11 Most Common Errors in QuickBooks

Posted by: Flirtation Creations  /  Category: Tutorials

1. Account for outstanding bank account transactions.
If you’re having a problem reconciling your latest bank statement, the problem might be with outstanding bank account transactions.
If there was any lag time between the date of your statement and your start date in QuickBooks, make sure that you also entered any checks or deposits that happened in between.
For example, if your QuickBooks start date were 01/01/09, you’d use the ending balance on your December 2008 bank statement as your opening bank account balance. Let’s say the end date of that statement was December 20th, which means that all the deposits and payments you made from December 21st until December 31st are “outstanding,” or accounted for in your bank statement’s balance, but not in QuickBooks. To fix the problem in this example, you’d go back to your January 2009 bank statement, and enter into QuickBooks all the transactions that occurred between December 21st and 31st.
2. Pay bills in two steps.
For most users, paying bills in QuickBooks is a two-step process. (If you don’t track your accounts payable, it’ll be just one step.) First, when you receive a bill, enter it into the Enter Bills window (in the Vendor navigator and menu), so you can track how much money you owe. Second, when you’re ready to pay bills, indicate which one you want to pay using the Pay Bills window (also in the Vendor navigator and menu).
From the Pay Bills window, you can tell QuickBooks that you want to pay by check, and to put it into your print queue.
If you don’t track your accounts payable, you can reduce your steps to one, and simply use the Write Checks and Enter Credit Card Charges windows to pay your bills. Either way you choose to pay your bills, just be consistent!
3. Don’t deposit your money twice.
Many users group their payments to deposit them all at once through the “Undeposited Funds” account. A mistake that some users make is that they also enter each payment as a single deposit. The result is two deposits for one payment.
When you use the Sales Receipt or Receive Payments forms to track money coming in to your business, you have the option to put payment into the “Undeposited Funds” account, which is like a cash drawer where you keep checks and currency in between trips to the bank. If you select this option on either form, QuickBooks won’t recognize the money into your bank account until you tell it that you’ve actually taken your money to the bank.
When you do go to the bank, tell QuickBooks by using the Make Deposits window, and select the payments you’ve just deposited. Do not enter a separate deposit into your bank account register to show this money.
4. Indicate when you owe sales tax.
If the amount of sales tax you owe appears to be incorrect, check to make sure you’ve set up your preferences correctly, telling QuickBooks when you owe sales tax. You may owe sales tax on an accrual basis, or when you make a sale, even if you haven’t received payment yet. Or, you may owe sales tax on a cash basis, or when you actually receive money from your customer.
To verify your sales tax is set up correctly, follow these steps:

  • From the Edit menu, choose Preferences.
    On the left side of the window, click the Sales Tax icon.
    Select the Company Preferences tab.
    Under Owe Sales Tax, select either “As of invoice date,” or “Upon receipt of payment.”
    I highly recommend you choose Upon receipt of payment even if you are reporting on an accurral basis. One recent client paid sales tax to the state for about $250,000 she invoiced but never received payment!
  • 5. Don’t enter a credit card charge and a bill for the same expense.
    If you charge a purchase and enter it into QuickBooks through the Enter Credit Card Charge window, don’t enter it again as a bill (in the Enter Bills window). If you do, it’ll look like you owe twice as much money as you actually do.
    6. Pay your payroll taxes with the Pay Liabilities window.
    When you create paychecks for your employees, use the Pay Liabilities window to pay your payroll taxes. Don’t use the Write Checks window.
    When you run payroll, QuickBooks keeps a tally of how much payroll tax you owe, and records it in your Payroll Liabilities account. When you use the Pay Liabilities window to pay your payroll taxes, QuickBooks will decrease the balance of the liability account accordingly.
    ( Hint ) In the Memo of your payroll liability checks list the through date and then the tax form. Be consistent and it will be much easier to find any problems should they occur.
    “03/01/2010 – 03/31/2010 941″ or “06/30/2010 940 FUTA 2nd Qtr”
    7. Use Sub-Items and Sub-Accounts.
    If an account or item has sub accounts or items, don’t assign your transactions to the parent item or account if you can help it. Always use the sub- items and accounts to increase your knowledge of your business. Sub-accounts and sub-items will show up on your QuickBooks reports as separate items, but will still be grouped together and sub-totaled.
    For example, when entering professional fees, assign the bill from your accountant to the Accounting sub-account of the Professional Fees main account, and the bill from your lawyer to the Legal Fees sub-account. When you pull reports – and when you send your company file to your accountant at tax time – you’ll have a total amount you spent on Professional Fees, with sub-totals listed for both Accounting and Legal Fees.
    8. Associate Inventory Items with the Right Accounts.
    If you keep inventory, make sure that you assign your inventory items to all the right accounts. Each inventory type item should have three: Inventory Asset account, Cost of Goods Sold, and a Sales account.
    When you tell QuickBooks that you have inventory, it automatically sets up an Inventory Asset account (to track the current value of you inventory) and a Cost of Goods Sold account (to track how much you paid for your inventory items). You must also set up sales income accounts to track the income you make from selling your inventory items.
    Here’s how to check yours:

  • 1. From the List menu, select Reports, and then Items. QuickBooks will display your Item list, detailing each one’s name, description, type, posting account, and price.
    2. Verify that each inventory item is associated with all three accounts – Cost of Goods Sold, Inventory Asset, and Income Account
  • 9. Be Careful with Reconciliation Adjustments.
    QuickBooks won’t usually make reconciliation adjustments automatically. However, if you’re out of balance in the Reconciliation screen and you select Reconcile Now, QuickBooks will make the adjustment, and post the positive or negative amount to the Opening Bal Equity account.
    Don’t let QuickBooks do this! The right thing to do with small differences you find when reconciling is to enter a check or a deposit for the amount, using the bank statement date for the transaction date and put it to an appropriate account based upon your best guess of where the difference arose. You can then mark that transaction as cleared and proceed with reconciling.
    In fact, your Opening Balance Equity account is a clearing account, and should always display a $0 balance. If it doesn’t, your QuickBooks was not set up properly. You can check for these adjustments by looking at the account’s transaction detail:
    From the List menu, select Chart of Accounts.
    Double-click your Opening Balance Equity account.
    If there are transactions in the account not related to your beginning balances, reclassify them
    10. Paying Loans
    Entering a Bill for the Monthly payment instead of adding and asset and a liability
    When creating loan payments we often enter the monthly loan amount as a Bill.
    Here is how you should process loan payments: Set up a Fixed Asset with sub accounts for the Cost and Accumulated Depreciation. Then, set up a liability account with the loan balance. Go to Banking> Loan Manager>Set Up New Loan. Follow the directions, then click the ‘Set up payment’ option to have QuickBooks document the monthly payment.
    11. Don’t Try to Do it All Yourself.
    QuickBooks is easy to use, but it will be even easier and give you more peace of mind if you work with a QuickBooks Pro Advisor or your CPA. Setting up your QuickBooks correctly is critical to getting the most out of your QuickBooks program. The HELP topics are also a great resource.

    Learn More: Autoplay embedded videos

    Posted by: Flirtation Creations  /  Category: Tutorials, Web Development, WordPress, YouTube

    Yes, you can autoplay movies! In the “About This Video” section of the video watch page, we give you the source code to embed the video:

    To make it autoplay, just append “&autoplay=1″ after the video ID so it looks like this:

    Twitter Like a Pro: Get Started, Find Deals, Manage Groups

    Posted by: Flirtation Creations  /  Category: Internet, Social Networking, Tutorials, Twitter

    Here’s how to get started with Twitter, use it for bargain hunting and group communication, and access it on the go.
    Twitter may be a household name, but it remains a mystery to many people. Perhaps even most people. This week I’m going to put on my teacher’s cap and show you how to set up a Twitter account, how to put that account to good use (you can even use it to enter contests and win prizes), and how to read your incoming “tweets” (messages) from just about anywhere.
    Get Started with Twitter in Three Easy Steps
    What the heck is Twitter? In a nutshell, it’s a messaging service, a way for one person (or organization) to communicate with others in 140-character blasts.
    What do you do with Twitter? If you’re feeling narcissistic, you can send out messages of your own, on whatever subject you like, to anyone who chooses to “follow” you (i.e. subscribe to your Twitter feed in order to read your message). At the same time, you can “follow” others (friends, family members, Shaquille O’Neal) and read what’s on their minds.
    There’s no cost to using Twitter, and signing up for an account won’t fill your inbox with spam or anything like that. So why not give it a try? Here’s how to get started:

    1. Open your Web browser and head to twitter.com.
    2. Click Get started now.
    3. Complete the signup form. Keep in mind that your selected user name will become your Twitter “address,” so put a little thought into it. (The form will tell you immediately if your desired name is already taken, at which point you’ll have to think of something else.)
    4. Click Create my account and you’re good to go.

    You’re now an official member of the, er, Twitterverse. Let’s find something interesting for you to follow. Click Find People, type flirtcreate, and then click Search. Our Twitter feed should be the first result that appears. Mouse over the accompanying icon of the little person and click it to follow FlirtCreate. (Don’t worry, this isn’t a permanent marriage. You can always “unfollow” us later if you want.) Now click Home and you’ll see all the latest tweets from Flirtation Creation’s editorial staff.
    Three Ways to Make Good Use of Twitter
    When it comes to Twitter, I prefer to be a consumer, not a producer. In other words, I know no one cares what I had for breakfast, so I don’t bother to tweet about it.
    However, I do care what famed astrophysicist Neil deGrasse Tyson (@neiltyson) has to say, because it’s usually interesting and educational. So he’s among the select few Twitter users I follow. And therein lies my point: Twitter can actually be a fun, informative, and even practical tool–provided you follow the right people. Here are my three favorite uses for the service.
    Find deals. Love bargain hunting? Twitter takes the actual hunting out of the equation, instead dropping deals right in your lap. It’s just a matter of following the right sites and bloggers. Here are a few to get you started: @cheapskateblog, @FreeStuffUS, @dealsplus, and @bargainbabe.
    Keep tabs on celebrities. Call some people star-struck, and I think it’s cool to get messages from the likes of Aziz Ansari, Jimmy Fallon, Paul Feig, and their personal music hero, like Brendan Benson. Makes one feel like you’re buds. If there’s an actor, comedian, musician, or other famous person you admire, head to Twitter, click Find People, and then follow that person. It’s fun!
    Manage a group. If you are the coach of your daughter’s soccer team, you need a quick and easy way to contact all the parents in case of scheduling changes, rained-out games, and the like. By getting everyone to “follow” me (and receive my tweets via text message), it’s a snap to communicate with the group.
    Access Your Twitter Account on the Run
    Now let’s look at ways you can access Twitter without being tied to your PC. For starters, if you have a mobile phone (doesn’t have to be anything fancy like a Droid or iPhone), you can take advantage of Twitter’s SMS features to send and receive tweets.
    Open Twitter in your Web browser, click Settings, and then click Mobile. Follow the instructions to pair your phone with your Twitter account. With that done, any text message you send to 40404 becomes a tweet.
    You can also elect to receive tweets via SMS from selected people you follow. However, because standard messaging rates apply, high-volume tweeters could end up costing you. Also, frequent SMS interruptions can prove annoying. My advice is to receive SMS tweets only from important, news-bearing sources.
    A better bet all the way around is to find a Twitter app for your phone–assuming your phone runs apps, that is. They’re available for all the major platforms: Android, BlackBerry, iPhone, WebOS, Windows Mobile, and so on.
    These apps let you tweet, retweet, send direct messages, view your feeds, and so on. Many of them are free; others cost a couple bucks. If you’re wondering, I’m partial to TweetDeck for iPhone.

    Get Started With Photoshop CS4

    Posted by: flirtations  /  Category: Adobe Photoshop, Tutorials, Web Development
    I get a lot of people asking me what the best way is to get started with graphic design. I always have some immediate resources that I use and refer them to, and I also have my standbys. Here are some of my favorite recent resource finds and standbys that you can visit for some great inspiration, tools, and techniques to use with Adobe Photoshop CS4.
    1. Adobe Photoshop CS4
      Well, this is the first step. You can download a free evaluation copy to use for 30 days before making your (very worthwhile) purchase!
    2. Qbrushes.com
      Qbrushes is one of my favorite new finds. It is a great resource that is FULL of amazing, detailed, and hi-resolution Photoshop brushes to use in your projects!
    3. Dafont.com
      There are a lot of great font resources out there, and this one almost never fails me. Most are free for personal use, and you can test out your typography with custom text before you download!
    4. Tutorialvault.net
      It can sometimes be a daunting task to find just the right online tutorial for the project you’re looking for. There are some great subscription-based resource libraries (see below), but if you’re looking for some quality, free help, this is the place to go. With over 2500 tutorials on almost anything you could imagine, this site constantly inspires me in my projects.
    5. Lynda.com
      As far as training libraries go, THIS IS THE TICKET. They have an unbelievably extensive database of VIDEO tutorials for all Adobe products (currently to CS4) ftw! They have hours of extremely helpful videos on each Adobe product available for subscribers to watch at any time. You can, however, watch a select number of videos from each product without a subscription (aka: free). I HIGHLY RECOMMEND this site to anyone who wants to learn all the nooks and crannies of Adobe CS4 in the most efficient way possible.
    Enjoy these resources as you get to know the amazing possibilities held within Adobe Photoshop!
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