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What is Hosted QuickBooks and How Can it Assist you and your Accountant/Bookkeeper?
By 2016 50% of small Businesses and Accountants will be in the cloud with all of their financial data. Why? Because it is more efficient, more secure, and stable. We are currently migrating our clients with the need for collaboration with us to Swizznet Hosting. Swizznet is one of the few companies, Intuit certifies as an Authorized Commercial Host of QuickBooks Pro, Premier, POS, and Enterprise. Join Us in the Cloud!
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Just a simple sign in to QBOA gives us as your accountant access to all of your accounting records. This dashboard allows accountants to maintain contact information for all of their online clients in one place.
Running a small business is a constant struggle over how to spend your time. Any time you spend working on accounting or running your business is time you are taking away from your family or personal time. This is always a tough tradeoff.
While I can't really solve this dilemma in its entirety, I can address very specifically how I help my clients leverage their limited time. As a certified QuickBooks ProAdvisor, I always ask myself before working with a client: What services are out there that my client can use to make their (accounting) life simpler?
What can apps do for you
From my first meeting with a client, I review the many apps that are available on Intuit Apps.com which might simplify life for my client. That's because apps from Intuit Apps.com integrate with your QuickBooks program to provide a function or service not available in the version of QuickBooks you are using. Sometimes, these apps provide services in a way that works better for your business than an existing feature available in QuickBooks.
I will adamantly tell most QuickBooks professionals and home users that they should keep away from General Journal Entries (GJE's) when possible. However, sometimes it's required to use a clearing account to make multiple GJE's to get balances in QuickBooks to agree and apply correctly. The most common instance I use GJE's to clear out accounts is when I need to apply credits to vendors and customers. What is a clearing account? A clearing account helps act as an intermediary to transfer funds from one customer job or vendors account to another. For instance, if the vendor Alphabet ABC has an invoice open for $100 in accounts payable (money you owe them) but is also a customer and has an open invoice for $100 in accounts receivable (money they owe you) the two invoices should effectively $0 each other out. A problem now arises because QuickBooks does not have a way to make the two apply against one another to show them as paid. Another issue also appears when you have credits for customer jobs and they need to be applied to a different job that was originally credited.
Credit a Vendor That Is Also a Customer - As stated before sometimes you may have a vendor also be a customer in QuickBooks. The idea is that you want to offset the invoices in QuickBooks to give you the correct amount due either on the customer side (AR) or vendor side (AP). ABC Alphabet (Vendor) has charged an invoice to your company for $100 but also owes your company $150 from an invoice you've charged them giving your company a total of $50 now owed to you.To properly credit accounts here's how it works:
In our series of preparing for year end, this article covers reconciling your bank statement. Why is this important? Here are a few reasons why:
1. Catch Errors. A restaurant tip is entered incorrectly, a teller miscalculates a deposit, a check is written for the wrong amount. You get the idea.
2. Tracking and following up on transactions. Catch checks that have not cleared or any missing payments. Make sure your company transactions have been calculated for the right amount.
3. Keep an eye on company performance. Know exactly what is going on in your business and follow income fluctuations over months and years.
4. Loss prevention. Did you know that businesses lose millions of dollars every year as a result of employee embezzlement? Reconciling your bank statement helps you prevent losses and may indicate a potential problem in your accounting system.