Converting Accounting Software to Quickbooks

Question: What is involved in converting from my current accounting software to QuickBooks? Answer: Converting from other ad specialty systems, such as ASI ProfitMaker, OrderMaster, AIA or Proforma, involves planning and attention to detail, and it is a routine procedure. QuickBooks is user-friendly, which has something to do with it being the No. 1 accounting…

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A Better Way to Access Orders

Question: I have been using the order numbers that QuickBooks auto-assigns for sales orders (SO), purchase orders (PO) and invoices numbers. Is there a better way? Answer: Yes. When I was a distributor, I quickly learned how often I had to access different orders during the course of a day. And thus, being able to…

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Control What Info Users Have Access to in QuickBooks

Question: How can I set up QuickBooks to control what information users have access to? Answer: QuickBooks allows you to set up users and passwords under the “company” tab. When setting up a user, you can specify which information you want that particular user to see or not see, and edit or not edit. You…

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11 Keys to Great Success in Life and Business: Key 9: Understand Accounting and Finance

Let me apologize to you right up front—this article isn’t the typical “dream big” stuff I enjoy writing about. But the truth is, if you don’t understand these concepts, your big dreams could turn into big nightmares. Many sales-minded people are not interested in accounting and finance. My guess is that it’s a right brain/left…

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Collecting Sales Tax on Additional Charges

Question: How can I find out if I have to collect sales taxes on additional charges, such as screen charges and freight? Answer: Contact your CPA or the department of revenue for your state, because sales tax varies by state—and sometimes by county. It is most likely that these extra charges are subject to sales…

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Can I Run a Report on Amount of Sales from Customer Groups in QuickBooks?

Question: Is there some way in QuickBooks to run a report showing the amount of sales from a particular group of customers? Answer: Yes. QuickBooks allows you to define “Types of Customers.” When you open a customer in the Customer Center, click on “Additional Info” on the left side of the screen. There you can…

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How Much Can I Charge a Customer for Using a Credit Card?

Answer: The safe and easy answer is “nothing.” Some states prohibit surcharges for credit card use, period. Some states permit it but with some complicated qualifiers, like no surcharge on debit cards, surcharge limited to what you actually paid and other such language buried in your merchant service agreement. The regulations are too many, making…

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Ask the Accountant

Question: I am starting out as an ad specialty distributor. Is it better to set up my books on a cash or accrual basis for tax purposes?

That is a question to be answered by your CPA. As is the case with all tax laws, the answer is not cut and dry, or simple. It is contingent on many factors, such as how your business is structured, the amount of gross annual sales, and whether or not you inventory items.

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