Quickbooks

Class tracking is a convenient and versatile Quickbooks feature that allows users to track balanced based on a variety of different conditions. Whether you want to track balances based on department, office, location, separate branches, or any other meaningful way, class tracking allows you to perform all of these operations and more. If you’re interested in learning more about class tracking, and how to enable it in your account, keep reading.

Benefits of Using Class Tracking

The primary purpose of class tracking is to keep track of balances associated with different locations or elements. Rather than throwing all of your balance data together, you can segment it based on your preferred criteria. Class tracking is especially beneficial for large businesses, as it allows them to better organize and structure their balance data.

Here’s an example of when class tracking may prove useful: a company that runs half a dozen retail stores in different locations can set up class tracking to determine exactly how much revenue is generated from each location. Using this information, the company can identify which stores are generating the most revenue and which ones are generating the least revenue. Of course, this is just one of the many instances where class tracking would prove useful from a business owner’s perspective.

How To Enable Class Tracking:

1. Launch Quickbooks.
2. Access Edit menu > Preferences.
3. Under Preferences, choose Accounting from the list on the left-hand side.
4. Click the box next to the option labeled Use class tracking.
5. When you are finished, click Ok to save the changes and finish the setup.
6. Once class tracking is enabled, a new Class field will be added to all new transactions. Use this field to associate a tracking element to your transactions.

Classes vs Types: What’s The Difference?

Although they share some similarities, there are notable differences between “classes” and “types” in Quickbooks. Understanding the nuances between these two forms of tracking will allow you to make smarter decisions regarding your business accounting. So, what’s the difference between classes and types?

Classes are associated with transactions, whereas types are associated with customers, jobs and/or vendors. If you want to track all sales from a particular customer, you must set up a type-based tracking. On the other hand, if you want to track all sales from a specific location, you can set up class-based tracking. Intuit’s website also provides further information on the differences between classes and types.

If your company is planning to move in the near future, you’ll want to update your Quickbooks information to reflect this new location. Allowing the old address to remain present in your account may result in erroneous receipts, tax forms, invoices and transaction data. A wrong address won’t affect transaction balances, but it’s still a poor business practice that’s easily prevented by updating your account.

When you are ready to change your company’s address, access the Company menu > Company information. Here, you’ll have the opportunity to change the name of your company, phone number, street address, and more. Go ahead and enter the new address of your company into the respective field. Double check it to make sure it’s correct and click Ok to save the changes the proceed.

That’s all it takes to change your company’s address in Quickbooks! After updating the Company information, all new receipts, invoices, etc. will contain the new address. And if you happen to move back to your old address, you can revert to the old address by following these same steps.

If you pay your employees through direct deposit, you’ll need to perform a couple additional steps to reflect the new address in your payroll payments. Assuming this is done before the next automatic payroll goes out, there shouldn’t be any discrepancies created as a result of the address change. To perform the update to payroll payments, access the Employees menu >Send Payroll data. Check to make sure there are no pending payroll payments and click Send to send a payroll for $0.

So, what’s the purpose of this? Sending a $0 payroll removes the old address from the direct deposit system, essentially updating it with the new address for all future payroll payments. Failure to perform this update will result in the old address being tied to the payroll payments.

Note: some users may experience an error message when attempting to update their company’s address with DIY Direct Deposit enabled. If you’re experiencing this error message, access the Employees menu > My Payroll Services > Account/Billing Information. You will then need to sign into your account using the respective username/password combination. Click sign in and you’ll be given access to your company information, including name and address. Add your new address and click Ok to save the changes and close the menu.

With all of the sensitive financial data a typical Quickbooks account holds, this is something most business owners can not afford to lose. Thankfully, Quickbooks is designed with state-of-the-art coding to protect against sudden crashes, failure and data loss. However, there’s always the possibility of your computer or device containing your Quickbooks files being lost, stolen or otherwise damaged. This is why it’s good idea to routinely back up your files as a precautionary measure.

Create Full Backup Files

It’s a common assumption among some Quickbooks users that portable company files (extension .qbm) are the same as full backups. While portable company files contain the core data of your account, including transactions, customer data, bank accounts, etc., they do not contain elements like letters, images, headers and logs. Because of this, portable company files should not be used as a substitute for full backups.

“Unlike a backup file, it does not include letters, logos, images, and templates. It also doesn’t contain a transaction log (.tlg file), which can be used to restore transaction data with the help of a technical support agent,” states the official Intuit website.

Backup Frequently

So, how often should you back up your Quickbooks files? The best way to protect your financial information is to back up your account daily. I know this might seem a bit over-zealous, but consider this scenario: you spend 4-6 hours adding new transactions into your Quickbooks only, only for your computer to suffer a hardware failure later that night. If you performed a backup after you performed these operations, all of your work will be saved and ready to import into your account. If you did not perform a backup, you’ll lose 4-6 hours of work.

Intuit Data Protect

If you really want to protect your Quickbooks files from ‘unforeseen’ data wipes, you should consider investing in Intuit Data Protect. This subscription-based service creates full backups of your Quickbooks files once a day, saving them online at Intuit’s servers. If something ever happens to your computer, you can rest assured knowing your Quickbooks files are safely stored online.

Currently, Intuit Data Protect is available for the low price of just $4.95/month or $49.95/year. For just pennies a day, you can have the peace of mind knowing that you are safe and protected against data loss. And if you want your entire computer backed up, you can choose the premium Intuit Data Protect plan, which costs $9.95/month or $99.95/year.

Portable company files (.qbm) offer a fast and effective way for Quickbooks users to transfer or otherwise move their data. If you want to email your data to a business partner, for instance, you can save the information as a portable file and attach it to the email. There’s no need to worry about trying to run and save a full backup file, as portable files are easier to create and take far less time.

What Is a Portable Company File?

Think of a portable company file as a barebones version of your Quickbooks data. Unlike a full backup, portable company files do not contain elements like letters, images, logos, templates, etc. Instead, they contain only critical data that’s absolutely necessary. By stripping out unnecessary elements, portable company files are typically a fraction of the size of a full backup, making them the preferred method for emailing and transferring Quickbooks data.

Intuit also recommends the use of portable company files to troubleshoot errors when traditional methods, such as verify and build, are not enough. Each time you restore a portable company file, Quickbooks re-indexes the file, which in turn may identify and solve certain types of errors and bugs.

Whether you’re trying to email/transfer data, troubleshoot a problem, or if you simply want to protect your Quickbooks data in the event of a crash, you can follow the steps listed below to create a portable company file. It’s a quick and easy process that should only take a couple minutes to complete. With that said, portable company files should not serve as a substitute to full backup since they don’t contain all of the elements found in an account.

Steps To Creating a Portable Company File:

1. Launch Quickbooks
2. Choose File from the drop-down menu, followed by Copy.
3. Click on the option titled Portable Company File and select Next.
4. Choose the desired location for your portable company file (eg: hard drive, USB flash drive, CD, DVD, etc.)
5. Double-check ensure the file format is correct (all portable company files save as .qbm extension).
6. Click OK to save the file and close the window.
7. Quickbooks will now close and re-open while simultaneously building your portable company file. It’s important for users to click OK, as selecting the Cancel prevents Quickbooks from closing; thus, stopping the creation of the portable company file.
8. Once Quickbooks restarts, your portable company file should be complete.

One of the most common questions first-time Quickbooks users ask is: what’s the difference between hosted and non-hosted Quickbooks? While they share some similarities, they are two very different types of services. Before you sign up for either hosted or non-hosted Quickbooks, you should first familiarize yourself with the features of each. Only then can you make an educated decision on which service is right for your business.

Hosted Quickbooks is a service offered through the Intuit Commercial Hosting Program that allows licensed third-party companies, such as MyVao.com, to host clients’ desktop Quickbooks. One the client has purchased a desktop version of Quickbooks, he or she can sign up for a professional hosting service through a company that participates in the Intuit Commercial Hosting Program.

Support

Non-hosted Quickbooks clients are limited strictly to Intuit for customer service inquiries. Intuit is known for offering a superior level of support, which is why so many accountants and business owners choose its products, but hosted Quickbooks offers another level of support through the third-party company. Whether need assistant with setup, maintenance, discrepancies or anything else, they’ll guide you through the process.

Performance

There’s also a noticeable difference in performance between hosted and non-hosted Quickbooks. With non-hosted Quickbooks, users are forced to rely on their computer’s processing power to perform Quickbooks-related tasks. Unfortunately, this may bog down the resources on some of the older computers, reducing their speed to a crawl. There’s nothing more frustrating that being forced to stare at a loading screen for 10 minutes.

Thankfully, hosted Quickbooks eliminates this problem by using the hosting company’s resources rather than the client’s. The client simply uses a remote desktop connection terminal to access his or her Quickbooks on the hosting company’s server. Since the actual files are installed on the server, all processes use its resources. This translates into faster speeds and better performance.

Security

Another area where hosted Quickbooks shines is security. A typical user’s Quickbooks account contains a plethora of sensitive financial data that must be kept secure at all times. Hosted Quickbooks tackles the problem of security by using advanced SSL encryption technology, preventing unwanted eyes from prying into clients’ accounts.

If your personal computer is damaged, destroyed or stolen, you can rest assured knowing that all of your sensitive Quickbooks data is stored on a third-party server. All you need to do is download a desktop connection terminal and log into the hosting company’s server.

Still struggling to reprint an existing check in your Quickbooks account?  It’s actually a relatively simple and straightforward process that should only take a couple of minutes. Nonetheless, many first-time Quickbooks users struggle to find the correct way to reprint checks. Since there’s not an option designed specifically for this reason, you have to take a different approach to reprint existing checks.

Steps To Reprint Existing Checks:

1. Click on the Banking menu at the top of your Quickbooks account screen.
2. Select Use Register from the Banking menu.
3. Scroll through the list of bank accounts from the drop-down menu and choose the one containing the check you wish to reprint.
4. Select OK to bring up the bank account register.
5. Browse through the transactions until you find the check.
6. Once you’ve located the check, highlight the number and press T on your keyboard (this is the shortcut for print).
7. Select the Record option at the bottom right and choose Yes when prompted to record changes.
8. Quickbooks will now add the check to your Print Queue.
9. Select the File option at the top of your Quickbooks screen.
10. Choose Print Forms.
11. Choose Print Checks.
12. Select the checks you wish to print and click OK.
13. Verify the correct printer is chosen and select the Print.
14. Your checks should now reprint.

Following the steps above will allow you to reprint existing checks in your Quickbooks account.

Help, My Checks Are Printing In Reverse Order

Some Quickbooks users may experience problems with their checks printing in reverse order. If you’re only printing half a dozen or so checks, this isn’t going to cause any major issues, as you can rearrange the checks once they are printed. However, if you’re printing 100 or more checks, placing them in the correct order can be time-consuming, monotonous task. So, how do you solve this problem?

If your checks are printing in reverse order, the problem is most likely due to a setting on your printer. Some printers are designed to print the last document first, resulting in a backwards stack of checks. Go into your Windows OS Control Panel, right click on the appropriate printer and select Printing Preferences. You should see an option that determines which page prints first. Select the option to print in ‘normal’ not reversed order.

Did this walkthrough help you solve your check printing problem? Let us know in the comments section below!

Most business transactions occur with customers paying for a product or service after it’s delivered. In some cases, however, customers may wish to send several payments before the product or service is delivered so they aren’t left with a hefty bill at the end. Known as prepayments, this offers a convenient way for customers to pay for large orders over a given period of time rather than all it once.

If you’re new to Quickbooks, you might be wondering how exactly to set up prepayments in your account. The standard method of recording transactions doesn’t allow for prepayments, but there are a few different ‘workaround’ solutions to solve this problem. If your business deals with prepayments on a regular basis, keep reading to learn the correct way to record them in Quickbooks.

Follow These Steps To Handle Prepayments In Quickbooks:

1. Click on the Lists button in your Quickbooks account.
2. Select Chart of Accounts.
3. Create an account for your customer’s prepayments.
4. Create a non-taxable service on the newly created prepayment account and link the two together.
5. If this is a new customer, go ahead and create a standard account for them. If they already have an account with you, skip this step and proceed to the next step.
6. Use an invoice or sales receipt to record any prepayments made by the customer. Note: you should use the item code that was originally created during steps 3-4. Just remember to set the balance at $0 so it doesn’t interfere with their actual total.
7. Once the product/service is delivered, send an normal invoice to the customer like you would for any other job. The only difference is that you’ll need to adjust the invoice total based on the total amount of the prepayments. If a customer paid $800 on a $2,000 job, then you’ll need to send an invoice for $1,200.
8. The customer should send you a payment for the remaining balance, at which point you should accept it to finish the job.

Quickbooks makes it incredibly easy to handle prepayments. There might not be a specific system in place designed for prepayments, but following the steps previously mentioned allows business owners to handle prepayments with little effort. The most important thing to remember is to adjust the final invoice based on the total amount of the customer’s prepayments.

Did these steps work for you? Let us know in the comments section below!

Setting a closing date is an important step in routine business accounting. Just as the name suggests, closing off a particular time frame prevents other users from adding new transactions, removing old transactions, or modifying key elements within that period. Thankfully, Quickbooks acknowledges the need for business owners to close specific dates. In just a few simple steps, you can easily set a closing date in your Quickbooks account.

Why Do I Need To Set a Closing Date?

The truth is that some businesses may get by just fine without setting closing dates. As long as no employees, accountants or affiliated entities modifies old transactions, there shouldn’t be any issues that arise. However, it’s those rare occasions when an employee accidentally modifies the wrong transaction that can lead to a world of trouble.

Let’s say you are preparing to file your taxes for last year based on the information recording in your Quickbooks account. If an employee accidentally modified a transaction from last year when he or she meant to modify this year’s transaction, it could throw off your taxes. This is easily prevented, however, by setting a closing date once the period has ended.

Steps To Setting a Closing Date:

1. Click on the Edit menu at the top of your Quickbooks account.
2. Choose Preferences from the available options.
3. Select the Company Preferences tab.
4. Scroll down to the Closing Date section and click on the Set Date/Password button.
5. Select a closing date for your account. While Quickbooks allows users the freedom to choose any closing date, most business owners prefer to close their accounts through a monthly, quarterly or yearly period.
6. Although this step isn’t necessary, it’s recommended that users set a password for their closing dates. This allows users to go back and edit transactions and fields in closed dates as long as they have access to the password.
7. When you are finished, click the OK button to save the changes to your Quickbooks account.

With the closing date now set for your Quickbooks account, other users should no longer be able to go back and make changes within that given period. In the event that you need to modify an old transaction in the closed date, you can use the password to access it and make changes. This is why it’s recommended to set a password for your closing dates; otherwise, you could end up hurting yourself in the long run.