The Helper
Fifth Point Enterprises, Inc.March 2012
In This Issue
QuickBooks 2009 Retires
Marking Business Expenses as Billable that are Paid by Owner/Equity
Where Are Your QuickBooks Data/Company Files Located?
How Often Should you Backup?
New Hire Reports Are Required By Law in All States
POSEnterpriseProAdvisor 
 
  

Data Shortcuts

 

Hit the "t" key in any QuickBooks Date field to enter the current date. Hitting the "+" sign moves the date forward by 1 day for each tap, and hitting the "-" key moves the date backward by 1 day for each tap.

 

FREE TRAINING!!

 

If you would like FREE QuickBooks training, on your own time schedule, at your desk, and at your own pace, here's how to make it happen:  In your QuickBooks program, go to the Help Menu, and down to Learning Center Tutorials.  A Window will open that houses a collection of brief, clear, to-the-point training videos that are listed by topic.  Some of the videos are interactive, others straight videos.  These tutorials provide excellent basic training for many of the features and activities in QuickBooks.

Quick Links...
 
 
SPECIAL OFFERS FROM FIFTH POINT
 
Take advantage of our Referral Rewards Program to earn free support services from Fifth Point.  Details are on our web site.
Contact Us
 
Wanda Green
Lexington,Ky

Tammy Maxwell
Covington, Ga
770.786.8654
 
Fish
Join Our Mailing List 
To Unsubscribe
 
Go to fifthpoint.net and click on the
Remove Me From The Mailing list envelope or click on the Constant Contacts link at the bottom of the newsletter.

QuickBooks 2009 Retires on May 31, 2012

If you are currently using any version of QuickBooks 2009, it is important that you upgrade your program prior to May 31, 2012, if you use any of the QuickBooks "supported" features, such as Payroll (any version), Merchant Account, etc.  As of May 31st, these services will no longer be available to you for QuickBooks 2009.

Please call Tammy or Wanda if you need assistance with purchasing, installation or configuration, or if you have any questions about QuickBooks 2012 or the upgrade process. We will be happy to talk with you and assist you with your particular situation.

 
Marking Business Expenses as Billable that are Paid by Owner/Equity

 

One common challenge that many of us face is how to account for Business Expenses that are paid for by the Owner. A simple way to handle this is to open the register for an Equity account and enter the expense. However, QuickBooks does not allow us to mark such entries as Billable to the Customer:Job. Here's a workaround:

  1. Open the Write Checks window.
  2. Fill in the Vendor, date and any memos. In the check number field; use a code that will identify this entry as an Owner expense check that has no impact on the bank account and was paid using owner funds (i.e., OE, Owner, Equity, Exp, etc.).
  3. Fill in the Item tab with the Item, Amount and Customer:Job. Check Billable.
  4. Fill in the Expense tab with an Equity account and the amount spent as a negative. This creates a $0 check.
  5. Save and close.

Note: This is not a real check. It is important to make sure the check has a 0.00 amount. The two tabs will balance each other out if the Expense tab (using the Equity Account) is a negative amount. This will increase the Equity account to show personal funds were used, indicate the details of the payment to the Vendor, and link to the Customer:Job for reporting and billing purposes.

If you have questions about this process, give us a call or send an e-mail. We'll be happy to help.

Where Are Your QuickBooks Data/Company Files Located?

Here are two ways to locate your QuickBooks information:

  • With your QuickBooks company file open, click File > Open Previous Company (in the menu bar). Once there, you'll see where your data file is located. You'll see something like c:\Program Files\Intuit\etc.  This is called the "path."  You can then use the My Computer icon or Windows Explore to access the file in the location indicated.  If you are a Fifth Point client, you can usually find your files in the C:\Data folder.  We create a "Data" folder, on the C Drive of most of our clients' computers.

    If you work on multiple QuickBooks company files, you'll see them listed when you use this method to find your file (the number of "previous" files you see here is determined by the way you have QuickBooks configured).
  • Tap the F2 key (or use CTRL + 1). A screen will pop up that shows information about your QuickBooks file, including the location of your file.

How Often Should you Backup?


We're frequently asked how often should QuickBooks files be backed up. The answer is: Always create at least one backup every day that you use the program. You can NOT have too many backups. We recommend using both Automatic Backups and Scheduled Backups. If you're working more than a couple of hours per day in QuickBooks, we recommend performing MORE than just one backup each day. When you go for a cup of coffee or need to stretch your legs, do a backup. How much data are you willing to re-enter if you have a power failure, a virus, a hard-drive failure, etc? If you do not want to enter that data a second time, make lots of backups.
 

New Hire Reports Are Required By Law in All States

 

In 1996, Congress enacted a law called the "Personal Responsibility and Work Opportunity Reconciliation Act," or PRWORA, as part of Welfare Reform. This legislation created the requirement for employers in all 50 states to report their new hires and re-hires to a state directory.

 

New hire reporting speeds up the child support income withholding order process, expedites collection of child support from parents who change jobs frequently, and quickly locates non-custodial parents to help in establishing paternity and child support orders. Employers serve as key partners in ensuring financial stability for many children and families

.

Employers must report the following :

  • New employees: Employers must report all employees to whom the employer anticipates paying earnings. Employees should be reported even if they work only one day and are terminated (prior to the employer fulfilling the new hire reporting requirement).
  • Re-hires or Re-called employees: Employers must report re-hires, or employees who return to work after being laid off, furloughed, separated, granted a leave without pay, or terminated from employment.

 

QuickBooks  automates the process and tracks the information required, however, if you would like assistance in preparing these federally-mandated reports, contact Tammy or Wanda. We can either assist you in the preparation, or we can handle it for you.