Stacy Kildal is Owner/Operator of Kildal Services LLC located in Waterford, Michigan, which provides general accounting and administrative support to small busineses. She is a QuickBooks ProAdvisor as well as a member of the Intuit Accountant's Speakers Bureau and Certified QuickBooks User. Her background is construction, but she also provides services to a wide variety of industries, including photography, interior design, auto repair, retail and medical.
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You can either set up the loan in your Loan Manager so that you don't have to post them manually each month, or split the amounts to each account: the principal portion to the corresponding liability account and the interest portion to an Interest Expense account.
As for your credit cards, you can post the charges for purchases to the applicable expense account, and the interest charges to an Interest Expense or Finance Charges expense account.
Question:
Importing and exporting data with Quickbooks Apr 03, 2007 04:48 pm
Stacy,
I am working on a project that involves importing into or exporting from Quickbooks. I wondered if you had used that function in Quickbooks. Do you have any idea where I can find additional information about that feature? Thanks
I import and export quite often; vendor, customer and item lists as well as the chart of accounts. I do this when I have clients that need to create a new company file or I want to copy the list (ie: a new franchise owner that uses the same vendors as a current account).
Importing transactional data is a little trickier and requires a more detailed format, or a third party software to assist with the process.
It's hard to direct you more specifically, as I don't have specifics on the project.
Question:
Saving company file to a CD Apr 03, 2007 04:52 pm
I tried to save the company file to a CD on my desktop and even an external CD burner for use on my laptop. An error message says i cannot save and do not have permission and contact administrator or owner of file. I made sure that i am in single user mode but still have this problem. Can you solve this?
It seems as though you may be trying to copy the entire company file (*.QBW file) while it's still open in QuickBooks.
Try closing your program completely, then copying the file...
Just remember: if you want to go back to using it on the original computer, you'll have to copy it back. I highly recommend picking ONE computer to use your file on and deleting anything other than a backup on the other.
I've seen too many people make copies of their company files and enter information into the wrong one!
I use the Sales Receipt option to enter paid invoices for my car rental business. I use QB Pro to enter everything "after the fact". I am currently using hand written rental contracts and every one I enter is paid in full. There are times however that the payments are not all the same type. It could be paid part cash/ part credit card. I am not able to make this work. Is it possible?
I would create an invoice for those and receive two separate payments to it immediately. You'll still have one sales transaction and the ability to see both payment types that are associated with it.
If I want to void a check today, 4/3/07, and the check was dated in 2006, how do I do it so it does not change my end-of-year financial statements? The accounts affected are accounts payable, an expense account and cash. I practiced on a dummy account and noticed that it voids the check in the same period it was cut and the various accounts get adjusted accordingly.
So glad you noticed that will have that effect on a prior period, many people don't realize this and just go ahead and void.
Here's the easiest way to handle this:
Edit the check, making a notation such as "voided 4.3.07, offset w/deposit" in the memo field, then post a deposit to the checking account it was cut from, and use the same expense account, making a similar notation on the deposit: "to void ck #1234"
The next time you do a bank reconciliation, clear both of these items, they'll offset each other and not effect prior period balances.
Basically, you can't. I contacted Intuit and was informed that if you have a subscription to Deluxe Online Billing, you would have access to the emailed invoices, but this wouldn't show any other forms that might have been emailed.
What was suggested, (and something that I've done in the past as well) is simply add your own email to the cc or bcc so that you can track what you've sent.
I am going to be working with a new retail store and I was wondering how I can use the QB financial software at home and have the POS software at the store.
Since I'm not very familiar with QB POS, I had to go to my local POS expert, Katherine Wynne-Jones of Wynne-Jones & Associates in Troy Michigan.
Here's what she says:
"With QBFS installed at home and QBPOS installed at the store you will have to backup your QBPOS working copy at the store and restore onto your home computer in order to perform the exchange within QBFS at home. Your QBPOS backup could be sent electronically via e-mail or stored on memory stick, CD, etc.
If you have high speed internet access you might chose to install QBFS on the store computer (secure and password protected). This option would allow you to access both applications on the store’s computer from your home computer."
Thanks so much to Katherine for the insight on this question!
Question:
Year to Date Giving Apr 04, 2007 05:33 pm
Hi Stacy, we are a non-profit organization and receipt each gift sent to us. On the receipt, besides showing the specific project(s) for the gifts, we want to show the Year to Date contributions from the donor to our organization. Thus far, the only way we've been able to to that is to create a custom field into which we put the manual calculation. Obviously this isn't a great idea since the donor is (rightly) expecting accuracy in this aspect, but we as humans make errors. Is there any work around to be able to have a field that reflects this calculation?
As far as I know, there is no automatic field you can add when customizing forms, but have you tried creating Customer Statements? These will show all activity within the date range you specify...
I haven't worked with a nonprofit in quite a long time, so I apologize for not being able to offer more specific examples.
This is correct. There is no way to enter it, because QuickBooks pulls that information directly from your Customer/Job list.
For instance, say you're a contractor and you remodel homes. You might have a customer with more than one job:
Customer: Bill Smith
Job: Kitchen
Job: Bathroom
When you create an invoice for the Kitchen job of those jobs, "Kitchen" will appear in the project/job field when printed.
If you don't have track multiple jobs for one customer that way, you'll have to add a custom field that you can manually enter the project number into each time you prepare an invoice.
Question:
Importing Into Quickbooks Apr 04, 2007 05:51 pm
I have data from a previous accounting system in a csv delimited format. I want to import this data into Quickbooks and I can see where to set up the import and the data mappings, but I'm stuck. For instance, I have a Cash Account, which is Account 1000 and I have detailed records of transactions, dates they occured on, amounts associated with each transaction etc. But when I tried to do an "Account Import", I don't see an area where I can specify amounts (i.e. debits/credits) for each transaction. Is this not possible?
What you're looking at is simply a way to import lists via the mapping. (Customer, Vendor, Item, etc), which is very handy, and I would recommend doing so before you begin any transaction entry.
Importing transactions is a much more in-depth process with pretty extensive formatting.
My suggestion would be to search for a third party application that can automate the process for you, if it's many transactions. If not, my advice would be to input them manually. Probably not what you want to hear, but it's the best I can offer.
We basically use QB for our A/P and A/R. We have an account that went out of business and now need to write off the uncollectable A/R balances that still show as open invoices. What is the correct procedure to accomplish this?
Sorry to hear you'll have to do this, it's never good to find out someone has had to shut down (especially when they owe you money!)
There are two ways:
1.You'll want to receive a payment from the customer, leaving the payment amount at $0. Highlight the invoice that is uncollectible, then click the "Discounts & Credits" button.
Enter the unpaid amount of the invoice and choose your Bad Debt expense account for the Discount.
2. If you have many open invoices, and they're all assigned to the same Customer (not split among multiple jobs), you can create a credit memo for the entire open balance, using a Bad Debt item (set up as Other Charge type item and pointing to your Bad Debt expense account. Then you can go in and apply that credit to all open invoices.
Question:
Name correcting on checks Apr 04, 2007 06:21 pm
Stacy,
How do I edit a name in my journal so when I print the check it will show the name of the individual instead of printing the individual address in the Pay To Section?
For example: Print as "Pay to the order of 135 Sandfield Road" instead of John Doe.
Go to your Vendor List, select the name you need to change, right click and choose "Edit Vendor"
Verify all the information is correct by clicking the "Address Details" button, then you'll see there is a field that says: "Print on check as" - you need to make sure this is showing the name rather than the address.
Thank you so much for your quick response. I tried option #1 and am not able to enter a receivable amount of zero.
I get an error message that states I cannot apply an amount greater than the total payment plus any existing credits.
Then cannot get past this point. Am I not understanding your instructions correctly?
