Accounting

Accounting Quickbooks

Extend QuickBooks’ Usefulness with Add-Ons

What do you do when an application you are using stops meeting your growing needs in a specific area? You can: a.) find a workaround, b.) switch to different software, or, c.) resign yourself to living without that feature. Fortunately, QuickBooks offers a fourth option: d.) find an integrated add-on app that will work for you. With hundreds of these add-on apps available, it’s likely you will find one that will do just what you need.

Integrated add-on apps fall into several categories, ranging from billing and invoicing to Customer Relationship Management (CRM) to inventory management to time-tracking. There are special versions designed to work with QuickBooks, and they require a monthly subscription fee.

If you’ve never worked with integrated applications before (and even if you have), it is recommended that a QuickBooks professional get these set up and running for you since their operations can be confusing at first. Let’s take a look at three of the most popular integrated add-on apps:

Expensify

From receipt tracking through reimbursement, Expensify automates the process of managing expense reports. You snap photos of receipts, and the site’s built-in intelligence will read them and enter details like merchant, date, and price in the system’s own forms. If you need to record vehicle mileage, Expensify can do that by using your smartphone’s GPS. Other features include compatibility with global currencies and taxes; notifications of travel itinerary changes; “smart” receipt-auditing (ensuring that your expense policies are enforced); and direct deposit reimbursements.


Figure 1: You can enter expenses manually in Expensify or take a photo with your phone. The site will read the receipt and transfer critical data to forms in the app. 

The service offers three price levels for small business. For $5 per user/month, you get tools that enable basic expense approval and online reimbursements. A Corporate subscription gives you that, plus advanced policy support, corporate card reconciliation, and a multi-staged approval workflow, for $9 per user/month.

method:CRM

method:CRM was actually built exclusively for QuickBooks users. It expands on the customer management tools found in QuickBooks and supports two-way synchronization. You can see real-time customer, lead, and vendor data in either application; automate lead-collection and lead-tracking, and service customers far more efficiently than with QuickBooks alone. The application saves time by streamlining workflows and eliminating duplicate data entry, and its customer and vendor portals provide safe online spaces where you and your contacts can interact, view transactions and other information, and make payments.

After a 30-day free trial, you can subscribe to one of two levels. The Contact Manager version ($28 per user/month or $25 if paid annually) offers everything except the ability to create QuickBooks sales transactions, accept online payments, and track your sales pipeline. These tools are included in CRM Pro ($49 per user/month or $44 if paid annually). Some services are available a la carte.

Bill.com

If you only process a couple of dozen bills and invoices every month, QuickBooks may be all you need. But if you have complex, transaction-heavy accounts receivables and payables that are difficult to track, you might want to consider Bill.com. A web-based application that integrates very well with QuickBooks, Bill.com is all about automation. It offers multiple ways to get your sales and expense documents into a digital format (scan, fax, email, smartphone photo) and then follows your directions as it routes them to the appropriate employees for approval. You’ll make and receive payments electronically and always know where you stand with customers and vendors, thanks to a simple, understandable user interface and navigation scheme.


Figure 2: Once you create approval policies within Bill.com, the application enforces them. 

Pricing starts at $39 per user/month, which includes accounting software integration and your choice of payable or receivable support. You can get both for $59 per user/month – plus advanced automation and approver options.

Many More

There are hundreds of others, in more targeted areas like human resources, reporting, shipping, and e-commerce. You can search or browse through the library of solutions on the QuickBooks website

If the integrated apps we described here sound too complicated for you, you may not need them. Or perhaps you do need them, but you’re not sure you could master them easily. If so, contacting a QuickBooks pro from the office is the first step. First, they will determine whether you’re using all of QuickBooks’ own tools in the problem areas you have identified. Next, the QuickBooks pro will introduce you to all of the options in that category and help you get up and running.

QuickBooks was designed for small business people, but that doesn’t mean that you’re going to understand all of its parts and how they work together instantly. If you have questions, don’t hesitate to contact the office for assistance.

Accounting

How to Use Memorized Transactions in QuickBooks

Last month’s Quick Books article explored the benefits of having QuickBooks on your desktop. Among those listed were three that impact every business. To recap, QuickBooks helps you:

  • Save time.
  • Save money.
  • Minimize errors.

There are numerous examples that could be used to illustrate how this software accomplishes this but for this month the topic is using memorized transactions. These are templates you set up that contain most if not all the information that could be repeated at specified intervals, eliminating the need for you to enter the same repetitive data regularly and reducing the chances that you’ll make a mistake.

You can create these transaction “models” for both sale and purchase transactions. For example, you might have wireless service bills that remain the same every month or vary by just a bit. Or, you have customers who have monthly standing orders for the same products, or services, or subscription fees.

QuickBooks makes it very easy to set up transactions for repetitive use, and you’ll see how it works in more detail below. We recommend you use one of QuickBooks’ sample files for this tutorial.

Creating a Template

Let’s start by creating a repeating bill. Click Enter Bills on the home page and complete all the fields that will remain the same every time the bill is created. In our example, we’re paying a utility bill whose Amount Due will change every month, so we’re leaving that blank. When you’re done, click Memorize in the toolbar to open this window:


Figure 1: Once you’ve created a transaction template, you’ll have to complete the fields in this window to memorize it correctly.

The vendor name appears automatically in a field in the upper left. Below that is a list of four options. These have to do with how/if you want to be notified when it’s time to process a memorized transaction. Your choices are:

  • Add to my Reminders List. QuickBooks will display an entry in your Reminders List for each memorized transaction. Not using Reminders? Please call.
  • Do Not Remind Me. Nothing will be done.
  • Automate Transaction Entry. You would only select this option if nothing but the date of the transaction changes when it recurs. QuickBooks would automatically process and dispatch the transaction.
  • Add to Group. If you have multiple recurring transactions that come due at the same time, you can create Groups and assign transactions to them (more on this later).

On the right side of the window, open the drop-down list in the field next to How Often and select from the options provided. Click the calendar icon to choose the transaction’s Next (Due) Date. If you only want QuickBooks to automate the entry a specific number of times, add that in the field next to Number Remaining. Then enter the Days In Advance To Enter.

Further Explanation Needed

Let’s expand on two of the concepts discussed here. First, advance notice for transactions. If you’ve selected Add to my Reminders Listfor any memorized transactions, you need to tell QuickBooks how far in advance your reminders should start to appear. Open the Edit menu and select Preferences, then Reminders.


Figure 2: If you want Reminders for memorized transactions, you’ll need to tell QuickBooks what your Preferences are.

Memorized Transactions Due appears toward the bottom of the Company Preferences list. Click on the appropriate button to indicate whether you want to see a summary or a list in your Reminders (or nothing at all) and how many days in advance the alert should appear.

Next, Groups. As mentioned earlier, you can combine memorized transactions due at the same time within a group. To create one, go to Lists | Memorized Transaction List. Click the arrow next to Memorized Transaction in the lower left, then click New Group and give it a name. Choose from the options available for notification and click OK.

Now you can add memorized transactions to this Group by right-clicking on it, selecting Edit Memorized Transaction, and clicking in the button next to Add to Group. Click the down area to the right of the field assigned to Group Name and select the one you just created.


Figure 3: You can add memorized transactions to a Group and process them at the same time.

Caution Advised

This particular QuickBooks feature has been shared with you because software like this can save time and minimize errors. There are many other features that can help you as well, so don’t hesitate to call if you would like to learn more about them.

The mechanics of creating memorized transactions are fairly simple. But mistakes can be costly in terms of bills that don’t get paid on time (or at all) and items or services that don’t get invoiced. If you’re new to QuickBooks, call for assistance as working on your own could be tricky. Even if you’re a seasoned user, you may want help setting up memorized transactions for the first time. Please contact the office if you need assistance with this or any other element of QuickBooks accounting. Help is just a phone call away.

Accounting Business

Good Recordkeeping Benefits your Business

Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

Records help you document the deductions you’ve claimed on your return. You’ll need this documentation should the IRS select your return for audit. Normally, tax records should be kept for three years, but some documents – such as records relating to a home purchase or sale, stock transactions, IRA, and business or rental property – should be kept longer.

In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return including but not limited to:

  • Bills
  • Credit card and other receipts
  • Invoices
  • Mileage logs
  • Canceled, imaged, or substitute checks or any other proof of payment
  • Any other records to support deductions or credits you claim on your return

Good record-keeping throughout the year saves you time and effort at tax time. For more information on what kinds of records you should keep or assistance in setting up a recordkeeping system that works for you, please call the office.

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Copyright All rights Reserved. Financial Dream Team, like all providers of personal financial services is required by law to inform their clients of their policies regarding privacy of client information. The information in this material is not intended as tax or legal advice. Financial Dream Team, USA, LLC is a registered business in Califronia. Provided content is for informational purposes only.

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