16 posts categorized "QuickBooks 2017"

What is a Sales Receipt in QuickBooks and How Can It Help Me?

Ever notice the little icon on the QuickBooks desktop road map that says Create Sales Receipts and wonder what it's all about?

Sales Receipt Home Screen

Here's the scoop...

A sales receipt is designed to post the sale of your product/service AND the payment for it all in the same transaction.

In the traditional invoice process (where you sell now and (hopefully) get paid later), there are three steps:

  1. Create the invoice
  2. Post the customer payment when received to credit the open invoice(s)
  3. Deposit the money in the bank

With the QuickBooks sales receipt process, if you're getting paid at the same time you deliver, you've now just cut the process down to two steps:

  1. Create the sales receipt
  2. Deposit the money in the bank

This results in 33% less work for you - how cool is that?

In fact, it is so cool, a client to whom I showed the sales receipt functionality exclaimed - "this is freakin' cool and will be an amazing game changer for our business!"

Love to hear things like that!

On the sales receipt screen, you simply plug in the payment details right there too as shown in the screen shot below: 

Sales Receipt Header Shot

 

Create the sales receipt, save it, and you're on your way to getting more done in less time.

Please share your experiences with QuickBooks sales receipts with us! Look forward to hearing how they work/don't work for your business...

 

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Critical Alert! Big Changes Ahead for QuickBooks Enterprise Full Service Plan (FSP) Customers

IT IS CRITICAL THAT YOU READ THIS IF: Your business is using QuickBooks Desktop Enterprise software AND you are still on the older Full Service Plan (called the FSP for short). If this is you, it is essential that you carefully review the information below.

THIS ARTICLE DOES NOT APPLY TO YOU IF: You are are using QuickBooks Desktop Enterprise  software AND are currently on any of the subscription plans - called the Silver, Gold or Platinum subscriptions. The information below does NOT apply to you in any way if you have any of those subscription types. Naturally, this does not apply to you if you are using QuickBooks Pro, Premier or Online editions.

 
IT IS ESSENTIAL THAT YOU KNOW...

Starting September 18, 2017 and continuing through September 2018, businesses that choose to renew their FSP at their designated renewal time will actually be leaving the FSP program behind and automatically being moved into a NEW program Intuit is rolling out called the "QuickBooks Desktop Enterprise Subscription Program".

No big deal, right?

Wrong!

If you just let the renewal happen automatically as many businesses do, you will then have committed yourself to subscribing to QuickBooks Desktop Enterprise software for EACH and EVERY YEAR thereafter.

If you choose not renew your subscription a year from now, your QuickBooks Desktop Enterprise software will NO LONGER RUN.

That's correct - if you choose not to renew one year from now, you will not be able to access your QuickBooks software - it will stop running.

This is VERY different from what happened in the past if you chose not to let your FSP renew. The software would still run in those situations. That is all changing.


Here is a sample copy of the e-mail you will receive 30 days ahead of your FSP renewal relating to this situation. Note the discussion about this new requirement to renew your subscription in the future in the highlighted area:

QBES FSP 2018 Renewal Letter

OPTIONS AVAILABLE TO YOU:

Hopefully the point made above has grabbed your attention!

A year from now, if you choose not to renew your subscription, your QuickBooks Desktop Enterprise software will not run and you will be unable to access your company financial information.

So just what are your options at this point?

OPTION 1: CHOOSE NOT TO RENEW YOUR CURRENT FULL SERVICE PLAN (FSP) AND JUST LET IT LAPSE

If you choose this option:

  • Your QuickBooks (QB) Desktop Enterprise software will continue to work for as long as you want to use it - this is incredibly important to understand compared to the options below
  • You will not have access to any QB support  services - i.e. can't call Intuit for help, etc.
  • You will not get any product updates (i.e. bug fixes or patches) unless they are deemed a "security patch" by Intuit - you will still get those
  • You will not get any product upgrades (i.e. you will not be eligible to receive new versions of QB in the future)
  • Your version of QB Desktop Enterprise will still be supported under the Intuit 3 year sunset rule - said another way, if you are on QB Desktop Enterprise 2015, your support will end 5/31/2018. If you are on QB Desktop Enterprise 2016, your support will end 5/31/2019. If you are on QB Desktop Enterprise 2017, your support will end 5/31/2020. If you are on versions older than these, you are already using an unsupported version of QB Desktop Enterprise.
  • You will have no other choice but to subscribe to QB Enterprise in the future if you do want to move into a new version (i.e. you want to upgrade to QB Desktop Enterprise 2019 when it is released). It is no longer possible to "buy QB Desktop Enterprise once and use it for many years"

OPTION 2: CHOOSE TO RENEW YOUR CURRENT FSP, AND FULLY UNDERSTAND THAT YOU ARE THEN AUTOMATICALLY MOVING INTO THE "QB ENTERPRISE SUBSCRIPTION PLAN" AND THE IMPLICATIONS OF THAT

 If you choose this option:

  • You will have access to US based customer care/support
  • You will get 12 months of QB Desktop Enterprise upgrades
  • You will get access to online data backup and data protection services
  • You will get access to Advanced Reporting, Advanced Inventory and Advanced Pricing modules as you always have
  • As a new benefit, you will get expedited US based care support
  • As a new benefit, you will get free QuickBooks training - access to online, self-paced training classes for you and your staff
  • As a new benefit, you will get a dedicated Customer Success Manager (CSM) - free access to a dedicated CSM, a single QB point of contact reachable via direct phone or e-mail to address your specific product needs and questions

 If you choose this option:

  • It is essential that you understand what happens a year from now - if you choose NOT to renew your subscription a year from now, your QB Desktop Enterprise software will STOP working and you will NOT have access to your company financial data. If you do renew, it's business as usual of course

 If you choose this option:

  • It is critical to understand that you will be charged a premium of anywhere from 18% - 44% over the discounted pricing that is available to you under the Silver, Gold, or Platinum subscription levels


Here is the pricing table so you can see for yourself how these are priced. The first column is what you would pay if you simply renew your existing FSP into the new QB Enterprise Desktop Subscription Plan. The columns that discuss the Silver, Gold and Platinum subscription levels reflect the 20% lifetime discount (that's correct - for each year of your subscription) I can offer you:

QBES FSP Pricing Table

OPTION 3: CHOOSE TO MOVE INTO ONE OF THE QB DESKTOP ENTERPRISE SUBSCRIPTION PLANS - SILVER, GOLD OR PLATINUM

If you choose this option, all three subscription levels have the following:

  • You will have access to US based customer care/support
  • You will get 12 months of QB Desktop Enterprise upgrades
  • You will get access to online data backup and data protection services
  • As a new benefit, you will get expedited US based care support
  • As a new benefit, you will get free QuickBooks training - access to online, self-paced training classes for you and your staff
  • As a new benefit, you will get a dedicated Customer Success Manager (CSM) - free access to a dedicated CSM, a single QB point of contact reachable via direct phone or e-mail to address your specific product needs and questions

In addition:

  • If you choose the Silver subscription, you get Advanced Reporting
  • If you choose the Gold subscription, you get Advanced Reporting and Enhanced Payroll
  • If you choose the Platinum subscription, you get Advanced Reporting, Enhanced Payroll, Advanced Pricing and Advanced Inventory

 If you choose this option:

  • It is essential that you understand what happens a year from now - if you choose NOT to renew your subscription a year from now, your QB Desktop Enterprise software will STOP working and you will NOT have access to your company financial data. If you do renew, it's business as usual of course

 If you choose this option:

 

PLEASE DON'T SHOOT THE MESSENGER!

As a QuickBooks reseller and consultant, my goal with this detailed posting is to educate you about all the changes going on as a result of this announcement by Intuit. This will help you make an informed and educated decision about what is best for the needs of your business.

I am hoping to help you avoid a major "oh crap" moment a year from now. By that I mean you then come to realize you've been moved into the new "QB Desktop Enterprise Subscription Plan" by simply renewing your FSP, and you then have to renew your subscription each year forward from there or lose access to the software.

Please understand that those of us that resell QuickBooks Enterprise software are simply the messengers here. Intuit is calling the shots with these changes.

QUESTIONS? NEED TO REVIEW SPECIFICS FOR YOUR BUSINESS?

If you have questions about anything you have read above, please post them in the comments box. If you have them, others likely do as well!

If you need to talk through the specifics and the potential impact of this in your business, please contact me.

 

 

 

 

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Reconcile ANY Asset, Liability or Equity Account in QuickBooks

Here's a tip to simplify your accounting even more...

Take advantage of the fact that QuickBooks will allow you to reconcile ANY asset, liability or equity account balance!

Many businesses are already taking advantage of the QuickBooks reconciliation feature for their bank and credit card accounts (if you're not doing that, you should be!). But it can offer even more to you.

Here's how...

When you get into the reconciliation window, you can choose ANY balance sheet account from the drop down list that appears, as shown in the sample below:

Reconcile Any Account

Where could this come in handy?

Pretty much any account where you are tracking activity in and out of the course of a month, including:

  • Reconciling prepayments of inventory or other prepaid assets
  • Employee advances
  • Reconciling accruals and payments of payroll taxes
  • Reconciling partner distributions and payments

Once you've completed the process, if you go to look at the account register for the account you just finished, you'll note the familiar "check box" to indicate the transaction has been properly reconciled and the account is up to date:

Reconcile Check Box

That's all there is to it!

Note that this trick works in both the desktop and online versions of QuickBooks.

 

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Reduce Check Fraud in Your Business with Positive Pay - The Treasury Software Solution for QuickBooks

Were you aware that a staggering average of 1.2 million fraudulent checks enter the banking system every day and losses are growing 2.5% annually (source: American Bankers Association)?

If your business is still issuing paper checks, you may easily become part of those statistics.

And what a pain that would be - trying to work your way through unraveling the implications of a scammed check.

I have some great news for you!

There is an easy way to help prevent your business from becoming a victim of check fraud.

The solution is called Positive Pay.

POSITIVE PAY TO THE RESCUE

According to Wikipedia, "Positive pay is a service whereby the company electronically shares its check register of all written checks with the bank. The bank therefore will only pay checks listed in that register, with exactly the same specifications as listed in the register (amount, payee, serial number, etc.). This system dramatically reduces check fraud."

This article on Positive Pay from Provident Bank also offers some insights into the benefits of using Positive Pay, which may include:

  • A reduction of disbursements risk
  • Simplifying your accounts payable process
  • Improved control

POSITIVE PAY AND QUICKBOOKS

In order for this process to work, your bank needs to receive details about the checks you have written so they can compare it to the checks presented for them to clear.

Naturally, the details about the checks you have written could be manually created and uploaded to your bank.

However, this process should be automated to keep it fast and simple.

Even though millions of businesses use QuickBooks accounting software to issue their checks, there is no direct way to easily create a file of the checks you have written to upload to your bank. Unfortunately, there is no magic button within QuickBooks to tackle that task.

Enter the Treasury Software Positive Pay solution...

EASILY CREATE A POSITIVE PAY FILE FROM YOUR QUICKBOOKS DESKTOP OR QB ONLINE

The folks at Treasury Software have created a solution for QuickBooks users that allows them an easy point and click solution to creating a Positive Pay check file directly out of their QuickBooks company file.

Their solution works with both the desktop versions of QuickBooks (Pro, Premier and Enterprise) and the Online versions.

Here's a quick visual of how it works:

Positive Pay Solution

 

With the Treasury Software Positive Pay for QuickBooks solution, QuickBooks users enjoy all of the features and benefits of Bank Positive Pay, such as:

  • Easily create positive pay files in your bank's format
  • Quick setup with Bank Express Codes for your bank
  • Full audit trail
  • Exception reporting and research tools

VERY SPECIAL DISCOUNT CODE FOR MY READERS

The folks at Treasury Software have been kind enough to create a special discount code for my loyal readers that applies to all of their products (big thanks to Treasury Software!!)

To snag your 30% discount code on their Positive Pay for QuickBooks (or any other of their products), just type in the code BBL27 and you will get a 30% discount! It's that easy...

WHAT'S YOUR EXPERIENCE WITH POSITIVE PAY?

Have you been using positive pay in your business to reduce check fraud?

Care to share your experience with it so everyone can learn more about it?

Just drop your comments in the box below (or click the "view in browser" if reading this via e-mail) to pass along your comments and insights. Greatly appreciate them!

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Simplify Sales Rep Tracking, Reporting, and Remote Access with Crik-IT for QuickBooks

Do you find yourself constantly working to provide reports, details, and snippets of other information to the sales reps for your business?

Have you considered moving toward more of a "self-serve" approach and letting your sales reps access this information themselves without you being stuck in the middle?

If so, consider the Crik-IT sales rep/CRM portal for QuickBooks.

Their solution will provide sales reps (and customers too!) with access to current sales reports, dashboards, inventory, order and invoice information. Reps can also enter orders themselves as well if you want them to!

THE CRIK-IT PORTAL/CRM FOR SALES REPS

CrikIt Logo
Here are some of the reports that your reps would have at their fingertips:

  • Year over year sales comparisons for a 3 year period
  • Monthly sales comparisons for the past 3 years
  • Reports by SKU, customer, rep or product line
  • And more...

The Crik-IT Portal/CRM can also help automate and streamline the administration of your sales reps in the following ways:

  • Complete remote access - no need for them to be inside QuickBooks itself
  • Lead and opportunity tracking
  • Order entry
  • Inventory availability

Here is a sample dashboard view from Crik-IT:

Dashboard Sample

And here are samples of a few of the reports available for instant access:

Report Sample

 

FREE TRIAL FOR QUICKBOOKS DESKTOP OR QUICKBOOKS ONLINE

Crik-IT is compatible with both the desktop versions of QuickBooks (Pro, Premier and Enterprise) in addition to QuickBooks Online. You can grab your 30 day free trial today.

Take it for a test drive so you can get a deeper look at how it can solve common headaches when working with a team of sales reps.


PRICING FOR CRIK-IT

Crik-IT is offered in several different packages, which include:

  • Customer Service Package
  • Order Desk Package
  • Sales Force Package
  • Full Circle Package

For example, the Customer Service Package starts at $29/month for 1 user, and then an additional $15/month for additional users.

Features and functionality scale up as you move across the various package offerings. Just follow the Pricing link on this page for more details.

WHAT'S YOUR APPROACH TO SALES REP MANAGEMENT?

I'm curious - do you currently use CRIK-IT? Have any thoughts to share on it?

Using something else for managing your reps?

Please let me know how you're handling this aspect of your business - others will be interested as well!

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Spreadsheet Type Calculations within QuickBooks?

Have you ever needed to make additional calculations within a QuickBooks form, but found it limiting?

For example, if you have tried to:

  • Total shipping weights on an invoice
  • Total or subtotal columns on a purchase order, sales order, or invoice
  • Add line numbers to a packing slip or invoice
  • Calculate a running total on a bill of lading

or any other type of calculation beyond quantity x rate, you've likely found QuickBooks to be rather frustrating!

ENTER FORMCALC SST

  FormCalc SST Logo

The FormCalc SST add-on for QuickBooks can help you extend the functionality of QuickBooks to handle the above scenarios (and many more too!).

The SST stands for Superior Spreadsheet Technology, and what it means for you is that you can literally add spreadsheet like calculations to the following QuickBooks forms:

  • Invoices
  • Sales Orders
  • Quotes/Estimates
  • Purchase Orders
  • Credit Memos
  • Sales Receipts

HOW FORMCALC SST WORKS

Setting up calculations involves taking a "snapshot" of the QuickBooks form (Invoice, etc.) you want to work with, then entering spreadsheet formulas in it. From there, you will save the FormCalcSST template.

When ready, you then simply use a series of "hot keys" that will then call up the template you have created and put to work on a form within QuickBooks.

FormCalc SST can also enhance your QuickBooks by offering:

  • Text handling and calculations
  • Column totals and subtotals
  • Date and time math
  • The use of custom field, headers and footers in calculations
  • Results and text formatting
  • "Mini-spreadsheet" features

WORKS WITH PRO, PREMIER OR ENTERPRISE VERSIONS

Regardless of which desktop version of QuickBooks you have (Pro, Premier or Enterprise), FormCalc SST can plug right in and get to work so you can get more done in less time every day.

A 30 day free trial of the software is available for you to try before you buy.

If you don't need as much horsepower as FormCalc SST offers, you can easily choose the core FormCalc product,

FormCalc Logo

This is the original application in the FormCalc series.

Are you already using FormCalc SST or FormCalc in your business? Would love to hear from you and learn more about what things it is handling for you!

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Why Is My Customer Showing Overdue? I Set Up the Right Terms in QuickBooks

Let's say that you recently negotiated a sale (congratulations!), and your customer snagged some extended payment terms with you as part of the deal.

So, instead of paying you in your normal net 30 day terms, they are going to pay you with net 45 day terms (hopefully your profit margin covers this extra financing term!)

You go to create the invoice in QuickBooks, and quickly see there is no "net 45" day term in the list. So, you click the Add New option, and create the new terms that look like this:

Net 45 Day Terms

and blast through the OK button to get this invoice out the door.

All seems to be good at this point, right?

THE AGING REPORT TELLS YOU SOMETHING DIFFERENT

Next week, you do a quick rundown of your accounts receivable aging report, and you see the invoice to this customer showing as overdue. Say what?

There is no way it is overdue at this point!

Well, QuickBooks thinks something different about it than you do.

HOW TO SET UP THE PAYMENT TERMS PROPERLY

QuickBooks would indeed show you the correct aging of this invoice - if you had done one additional thing when you set up the terms above.

And here is the thing:

Net 45 Days with Days

In the original box above, the "net due in" was not changed from 0 to 45 days. So, QuickBooks would see this invoice overdue on the very first day you sent it, even though the terms "net 45" appeared on the invoice.

In the updated box below, the "net due in" is correctly set up to match the applicable terms.

Once you get in and reset the definition of the payment terms (quick shortcut to access them - click Lists > Customer and Vendor Profile Lists > Terms List). QuickBooks will then properly age the invoice on your reports!

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What's New in QuickBooks Enterprise 2017 - Part 2

Join me in taking a closer look at more features within QuickBooks Enterprise 2017, as well as some you may have missed in earlier versions:

Here is the link in case you missed the "What's New in QuickBooks Enterprise 2017 - Part 1" video

INTERESTED IN UPGRADING TO QUICKBOOKS ENTERPRISE 2017?

Be sure to review details on my web site, including a 20% lifetime discount on your QuickBooks Enterprise subscription, as well as other benefits too!

Help yourself to many other free resources and insights relating to QuickBooks Enterprise 2017.

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Using the QuickBooks Cash Flow Projection Tool

Little known, but quite helpful, the desktop versions of QuickBooks (Pro, Premier and Enterprise) have a built-in cash flow projection tool.

Learn how to project your business cash flow in QuickBooks for a 6 week period with the video tutorial below:

WHAT ARE YOU USING FOR CASH FLOW PROJECTIONS?

If you're not using the QuickBooks cash flow projector, I'm curious as to what app or program you may be using to see how the upcoming cash flow looks for your business. Are you using Excel? PlanGuru? Something else?

INTERESTED IN TAKING A CLOSER LOOK AT YOUR BUSINESS FINANCES?

If so, you may be interested in learning more about my "Beyond QuickBooks: Making Sense of Your Numbers" program. Designed to help you feel a lot more confident and capable when it comes to managing the profitability of your business!

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Stop Inventory Balances from Going Negative with QuickBooks Enterprise

Have you been wishing that QuickBooks would add a feature that would stop your inventory on-hand balances from going negative?

Your wishes have been granted!

Learn more about how the Enterprise edition (2015 and newer!) stops this annoyance from occurring...

In case you didn't know it, by having inventory go negative in QuickBooks, it is known to cause all sorts of issues and concerns with the average cost of items getting totally whacked out as well. My friends over at the Intuitive Accountant have a great article that discusses the impact of negative on hand on QuickBooks average cost.

ADDTIONAL RESOURCES

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