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Great tutorial on how to book payroll correctly..... 1 Question, how do i enter this if all employee checks are issued separately from my acct by payroll service. So like 50 checks that i need to be able to reconcile easily.

Adam

Welcome and please let me know how I can help you. Tell me a little more about your business

Hi!  We're Joann and Daniel.  As new retail owners and new QuickBooks Pro 2010 users we need as much assistance as we can get.  Due to the economy, we re-invented ourselves and are embarking on a new venture.  Looking forward to your input.  Thanks much.

Here are a couple of keyboard shortcuts bound to help you move faster in MS Excel:

• CTRL + Spacebar = Highlight Columns
• Shift + Spacebar = Highlight Rows

Combine the two above and you can highlight multiple rows and columns

• (Excel 2007): Press the 'ALT' key once and let go and look at the ribbon (the top section). Notice the letters and numbers that pop up. Hitting a letter or number on the keyboard will produce the same result as clicking on the corresponding item.
• 'ALT'+'E'+'D' = Delete (if you have an entire row or column highlighted it will be deleted, otherwise excel will prompt you with options
• 'ALT' + 'D' + 'L' = Data Validation
• 'ALT' + 'W' + 'VG' = Toggle the grid lines on/off
• more to come...

E-mail, Tasks, Calendar Appointments, Notes? Where do you keep it all?

[USING CLASS TRACKING IN QUICKBOOKS]

USING CLASS TRACKING IN QUICKBOOKS

The limit on classes is 10,000 items. This is more than most will ever need. The question is what can we use them for? They are a great way to segment the business in terms of general classifications or grouping of transactions.

The Real Estate Example
First let’s have a look at how NOT to use classes. Many people use these in the wrong context. The first example that comes to mind is the rental real estate example. Many people will use the classes to describe the property and the units via Classes and sub-classes. This can work, but it works much better to use the customer database for this purpose where a property is a customer and the unit is a job within that customer. It works much better to do it this way because you can invoice a customer (to track rents). You cannot invoice a “Class”. You might use classes to distinguish types of properties like single family and multifamily units. Also by using customers and invoicing them for the rents you can set up custom fields to capture all of the information one would need to show in a traditional “Rent Roll” report. I can also run receivables based reports in order to.

Products
Classes are NOT the products that generate the income. That is what your item list is for. You can do detailed reporting on sales by item to analyze your product lines and see what is selling well and what is generating the most profit. You can use classes to segment your products into product groups, such as (in the case of a supermarket), Deli, Produce, Cereal, Baby Products, etc..
You can see which of these groups may need to be looked at more closely by tracking income and expenses on these classes. Keep in mind that your items from your item list are ultimately where you will go to report and see where you are spending and making money very specifically.

The Service Business
A contractor might use classes to describe Commercial vs. Residential business, or Original Construction vs. Remodel. Same with a landscaper.

General Use
I am now in the process of using classes to track serial #’s on Medical Kits for a company that refurbishes Medical Kits for major Airlines. We invoice for the medical supply (an item) and use the class list for the serial # on each line item in the invoice so we can trace exactly which medical kit that medical supply went into. So you can get pretty creative with the class list. One of the great things about it is that you can run a P&L by Class and in custom reports you can total by class which makes for some pretty powerful reporting capability when you use the class well. Just don’t waste it on a mechanism that is better served by something else in QuickBooks like the customer list.

For more information on how to use Classes in QuickBooks call me at (866) 945-8070 and I will be more than happy to consult with you on this.

What do you use Classes in QuickBooks for? Please share your experience - especially if you have used this in some unique way that proved to be valuable.

Hi. This is one of the reasons I like to book a transfer between 2 accounts on the same set of books a little differently. It is an extra step but in the end it's much cleaner:
First you could actually book a "Transfer" by clicking banking then transfer. I don't like that method because there isn't much room for comments/memos

1. In the originating account write a check (properly commented) and book it to an account called "Clearing", an other current asset that you will need to create the first time you do this.
2. Go to the destination account and book a deposit and under "From Account" enter the 'clearing' account.

The clearing account zero's out as it should. This way you wind up with a check on one side and a deposit on the other and it's all nice and clean!

Let me know if you have any other questions.

Thanks,
Seth

I transfered $100.00 from one Wachovia account to another Wachovia account online.

In Quicbooks, a
Transfer from Account "A" is showing $100.00 in the Payment Category and the next line is showing

Transfer to Account "B" for $100.00 in the Payment Category. Why wouldn't it show a

Transfer to Acoount "B" for $100.00 as a Deposit instead of a Payment?

It's like that on all of my Transfers from Accout "A" to Account "B". Thanks for your help on this.

Do not reply to this topic - look up and to your right and there should be a link enabling you to create a new topic. That is how you can ask your questions. Bare with me as this board begins to grow.

Hey Woody! Sorry for taking a bit of time to get back to you. The best way to do this is to run a report - a cash basis P&L for "Last Month" and then you can double click the total income to get a list of all of the invoices. Running the P&L on a cash basis ensures that you will only get "Paid" invoices. Then, and I hate to tell you this, you need to double click each invoice and check off the box at the very bottom that says "To be printed". Once you've done this for all of the invoices in your report, you can print them all as a batch by choosing 'File'-> 'Print Forms' -> 'Invoices'

Let me know if you need any additional clarification on this. If necessary I can record a short video tutorial on it, I would have done that now, but I wanted to get back to you with a response at least since I had not yet done that.

Thanks,
Seth