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7 posts from February 2012

Building Better Business Finances: The QuickBooks Profit and Loss Detail Report

The QuickBooks Profit and Loss Detail report allows you to drill down into the specific details that make up the QuickBooks Profit and Loss Standard report.

To run this report in QuickBooks, click Reports > Company and Financial > Profit and Loss Detail.

Here is a sample screen shot of the Profit and Loss Detail report (click the image for a larger view):

 Profit and Loss Detail Report

This report quickly and easily tells you how the values on your profit and loss report are calculated. It shows the individual transactions, debits and credits in each account, as well as the running account balance on the far right side of the report.

Remember: you can easily change the date range of this report in the upper left hand corner of the report screen if you don't like the default date range that appears.

Bonus information - if you need to see the specific details of a transaction, just hover over that transaction and double click on it to drill down for more information and insight.

RELATED INFORMATION:

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QuickBooks 2009: Support Ends 5/31/2012

Is your business using either the Windows (Pro, Premier or Enterprise) or Mac versions of QuickBooks 2009?

If so, you'll want to review the QuickBooks service discontinuation policy (aka "sunset policy") to understand what the potential impact of the support period coming to an end.

IT'S NOT JUST QUICKBOOKS...

It is true that the QuickBooks program itself will continue working after the support ends.

However, it is also true that other QuickBooks connected products will STOP working when the support period ends. A few of those services that will lose functionality (which could cause BIG problems for you):

  • QuickBooks Payroll
  • QuickBooks Credit Card Processing
  • Use of Online Banking Features in QuickBooks
  • Bill Pay

GET THE UPGRADE COST FIGURED INTO YOUR BUDGET

To avoid disruption of any of the services listed above, you'll want to budget and plan for an upgrade to the appropriate 2012 version of QuickBooks well before May 31, 2012.

RESOURCE CENTER

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My QuickBooks File is Too Big. Now What?

So QuickBooks tech support just told you your QuickBooks file is too big.

Can that be true?

Indeed it can!

HOW BIG IS TOO BIG?

While there are no hard and fast rules (or even any printed documentation from the makers of QuickBooks on the topic), my experience has shown that QuickBooks Pro and Premier data files are "too big" once they move past the 150 megabyte size.

If your business is using the Enterprise version of QuickBooks, my experience shows that a file is "too big" once it hits the 1 gigabyte level.

You'll know when your file is too big when:

  • It takes forever to run reports
  • Your QuickBooks crashes or locks up for no apparent reason
  • Strange error messages begin appearing when you work in QuickBooks

HOW DO I KNOW JUST HOW BIG MY FILE IS?

That's easy. Tap the F2 key on your keyboard (or CTRL + 1 also works). Look for the line that says "File Size" on the left hand side of the window that appears.

For reference purposes, a file size of 150,000 as it appears in this window is equal to the 150 megabytes mentioned above.

WHAT ARE MY OPTIONS NOW?

Some businesses will simply decide to forge ahead and continue using a data file that is too big. This is a really bad idea, as their business runs a significant risk of having their entire file become corrupted and even unusable at some point in time in the future. I wouldn't want to be around the office the day that happens!

Others will take a more thoughtful approach and give careful consideration to this issue, as they realize their critical accounting and financial data may be at risk.

GET THE UNBIASED INSIGHT YOU NEED! DOWNLOAD MY FREE GUIDE

Since this issue tends to creep up on thousands of businesses each year (after all, there is no early warning system built into QuickBooks!), it is essential you understand the pros and cons of each option available to fix the problem.

Learn more about the options available when your QuickBooks file is too big in my special guide.

QUESTIONS? CONFUSION?

Feel free to post a comment in the box below or contact me to further explore the specifics of this issue within your business.

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Using the Inventory Stock Status Report in QuickBooks

Your inventory management and purchasing departments will find the "Inventory Stock Status Report" to be quite helpful.

Easily accessed by clicking on Reports > Inventory > Inventory Stock Status by Item (a Stock Status by Vendor report is also available), you can pull up a report that looks like this:

Inventory Stock Status Report

This report contains the following facts and figures:

  • Part number
  • Preferred vendor
  • Reorder point
  • On hand quantity
  • On sales orders
  • Reserved for assemblies
  • Quantity available
  • Reorder flag
  • Quantity on purchase orders
  • Next expected delivery date (from purchase orders)
  • Average sales/week of the item

REMEMBER: You can double-click on any value within the report for even more supporting details.

EXTRA BONUS TIP...

Let's say you want to only see those items with the reorder flag (check mark) within the report.

Unfortunately, you can't filter like this directly in QuickBooks. Instead, export the Inventory Stock Status Report into Excel, and then create a custom filter for just those items with a check mark!

HOW WOULD YOU IMPROVE THIS REPORT?

Do you have a suggestion on how to make this report even better? Feel free to post a comment in the box below - your feedback is welcome.

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How Do I Change the Default E-Mail Address in QuickBooks?

Been searching high and low in QuickBooks to figure out where it stores the default e-mail address that appears when you e-mail something?

Finding it is as easy as clicking on Company > Company Information in the menu bar. Once there, you'll see a screen that looks like this:

Company Information Box

Once here, take note of the other information being stored here as well, just in case any other information needs updated at the same time.

NOTE: If you are using QuickBooks in a multi-user environment, only the Admin account can access the Company Information area of QuickBooks.

OTHER QUICKBOOKS TIPS AND TRICKS:

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Can I Change the Color of My Home Screen in QuickBooks?

While you can't directly change the color of the home screen in QuickBooks, you can make some changes to other colors within the program.

Here's how:

  • In the menu bar, click Edit > Preferences > Desktop View. Once there, you will see a window that looks like this:

 Color Scheme in QuickBooks

Once you change the color scheme, you'll see exactly how things change. The color of the Home screen won't change, but colors in other areas will.

BONUS TIP:

  • While in the "Desktop View" preference above, be sure to select the "One Window" option so that each of your windows inside QuickBooks opens up in full screen.

OTHER HELPFUL INFORMATION

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How Do I Find the Location of my QuickBooks Data?

Been scratching your head trying to figure out where QuickBooks hides your company data file and information?

Here are two easy ways to see exactly where your QuickBooks information is located:

  • While working in your QuickBooks company file, click File > Open Previous Company (in the menu bar). Once there, you'll see exactly where your data file is located. You'll see something like c:\Program Files\Intuit\etc. This is called the "path", so if you were trying to find this via the My Computer icon, you would just follow the "path" to get to it (i.e. click the C: drive icon, then click the Program Files icon, etc.)

    Note that if you work on multiple QuickBooks company files, you'll see up to four of them listed when you use this method to find your file.

  • Tap the F2 key (or use CTRL + 1). A screen will pop up that shows a LOT of information about your QuickBooks data file, and among that will be a box that shows the location of your file.

MORE HELPFUL QUICKBOOKS INFORMATION

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