Question: How do I know how many QuickBooks Users I need to start? Answer: My advice is less. I prefer to err on the side of saving money and minimizing the number of users until knowing exactly how many users are needed. And it’s wise to have as few people as possible inside your accounting…
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Question: I have been working for a Distributor for a few years, but am thinking of leaving them and starting out on my own. What steps should I take? Answer: Starting a business from scratch has many variables to be addressed, here are four from the accountant’s perspective. 1. Be sure you are free of…
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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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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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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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Question: My accountant wants me to buy some business insurance. Is that something I should have? Answer: I, too, advise my clients to purchase business liability insurance. It can protect you and your assets in the event of a lawsuit. If you are a sole proprietor, your personal assets are at risk with a lawsuit.…
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Question: How do I record an apparel order with more than one supplier? Answer: We do have complicated orders in our business—none more so than apparel orders. In all orders, I recommend that you use your internal purchase order number to number all parts of the order in your system: customer sales order, supplier purchase…
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Question: When is the best time to buy QuickBooks Premier 2018? Answer: Premier 2018 was released in September 2017. So far, the reports are good. It works well, and bugs have been few. However, conventional QuickBooks wisdom is to wait until January to avoid as many of the inevitable early glitches, updates and fixes as…
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Question: Where should I look for QuickBooks software? Answer: My advice is to buy only from a proven source. The safest source is to buy directly from Intuit. But, there are many resellers that provide some attractive offers. I’ve heard a full range of reports from good to bad. Be careful in your selection of…
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Question: Can I print checks in QuickBooks? If so, do you have any tips for buying the checks? Answer: Yes, you can print checks in QuickBooks. When doing so, the transaction is recorded directly into your general ledger (into the account you designate). Also, when writing a check to pay a supplier purchase order, the…
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