Question: I want to switch to QuickBooks, but I don’t know which one to pick. I spoke to Intuit, and they say I should purchase QuickBooks Online, and it will do everything I need. Is that true? Answer: Our business is complex and unique and requires a software that can handle our complicated orders. While…
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Question: I reconcile my bank account by hand. Do I need to do it in QuickBooks too? Answer: QuickBooks does have a reconcile function on all its products. It lists all the items that you posted as bank items, and then asks you to compare these to your actual bank statements. The QB Reconcile function…
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Question: Is there a way to create both a customer acknowledgement and vendor purchase order at once in QuickBooks? I used to be able to do it in ProfitMaker, but in QuickBooks, I am having to enter information twice. Answer: Yes, there is, but you need the correct QuickBooks software and know what procedure to…
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Question: What is the difference between cash and accrual accounting? Answer: Cash or accrual accounting refers to the timing of when income and expense events are officially recorded. Cash basis means income is included in your income statement when you actually receive payment from your customer. Similarly, the expenses are recorded the date you actually…
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Question: I have QuickBooks Premier 2015. I want to upgrade to Windows 10. Will that work? Answer: I’m so glad you asked before upgrading. Technology is both a blessing and a curse, and making changes in one program can impact older programs negatively and cause them to stop working. That would be the case in…
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Question: Can I have SAGE Online integrate with QuickBooks Premier if my QuickBooks is in a cloud-based storage platform? Answer: The SAGE Online system integrates with QuickBooks well—saving time and effort; recreating orders, customers, vendors and items in QB without having to reenter the data. Unfortunately, at this writing, SAGE cannot integrate with QB when…
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Question: Is there a good time to convert from one accounting system to another? Answer: Actually, you can convert at any time of the year, but there is a “best time” that makes things as fast and easy as possible. If your fiscal year is Jan. 1 through Dec. 31, the best time to convert…
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Question: Should I put the real shipping or in-hands dates on the orders I send to suppliers? Answer: I always built in a cushion of a few days to prevent 11th hour heroics and to be prepared for client ignorance, like neglecting to tell me the event is at 8 a.m. or that they need…
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Question: How do I know how many QuickBooks Users I need to start? Answer: My advice is less. I prefer to err on the side of saving money and minimizing the number of users until knowing exactly how many users are needed. And it’s wise to have as few people as possible inside your accounting…
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Question: I have been working for a Distributor for a few years, but am thinking of leaving them and starting out on my own. What steps should I take? Answer: Starting a business from scratch has many variables to be addressed, here are four from the accountant’s perspective. 1. Be sure you are free of…
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