Author Archive
Answers to Your QuickBooks Queries
Posted on September 2, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: I need to segment my balance sheet AND income statement into three departments (classes). Which version of QuickBooks can provide me with this capability?
A: The lowest edition you can use to have classes on both the balance sheet and the income statement is the QuickBooks Premier.
Q: If I change the reporting basis in the Reports & Graphs preferences from Cash to Accrual what reports will this change? Read More→
Got QuickBooks Questions? We’ve Got Answers!
Posted on July 31, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. Submit your questions to Karen@smallbusinessadvisor.biz and we will do our best to get them answered here in this column.
Q: I just started to use QuickBooks and when I look at my chart of accounts I found an account called “Opening Balance Equity”. I did not create this account. How did it get there and what is it used for?
A: The account “Opening Balance Equity” is not a General Accounting Practice account; it is an account that is generated by QuickBooks specifically for setting up specific accounts that will have a beginning balance. For instance: bank accounts, credit card accounts, mortgages and several other types of accounts. QuickBooks “assumes” that the brand new user may not know where to put the off-setting entry when setting up a bank account or other type of account with an existing beginning balance. It allows the user to get their accounts set up and begin using QuickBooks. Later, your CPA will come along and re-class those amounts to their proper place in your books. This account should always have a zero balance. You should never post anything directly to this account. Read More→
Thinking about QuickBooks 2013?
Posted on June 27, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: Does QuickBooks 2013 Integrate with Other Software?
A: Yes, in the following areas
- Microsoft Word and Excel integration requires Word and Excel 2003, 2007, or 2010 (including 64-bit)
- Synchronization with Outlook requires QuickBooks Contact Sync for Outlook 2003, 2007, and 2010 (including 64-bit) (downloadable for free at: www.quickbooks.com/contact_sync)
- Email estimates, invoices, and other forms with Windows Outlook, Outlook Express and Mozilla Thunderbird, as well as web mail services such as Gmail, Yahoo! Mail, and Hotmail
- Compatible with QuickBooks Point of Sale version 8.0 and later Note: Other Point of Sale Programs may or may not work well with QuickBooks
Error On Line XX?
Posted on May 31, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: Why is it when I export one of my lists and I go to import it into another company data base it comes up with Error on line XX?
A: This error message and root cause will vary based on the information that is being imported. Here are a few examples:
- Error occurs when the account name or account number on line xx is already being used in the file and the account is of a different type.
- Importing and Invoice or Bill with an account type other than Accounts Receivable or Accounts Payable.
- Importing a transaction with an account that has not been created prior to import. Read More→
Do You Need Help with QuickBooks Reports?
Posted on May 1, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: P&L report does not match with Sales Report – how do I fix this?
A: An apparent discrepancy between P&L and Sales Reports can trace to one or more of several issues, including, but not limited:
- The accounting bases of the reports do not match.
- Sales items point to incorrect sales accounts
- The P&L report includes transactions that do not use items (e.g. The Expense Tab on a bill or a journal entry).
- List or transaction damage in the company data file.
How Do I Upgrade to QuickBooks 2013?
Posted on February 28, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the real estate investing arena. Submit your QuickBooks questions to me at Karen@SmallBusinessAdvisor.biz to get them answered here.
Q: I just purchased QuickBooks Pro 2013 and have my old file in my computer from an earlier version of QuickBooks. Do I have to start all over or can I upgrade my old file to 2013?
A: You can upgrade to the new version of QuickBooks once you have installed 2013. Do not remove your old version of QuickBooks and do not allow the new version to “overwrite” it – install it in its own folder separate from the previous version. When the 2013 has been installed you will want to “Open a company” – follow the wizard to direct it to where your old version of QuickBooks “working” (QBW) file is in your computer. The window should be asking you to open the file. When you click on open it will progress until it comes up with a window that tells you the file must upgrade – it will want to back up your old file first – this is why you still need the old version. Do the back up and then follow the wizard. If you have issues with this process or are not comfortable doing this we are only a phone call away to set a time to do your upgrade.
How Do I Handle a Refundable Security Deposit in QuickBooks?
Posted on January 30, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the real estate investor arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: I am having difficulty reconciling my bank account. I have reviewed each entry and have found that several of my deposits do not match the amount the bank has for them. How do I see all my detail on each deposit without clicking on each one to open it?
A: Go to Reports – Banking – and look for a report called “Deposit Detail”. It will give you line-by-line detail of your deposits in one report and you can compare that to what you have in the bank. If you make copies of the checks for each deposit and put it with your deposit ticket on each one, that will give you a paper back up of what you actually gave the bank. This way if the bank made the error then you have details of what you produced to the bank. Read More→
Answers to Your REI QuickBooks Questions
Posted on January 1, 2013 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: I need to segment my balance sheet AND income statement into three departments (classes). Which version of QuickBooks can provide me with this capability?
A: The lowest edition you can use to have classes on both the balance sheet and the income statement is the QuickBooks Premier.
Q: If I change the reporting basis in the Reports & Graphs preferences from Cash to Accrual what reports will this change?
A: When you change your reporting basis the main area that will change is the Balance Sheet. On a Cash basis it will not show the Accounts Receivable or the Accounts Payable; on an Accrual basis these two accounts do show up. While you can modify reports back and forth between Cash and Accrual any reports you run for your CPA or for any loan request or other reason you are providing financial reports you should always run them the same basis that you file your tax returns. This way your balance sheet at 12/31 of any given year should match those tax returns you are providing. Read More→
You Have Questions, We Have Answers
Posted on November 28, 2012 byI just started to use QuickBooks and when I look at my chart of accounts I found an account called “Opening Balance Equity”. I did not create this account. How did it get there and what is it used for? J.L. Marietta
The account “Opening Balance Equity” is not a General Accounting Practice account; it is an account that is generated by QuickBooks specifically for setting up specific accounts that will have a beginning balance. For instance: bank accounts, credit card accounts, mortgages and several other types of accounts. QuickBooks “assumes” that the brand new user may not know where to put the off-setting entry when setting up a bank account or other type of account with an existing beginning balance. It allows the user to get their accounts set up and begin using QuickBooks. Later, your CPA will come along and re-class those amounts to their proper place in your books. This account should always have a zero balance. You should never post anything directly to this account. Read More→
How Can We Help You Today?
Posted on November 1, 2012 byIt is the goal of this column to answer questions about QuickBooks and how it is used in the real estate investing arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions and getting answers here in this column.
But first, choosing the appropriate management software package is essential to the success of your business. You need a package that is appropriate for your business currently, but that can grow and evolve as well. QuickBooks software is the perfect solution for your account management. As your business grows you can upgrade to QuickBooks Enterprise if needed.
In using any accounting software, please understand that without a proper chart of accounts – that specifically fits your business – your information and reports won’t provide you with what you need or want to know. There are two reports that are most important to the business owner, the Income Statement and the Balance Sheet. Some refer to the Income Statement as the Profit and Loss Statement. The Chart of Accounts drives everything. Read More→
Using Personal Assistants to Help Run Your Small Business on July 12, 2012
Posted on July 4, 2012 by
Owning a business is hard work and many small business owners work more than 40 hours a week and it begs the question. Do you own your business or does your business own you? Join us at the Small Business Group on Thursday, July 12th at 3:30 PM at 5 Seasons Brewing at 5600 Roswell Rd, Sandy Springs, GA (map) and learn hands on techniques that are simple changes to how you run your company. You will learn how to reduce the hours you put in your company but increase your productivity and make more money. Come learn what a Summit Personal Assistant can virtually do for you and your company!
The Atlanta REIA Small Business Group (SBG) is an educational and networking designed to help real estate entrepreneurs and other small business owners run their business more efficiently and profitably so they can survive and thrive in today’s ever changing economy. This group meets once per quarter on the 2nd Thursday of the month at 3:30 PM.
Joe Thompson Speaking at the Small Business Group on May 10, 2012
Posted on May 4, 2012 by
Joe Thompson will be speaking on the current chaos in the mortgage market as well as quiet title at the Small Business Group on May 10th, 2012 at 3:30 PM at 5 Seasons Brewing at 5600 Roswell Rd, Sandy Springs, GA (map). Joe will discuss…
- Quiet Title – What is it?
- Banking & Mortgages – What Happened?
- Opportunity for Underwater Home Owners
- What’s in it for me?
The Atlanta REIA Small Business Group (SBG) is an educational and networking designed to help real estate entrepreneurs and other small business owners run their business more efficiently and profitably so they can survive and thrive in today’s ever changing economy. This group meets once per quarter on the 2nd Thursday of the month at 3:30 PM.
