In this webinar, learn about accounting for the unexpected using QuickBooks. From issuing credit memos and refunds to adding finance charges, make a positive change with QuickBooks.
Bookkeeping is a subset of accounting under which income, expenditure, account payable, account receivables are to be recorded. Thereafter, their reviewing and corrections are done for maintaining the ledger. All these activities enable a bookkeeper to evaluate the actual financial condition of the small business organization.
Automate your receivables, streamline your payables, put payroll tax and GST on autopilot, and get more time to monitor and manage cash flow. Full agenda at: http://www.leanteams.ca/quickbooksevent.html
Closing your accounting year is a necessary function even for QuickBooks users. Although not forced like many accounting programs, QuickBooks allows you to secure your accounting data and preserve your records. This methodology can be used more frequently, but is necessary at least once per year to retain reliable accounting data.
Learn about recording expenses and income, hodge-podge and basic QuickBooks reporting. Additionally you will get an insight into eighteen common QuickBooks errrors.
Free QuickBooks Pro, Premier Training 2013, 2014, 2015, 2016, 2017 DownloadOgechi Ndukwe
Download Free QuickBooks Training Online - Pro, Premier 2013, 2014, 2015, 2016, 2017, 2018 Tutorials. Learn How to use QuickBooks Accounting Software Quickly for Small Business. Free Training on http://computeraccountingblog.blogspot.com/
Bookkeeping is a subset of accounting under which income, expenditure, account payable, account receivables are to be recorded. Thereafter, their reviewing and corrections are done for maintaining the ledger. All these activities enable a bookkeeper to evaluate the actual financial condition of the small business organization.
Automate your receivables, streamline your payables, put payroll tax and GST on autopilot, and get more time to monitor and manage cash flow. Full agenda at: http://www.leanteams.ca/quickbooksevent.html
Closing your accounting year is a necessary function even for QuickBooks users. Although not forced like many accounting programs, QuickBooks allows you to secure your accounting data and preserve your records. This methodology can be used more frequently, but is necessary at least once per year to retain reliable accounting data.
Learn about recording expenses and income, hodge-podge and basic QuickBooks reporting. Additionally you will get an insight into eighteen common QuickBooks errrors.
Free QuickBooks Pro, Premier Training 2013, 2014, 2015, 2016, 2017 DownloadOgechi Ndukwe
Download Free QuickBooks Training Online - Pro, Premier 2013, 2014, 2015, 2016, 2017, 2018 Tutorials. Learn How to use QuickBooks Accounting Software Quickly for Small Business. Free Training on http://computeraccountingblog.blogspot.com/
Learn the key benefits of using QuickBooks Online, how to create a company in QuickBooks Online, add users and invite your accountant to access your data for easy tax filing.
Being able to assess your financials is crucial to growing your business. Avoid the complexity that often haunts owners who understand their craft but not the numbers. In this webinar, we will identify common pitfalls and practical solutions, including:
- Good bookkeeping practices
- Maintaining a good relationship with your CPA
- How to give yourself a financial health check
- Products, services and tools to help you
Save Time and Resources - Fully Automate Intercompany Process End to EndVineeth Mylapur
Does your Intercompany process (from entries to settlements) manual? Are your Accountants, Accounts Payable, Treasury and Tax teams facing difficulties to finish the process on time? Do you want to save time and resources by automating the Intercompany process end to end? If you are facing these problems then join this session to learn how you can help your organization to completely automate the Intercompany process by extending the standard Advance Global Intercompany System features to automate the Intercompany entries, approvals, Invoicing, accounting, reconciliation, netting and settlements.
Objective 1: Discuss the business use cases and limitations of standard Advance Global Intercompany System (AGIS).
Objective 2: Learn how you can automate the AGIS entry process for each business use case.
Objective 3: Discover the enhancements and configurations are required for automating the Intercompany process end to end.
Objective 4: Learn how to automatically create Intercompany Invoices (in AR & AP), accounting and reconciliation of the transactions.
Objective 5: Learn how you can automate the netting process and perform cash settlements for the Intercompany transactions between legal entities as per region specific regulations.
In this webinar presentation, learn the step-by-step instructions on using QuickBooks for payroll processing, from entering time to creating paychecks.
NCET Tech Bite - March 2015 - QuickBooks - Marie GibsonArchersan
Marie Gibson of Gibson, Gale & Associates discusses the power of QuickBooks. She points out the common QuickBooks mistakes made by new users that affect their reports’ integrity and how to prevent them. She also focuses on the use of financial reports in managerial decision-making.
Learn the key benefits of using QuickBooks Online, how to create a company in QuickBooks Online, add users and invite your accountant to access your data for easy tax filing.
Being able to assess your financials is crucial to growing your business. Avoid the complexity that often haunts owners who understand their craft but not the numbers. In this webinar, we will identify common pitfalls and practical solutions, including:
- Good bookkeeping practices
- Maintaining a good relationship with your CPA
- How to give yourself a financial health check
- Products, services and tools to help you
Save Time and Resources - Fully Automate Intercompany Process End to EndVineeth Mylapur
Does your Intercompany process (from entries to settlements) manual? Are your Accountants, Accounts Payable, Treasury and Tax teams facing difficulties to finish the process on time? Do you want to save time and resources by automating the Intercompany process end to end? If you are facing these problems then join this session to learn how you can help your organization to completely automate the Intercompany process by extending the standard Advance Global Intercompany System features to automate the Intercompany entries, approvals, Invoicing, accounting, reconciliation, netting and settlements.
Objective 1: Discuss the business use cases and limitations of standard Advance Global Intercompany System (AGIS).
Objective 2: Learn how you can automate the AGIS entry process for each business use case.
Objective 3: Discover the enhancements and configurations are required for automating the Intercompany process end to end.
Objective 4: Learn how to automatically create Intercompany Invoices (in AR & AP), accounting and reconciliation of the transactions.
Objective 5: Learn how you can automate the netting process and perform cash settlements for the Intercompany transactions between legal entities as per region specific regulations.
In this webinar presentation, learn the step-by-step instructions on using QuickBooks for payroll processing, from entering time to creating paychecks.
NCET Tech Bite - March 2015 - QuickBooks - Marie GibsonArchersan
Marie Gibson of Gibson, Gale & Associates discusses the power of QuickBooks. She points out the common QuickBooks mistakes made by new users that affect their reports’ integrity and how to prevent them. She also focuses on the use of financial reports in managerial decision-making.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Law firms are required to hold money in trust. This money is not their own, so they have a fiduciary responsibility to protect and account for it.
A lawyer’s responsibility to hold client funds separate from their own seems simple in principle, but with strict rules surrounding trust accounts, many lawyers run into challenges with maintaining them correctly. From documenting deposits and disbursements to handling varied payment methods by clients, trust accounting remains a compliance minefield for law firms.
Is your law firm at risk of committing trust account errors?
Learn how to avoid trust account mistakes while improving your firm’s billing process during Clio’s one-hour webinar. In this presentation you’ll learn:
The rules for managing trust accounts
Differences between general bookkeeping & legal accounting
How to reconcile trust accounts
How Clio’s newest trust accounting features can help
Accounting for Startups: What You Need to KnowDavid Ehrenberg
If your company is in the early stages and you haven't yet given much thought to your accounting systems and processes...now is the time.
You want to keep it simple, but you do need to think this through to establish a structure that will support your company now, and as it grows.
Atlantic DataSystems: Sage Web Chat for Accounts Receivable Atlantic DataSystems
Contents Include:
Sage ERP AR Processing:
Customer Account Setup
Invoice Entry
Account Payment
Overview of Accounts Receivable
Demonstration of Accounts Receivable
Customer Configuration Notes:
>> You can establish multiple customer group types to speed up the task of adding customer records.
>> Customer functions are restricted based on the security profile attached to the system user within Sage Accpac security groups.
In June 2015, the Governmental Accounting Standards Board (GASB) approved two new statements that call for more prominence and accuracy when displaying Other Post-Employment Benefit (OPEB) liabilities, such as health insurance for retirees. This webinar will focus on the changes coming to the industry -- from implementing these statements, to strategies for explaining these changes to media and taxpayers.
Single Audit Webinar Presentation - November 6, 2015Sikich LLP
In late 2013, the U.S. Office of Management and Budget (OMB) announced comprehensive grant reform rules titled “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).”
The new Uniform Guidance that is effective for years ending on or after December 26, 2014 have replaced the audit and reporting requirements under the U.S. Office of Management and Budget (OMB) Circular A-133. No early implementation is permitted.
The most well known change the Uniform Guidance implemented was the increase in the Single Audit threshold from $500,000 to $750,000, however, there are many other changes that will impact the amount of Single Audit testing and reporting which affect both the auditee and auditor.
Affordable Care Act: Overview of New Requirements for 2015Sikich LLP
2015 is the first year employers can be fined for not complying with the reporting requirements set out by the Affordable Care Act (Obamacare). Get an overview of these new requirements in this eBook
Manufacturing Report 2015: Overcoming the Five Barriers to Business GrowthSikich LLP
In a comprehensive survey, Sikich polled businesses in the manufacturing industry and uncovered 5 barriers that manufacturing companies need to overcome to continue their business growth.
Construction Industry Update - Spring/Summer 2015Sikich LLP
Get articles from experts who've helped the construction industry thrive in an uncertain construction climate.
In this issue:
Avoiding the 5 Most Common Types of Fraud in Your Construction Company - by Mary O'Connor
Effectively Managing Cash Flow to Fuel Growth - by Casey Malek
Employing Independent Contractors - by Joy Duce
New Revenue Recognition Standard - by Bart Adams
Research Tax Credit: One More Item for Your Tax "Punch List" - by Jim Brandenburg
Is Your Business Prepared for the Unexpected? - By Joe Kulek
Affordable Care Act Reporting Requirements for 2015 [Webinar Slides]Sikich LLP
Generally speaking, an employer will not have any reporting requirement if it has fewer than 50 full-time and full-time equivalent employees in its controlled group and it sponsors a fully insured medical plan. All other employers will have at least some reporting. This appears to include employers with 50 to 99 employees for 2015 – even though the employer-shared responsibility requirement has been delayed until 2016 for most employers in this group, reporting is still needed to help determine whether individual employees owe penalties or are eligible for premium subsidies.
Disruptions of corn trade with China is having an impact on Grain and DDGS prices. Also learn about succession planning for country elevators, T&D tax credis and used equipment.
The emergence of the Internet of Things (IoT) has the potential to transform the world, from organizations in every industry to your home. The uses are seemingly endless and new advances are made every day. Whether you are new to the idea of intelligent devices talking to one other or not, here are 15 things you should know about IoT.
The construction industry is seeing steady growth despite of the labor shortage for skilled construction workers. While growth looks good now, not solving for the labor challenges could be a problem that slows the industry down.
Strategizing for Global Financial Reporting Changes: 8 Steps You Can Take Now...Sikich LLP
There are new revenue recognition standards coming in a few years, but depending on your reporting periods, they might not be too far off. Here are 8 essential steps you can take to prepare your organization, as a CFO, for these new standards before they are enacted.
Heartland Ag Group, Sikich, Advantage Capital, The Climate Corp presented in Decatur and Springfield Illinois to give an update on where agribusiness was in 2014 and where it is going for 2015
What is Manufacturing Day 2014 (#MfgDay14) About? Sikich LLP
If you've been on Twitter or seen some recent news articles, you might have noticed something called Manufacturing Day 2014. What is is about? It's about empowering the next generation of skilled workers that will continue the legacy of creating world-class products.
10 Easy Ways to Improve Your Email Open Rates | Email Marketing | InfographicSikich LLP
Think email marketing is on its way out? Think again! Explore how effective email marketing really is these days, and discover 10 easy ways to improve those open rates in this infographic.
10 Easy Ways to Improve Your Email Open Rates | Email Marketing | Infographic
Recording Changes in QuickBooks
1. Accounting for the Unexpected
Using QuickBooks
Objectives
Sometimes you need to make a change.
After completing this webinar, you will be able to:
• Issue credit memos and refunds
• Handle customer NSF checks
• Apply vendor credits
• Void transactions
• Add finance charges
• Create statements
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2. Credit Memos
• Use a credit memo:
• When a customer cancels a sale
• When a customer returns an item
• When a refund check should be issued to a customer
• QuickBooks prompts you to issue a refund or apply the credit
Customer Overpayments
• When a customer overpays, record the overpayment, then…
• Apply the overpayment to a future invoice or
• Refund the customer
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3. Handling an NSF Check
• Create items for tracking bounced checks (Type-Other Charge;
Account-Checking) and their associated charges (Type-Other
Charge; Account-Other Income)
• Re-invoice the customer using the items created in the prior step
• Be sure to include your bank’s bounced check charge
Uncollectible Accounts
• If sales tax is involved, use a Credit Memo to write-off the account
as Bad Debt
• Create a Bad Debt Item
• Be sure Bad Debt is a Tax Item in the Credit Memo
• If sales tax is not involved, you may write-off the Bad Debt as a
Discount in the Receive Payment screen
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4. Vendor Credits
• To record a vendor credit, use the Bill Credit function in the Enter
Bills screen
• Apply the credit in the Pay Bills screen
Reports with Negative Numbers
• If a customer has a negative Accounts Receivable, there is an
unapplied customer payment or an unapplied credit memo
• If a vendor has a negative Accounts Payable, there is an unapplied
bill payment or a vendor credit
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5. Voiding Transactions
• NEVER void or change a transaction in a prior period. It must be
changed in the current period.
• Do not delete a check if it has been printed or an invoice if it has
been sent.
• Deleting a transaction removes it completely from your file. Voiding a
transaction keeps a record of the date, number and detail of the
transaction.
Voiding a Check in a Closed Period
• If the check being voided is only associated with an expense
account, the amounts are changed to zero, and 2 journal entries must
be created. (QuickBooks will create)
1. Journal entry dated on the same day as the original check
duplicates the accounting entry of the original check
2. Journal entry dated in the current period reverses the
accounting entry of the original check
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6. Voiding a Check in a Closed Period
• If the check being voided is associated with a non-expense account
or items, QuickBooks voids the check as of the original date
• Examples of voids as of the original date include checks using
• Items
• Bill payments
• Paychecks
• Payroll liability payments and
• Sales tax payments
Considerations When Voiding a Check
• Voiding a check used to purchase inventory items reduces inventory
quantities on hand.
• Voiding a bill payment check increases your Accounts Payable
balance.
• Voiding a paycheck reduces employee earnings and taxes withheld.
• Voiding a payroll liability check increases payroll liability account
balances.
• Voiding a sales tax payment check is not allowed. Deleting a sales
tax payment check may adjust your sales tax liability.
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7. Adding Finance Charges
• Option must be turned on in Preferences
• In Customer Center or from Customer drop-down list, choose Assess
Finance Charges
• A separate Finance Charge Invoice can be created or
• Finance Charges can be added onto Statements
Create Statements
• For partial payments
• For past due invoices
• For recurring charges
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8. Setting Preferences
To set Preferences, go to Edit > Preferences
Preferences to set include:
• Account numbers
• Class tracking
• Aging dates
• Cash or Accrual reporting
• Finance charges
• Inventory
• 1099 vendor tracking
Security
• Set-up Users and Passwords.
• Under Company drop-down
• Perform regular bank reconciliations.
• Make regular back-ups of your data file.
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9. Questions?
Deborah Garrison, CPA
Advanced Certified QuickBooks ProAdvisor
Sikich LLP
1415 W. Diehl Road, Suite 400
Naperville, IL 60563
T: 630.566.8470 F: 630.375.6996
dgarrison@sikich.com
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