Question: I have customers that pay me by credit card, but the credit card company takes out fees. I am receiving less than the total amount on the invoice. How do I handle that in QuickBooks Premier? Answer: I am seeing this situation more often, where the credit card company takes out the fees and…
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Sometimes in sales we need to sort out those who are truly interested and qualified from those who are just wasting our time. They aren’t necessarily bad people. Perhaps they just don’t know how to say “no” or how to be fully candid. After 40 years in sales, I have developed a method of sorting…
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Question: I am creating an item in QuickBooks Premier, and it makes me select it as “Tax” or “Non for Sales Taxes.” Sometimes it is taxable and sometimes not, depending on the customer. What do I do? Answer: If an item is ever subject to sales tax in your state, create it as a tax item.…
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Next week, Aug. 26 through Aug. 31, is Be Kind to Humankind Week. Most of my blogs are about creating success, creating wealth. But, success and wealth are about much more than money. The website for Be Kind to Humankind Week states that it is an annual celebration of kindness that is recognized globally during…
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Question: Can I just switch from cash to accrual basis in my company? There is a button to do that in QuickBooks. Answer: Generally, you cannot switch your basis from cash to accrual or accrual to cash without a significant and legitimate business reason, and a government sanction, too. That being said, QuickBooks does have…
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I started Proforma. I grew Proforma. But the story of Proforma’s success must be shared with many people that mentored me over the years. Do you have a mentor? Do you have anyone who has been over the speed bumps you are going through and the speed bumps that lie ahead of you? Fortunately, I…
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Question: I have sales reps that I pay based on gross profit. Can I do these reports in QuickBooks? Answer: Unfortunately, no, QuickBooks does not calculate gross profit by sales rep for non-inventory items, which is 98 percent of our industry. I am working on a solution to this problem for some of my clients,…
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In business we must continually plan, execute and evaluate. 1. Plan: Most business folks have some sort of plan. Some have long-range plans. Some have annual plans. Most have at least a “to do” list to help plan their day. 2. Execute: Most business folks also execute. The key to good execution is good planning.…
Read MoreThe 4th of July is when we Americans celebrate our independence, our freedom. As you prepare your celebrations, let me encourage you to reflect on these two questions: Are you truly independent? Are you truly free? Most distributors with whom I speak don’t seem very independent. They seem to be bound by all of the…
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Question: Do I need to make changes to my supplier’s PO to match the supplier invoice? Answer: Yes, and making this adjustment is a standard and absolute best practice in our industry. The supplier’s invoice almost always differs from the original purchase order, and it is the final invoice numbers that need to be correctly…
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