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Archive for September, 2012

How to Set Up Aging Reports in QuickBooks QuickTip

Thursday, September 27th, 2012

QuickBooks Due Date or Transaction Date Reports

QuickBooks can generate your aging reports either by using the due date of your invoices and bills, or by using their transaction dates. Aging reports track unpaid invoices or bills by showing how much is currently due and how much is overdue. You can tell QuickBooks whether you want to generate your accounts receivable and accounts payable aging reports starting from the due date on your invoices and bills, or from the date you wrote an invoice or received a bill. To specify which type of aging report you want QuickBooks to generate:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Reports & Graphs icon on the left pane and click the Company Preferences tab.
  3. In the Aging Reports section, choose Age From Due Date or Age From Transaction Date by clicking the corresponding radio button.
  4. Click OK to save this setting.

Assigning Accounts to the Statement of Cash Flows Report in QuickBooks QuickTip

Saturday, September 22nd, 2012

See Which Accounts QuickBooks Uses for Reports

In QuickBooks, a Statement of Cash Flows is a report that displays the history of your cash position over a period of time. It is an accrual report that self-modifies to report on a cash basis, and it shows you the adjustments that were made behind the scenes to provide cash-based totals.  QuickBooks allows you to choose which accounts you want to use to display the automatically generated Statement of Cash Flows reports—but you shouldn’t mess around with the available selections without checking with your accountant. To see which accounts QuickBooks uses for the Statement of Cash Flows:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Reports & Graphs icon on the left pane and click the Company Preferences tab.
  3. Click the Classify Cash button in the Statement of Cash Flows box to display the Classify Cash dialog.
  4. Select or deselect the accounts you want to include on the report.
  5. Click OK when you are finished.

How to Select Summary Reports Basis in QuickBooks QuickTip

Friday, September 21st, 2012

QuickBooks Accrual-based or Cash-based Default for Reports

QuickBooks allows you to specify whether to see summary reports as accrual-based or cash-based. When you create a cash basis report, QuickBooks calculates the data by considering actual cash transactions. This means that revenue doesn’t exist in the report until a customer pays you—and the expenses don’t exist until you pay the vendor. When you create an accrual basis report in QuickBooks, the data is calculated to reflect all the transactions you have entered. This means that revenue exists when you generate an invoice for a customer and expenses exist when you enter a vendor bill. To set the default specification for your summary reports in QuickBooks:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Reports & Graphs icon on the left pane and click the Company Preferences tab.
  3. In the Summary Reports Basis box, choose either Accrual or Cash, and then click OK to save this setting.

QuickBooks News Update

Wednesday, September 12th, 2012

QuickBooks for Mac Update

CPA911, 9/10/12

QuickBooks 2013 for Mac is available on September 24th 2012 with some new features—like video tutorials for when you need help, the ability to import your address book contacts, and using the Intuit Payment Network, among other things.

http://www.macworld.com/article/1168431/intuit_debuts_quickbooks_2013.html

http://quickbooks.intuit.com/mac/?priorityCode=3969702399&CID=aff_cj_4165004

How to Enable Progress Invoices in QuickBooks QuickTip

Thursday, September 6th, 2012

Partial Billing in QuickBooks

In QuickBooks, progress invoices are connected to estimates; you start by creating an estimate for the job, and then as you complete each phase of the job you move items from your estimate to a progress invoice (a partial billing). Using progress invoicing in QuickBooks allows you to invoice your customers in stages, as each invoicing plateau arrives, rather than all at once at the end of the job. You can create an invoice for part of the estimate, and you can show how much of the estimate you have already billed to the customer. In QuickBooks, when you use estimates to create progress invoices, you can track your estimated costs and compare them to your actual costs. In order to do progress invoicing you must create estimates, as the progress invoices are based on the estimates. To enable progress invoicing in QuickBooks:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Jobs & Estimates icon on the left pane and then click the Company Preferences tab.
  3. Be sure that the Do You Create Estimates box has the Yes box checked.
  4. Choose Yes in the Do You Do Progress Invoicing box, and decide whether or not you want zero amount items printed by checking the Don’t Print Items That Have Zero Amount box, or not.
  5. Click OK to save these options.