What’s new for QuickBooks

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New Enhancements To QuickBooks

Every year Intuit developers try to come out with enhancements designed to make QuickBooks experience easier, faster or just more enjoyable. This year a number of noteworthy additions were implemented, although not all are going to be very useful to the majority of us.

 
General changes for all versions:
  • Income Tracker – You will now be able to add time and Expenses and exclude estimates, sales orders and time & expenses from the unbilled section.
  • Insights – This feature is now part of the Home Page. It’s a sleeker looking Company Snapshot found in prior versions.
  • Pinned Notes– These are great because you can now post a note to a customer or a vendor so it’s always visible. 
  • Tabs for Billable Time & Costs – You’ll be able to see how many billable records there are at the top of the tab without having to open each tab window for review. 
  • Portable company file – Now it’s much easier to send it your accountant.
  • Reminders Window – This feature was revamped for a better and clearer functionality
Minor Changes
  • The Admin can now abruptly end another user’s QuickBooks in progress session, even if they have unsaved data.
  • Once you fully invoice an estimate, it’s going to be fully closed by QuickBooks.
  • You can now filter the item list by inventory, assembly, or both. 
  • You can add P.O. numbers right in the Customer Center.
  • Converting Sales Order to Invoice has a better selection of items.
  • In situations when you need to de-activate an inventory item which has available inventory on-hand, a warning will come on.
  • You can now copy and paste your license key into the window during registration process instead of typing it. This is a great improvement!
  • Intuit has redesigned how the reports are seen on the screen. Background shading has been added to highlight lines as well as vertical lines which make it easier to review reports. 
  • You’ll be able to add comments to any line item on a report. 
  • You can now email multiple reports as a group in an attachment.
  • In a report filter, names are now sorted alphabetically and are searchable.
  • Inactive names can now be searchable on a report.
  • Other 1 and Other 2 custom fields can now be included on reports.
  • Preferred delivery method can be added to reports.
  • In some reports a Preferred Vendor can be added.
  • Manufacturer’s Part # on invoices, receipts and sales orders can now be included as a column option.
New in QuickBooks For Accountants

As an External Accountants you will be to access and use all the features available in the Accountant’s version when you log into your client’s QuickBooks file. However, this will only be possible if you maintain a ProAdvisor membership or a subscription to QuickBooks Accountant Plus. 

 

For help choosing which QuickBooks version is right for you or if you need to schedule a session for QuickBooks setup or training, please call our office Monday to Friday 9:30am to 5:30pm.

Accounting Terms You Should Know

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Accounting Terms You Should Know

 

To properly record and manage your accounting through QuickBooks it’s important to know some basic terms. 

Chart of Accounts – It’s a list of categories also referred to as General Ledger accounts that are organized on a report to represent all the different classifications or ways of how your business uses or generate money. Every financial transaction will fit into some descriptive category which is listed on the “Chart of Accounts”.

Terms – Is the length of time specifying when a bill or an invoice is due to be paid.

Accrual Basis Accounting – This term represents the basic accounting principle of reporting income on all sales, collected and still unpaid and reporting expenses on the total of bills paid and still owed.

Cash Basis – You report income only on sales actually collected and report expenses only on the portion you paid out.

Need help navigating or understanding how QuickBooks software works? Please contact our office at (212) 537-9060 for more information. We service Manhattan, Long Island, Qeens, Bronx, Brooklyn, Westchester County, Rockland County, vicinity of Greenwich and Stamford CT and Bergen County, Essex County, Hudson County, Passaic County in Northern NJ.  

Asset – These are tangible or intangible economic resource that the company owns which can be converted to cash.  In QuickBooks there are Current Assets which are less than 12 months, such as a short CD and Other Assets which are longer than 12 months such as a Note Receivable. There are also Fixed Assets which refer to tangible items like computers and equipment.  

Liabilities – These are your company’s financial obligations.

Equity – A representation a company’s worth which is found by deducting liabilities from assets.  

General Journal Entry – These are entries usually reserved for accountants to record adjustments which cannot be easily recorded in QuickBooks.  

Item Receipt – Functionality within QuickBooks to record the receipt of inventory without a bill.

Average Cost of Inventory – QuickBooks uses this method to figure out the average cost of inventory purchased and sold.

Non-Inventory Part – Items you purchase for resale but don’t track as inventory.

Job – This is a term QuickBooks software uses to classify separate projects or work-related activities for the same customer. Jobs can be used to represent properties, projects, legal cases and more.

Reconcile – This is a method for ensuring that your and the bank’s balances agree. In QuickBooks you can easily reconcile by downloading transactions directly from the bank.

Sales Receipt – A cash sale where payment is made during the transaction.

Customer Statement – A record showing all the invoices and payments made for a specific date range along with the money owed allocated to different aging periods.

Accounts Payable (A/P) – Money you owe to your suppliers and vendors.

Accounts Receivable (A/R) –  Money you are owed by your customers.  

Vendor – In QuickBooks this term refers to anyone you make payments to other than business owners, partners, employees or customers.

Cash Flow – A measurement representing net cash left over from incoming funds and outgoing funds. QuickBooks offers a couple of different ways to assess cash flow.

Profit / Loss Statement – A report also called Income Statement which shows the net difference between sales and expenses. It can be generated on accrual or cash basis. 

Balance Sheet – A report representing the financial net value of assets owned by a business.