Recipts

Lack of recipts and Improperly recorded customer payments and bank deposits are common problems among new users of accounting software. In order for bank reconciliations go smoothly, however, it is important that these items are recorded correctly. To do this, transactions in the QuickBooks check register need to match the recipt and how they appear on the bank statement.

When going to the bank and depositing several customer payments using one paper deposit slip, the bank recipt will show the payments as one lump sum. In QuickBooks, the checking account register should show the one lump sum as well, even though the payments may be from different customers and received at different times.

Record Customer's Payment When Using Invoices

The directions that follow assume that the Invoice feature was first used for the customer, this payment:

Open QuickBooks. From the Customers menu, select Receive Payments. The Customer Payment window opens.

In the Received From box, select the appropriate customer. Fill in the rest of the information on this screen. Don’t forget to include the check number, if paying by check, and the payment type.

If QuickBooks does not automatically select the appropriate invoice, select it yourself. Apply any credits if necessary.

If using QuickBooks for years 2005 or 2006: make sure the un-deposited Funds preference is turned on. From the Edit menu, select Preferences, then Sales & Customers, then the Company Preferences tab, then check the box that says, ‘Use un-deposited Funds as a default deposit to account’.

If using QuickBooks for years 2004 or prior: in the lower left corner of the Customer Payments window, make sure the ‘Group with other un-deposited funds’ circle is selected.

Click Save & New or Save & Close, as appropriate.

Follow the steps below before going to the bank. The paper deposit recipt must be calculated correctly, or adjustments will appear on the bank statement, making the reconciliation more difficult. Following these steps will also ensure that bank deposits recorded in QuickBooks will always match how they appear on the bank statement.

Open QuickBooks. From the Banking menu, select Make Deposits. The Payments to Deposit window will open. Select the payments you will deposit. Click Ok. In the Make Deposits window, verify the Deposit

To account and the date. Use the information on this screen to prepare your paper deposit slip. Click Save & New, or Save & Close, as appropriate.

Accounting software can fulfill many important office functions and save a lot of time on business routines. Modern office systems have the ability to do job costing, invoicing, accounting, manufacture reports, handle a customer database, and do targeted marketing. Because not all businesses have the same needs, be sure that the business software like QuickBooks 2008 has the functions you specifically need before making a large investment.

When a customer requests a bid on a job, they require a quick turnaround, and the best cost along with all copies of recipts. For a contractor, there are two significant concerns: the cost of performing the job and the profit margin. If a quote given to a potential customer is too high, the business will not get the bid, but if the quote is too low, there will be little profit to the business. A good estimating program eliminates this margin for error and makes manufacturing more profitable by maximizing customers and profit margins.

A good integrated database keeps track of customers and the payment status of accounts. When it comes to hard disk recovery, the best method is to insure that you will never need it. Besides making frequent backups, the following measures will keep your system running smoothly.

New viruses are invented everyday, and system security is a concern for every business. Malicious software can damage your system to the point where it will not even boot up. The latest versions of Windows are the favorite targets of malicious programs such as spyware and viruses, and it is helpful to use 2 or more antivirus/anti-spyware programs to prevent destruction or theft of your data.

The best way to avoid having to use file recovery software is to be sure that no corrupt data is stored on your computer. Companies like Norton sell disk optimization programs keep your network running at top speed, correct problem files and maximize the available space on your hard disk. Run disk optimization and anti-virus programs at least once a week.

Do-it-yourself programs are a lot less expensive than hiring a data retrieval company that specializes in information recovery and you should at least attempt to utilize of this type of program if money before calling a professional.

In addition to recovering deleted files, there exist information recovery programs that can restore files after you've formatted the drive, after a power failure, natural disaster, or even files damaged by a computer virus.

You probably think accounting is boring and best left to pencil pushing geeks. Other people consider it boring. But be careful, if really see the real world of accounting it may change the way you look at accounting.

For starters, a lot of people think accounting is about math, which is an immediate turnoff. Although accounting does include math, it’s more like a foreign language. All you need to do is learn the parts of that language that actually apply to you.

Think about visiting a foreign country. You don’t need to be fluent in the entire language. You just need to know the important things like what to order (or not order) in a restaurant, how to get directions, and how ask where the bathroom is. It’s the same thing with accounting. You need to know what you need to know and the rest is unimportant.

So, how do you figure out what you need to know when you don’t even know where to begin? The first thing you need to know is this. You must, keep your personal finances and your business finances separate. Using your personal checkbook for all your transactions is a bad way to go. Here’s why:

The Internal Revenue Service wants to know that you have a very clear distinction between your personal affairs and your business affairs. They want details. If you try to pass off personal expenses as business expenses, you’re violating tax laws.

You need to know how your company is performing at all times so you can plan ahead, make adjustments in your operations, and make informed decisions.

The more accurate your records and recipts the more accurate your tax return. It prevents you from missing deductions.

So, if you don’t have a separate checking account for your business, go get one. It’s easy and inexpensive and it will give you clarity on how your business is really doing.

The next step is your accounting system. It is an organized way of keeping track of your records. It can be computerized or it can be the old fashioned pencil and paper route. The important thing is that you have one and you use it.

If you use computerized accounting software package like QuickBooks, all those qualifications are met. QuickBooks are easy to use and you can also find local support for set up and troubleshooting.

Get professional help myob premier accounting can help. Setting-up system will give you the best information with the least trouble. It’s less expensive to have it set up right to begin with than it is to have it cleaned up later.

Whatever record keeping solution you choose for your business, the key to success is actually using it on a very regular basis and keep your recipts.