Showing posts from August, 2013

How to pay employees in QuickBooks - QuickBooks Payroll Service

You should have familiarize yourself with my comprehensive post of how to set up employee payroll item in QuickBooks - which explains how you can set up payroll items like Wages, Bonus, Contributions, Deductions, Insurance and Pensions in QuickBooks Accounting Software.

To pay your employees in QuickBooks, it is very important that you understand terms like Scheduled Payroll and Unscheduled Payroll

Scheduled Payroll: When you set your QuickBooks Payroll to pay employee automatically during a specified period of time, that is a scheduled payroll.

Business Payroll Service – How to set up Employee Payroll items in QuickBooks: Wages, Pension, Tax and Contributions

Employee payroll items capture all the specific functions involved in a business payroll system.

If you have read my post on how to integrate and set up Payroll in QuickBooks, you should have learnt the steps to activating your License Key and unlocking the payroll features into your already installed QuickBooks Accounting Software to simplify your payroll processing needs.
As a business owner, your payroll system may be different from other business needs. 

How to set up Payroll Service in Quickbooks (Part II) - Integrate Payroll And QuickBooks Accounting Software

In one of my introductory post on Quickbooks Payroll Service, I highlighted 7 key information you need to make QuickBooks payroll work for you.

Here are the steps to integrating QuickBooks Accounting Software with QuickBooks Payroll Software - Simple Start, Pro, Premier or Enterprise.

First, you need to acquire the Payroll Licence Key inorder to activate the QuickBooks Payroll. Activating helps you to unlock the features of Payroll in your already installed QuickBooks and also process a scheduled or unscheduled payroll transactions.

Set up Quickbooks Payroll Services Software 2013, 2014, 2015, 2016 – 7 Things You Need Before You Set Up Payroll Software

Quick Payroll is payroll management software that helps businesses to manage their payroll needs – from employees’ record, period pay calculations, tax liabilities payment, filling of tax return and accounting for deductions like insurance, contributions etc. If you are an already existing business or new business trying to manage its payroll functions effectively via a Payroll Software, Quick Payroll is designed to help you meet all your payroll needs. Here is the key information you need to have in place to set-up Quick Payroll for your business.
Company Information Pay period frequency or frequencies (for example, weekly, biweekly, and semi-monthly, monthly, quarterly) Date you started or will start using Payroll in QuickBooks.

How to set up Payment terms in Quickbooks

When you sell goods or render services on credit, one of the ways to drive prompt payment is to create terms on payment - which is the periods within which your customers are expected to pay for invoice created.

This terms of payment is not static - it changes as situations demand.

When you see terms like 1% 10 Net 30: it means that the customer will be given 1% discount if he pays within 10 days otherwise, in 30 days the full invoice amount suffixes.

12%  5 Net 30 - The customer is expected to pay in 30 days but if he pays within 5 days, he receives a 12% discount.

Net 15: Your customers has only 15 days to pay for the invoice issued.

These are some of the terms businesses state on their invoice to a customer.

How to add and edit payment methods in Quickbooks

Payment method in Quickbooks is a means through which a business owner intends to receive payment for goods sold or services rendered.

It could be Credit Cards, Cash, online Banking or all inclusive.

To add a payment methods in Quickbooks, Click List, Select Customer & Supplier Profile List and Click Payment Method List.

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Sales rep commission in Quickbooks - Quickbooks commission tracking software

In my tutorial post onhow to add sales rep in Quickbooks, I explained how you can set up sales representatives for proper sales performance tracking.

In this post, I will be sharing simple steps to calculating or tracking sales commission after adding sales rep in Quickbooks.

When you add sales rep in Quickbooks, go to report, select sales and click sales by rep details or summary.

A Sales Summary report that shows all your sales report and amount of sales made is shown.

Class in Quickbooks - How to add and track classes

Quickbooks class helps you track transactions by location - business location, branches or departments.

To set up class in quickbooks, you need to activate class tracking.

On the Quickbooks menu, click edit and select Preference

A Quickbooks preference window pops up

Click Accounting
Select Company Preferences

Tick Use class tracking for transactions and prompt Quickbooks to assign classes if you wish.

Click Ok to activate.

How to add sales rep in Quickbooks - Sales rep software

As a business owner, it is important for you to organize your sales representative records in one place so that you can accurately track your sales sources and teams' performance.

You may also place your employees on commission for certain sales mark which also demands that you set up a sales rep in Quickbooks

To add a sales rep in Quickbooks, click List, select Customer & Supplier List and click Sales Rep List

Download FREE QuickBooks Accounting Software 2017, 2018, 2019 – 4 Questions to Answer Before You Click Download Button

FREE Intuits Quickbooks Accounting Software Download 2017, 2018, 2019 Pro Premier Enterprise Accounting Software Nigeria

I am inspired to write this short piece and address it specifically to business owners that are looking to download FREE QuickBooks Accounting Software Online.

Firstly, I wish to commend you for acknowledging the importance of migrating from a manual accounting to automated accounting system. Accounting software will surely save your business time and help you experience tremendous growth arising from timely decisions with numbers.

How to change tax rate in Quickbooks - Quickbooks VAT rate change

In one of my posts on how to manage and track VAT, I explained how you can set up VAT in Quickbooks.

Depending on your TAX LAW, VAT rate may change and you will need to position your VAT rate in Quickbooks to reflect the current VAT rate.

On the Quickbooks menu, Click VAT and select Manage VAT

Billing in Quickbooks - how to set billing rate level

Fit for service businesses, billing rate in Quickbooks is pricing system that calculates the amount your client will pay you on time spent.
Quickbooks help small businesseses track time with Time Worksheet so that when you conclude a client’s project, it will multiply the billing rate by the total hours spent to report your expected income.
To set the billing rate for your business, click List and select Billing Rate List.

How to set price levels in quickbooks

Price level in Quickbooks helps you to customize your sales price for different customers. You may decide to review your price upward for customer and/or adjust price downward to reflect your preference or relationship with your customers or clients.

Quickbooks price level list can help you adjust your price.

On your Quickbooks menu, click Lists and select Price Level List

How to enter credit card payments charges in quickbooks

Before you make payment with credit cards or enter charges in Quickbooks, you need to learn how to set up credit cards in Quickbooks.

To make payment in Quickbooks, Click Banking on your Quickbooks menu and select Enter Credit Card Charges.

Use this window to enter your credit card charges.

How to set up ATM cards in QuickBooks - Credit Cards in QuickBooks

Today's business transactions are mostly driven by plastic payment - debit cards. As a business owner, tracking your expenses should not be limited to cheques and cash transactions because most of your suppliers' acceptable means of payment are now tilting to online transactions.

Quickbooks makes set up and recording of credit card transaction easy.
To set up credit card charges in Quickbooks, click Banking and select Credit Card Charges.

How to account for QuickBooks Credit Card processing fees

When you receive money from your customers on goods sold or services rendered via credit card to the tune of N2,151.45 and your credit card merchant transfers N2000 into your account, would you recognize the N2,151.45 or N2000?

The N151.45 is credit card fees deducted by your merchant.

If you pick N2,151.45 that means you are not sincere to yourself as a business owner. What if you pick N2000, your account receivable will still have N151.45 balance when in actual sense, your customer has paid all outstanding balances.

How to track Fixed Assets in QuickBooks

Fixed assets are durable items you buy for the purpose of running your business. They having useful life-span  that extends beyond a year.

As a business owner, you have to track your fixed asset items in QuickBooks, so that when it's time for you to sell theses fixed assets, you will have vital information about them.

On the QuickBooks menu, click List and Select Fixed Asset Item List.

How to set up, handle and record Petty Cash in QuickBooks

When you pay for small business expenses that are re-occurring, the way to handle such transactions is to set-up petty cash accounting for your business.
QuickBooks can help you organize your petty cash expenses, so that you track and manage your cash outflow effectively.
In this short guide, I will be sharing simple pictorial steps to setting up petty cash in QuickBooks, handling small transactions and recording petty cash transactions.

How to reimburse Expenses In QuickBooks

As a business owner, it is very important that you set up a petty cash book to record expenses that are incurred on a daily basis.
Before you record reimbursement of expenses, you should have seen my tutorial on setting up a Petty Cashbook in QuickBooks.
To reimburse expenses in QuickBooks accounting software means you want to write a cheque to fund your Petty Cash Account so that your business can meet up with re-occuring daily expenses.

How do I write off bad debt in Quickbooks - Record bad debt written off

This is one of the important aspect of an accounting transactions that Quickbooks has made easier for small business to handle.

Bad debts are debt that are deemed to be noncollectable or irrecoverable. After all, you have explored many means of recovering your money, just that from the way things are, you know it is not recoverable and have decided to write them off.

To record bad debt in Quickbooks, there are two methods of writing off bad debt:

First, you can instantly use General Journal Entries in Quickbooks - Debit Bad Debt Account and Credit Debtors Account.

On the Quickbooks menu, Click Company and Select General Journal Entries:

Chart of account numbering in Quickbooks - how to add account numbers

QuickBooks Accounting Software helps you to assign an account number to your charts of account which are in ranges depending the category of chart of account – income, expenses, asset and liabilities.

QuickBooks assigns numbers to each existing account, based on a standard system of numbering as follows:

How to set up loan in Quickbooks Accounting Software

Small businesses need loan to finance certain project or meet emerging cash obligations. With Quickbooks, you can set up loan for short or long term liability in your books of account.

Loan is liability in Quickbooks chart of account, click here for tutorials on how you can see your chart of account.

 Click List on the Quickbooks Menu and select chart of account.

Quickbooks chart of account - sample tutorials

The Quickbooks chart of account helps you to categorise your business transations into Assets, Liabilities, Income and expenses. Every transaction you record in quickbooks are placed under each item that makes up the chart of account.

Chart of account description for your business is based on the industry you operate.
The chart of account for a banking business is different from a retailing which is also different from a construction.

To see your chart of account for your business in Quickbooks, go to menu, click item and select chart of account.

QuickBooks Bugeting: How to set up a budget in quickbooks

Budgeting is one of the major planning tools a business need to control expenses and anticipate revenue flow.

Quickbooks helps business to set up a budget and at the same time, generate a progress report that compares it actual performance to estimate money flow.

To set up a budget in Quickbooks, click Company, select Planning & Budgeting and Click on Set Up Budget

 A Bugdet window pops up which should help you enter your planned income and expenses for the year.

How to create purchase order in Quickbooks

Purchase order is a buy interest or simply put it like this: it is an order sent to a supplier stating the details of goods you want to buy.

It is not an obligation to pay until you have received the good ordered from your supplier.
You can only use purchase order in Quickbooks Pro, Premier and Enterprise.

To record a purchase order in Quickbooks, simply click purchase order on Quickbooks homepage.

Quickbooks Estimates: How to create an estimate in Quickbooks Accounting Software

Creating an estimate in quickbooks helps you track quotes, bids and proposals sent to prospective clients on request.

It is good for businesses that do project works for their clients.

To create an estimate in Quickbooks, go to the Quickbooks homepage and click Estimate.

 When you click an estimate, a window will pop up for you to fill and save the estimate.

QuickBooks Certification Training Class: Improve your career and multiply your business profit?

We are now in a society that is driven by Information Technology - the new language is Cloud Computing, a system where different users works on an online software via a share network.

Companies like KPMG, Ernest & Young, Accenture and Deloitte are leveraging on ITto deliver exceptional services, grow their client's base and report increased revenue in billion dollar mark.

QuickBooks Sales : How to record sales receipt in Quickbooks Accounting Software

When your customers pay for goods bought at the time of ownership transfer, you create a sales receipt in quickbooks to record the transaction. This is different from invoice –used when customers pay at a future date.

To create a sales receipt in Quickbooks,  go to the Quickbooks homepage as shown and click Create Sales Receipts.