Mastering QuickBooks: Software Updates, General Ledger and Tips & Tricks Presented by Dharma Diaz-Azcuy, CPA Fall 2015
Introductions WBL is a full service accounting firm WBL s Client Accounting Group support clients with accounting matters, software needs, special projects and controllership functions Laura Speir, Partner-in-Charge, Accounting Services Molly Dyer, Accounting Services Senior Staff, QuickBooks Pro Advisor Dharma Diaz-Azcuy, Accounting Services Manager, QuickBooks Pro Advisor 15 years experience as a CPA 12 years experience as a certified QuickBooks ProAdvisor (2003- present) Bachelor of Business Administration, Accounting, Georgia State University 2
Training Outline 1. Overview of QuickBooks 2. Software Updates 3. General Ledger Maintaining the data base Maintaining the transaction 4. Tips & Tricks 3
1. Overview of QuickBooks 1. Overview Intuit continues its focus on the growth of QuickBooks On-Line Improvements more in line with desktop version Bank feeds rules, updated pay bills page, improved register functionality Able to improve continuously (vs. once-per-year) Desktop version will not be abandoned Licensing options for Desktop versions will remain the same Enterprise version now subscription vs. license Lateral growth Partnership with other software providers to enhance product 4
Overview of QuickBooks (cont d) 1. Overview Desktop improvements Using centers to improve efficiency QuickBooks Centers allows users to track the people and companies you do business with Users can manage and view all information and transactions QuickBooks Centers include customers, vendors and employees Using forms improves data entry All of your everyday QuickBooks tasks, like invoicing, paying bills and writing checks, are done on forms You can reach every form in QuickBooks from the Home page or the menus 5
1. Overview Overview of QuickBooks (cont d) Easy way to view company information and input data Company Insights page has been improved A new dashboard replaces Company Snapshot feature (still available) A more up-to-date, cleaner looking user interface Real-time company information Perform tasks from a single place Preview of business financial state Access frequent transactions Company Snapshot More than 20 widgetized graph/charts that you can add to the screen on three separate tabs Some customization and printing options Shows company s financial state, account balances, income breakdown, customers who owe you money, best-selling items, and reminders 6
2. Software Updates 2. Software Updates Insights tab in the Home window Income Tracker upgrades Updated Reminders window Pinned notes New report formatting Updated online payments 7
Software Updates 2. Software Updates Insights tab in the Home window Highlights your company s financial status and activity Creates high-level graphs Details income and expenses Combines pie and bar charts Income Tracker upgrades Makes customer transaction information easier to find using colored boxes Displays unbilled time and expenses on new tab 8
Software Updates (cont d) 2. Software Updates Updated reminders window Customizable Relevant reminders with specific details Financial calendar can be customized Pinned notes Pin a note to list names for vendor, customer, or employee It appears at the center s top right when you select that name in the centers New report formatting Shaded rows based on levels 9
Software Updates (cont d) 2. Software Updates Updated online payments QuickBooks Payments--Eventually all other payment accounts are going to be rolled up into this one account New online payments feature replaced the Intuit Merchant Services, Intuit Payment Network, Intuit Go Payment, and more Now there is one set of rates and rules, one application process, one website to manage them all 10
Software Updates (cont d) 2. Software Updates Updated online payments If you already have a payment account and were using it in QuickBooks, your account should automatically get converted to a QuickBooks Payments If you already have a payment account with Intuit but have NOT used it in QuickBooks, use the Link Payment Service to Company File 11
Software Updates (cont d) Updated online payments 2. Software Updates 12
Software Updates (cont d) 2. Software Updates Updated online payments 13
Software Updates (cont d) 2. Software Updates Updated online payments 14
Software Updates (cont d) 2. Software Updates Updated online payments 15
Software Updates (cont d) 2. Software Updates Updated online payments 16
Software Updates (cont d) Updated online payments 2. Software Updates 17
Software Updates (cont d) Updated online payments 2. Software Updates 18
Software Updates (cont d) 2. Software Updates Updated online payments 19
Software Updates (cont d) 2. Software Updates Updated online payments 20
Software Updates (cont d) 2. Software Updates Updated online payments 21
Software Updates (cont d) 2. Software Updates Updated online payments To see your payments and reconcile with your account select the Make Merchant Service Deposits option in the Banking menu. 22
Software Updates (cont d) 2. Software Updates Updated online payments This opens a window that shows you the bank activity for your merchant account 23
3. General Ledger Maintaining your database Important to maintain and protect database Can risk losing all data due to improper maintenance If no back-up exists, data must be restored/reentered manually Make sure to contact your accountant Restoration is costly and time-consuming Can delay financial and tax reporting 3. General Ledger 24
Database maintenance (cont d) Most common problems are corruption, data loss Improper shut down Power failure Surge protectors Poor work habits Leaving too many screens opened Not shutting the program down properly PC crashes Hardware failure One loose cable Lack of data base maintenance 3. General Ledger 25
Database maintenance (cont d) 3. General Ledger Recommended file size (not to exceed) Pro/Premier 120-150 MG Enterprise 1-1.2 gig DB file frags should be single digit If file is too large Consider starting a new file 26
Database maintenance (cont d) Control 1 to get info on: File size DB file fragments Total transactions Lists 3. General Ledger 27
Database maintenance (cont d) 3. General Ledger Create a back-up! Run defragmentation routinely Fragmentation slows down the system Run utilities in QuickBooks Verify and/or rebuild data Create a portable file Restore the portable file into new file, do not replace Resort lists Unhide inactive lists items Copy data file to USB with no other files in it Run defragmentation Condense data 28
3. General Ledger 3. General Ledger Overview A complete record of all financial transactions over the life of the company Holds account information needed to prepare financial statements Gathers accounting data from all sub-ledgers Accounts Receivable Accounts Payable Sales Tax Payroll 29
Working with the General Ledger How to save time entering data Memorize transactions Duplicate transactions Income tracker Record invoice from sales order Receive multiple payments Email multiple invoices 3. General Ledger 30
Accurate reporting requires data maintenance Apply credit memos Customers Vendors Correct misapplied payments or credits Identify old outstanding checks Void Reissue Set up closing date 3. General Ledger 31
General Ledger 3. General Ledger Use forms when ever possible Invoices, receive payments and credit memos Bills, pay bills and credit memos Transfer funds Avoid journal entries to the following accounts: Accounts Receivable Accounts Payable Bank Accounts When is it okay to use journal entries? Record depreciation expense Record payroll Recording year end transactions Reclassifications and corrections Recording owners contributions other than cash 32
4. Tips & Tricks 4. Tips and Tricks Admin Login Create a login for each user Limit the use of the admin user 33
4. Tips & Tricks Tips and Tricks (cont d) Editing Payments linked to Deposits Why? May have been posted to wrong customer Want to preserve the clear status How? Create a new payment Add it to the deposit Delete the incorrect payment 34
4. Tips & Tricks Tips and Tricks (cont d) Adjust items to create correct sales reports Why? Accounts impact the general ledger and items impact sales reports Correcting one and not the other results in sales report not matching the general ledger How? Use a form (bill, invoice or check for $0) rather than recording a journal entry 35
4. Tips & Tricks Tips and Tricks (cont d) Track owner-paid business expenses Encourage owner to use business forms of payments Create a Credit Card account named purchases by owner Owner may either be reimbursed or balance may be transferred to loan from owner or contribution to company 36
4. Tips & Tricks Tips and Tricks (cont d) Prevent users from making changes to chart of account Use the 1099 setup Use one of the categories you will never use in the normal course of business Link all unlinked accounts to the category chosen above 37
4. Tips & Tricks Tips and Tricks (cont d) Terminate QuickBooks on a workstation Available with Pro, Premier, Accountants and Enterprise Use chat screen to close file Unsaved data will be lost 38
4. Tips & Tricks Tips and Tricks: Use Your Preferences Configure company and user preferences Saves time Streamlines daily data entry 39
4. Tips & Tricks Use Your Preferences Show lowest subaccount only Prevent users from posting to main accounts Checking: select preferred bank accounts Automatically pulls up correct account Show/not show Home page when opening a company file Enable the search function to appear on each screen If you do not bill expenses turn off mark all expenses as billable If your company does reimbursable expenses, turn on track reimbursable expenses as income 40
4. Tips & Tricks Use Your Preferences Keep QuickBooks running for quick startups Program launches faster Launches when you reboot your computer Uses more of your computer s memory Turning on automatically calculate payments automatically writes off insignificant balances Prompt me to refresh avoids refreshing reports after each transaction is changed 41
4. Tips & Tricks Customize Settings Allow QuickBooks to sync with Outlook contacts Build your favorites menu Customizing the icon bar 42
4. Tips & Tricks Customize Settings Allow QuickBooks to sync with Outlook contacts http://support.quickbooks.intuit.com /support/tools/contact_sync/ 43
4. Tips & Tricks Resources Websites in QuickBooks that Intuit has tested and work well with QuickBooks Intuit App Center (http://appcenter.intuit.com) Intuit Marketplace (http://marketplace.intuit.com) 44
4. Tips & Tricks Tips and Tricks (cont d) Exiting QuickBooks Close all opened reports Click on file and exit Backup regularly 45
Questions? Dharma Diaz-Azcuy 770-512-0500 ddiaz-azcuy@wblcpa.com 46