The Helper
Fifth Point Enterprises, Inc.November 2010
In This Issue
Prepare QuickBooks For 2011
Featured Client-Screamin' Mimi's Salsa
December QuickBooks Classes
POSEnterpriseProAdvisor 
 
  

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Fifth Point can often offer special discounts that are not advertised by Intuit.  If you are thinking of upgrading, or considering adding services (such as the incredible Intuit Merchant Account or Payroll) to your existing QuickBooks account, be sure to contact us before purchasing.  We can probably save you some money.  Call or e-mail Wanda or Tammy for details. 

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Wanda Green
Lexington,Ky

Tammy Maxwell
Covington, Ga
770.786.8654
 
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Prepare QuickBooks and Your Accounting for 2011

 

It is that time of year . . . time to prepare your business finances (and your QuickBooks file) for 2011.  We are all beginning to think about 1099's and W-2's and Annual Reconciliations, but there are other important accounting activities that need attention now, before the start of the new year.

We recently attended an incredible day of training and education at the Small Business Bounce Back conference, featuring speakers such as UK Men's Head Basketball Coach John Calipari, representatives of the Kentucky Small Business Development Center (SBDC), and other outstanding leaders.  The first speaker (from SBDC) stressed the importance of not only having accounting software (and he specifically, repeatedly, referred to QuickBooks) but having it configured correctly and understanding the operation of the program and the reports generated.  He said not to rely on your CPA to interpret the reports and recommend action.  Your CPA provides valuable financial and tax services, but he said it is mandatory that the business owner understand the accounting activity in their organization, and be able to accurately interpret the reports and use the resulting information to effectively manage and lead.  If you need help in setting up your reporting features, or in understanding and interpreting them, give Fifth Point a call.

As we approach a new year, it is the perfect time to either (1) get your existing QuickBooks file "cleaned-up," corrected, and reorganized (if needed) so that you can go into 2011 with a more enhanced view of your company's finances, OR (2) begin using QuickBooks so that you can take advantage of the effective, efficient manner in which the program assists you in gathering financial information and producing critical reports to help you  truly understand what is happening within your business and can take needed action.

Year-End Tips and Tricks for QuickBooks Users:

  1. In QuickBooks, go to the Help Menu, and select Year-End Guide.  This is a great tool to guide you through important year-end activities.
  2. You do NOT have to "close" the books to move to the next calendar and/or fiscal year.  Closing the Books is an option in QuickBooks. 
  3. QuickBooks will automatically make year-end adjusting entries to your books, based on your fiscal year start month.  That mysterious Retained Earnings account in your Chart of Accounts will be adjusted on the first day of your new fiscal year to reflect the previous year's net income.  You start each new fiscal year with a net income of zero.
  4. Year-End is the ideal time to perform a file "cleanup."  This function gets rid of unused/old Customers, Vendors, Items, etc., so that your QuickBooks program runs more efficiently.  If you have a significant number of entries in your various Lists that you would like to get rid of, talk with us about the "Cleanup Company Data" feature.
  5. If you want or need to perform an Inventory Count, year-end is an excellent time to do it.  For assistance in handling the process in QuickBooks (and for help in managing the actual Physical Inventory Count), go to the QuickBooks Help Menu, the Search section, and type Inventory Count.  There is a series of helpful windows of information to help you.
  6. Copy your Budget to a new year.  There is a simple trick to copying an existing year's budget to a new year.  Go the File Menu, Utilities, Export, and then List to .IIF Files.  Select Budgets in the Export window.  Click OK.  Enter a filename (such as 2010budget.iif).  Open the .iif file in Excel (or similar program).  Change the year in the column "STARTDATE."  Save.  In QuickBooks, go to the File Menu, Utilities, Import, and IIF Files.  Select the file in which you just changed the date.  You are now ready to go with a new Budget for 2011.

As always, if you need help with any of your QuickBooks activities, contact Tammy or Wanda at the numbers or e-mail addresses listed in this newsletter.  We will be happy to help you.

screamin

 

Featured Client: Screamin' Mimi's Salsa, Inc.

Screamin' Mimi's is located in Lexington, KY, and has been in business since 1993, selling gourmet salsas, sauces and marinades.  Their products are marketed through a growing network of grocery and specialty food stores, gift stores and other unique venues.  In addition, their web site offers customers opportunities for specialty gift package purchases, as well as case-size purchases.  Screamin' Mimi's has grown based on a philosophy of offering quality products, fresh and natural ingredients without dyes or preservatives, at fair prices.  Their goal is to serve and satisfy the customer's expanding tastes and needs.

 

Contact Information:  Bill and Donna Madden, 1004 Red Rain Circle, Lexington, KY 40515, (859) 273-8543, FAX (859) 271-4370, e-mail:  screaminmimis@insightbb.com, Web site:  www.screaminmimis.com

 

Screamin' Mimi's relationship with Fifth Point: Bill and Donna say:  "Wanda Green has been instrumental in assisting our transition from an outdated accounting program to QuickBooks Premier.  And, while the transition is still in process, she remains readily available to assist in further training, understanding and abilities to use the QuickBooks system."   

 

Note from Fifth Point:  We have tried several of the Screamin' Mimi's products and found them to be EXCELLENT and not the typical product found in the stores-they are extremely fresh, unique, and tasty!  This is a quality local company with high standards for not only their products, but their customer service as well.  Try their products - go to their web site - you'll like Screamin' Mimi's!!  Check out their gift packages - if you give gift packages from Screamin' Mimi's, your clients/friends/family will appreciate it and remember you.

 

 

December QuickBooks Classes in Lexington

 

REMINDER about the upcoming QuickBooks classes that Wanda Green and Fifth Point will be teaching at New Horizons Computer Learning Centers. CALL TODAY to reserve your seat.  Parking is free and convenient.

 

         QuickBooks 2010 Financial Software training classes are December 9th (Level 1) and December 10th (Level 2).

         New Horizons will provide Fifth Point clients and newsletter readers a special discount.  Mention this newsletter and Fifth Point when you contact New Horizons to schedule your class and you will receive 20% off!  New Horizons is also offering discounts to companies or organizations who have multiple students attending.

         All students will receive top-quality training workbooks from New Horizons, along with top-quality training provided exclusively by Fifth Point (Wanda Green will be the instructor for both classes).

         If these dates do not work with your schedule, talk with an Account Executive at New Horizons about other possible dates.

         New Horizons in Lexington, KY contact information: Phone: 859.266-2900; e-mail: info.lexington@newhorizons.com; address: 1050 Chinoe Road, Suite 208, Lexington, KY