatically, but you can change it. Enter a courier name in the Ship via box, and fill in any custom fields you’ve created.

That’s the easy part. You’ll notice in the screen shot above that there are two sections below the information you just entered, Account details and Item details. Knowing when to fill in one or the other — or both — takes some advanced understanding of purchase orders. This is where you’ll need some guidance from us.

Paying for the Goods

When you receive the items you ordered and are ready to pay for them, your purchase order information will be available. If you select the vendor from the screen shot above and want to write a check, for example, this box will appear in the right vertical pane when you select his name.

Figure 3: Purchase order information will be displayed when you pay the vendor.

The purchasing process is second only to payroll in terms of bookkeeping complexity. QuickBooks Online provides the tools you’ll need, and we can help you gain the understanding required.  Call SBS today at 256-337-5200 to learn more about purchase orders and QBO.

The “QB Bob” Team

256-337-5200

NEW! QuickBooks Point of Sale (POS) v.12

(Reposted Article by David Glantz, Business Cents)

New Features

Display total quantity sold on sales receipt.

V12 Solution. The total quantity of all items on the sales receipt is displayed above the total dollar figures in the bottom right-hand corner of the sales receipt. This can help compare the total quantity of items on the sales receipt against the actual count of physical items.

Total quantity sold

Nuances. The wording “No. of Items” is a bit misleading. It is actually the total quantity of all items on the sales receipt. It would be helpful to also display the total number of items, e.g. if 10 of Widget A and 10 of Widget B are being sold, the total number of items is 2 and the total quantity is 20.

Better keyboard support: Provides the ability to fully complete the workflows in Make a Sale and Receiving using keyboard entry.

Improved auto-reconciliation of payments: When using Intuit Payments in conjunction with QB 2015 desktop financials, V12 will auto reconcile credit card payments to the Intuit merchant service deposits.

EMV chip card ready: EMV (Europay, MasterCard® and Visa®) chip technology is becoming the international standard for credit card and debit card payments. You might have heard similar terms used to define this same technology – Chip and PIN, Chip and Signature, or simply just chip technology. Chip cards are standard bank cards but, in addition to the standard magnetic stripe, are embedded with a microchip that stores and protects cardholder information. This provides an additional level of authenticity.

The reason behind this chip technology is to increase security and reduce fraud. More than 1 billion chip cards are currently being used internationally. The United States is a bit behind the curve implementing this technology.

V12 is EMV capable when used in conjunction with the Ingenico IPP 350 PIN Pad device, which accepts EMV Chip and PIN cards.

New logo: A new logo appears on the application icon, the splash screen, the program title bar, and likely in other places as well. This uses the new QuickBooks branding that was introduced with QuickBooks 2015.

QuickBooks Point of Sale Desktop 12.0 Logo

Bug fixes

Significantly faster performance: Faster workflow processing performance such as sales receipts, accessing items and customer lists, looking up item history, etc. Some have reported 10x faster startup times as compared to QuickBooks POS 2013. In our experience, V12 is much faster than the initial release of 2013 and V10, and is somewhat faster than the most recent 2013 release.

Substantially reduced software glitches: Software hangs, screen locks, shell aborts, non-responsive behavior, and more. We and our clients have experienced many fewer bumps and bruises in the latest 2013 release. Additional fixes were applied to V12 as well.

Large backup files: Support for backup files greater than 4GB.

Functional fixes: Some functional fixes, including the ability for Shipping Manager to function properly, item tags print correctly, et al.

In Summary

We at Business Cents have spent a lot of time researching other POS products out on the market. After each review, the conclusion has been that the QuickBooks Point of Sale desktop product has a better baseline feature set. There will always be functions that could be improved upon – mobile sales, the mix of old screens (V9) and new ones (V10+), reporting, lack of QuickBooks Online integration, etc. That is a constant. However, none of the products we reviewed in this price range have the same level of functionality.

The conclusion… Intuit QuickBooks Point of Sale Desktop 12.0 is a solid desktop point of sale and inventory management product

How and Why? Memorize Transactions in QuickBooks

 

I’m sure one of the reasons you started using accounting software, among many others, was to save time, and QuickBooks has complied. When you create a record for a customer, vendor, item, etc., you rarely — if ever — have to enter that information again; you simply choose it from a list. 

Time is no longer wasted searching through endless piles of papers to find the one you need; you just do a computer search. And when you need reports on monthly sales, inventory purchases or your payroll liabilities, you don’t have to create a spreadsheet or locate paper records; you just click a few times in QuickBooks to create the report.

Memorized transactions can be another major time saver. You can use them to:

  • Provide the same service for a customer on a regular basis,
  • Charge a monthly fee for rentals, maintenance, membership, etc.,
  • Pay a bill to the same company regularly, or
  • Have a standing order with a vendor for a similar set of items.

It’s easy to create memorized transactions. QuickBooks provides an icon for them in the toolbar of every transaction form that’s supported, like invoices, bills, and purchase orders.

Figure 1: When you see the Memorize icon in the toolbar of a transaction form, you know that you can create a template to use over and over.

 STEPS FOR CREATING MEMORIZED TRANSACTIONS:

1.  Create a transaction that you know will be repeated – even if the amount will be different every time (you’ll still save time because you won’t have to fill in or select absolutely every detail). Let’s say you’re doing some social media consulting for a customer, and you’ve contracted for eight hours every month. Create the invoice for that billing.

2.  Then click the Memorize icon. This window opens:

Figure 2: In the Memorize Transaction window, you’ll tell QuickBooks how often the transaction will be created, in addition to providing other information.

3.  Your customer will already appear in the Name field. Next, choose from among three options so that QuickBooks knows how to handle this recurring form:

Add to my Reminders List. If you choose this by clicking on the button in front of the option, QuickBooks will add this transaction to your existing Reminders List.

Do Not Remind Me. We don’t recommend this option unless you have an exceptionally good memory, few memorized transactions, or a tickler file in another application. Even then, reminders are a good idea.

Automatic Transaction Entry. This absolutely saves the most time. It’s also the riskiest option. If you select this, QuickBooks will send the transaction through at the intervals you’ve defined. You’ll have to enter a number that indicates how many times you want the form sent and how many days in advance it should be entered. Please consult with us if you are planning to automate transactions. We don’t want you to have unhappy customers or vendors or an unpredictable cash flow.

4.  Next, you’ll tell QuickBooks how often this transaction needs to be created by clicking on the down arrow to the right of How Often. Click on the calendar icon in the Next Date field to select the exact day this should occur next (you’ll have an opportunity when you work with the Reminders List to specify how much advance warning you want).

5.  When you’re done, click OK.

Once you start memorizing transactions, QuickBooks will store them in a list. When you get a reminder that one is due soon, open the Lists menu and select Memorized Transaction List. You’ll see this screen, populated with your own work:

Figure 3: You’ll open the Memorized Transaction List to enter one or to work with one you’ve already created.

Highlight a transaction in the list and click the down arrow next to Memorized Transaction in the lower left corner to see your options here. You can also click Enter Transaction, and your original form will appear. If you’ve saved it with a permanent amount, you can just save and dispatch it. Otherwise, enter the correct amount before you proceed.

If you’re fairly new to QuickBooks and don’t feel like you’re well acquainted with its time-saving features, give us a call at 256-337-5200, and we’ll set up some training. Better to do that up front than to have to untangle a jumbled company file. We’re always happy to help.

The “QB Bob” Team

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PO Box 10053
Huntsville, AL 35801
(256) 337-5200
info@qbbob.com