How to Export Chart of Accounts
Still struggling to export your chart of accounts from Quickbooks? The chart of accounts is essentially an organization tool that has a complete listing of every account attached to your Quickbooks account. Whether it’s a vendor, customer or client (or both), it will be listed in the chart of accounts. Because this document contains so much helpful information, it’s not uncommon for users to export it. But how exactly do you export a chart of accounts from Quickbooks?
Let’s first go over the basics of chart of accounts, because this is an element that confuses many users. Intuit gave a pretty good definition, comparing it to a game of Jenga.
“A chart of accounts is a lot like the game Jenga. If you take a block away from one section of your business, you have to add it back someplace else. This is because accounting systems are created in the hope that there will always be a balance between your total assets (what you own) and your liabilities (what you owe). While this is rarely the case in reality, as you may know, the difference between what you own and what you owe is your equity. The goal, of course, is to own more than you owe, so that your equity looks positive on the books and can provide for you later,” wrote Intuit on its website.
There’s actually a quick and easy way to export chart of accounts from Quickbooks. To do this, log into Quickbooks and choose File ? Export ? list as IIF. Next, select your chart of accounts from the company file and choose File > Import IIF files > and navigate to your file. Sorry if you were expecting more, but that’s all it takes to export a chart of accounts!
Keep in mind that chart of accounts should be modified in a manner that will streamline your accounting needs. There’s really no single “best” way to produce a chart of accounts since every business has different needs. A proper chart of accounts should contain all of the accounts you use on a regular basis, along with other helpful data.
Were you able to export your chart of accounts using this method? Let us know in the comments section below!
How to Set Up Default Invoice Template for Quickbooks
As a business owner, you’ll probably be sending tons of invoices to clients and customers. Whether you sell a physical product, service, business-to-business, etc., invoices are an integral part of running a business. When the customer or client places an order, you must send them an invoice for payment.
Thankfully, this is one of the many areas in which Intuit Quickbooks shines. Not only can you send invoices on the fly with just a few clicks of the mouse, but you can define a default template to use for all of your invoices. Keep in mind that you can still create and use custom invoices, but the default invoice will serve as a base template, allowing you to focus your energy on other aspects of running your business.So, how do you set a default invoice template in Quickbooks?
To set up a default invoice template, log into your Quickbooks account as the administrator. It’s important to note that only administrators can set up default templates. Attempting to perform this task as a standard user isn’t going to work, so make sure you are logging into your Quickbooks account as the admin.
After logging into your Quickbooks account as the administrator, access the sales and customers preferences via Edit > Preferences > sales and customers. From here, click the Company Preferences tab. You should then see a list of available templates under the “Choose template for invoice packing slip” drop-down menu. Feel free to browse through this list to find the template that’s best suited for your needs. You can always go back and change your default later, so don’t worry if it’s not perfect. After finding the template that’s best suited for your business, select it and click OK. Sorry if you were expecting more, but that’s all it takes to set a default invoice template in Quickbooks!
The next time you send a customer or client a billing invoice, Quickbooks should automatically use the default template specified in the settings. Subsequently, this should save you time and energy by eliminating the need to pick and choose a template each time you send an invoice.
Did this tutorial work for you? Let us know in the comments section below!
5 Reasons to Use Quickbooks for Your Small Business Accounting
Still haven’t jumped aboard the Quickbooks bandwagon? Small businesses from all industries and sectors can benefit from the use of Intuit’s signature accounting software.
Automatic Backups
Quickbooks allows for automated backups, ensuring your data is never lost. Just imagine if all of your past invoices, bills, payments and customer information was suddenly destroyed. For most small business owners, this could prov disastrous. Quickbooks aims to avoid this scenario with its automatic backup feature, storing users’ data securely to the cloud.
Ease of Integration
With Quickbooks, you can easily integrate your accounting documents with other commonly used platforms, including Microsoft Excel and even Quicken. So if you ever need to open and/or modify a Quickbooks file in one of the many supported platforms, you can do so thanks to its ease of integration. This is in stark contrast to many other types of accounting software which force users to remain isolated to their respective software.
Shortcuts
We’ve talked about this before on the MyVao.com blog, but it’s worth mentioning again that Quickbooks supports dozens of keyboard shortcuts. In other words, you can simply press a key or combination of keys to perform a specific task. Most of these tasks can be performed manually via the Quickbooks interface, but using the shortcuts is sure to save you time and energy.
User-Friendly Interface
Arguably one of the greatest benefits of choosing Quickbooks for your small business accounting needs is the simple fact that it offers a clean, user-friendly interface. Trying to navigate through some of the other accounting software programs on the market can be daunting, especially for beginners. With Quickbooks, however, even first-time users can pick up the software and get started with little effort. It features “Wizards” that walk you through the steps of setting up your account and performing all of the necessary operations. And if you require further assistance, you’ll find Quickbooks has an extensive Help section that’s filled with answers to commonly asked questions.
Electronic Check Signing
A fifth reason to use Quickbooks is electronic check signing. Using this feature, you can scan signatures to prepare and create checks for your business. So instead of writing hundreds of checks manually, Quickbooks allows you to streamline the process with electronic check signing. This alone is reason enough to choose Quickbooks for your small business accounting needs.
Quickbooks Tips and Tricks For Beginners
Congratulations on your decision to use Intuit Quickbooks for your accounting needs. There’s a reason why Quickbooks consistently ranks as the most popular accounting software: it’s easy to use, compatible across a variety of operating systems and device, versatile, and can handle just about anything you have to throw its way. As a beginner, though, using it for the first time may seem daunting. Don’t worry, because we have some essential tips and tricks to help you out.
Learn The Keyboard Shortcuts
Did you know that Quickbooks supports a variety of keyboard shortcuts? Granted, these commands can be performed manually via the in-software interface, but it’s easier and less time-consuming to use the shortcuts. Typing Ctr+w, for instance, will open the write checks menu, while Ctr+z will undo the last change you made.
You can view a complete list of keyboard shortcuts used in Quickbooks by visiting http://support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k12/contentpackage/core/miscellaneous/info_keyboard_shortcuts_editing.html?family=pro.
Create Backups!
Many Quickbooks users — especially newcomers to the software — procrastinate when it comes to scheduling backups. They may choose to put it off until tomorrow, and then the next day, and so on. It’s not until they are actually faced with data loss that they take action to create backups. Rather than waiting until you’ve already lost your Quickbooks data, it’s recommended that you schedule backups immediately after installing the software.
There are a number of incidents that can lead to data loss, so don’t wait until it has already happened. Schedule backups immediately.
Online Intuit Community
If you haven’t done so already, sign up for an account at the Online Intuit Community. Here you’ll find answers to pretty much any Quickbooks-related question you can think, ranging from simple tasks like how to create an invoice, to more complex tasks that converting file types and dealing with reconciliations. And if you can’t find an answer, start a new question.
Quickbooks Help Feature
Don’t underestimate the power of Quickbooks built-in help feature. After installing the software, you should notice a “Help” button on your toolbar. Clicking this button will bring up a new menu, allowing you to search for Quickbooks-related questions and topics. It’s recommended that you make your questions as specific as possible, simply because there’s a ton of information located here. Feel free to play around with the help feature to find out what all it contains.
How To Reprint a Check in Quickbooks
There are times when you may need to print more than one of the same check. Thankfully, Quickbooks offers a simple solution, which we’re going to discuss further in today’s blog post.
Before we start, it’s important to note that existing checks must be printed as a batch so they no longer appear in the Print Queue. Failure to do co could lead to confusion later down the road.
When you’re ready to begin, find the check that you wish to reprint. Next, click “edit” to access the options associated with the respective check. You should then click the Banking menu at the top right-hand corner of your screen, followed by “Use Register.” Assuming you followed these steps, you should see a drop-down menu with all of your bank accounts. Choose the bank account from the drop-down menu and click OK to access the correct banking register.
Next, go through the list of checks and choose the one you wish to reprint. Using your mouse, highlight the number of the check and press “T.” Note: this will modify the check number to print, indicating its ready for print. But you aren’t out of the woods just yet. Now you’ll need to click the “Record” link at to the bottom of the register, followed by “Yes” when it asks if you want to record the changes.
Your check should now be placed in the Print Queue. Next, access File > Print Forms > Print Checks > select the checks you want to print and click “Ok.” This will bring up the Print Checks window, at which point you can verify the printer is connected and functional. As long as everything looks good, click OK to being printing the check.
Sorry if you were expecting more, but that’s all it takes to reprint checks in Quickbooks! Be sure to check out our how-to guides and Quickbooks tips here at the MyVao.com blog.
Did this tutorial work for you? Let us know in the comments section below!
How to Change Date Format in Quickbooks
Looking to change the date format in Quickbooks? While most users prefer the default date format, others prefer a different solution. Thankfully, Quickbooks gives you the option to choose your preferred date format. Changing it is relatively simple and should take no more than a coupe minutes of your time. Now let’s take a closer look at how to change the date format in Quickbooks.
If you look in your actual Quickbooks account, you won’t see an option to change the date format. This often leads to confusion among users who are wishing to change their format. Just because Quickbooks doesn’t have an “internal” option to adjust the date format doesn’t necessarily mean that it can’t be done.
According to Intuit’s own website, Quickbooks uses the same format dates as Windows. Therefore, you’ll need to adjust your date formats in Windows to have them reflected in your Quickbooks account. If you are using Windows XP, click the Start menu > Settings > Control Panel > double-click Regional Settings and Language Options > Customize > Date > select the date format you want in the Short date field and click OK. The next time you run Quickbooks, it should use the newly specified date format instead of the default settings.
If you run Quickbooks on Windows 7 PC, the process for adjusting your date format is similar but with a few different steps. Access the Control Panel once again > Regional and Language Options > and choose the format regional language that you would like to use under the Formats tab. Next, adjust the date format to your preference and click the Apply button. It’s important to note that this setting applies for the Short date, Long date and First day of the week.
In order to customize the date format further, you’ll need to click on the Date tab. Here you’ll have access to new customization options. Feel free to play around with the date formats to find the one that’s best suited for your particular needs. When you are finished click OK to close the window and once more to exit the options.
How To Set Up Classes in Quickbooks
Still struggling to create classes in your Quickbooks account? One of the many perks of choosing Quickbooks over other accounting software and programs is the ability it offers to track your expenses based on custom criteria. Rather than grouping all of your expenses into one, you can separate them into multiple “classes,” allowing you to find and access them more easily in the future.
You might be wondering why you would even need to separate your expenses into classes in the first place. After all, can’t you just wait until tax day rolls around next year to separate them? Of course you can, but it’s far easier to separate them when you initially add the to your Quickbooks account. For instance, you may want to split your expenses into various departments such as accounting, marketing, custom acquisition, shipping, etc. Not only will this streamline your business, but it will also make it easier for you to determine which aspects of your business need improving and which ones don’t.
To set up classes in Quickbooks, fire up your account and click the List menu > Class List > Class > New > and enter a name for the new class (note: it’s recommended that you choose a name related to what the class contains, such as “shipping” or “marketing.” When you are finished, record the class and repeat the process for any additional classes you wish to create. Sorry if you were expecting more, but that”s all it takes to set up classes in Quickbooks!
With your classes created, you’ll want to establish a budget for them. Doing so isn’t necessary by any means, but many business owners will find it helpful in determining exactly where their funds are going. Also, remember to assign the appropriate class to any new bills you enter into Quickbooks. You can always go back and do this later, but it’s easier to assign your bills to the appropriate class the first time around to prevent any discrepancies.
Did this tutorial work for you? Let us know in the comments section below!
Intuit and IRS Partner To Fight Tax Fraud
The Internal Revenue Service (IRS) and Quickbooks maker Intuit have teamed up to fight tax fraud.
It’s estimated that tax fraud costs the U.S. government roughly $305 billion annually, or more than $3 trillion over the past decade. It’s one of the main reasons why our country’s deficit is so high, which is why the IRS has stepped up its efforts to combat this problem.
Earlier this month, the IRS announced that it had partnered with Intuit in response to a surge in identify theft and tax fraud. It’s not uncommon for criminals to file fake tax returns using the personal information of hard-working American citizens. But these citizens don’t receive the refund to which they are entitled. Instead, the money is sent to the criminal, whom cashes the check before going into hiding. This all-too-common tactic has become increasingly problematic as of late, with more and more phony tax returns popping up at the IRS office.
The partnership between the IRS and Intuit involves new steps to validate taxpayer information. In other words, the IRS and Intuit will implement additional measures to ensure the person filing the tax return is who they say there are. By validating taxpayers’ identity, it should reduce — but not completely stop — the number of the fraudulent tax returns being submitted to the IRS.
IRS Commission John Koskinen released a statement in regards to the partnership with Intuit, saying it signals a new era of cooperation between the IRS, states, and electronic tax industry that will help curb identify theft and tax fraud.
“This agreement represents a new era of cooperation and collaboration among the IRS, states, and the electronic tax industry that will help combat identity theft and protect taxpayers against tax-refund fraud,” IRS Commissioner John Koskinen said in a written statement. “We’ve made tremendous progress, and we will continue these efforts. Taxpayers filing their tax returns next filing season should have a safer and more secure experience.”
Do you think this partnership is a good idea? Let us know in the comments section below!
How To Make a Partial Payment in Quickbooks
Trying to figure how to make a partial payment in the Quickbooks accounting software? As a business owner, there are times when you may only pay a part of a bill. This is completely normal, especially in cases involving lump bills for multiple services. Rather than paying it in its entirety, you make several smaller payments over time.
Thankfully, Quickbooks has a simple solution for business owners who need to make partial payments. All it takes is a few quick steps and you’ll be well on your way to sending the appropriate payment to the vendor or client.
To make a partial payment, fire up the Quickbooks software and click Vendors > Pay Bills > and enable the “Show all bills” option. Doing so will reveal all of your past and current bills, including the one on which you need to make a partial payment.
Once you see a list of all of your bills displayed, scroll through on the click the check mark column next to the one on which you need to make a partial payment. Next, enter the amount of the partial payment (not the total) in the “Amt to pay” column. It’s important to note that Quickbooks may automatically fill this column with the total amount of the bill. You can delete and change the “Amt to pay” to any amount, however, simply by selecting and deleting it.
After entering the partial payment into the “Amt to pay” field, click the “Payment Method” from the drop-down menu and specify how you would like to pay the bill. If you have credit or debit cards attached to your Quickbooks account, they should be available here. If you plan on paying the partial bill with a check, however, you’ll need to select “To be printed,” at which point Quickbooks will print a check. You can also assign a check number manually by choosing the “Assign Check No.” option. Last but not least, click “Pay & Close to record the partial payment and close the window.
Did this tutorial work for you? Let us know in the comments section below!
Intuit Becomes Official Sponsor For Aston Villa
Quickbooks maker Intuit has announced an official sponsorship with the Aston Villa football club.
This is somewhat surprising news considering the fact that Dafabet has sponsored Aston Villa for the past two years. But it appears the Witton, Birmingham-based Premier League football club is taking a different direction, as Intuit will now be the official sponsor for the next two years.
Details of the Intuit-Aston Villa sponsorship remain largely unknown at this time. However, media reports indicate that it’s a “£3 million” deal, which is a bit vague. It’s believed that the Baggies — whom Intuit sponsored last year — earned roughly £1.5 million from the sponsorship. Therefore, a £3 million deal sounds pretty accurate, although we’ve yet to hear an official statement regarding how much exactly Intuit is paying Aston Villa for the sponsorship.
Soon after the sponsorship was announced, Aston Villa Football Club Chief Commercial Officer Charlie Wijeratna released a statement, saying his company is delighted to welcome Quickbooks as a “principle sponsor.”
“We are delighted to welcome Intuit QuickBooks as our principal sponsor. We are proud to have on our shirt next season a major US brand that has ambition to grow in Europe and Asia,” said Aston Villa Football Club Chief Commercial Officer, Charlie Wijeratna. “I know the team here at Aston Villa will be working hard to combine the marketing capability of QuickBooks with the Aston Villa brand and the reach of the Premier League. We hope and expect it to be the start of a great relationship that will enhance both brands significantly.”
News of this sponsorship signals heavy marketing efforts on behalf of Intuit to target small business owners and entrepreneurs on the other side of the pond. While Quickbooks is undoubtedly the leading small business accounting software here in the U.S., it’s not quite as well known over in the U.K. Of course, there’s no better way to change this than by sponsoring a league for the country’s leading sport: football. This new sponsorship with Aston Villa will increase Intuit’s visibility in the U.K., generating greater brand recognition while drawing tons of new customers to its products and services.