Showing posts from July, 2013

QuickBooks Invoice: How to delete an Invoice in Quickbooks Accounting Software

Few hours before I pen down this short article, we have just concluded a training program for one of our key clients who contracted us to help them train their Accounting staff on how to use Quickbooks effectively.

During the long-hour training, someone asked me a simple question 'How do I delete an Invoice if we finally discovered that it was an error'

For the benefit of my readers, I wish to share the answer to the above question in this short steps.

Before you can delete an invoice, you have to trace that particular invoice on Quickbooks.
To do this, go to Report on the Quickbooks homepage menu.

Want to gain trust as an Accountant? This is the reason you may not have it at your work place.

I remember when the Chief Finance Officer of an established IT brand, who has been practising for 15 years- having led the accounting department of eight IT firms including Microsoft Inc., was fired for omitting a business transaction in the corporate financial statements. When the case was investigated by an audit firm, they called up all the financial documents in paper form including invoices issued and other source documents used in all there business transactions. You can imagine the stress and time consumed in combing through a twelve month annual report splitted into daily transactions.

QuickBooks Banking: How to record funds transfer from your corporate bank account to another bank.

One of the better IT advantages you have for using QuickBooks Accounting Software to automate your business transactions is the ease in tracking your money. In other words, QuickBooks gives you a money management and financial trend information advantage.
For the purpose of the above topic, I will be sharing simple steps to recording money transfers to other bank accounts so that you can effectively track your bank balances accurately with QuickBooks.

20 Trends That Will Shape Your Business In 20 Years - Intuits 2020

When I conceived the idea of creating this blog, my unique idea is to help my readers learn how QuickBooks can shape how they do business and track their finance effectively.

When you take an online walk through my accounting software tutorials, you will agree with me that it is a practical accounting software blog that answers most of the common accounting transaction related questions beginners ask when they come across QuickBooks Accounting Software.

However, I have decided to take a leap forward to help my readers - business managers - understand likely external changes that will shape the way business is done.That is why I am sharing this unique researched book from Intuit-the QuickBooks Accounting Software company.

In this unique business decision changing guide, you will learn how to position your business in 20 years and expose your corporate steps to limitless growth opportunities.

For Full details on 20 Trends That Will Shape Your Business In 20 Years, Download Now

How to set up and create recurring invoices in Quickbooks - Quickbooks reoccurring invoices

In your day-day business transactions, you will agree with me that there are certain expenses or income that are re-occurring. Every day, month or year, you keep recording the same figure in your account believing that they will come up tomorrow.
For instance, shop rent is one of the many expenses your landlord will always demand that you pay. Instead of entering this figure manually, QuickBooks Accounting software can help you automate transactions like this so that as the period during which you are expected to pay or receive the money approached, it will record the transaction details automatically.

Accountant’s Copy: How to send your financial account to your auditor or accountant using QuickBooks Accounting Software.

QuickBooks makes it easier for accountants/auditors to work with their clients’ accounting records saved as data files.
Consider this scenario:
 You have a client operating in financial service sector who needs help finishing the year’s accounting period. You have two choices. First, you can drive over to his office, probably getting stuck in traffic along the busy way, and find yourself wondering if you can bill the client N150, 000 for your travel time. Second, you can have the client use the Accountant’s Copy feature in QuickBooks Accounting Software to send you a copy of their financial report data file. You can then review this accountant’s copy of the data file, make whatever fixes or changes are appropriate, and then send the changes to be made back to the client. The client can easily import these changes into his existing accounting records and go off on his merry way. Pretty neat, right?

Closing your books: How to protect your Last Year’s Audited Report or Prior Transaction Enteries in QuickBooks

It has really been a rainy day here in Lagos and my schedule is already interrupted as a client that I have already planned to set up their opening balances on QuickBooks Accounting Software felt disappointed following the unexpected change in weather. Well, I would have to re-schedule our appointment.
However, I still had a successful meeting with a prospect who is very much interested in learning how Quickbooks Accounting Software can accurately track his business finance.
During the course of our discussion, he asked a very important question, which is the thrust of this post:
How Do I Protect My last financial report or secure a prior transaction from being manipulated or altered?
For readers, who are thinking of how this can be integrated into their business, here is how I do it for my clients.

How to protect your Last Year’s Audited Report in QuickBooks

QuickBooks POS Review : Point of Sale Machine Software For Small Business In Nigeria

Intuit has taken their QuickBooks software and made an adaptation for POS systems. The software QuickBooks Point of Sale is one of the best available software applications that allows small or mid size business owners to track sales, customers and inventory easily and quickly. This software has two versions Basic and Pro. This review is based on the Basic version, but we will point out some of the upgrade's features. The Pro version includes nearly every feature you could ask for in POS system software, but many of them are not necessary for small businesses. That is why Intuit designed the Basic edition. This is a software-only point-of-sale solution. A checkout is where your sales transaction occurs and a selling process is overseen. A checkout system creates and prints vouchers, tracks stocks and must be reliable and efficient. The latest QuickBooks Point of Sale software offers features that are leaps and bounds ahead of earlier versions of the software.

The QuickBooks Advantage: 7 Dangers of Using Excel Accounting System For Your Small Business

Many a times, I meet business owners who seems to be very comfortable working with Microsoft excel when recording their daily business transactions.
Moreover, I hear them say something like this:
I do not need accounting software because my accountant is already using Microsoft Excel and I am very comfortable with the report he sends to him.
Here are 7 dangers you are exposing your business accounting system to:

QuickBooks Banking: How to set up your opening bank balances in Quickbooks Accounting Software

One of the key advantages of QuickBooks Accounting Software in small business accounting system is that you can incorporate your banking transactions so that when the need to accurately track payments and deposit and reconcile your bank account arises, it will be easier to do.
When you want to set your business on QuickBooks, entering your bank's opening balances is the first task to perform.

Here are simple steps to setting up your bank account in QuickBooks Accounting Software.

During the course of entering your business information, VAT details, Customers and Suppliers, a window like this pops up.

1.Use this window to setup all your company's bank accounts.

You can add all the bank accounts use, provided they are mean't to facilitate your business operations.

Click continue to proceed.

QuickBooks Implementation: How to set up a new company in QuickBooks

Just an hour before writing this article, we concluded the implementation of QuickBooks Accounting Software for an IT firm based in Lagos-they install VSAT and render software services to one of the popular banks in Nigeria.

Because of several questions that emerged from our meeting, especially issues concerning setting up a company in QuickBooks, I wish to share this simple tip on how you can confidently start up your own business in five minutes on Quickbooks.

Create a company To create a new company with QuickBooks homepage: 1.      Click File

QuickBooks Finance Charge: How to auto-charge your customers on overdue invoice.

This is a situation where you decide to change your business policy on invoice sent to customers informing them that you now charge a certain percentage on invoice that are overdue for payment. QuickBooks will charge your customers with overdue invoice depending on your preference-from due date or invoice date.

To setup finance charge for your business, click edit from the QuickBooks menu, select preference and choose finance charge.

Audit Trail Accounting :How to Control Financial Fraud in Small Business with QuickBooks Accounting Software

One of the major challenges business owners face when making decision on whom to hire as an accountant is finding an honest and trustworthy person.
So easy and simple these character traits may sound in pronunciation, scientist are yet to come up with a tool to gauge such person or psychologists invent an hundred per cent integrity test.
On business newspapers, we see private and public enterprises posting billions of transactions declared missing in account and no single person could be traced to these significant transactions. In these short tips, I want to show you how QuickBooks Accounting Software can help you control and reduce financial fraud and transaction manipulations.
This is not a total solution to financial fraud in business environment but a veritable tool for business owners to control and trace a person of questionable character in accounting departments. There is special tool called AUDIT TRAIL in QuickBooks Software under Accountant and Tax menu.
What Audit Trail Do…

Accounting Software Packages Implementation: 10 Questions You Should Answer Before Setting up QuickBooks Accounting Software For Your Business.

You have decided to install the QuickBooks accounting software for your daily accounting and record keeping. Now, how would you set up and customize the accounting software specifically for your business operations- so that it will capture all side of your accounting records.

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Here are the key questions your consultant should help you answer, that is if you are new to automated business transactions, to effectively customize your QuickBooks Accounting Software.

1. What do you Sell? This will help the software customize what your business offers.

How to make delivery note in quickbooks

Delivery note is a document that shows the details of goods to be delivered to your customers.

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QuickBooks can help you create a delivery note covering all the information on customers’ order which you can forward to your customer before receiving payment from them.
From the QuickBooks menu, click Customer and Select Sales order Fulfillment worksheet.

Under the Sales Order Tab, Select the sales order you want to fulfill.
Sort: Use the drop down menu to sort the sales order you want to fulfill
Details of Sales Order: You will see a list of item to be delivered.

At the bottom left of the window, select Delivery Note and click Print to preview.

This is a sample of delivery note QuickBooks can generate.

Click Print

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QuickBooks Damaged Stock Adjustment:How to adjust your stock level

In situations where you experience changes in your inventory level – for example, some your stocks that have stayed beyond expiry date can be declared obsolete or unused and you want to discard them. This will change the quantity of inventory available for sale.
QuickBooks can adjust for this stock level.
From the QuickBooks Menu, click List and Select Item List
At the bottom of the window, click Activities and select Adjust Quantity/Value on hand. Use the Adjustment Type drop down to select how you want to change your stock level:

Quantity: to change the number of stocks available

Value: to change the monetary value of your stocks.

Quantity/Value: to change the number of stocks and at same time monetary value.

Once you select the stock part or inventory to adjust, QuickBooks will show the current quantity on hand. All you need to do is enter the current stock level and difference (change)

Click Save and close.

QuickBooks calculate the current stock level based on your new inventory change.