1) The opening balance will go to your "Opening Balance Equity" account.

2) Money taken out for personal reasons for a sole prop, is "owner's draws" and equity account.

3) The discount is taken off the invoice. You can set up an item to do this for you.

4) I personally like the Pro version for your needs. I sell the same ways you mentioned and have everything I need in Pro.

I need to know how to enter a dividend paid to the owner of the company. I know it's not an expense, so how do the heck do i get it on the balance sheet?

• Suzette_FBS (Feb 29, 2008 8:54 pm)

The dividend is recorded in an equity account. Depending upon how the company is set-up - Owner's Draw for sole prop and single-member LLC, Shareholder Dividends for S and C-Corps.

I asked this question before but you have not responded....I have QBPro 2007 installed on my computer, I have added another computer in my office so my assistant will be able to access QB at the same time. Do I need to purchase another license or another QBPro 2007, if the latter is the case, how do I find 2007 when only 2008 is in the stores?

• Suzette_FBS (Feb 29, 2008 8:59 pm)

You would need to, at the very least purchase another license. Call QB to find out how.

You won't be able to purchase another QB 2007. As you mentioned, only 2008 is on the shelves now. You would need to buy two - one for you and one for her.

Hi Suzette,

I tried to post a question yesterday but did not see it on. Maybe I didn't do it right.
Is there a way to transfer account balances and inventory items into a new file because the existing file's size is too big? The clean up data function is not what I want for it doesn't reduce the size of the file.

Thank you for your help!

• Suzette_FBS (Feb 29, 2008 9:05 pm)

Your account balances you will need to enter into the new file manually.

You can export/import your inventory items into your new file. >file >utilities >export or import You can choose which lists you would like to export/import.

I recently set up a second company that our corporation started. Is it possible to have both companies open at the same time, enabling me to toggle between the two?

Also, can I import information from one company to the other within QB?

Thank you!

• Suzette_FBS (Feb 29, 2008 9:08 pm)

Unfortunately, you can't have two QB files open on the same computer at the same time.

Yes, you can export/import from one file to another. See the post right before this one.

Suzette,

I think I asked this yesterday, but I'm new to the "Ask the Expert" and the question may not have been delivered.

I have a client who pays by statement. When I invoice the client, the job name becomes the purchase order on the invoice form.

To save confusion for the customer and for me when we are discussing outstanding balances, I need the purchase order to show in the Transaction column of the statement, along with the invoice number and due date (both of which currently appear in the transaction column).

I have explored the form editing functions and can't find a way to tell the system what I want to show in the Transaction column of the statement.

I appreciate your help.

Alice

• Suzette_FBS (Feb 29, 2008 9:13 pm)

The only other thing I can think of to try is -

customers >create statements

Click the radio button for "Show invoice details on statements." It's on the right side of the window.

We have just started a 401K at work. I have everything set up through payroll liabilities. My questions is - when I go to payroll liabilities and click on the employee contribution part and then the employer contribution part and click pay/view - it comes up as a check and my contribution will be taken electronically out of my checking account - how do I show this on the Quickbooks system?

• Suzette_FBS (Feb 29, 2008 9:17 pm)

Yep, that is correct. QB will create a check to place in your bank account to show the electronic removal of the funds. Just don't put a number on the transaction. You can place something like EFTPS or ACH or Debit instead of a check number so you know it was an electronic transaction. But the is the best (and only) way to pay the liability.

I am converting a paper ledger (fiscal year starting July 2007) to quickbooks. I have finished July and August. Both months have reconciled to the penny, however, the uncleared transactions (payments and deposits) are not correct.

After looking a little deeper, it apprears some of my loan payments have cleared (and have been "checked") in my check register but the same payment is NOT "checked" in the account register.

I think I may have set something up wrong in the chart of accounts...it's as if the 2 registers are not linked together

Any suggestions?

Thanks

Evelyn

• Suzette_FBS (Feb 29, 2008 9:24 pm)

The reconciliation function only works in one account at a time. For example, you reconcile the bank account for December and it balances out to the penny. This reconciliation doesn't affect any other account even though there are payments from the checking account to another bank account, loan or credit card. You have to go to the other account and balance it according to the statement you have for that account.

We want to begin using Direct Deposit. I understand that the payroll must be submitted two business days before the pay date (submitted on Wed. for pay date of Fri.), but what if the pay date falls on a Sat. or Sun.? We pay our employees on the 1st (for the 16th - 31st) and the 16th (for 1st - 15th). Sometimes the 1st or 16th will fall on a Sat. or Sun. In that case, when will the employees get their deposit? And when must I submit the payroll?

PLEASE HELP!!!

• Suzette_FBS (Feb 29, 2008 9:28 pm)

If the date falls on a Saturday or Sunday, you will need to make an adjustment to pay the employee on the Friday before. That means your payroll needs to get in on Wednesday.

Ms. Flemming,
I have created a customized template for my invoices. No matter what I do, I can not get QB to default to this invoice template. Every time I save a printed invoice and open a new one, it automatically goes back to one of the QB designed invoices. Please let me know what I need to do to make my template the default template.
Thanks,
Tim

• Suzette_FBS (Feb 29, 2008 9:34 pm)

You can make templates and other invoices inactive so they don't show up on the list.

lists >templates

Click on the template you want to make it inactive. Click on "templates" button and select "make template inactive."

while preparing for our 1099s we noticed that some independent contractors were listed as employees instead of vendors. How do we move them to vendors?

• Suzette_FBS (Feb 29, 2008 9:40 pm)

You can't move someone from being an employee to being a vendor. You have to create a new vendor and enter the transactions for him/her. The key is that you can't have a name the same. So you will need to use a different name - first initial full last name (or something like that).

I voided a cleared paycheck by mistake. How do I get it back or replace it so the employee balances are correct.

• Suzette_FBS (Feb 29, 2008 9:42 pm)

You will need to recreate the paycheck.

Hi, We have five companies set up and i would like to switch among all of them without having to use a password each time.I am the only user so its not necessary to have a password.

• Suzette_FBS (Feb 29, 2008 9:47 pm)

You will need to remove the password from each file to be able to switch between them more quickly.