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8 posts from October 2013

Building Better Business Finances: A New App for Tracking Accounts Receivable

If your business sells on credit, it's downright essential to have a winning system in place to track the bucks your customers owe you.

When was the last time you evaluated how well your business tracks it's receivables? Back during the Nixon administration you say?

A BETTER SYSTEM IS JUST A CLICK AWAY

It goes without saying that you should take advantage of the reports that are baked into QuickBooks that relate to accounts receivable.

The A/R Aging Summary Report (be sure to see my tip to improve on it!) as well as the Collections Report are excellent places to start.

However, many businesses use these reports as starting points in building a system for monitoring accounts receivable. They also cobble together other tools such as e-mail, Excel and others as part of their "system"."

SIMPLIFY WITH ONE SYSTEM -> INTRODUCING FUNDING GATES

 

FundingGates is a new application designed to help simplify your receivables management, and put everything you need in one easily accessible place with 24/7 access.

A look under the hood shows these benefits for your business:

  • Track all conversations in one centralized location
  • Know who pays late and who is on time
  • Eliminate of notepads and spreadsheets
  • Send reminders with a single click
  • Collect on deadbeat accounts that don't respond
  • Sync with your QuickBooks - one click does the trick

Get a free trial of FundingGates so you can see just how it can simplify your management of accounts receivable.

GET 15% OFF YOUR SUBSCRIPTION

As a special bonus, I have arranged for you to get a 15% discount on your subscription to FundingGates. Simply use code FGPRC8131 during your registration process, and you're good to go!

Have thoughts to share on FundingGates or other aspects of managing accounts receivable? Feel free to share them in the comment box below...

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How Do Your Small Business Expenses Compare to the National Averages?

Ever wonder how your business expenses stack up against the averages?

Thanks to this infographic from the team at Shoeboxed.com, you can do a quick and easy comparison (click for a larger image):

image from bit.ly

 

Looks like these businesses could use some help with their expense tracking too, seeing that 34% of their expenses were classified as "uncategorized"!! If that includes you, let's talk about how to use QuickBooks to get things classified correctly.

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How to Handle Vendor Prepayments for Inventory

Does your business have to make deposits against purchase orders you place?

Do your vendors require you to make prepayments when ordering inventory?

Confused about how to handle these transactions in QuickBooks?

If so, it is essential that the bookkeeping for these transactions be handled correctly. Otherwise, your inventory balances will be whacked out and your accountant will likely be barking about things "not looking right" with your financial reports.

We don't want that, do we?

STEP-BY-STEP INSTRUCTIONS ARE A CLICK AWAY...

I have put together a detailed, step-by-step video with some working examples of how to correctly handle the bookkeeping entries in QuickBooks for deposits on purchase orders.

Here is what you'll learn (trust me, your CPA will thank you!):

  • How to set up purchase orders and related payments in advance.
  • Check out a sample vendor order with multiple pre-shipment payments—I provide detailed screenshots and a narrative.
  • Find out how vendor prepaids impact your balance sheet and profit-and-loss statement.
  • Get accurate inventory figures. Learn to handle the final vendor bill and take care of deposits/prepayments.

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Does QuickBooks Have Work Orders?

Looking for a way to track work orders in QuickBooks for your service or manufacturing business?

You're in luck!

The Premier and Enterprise versions of QuickBooks have a feature called "sales orders". This feature can easily be used to track your open work orders. Note this feature is NOT found in the Pro edition of QuickBooks.

HOW TO ACCESS WORK ORDERS IN QUICKBOOKS

On the home screen of QuickBooks, you'll see the icon for sales orders as shown below:

As you can see by following the road map, you can turn a quote/estimate into a work order, and then easily turn a work order into an invoice in QuickBooks.

Once you get to the sales order screen, you can easily customize the screen to get rid of the reference to sales orders and replace it with work order as shown in the screen shot below:

USING WORK ORDERS IN THE FIELD

If you have technicians or service crews out in the field that need to handle work orders, there are several add-on programs for QuickBooks that can help you in this area as well.

These add-on programs are designed to sync directly with your QuickBooks database to eliminate duplicate data entry. Some of them offer functionality such as scheduling and the ability to accept payments at customer sites as well.

A DEEPER LOOK AT WORK ORDERS

Want this functionality in your business but don't have the time to figure it all out?

Contact me today to arrange a time to get the exact help you've been looking for. I've been helping businesses with QuickBooks since 1999 and welcome the opportunity to help you too!

RELATED INFORMATION:

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How to Prevent Posting into Closed Accounting Periods in QuickBooks

Looking for insight on how to stop posting into closed accounting periods in QuickBooks?

LOCK OUT CHANGES TO PRIOR PERIODS

Protection - Closing DateMessing up financial reports by posting into a closed period is a common problem for many businesses, simply because they are not aware of this hidden feature that will stop it from happening.

Known to have driven many accountants crazy over the years, posting into prior periods can actually be controlled by using the Closing Date feature within QuickBooks.

Details and insights on the QuickBooks closing date preference can be discovered in my handy YouTube video:

 

Remember, the closing date does NOT automatically advance within QuickBooks. Just set yourself a reminder in QuickBooks to advance the closing date once your books are closed. Do this at the end of every month, and you'll have a lot less headaches from tracking down numbers that have changed between periods!

OTHER QUICKBOOKS TIPS AND INFORMATION

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QuickBooks Enterprise 2014: Discounts, Details and Resources

QB13ES_r3dLooking for discounts and details about QuickBooks Enterprise 2014?

Look no further...

Get the best discounts and details directly from me - I've been working with QuickBooks Enterprise since it was born in 2004. I'll ensure you get the best pricing and unbiased advice - you get the complete package that Intuit offers, so no worries. Plus, you support a small business person just like yourself!

THE QUICKBOOKS ENTERPRISE 2014 RESOURCES YOU NEED

 

QBES Contact Button
PRICES FOR QUICKBOOKS ENTERPRISE START AT JUST $999.95

New this year - user bundles from 1 to 30! Get just the right number of users you need when you make the move to QuickBooks Enterprise 2014.

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Two New Webinars: Boost Your QuickBooks Knowledge!

Here are two great opportunities to learn more about QuickBooks...hope to see you there!

Working with QuickBooks Inventory: From Order to Shipment -> And Beyond: Thursday, November 7, 2013 at 11am ET

This QuickBooks Inventory event is perfect if you:

  • Want to understand how to set up and use inventory correctly in QuickBooks
  • Are confused by the differences between inventory parts, non-inventory parts, assemblies and all the other tricky options that show up
  • Desire to learn more about the various inventory reports that QuickBooks provides to help you manage your inventory
  • Need some guidance to sort out your existing inventory setup

 


15 Shortcuts and Tips EVERYONE Should Know: Thursday, December 5, 2013 at 11am ET

Get yourself ready for a productive and efficient new year with your QuickBooks by attending my “Fifteen Shortcuts and Tips Everyone Should Know” webinar.

This webinar is designed for:

  • Bookkeepers
  • Solopreneurs
  • Small businesses
  • Accountants that assist small businesses
  • Anyone that wants to learn more about QuickBooks


Don’t miss Scott’s library of QuickBooks Training Videos to get the most out of QuickBooks!

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Why Does My Customer Show Up with a $0 Balance in the Aging Report?

If your QuickBooks A/R Aging Summary report is showing $0 balances, that indicates one or more of your internal processes are not working properly.

When your QuickBooks invoices and payments are firing on all cylinders, there should be no $0 balances showing up in your aging report.

Here is some good news - if you do have them, the fix is easy. Here are the steps to take to make the $0 balances vanish from your A/R report...

 

That's all there is to it!

ADDITIONAL FREE QUICKBOOKS VIDEOS

Be sure to peek into my YouTube channel for even more free videos that explain how QuickBooks works!

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