We work with a lot of job costing clients (contractors, builders, architects, engineers, nonprofits that have grants, etc.) and though they love the additional reports that come with the Contractors, Professional Services and Nonprofit editions it's the little things that make them switch.
The biggest, and most surprising, reason – you can turn estimates and sales orders into purchase orders with a click of a button. It's hidden under the Create Invoice button, but once they discover it they're in heaven. No more double-entry, no more data entry errors. Speaking of sales orders, that's another reason why they switch – you don't get them in Pro (note: you can also turn Estimates into Sales Orders). They also really like the Invoice for Time & Expenses feature. Yes, you can do the same thing on individual invoices by clicking Add Time/Costs, but they often forget to check all the tabs and if you're using job costing correctly there will likely be billable expenses on the Items tab.
You can also assign price levels by item to customize prices for different groups of customers or jobs. If you have inventory, you can create inventory assemblies, bill of materials and units of measure. For this reason, all business that have all but the most basic inventory should be using QuickBooks Premier or Enterprise.
If you work with an accountant, and you should, they'll love the adjusting journal entries and the reversing entries. Premier also keeps a record of all your previous bank reconciliations which helps them find discrepancies.
Premier also has forecasting and business planning tools, including 5-year financial projections and What-If Analysis. It also comes with 1 year of remote access instead of 6 months for Pro.
Best of all, the price difference on Amazon isn't all that dramatic. Pro usually settles in at around $100 and Premier at $200. It's a little higher now because 2010 was just released, but prices should stabilize soon.
For the second year in a row, Intuit has given accountants a compelling reason to upgrade to QuickBooks for Accountants 2010. In addition to all the wonderful new features found in QuickBooks Pro and Premier 2010 this year, Intuit has added additional Client Data Review tools and made improvements in Intuit Statement Writer.
If you haven't yet upgraded to QuickBooks for Accountants 2009 and experienced the new client data review tool, you're in for a treat! My team and I spend most of our day troubleshooting common client data entry errors that are easy to find but can be very time-consuming to correct. That was before the new client data review tools that were introduced last year. I didn't think it could get any better, but the enhancements in the 2010 edition are incredible. It's a must-have tool for accountants working with QuickBooks – we couldn't live without it!
And for those of you non-accountants out there wondering how this benefits you – you'll end up saving money when you upgrade to 2010 because it'll take your QuickBooks consultant far less time to identify and correct errors in your data file.
Here are the new features in QuickBooks for Accountants 2010 we're most excited about:
Expanded! Client Data Review
It’s like spell check for your client’s QuickBooks files. Cleaning up errors in your clients’ files just got easier with the expanded Client Data Review (CDR) feature in Premier Accountant 2010.
On one screen you have the tools to instantly zero in on mistakes and slash the time you spend weeding through transactions and reports.
- Reclassify hundreds of transactions, or write off multiple invoices, statement charges, and financial charges from a single window
- Identify items with negative inventory in two clicks, then fix them directly in Client Data Review
- Identify and make adjustments to incorrectly set up items, including “one-sided items”
- Automatically fix incorrectly recorded Sales Tax Liability payments
- From QuickBooks Premier Accountant 2010, you can use Accountant’s Copy to fix and send back client files from QuickBooks Pro and Premier 2009
For those of you who missed it, these tools are in addition to the 2009 client data review tools which help you to:
- Troubleshoot account balances
- Review list changes
- Correct errors with accounts receivable transactions
- Correct errors with accounts payable transactions
- Find incorrectly paid payroll liabilities
- Reconcile clients accounts
- Locate discrepancies from the last reconciliation
- Set a closing date and password
Improved! Intuit Statement Writer
(included in QuickBooks Enterprise Accountant, sold separately in QuickBooks Premier Accountant)
Streamline creation of robust financial statements. Intuit Statement Writer 2010 links your QuickBooks files with Microsoft Excel8 so you can build and update professional statements directly in QuickBooks.
- Create up to 16 statements in one workbook and batch print your statements and documents
- Build financial statements on a per-class or per-job basis, or as a combination of classes
- Access over 50 statement and document templates online
- Set ANY date range for statements, including 4-week months or 13-week quarters
- Send consolidated reports to clients in .pdf format
- Create Microsoft Word-based letters, cover pages and documents in your report, and bring QuickBooks financial data into your documents
1. We had a client in 2008 that gave us a sum of money as a retainer. We took that money and applied it against an invoice which was less than the amount that was paid which of course left a credit balance on that invoice. The next invoice was generated again was less than the amount “on account” which further reduced the credit amount.
2. We hit the end of the year and there was a credit balance of $671 on their account to carry over to 2009. Again, we are on a cash basis under which there are no receivables or payables from a “reporting” perspective. However, since we did have the cash, the system created a “Virtual Accounts Receivable”
account having a -671.00 balance (a liability). This action made sense. The system had to account for that money which we didn’t earn yet as of 12/31/08.
3. Because we had the $671 in cash at the end of 2008 the system took that cash and created the $671 virtual equity account 30300 in 2009.
We would like to get that $671 into revenue and out of equity for 2009 but I don’t see any way of doing it. On a cash basis, if I create another invoice for that client for $671, the receivable will not pick up that equity amount as payment for it – it’ll remain in receivables unapplied. Please note the $671.00 30300 Members Equity figure at the bottom of the attached Balance Sheet. Can you please provide a possible solution.
- Go to Lists > Chart of Accounts and create a new currently liability account called something like retainers or customer deposits
- Go to Lists > Item List and create a new service item called retainers or customer deposits mapped to the account you created above
- Prepare a journal entry moving the $671 from the equity (debit) account to a new current liability account you created above (credit)
- Create a $0 invoice with a positive line using a revenue item and a negative amount using the retainer item created above
When you receive a retainer in the future, enter a sales receipt using the retainer item. This will increase the retainer balance as well as cash once the deposit is made. As your client draws down the balance, create a $0 invoice as explained above. This will increase revenue and reduce the retainer balance.
- Go to Reports > Custom Summary Report
- Click Modify Report
- Select your dates
- Change Display Columns by to Month
- Click on the Filters tab
- Choose Transaction Type for the Filter and select Credit Card
We’re pleased to announce that Intuit has released the new QuickBooks Point of Sale/POS 9.0 and the new features are impressive:
Ringing Up Sales
Customers can now be assigned to receipts using the Simple Receipt view, and workflows that require customers such as redeeming rewards or using charge accounts are also supported.
Coupons can now be defined along with other discount types and automatically applied to items on a sales receipt by scanning or entering the number.
To encourage return visits, you can optionally print coupons along with receipts based upon criteria such as frequency, sales amount, and more.
You can optionally prompt to email receipts when they are completed. For those customers that do not have an eâ€mail address recorded, it can be entered at the time the receipt is completed.
When selling to companies you can record the customer’s Purchase Order number for later invoicing from QuickBooks.
When ringing up a sales, you can quickly add an item not already in your inventory through a simplified item dialog, then go back in to add more detailed information later as necessary.
The Customer Center offers quick insight into your customers – how many there are, how many are returning, and how much they’re buying. Also includes the ability to create targeted customer lists for email, letters, mailing labels, or export to files.
You can create targeted customer lists to take advantage of sales information in your system, such as customers that have not made a purchase in the last 90 days, and send it automatically to Constant Contact or export it to a file for manual upload to another service.
When identifying a customer as a company, the company name appears in lists and reports instead of the company contact name.
You can now create reports based upon when a customer was added to QuickBooks Point of Sale/POS.
The discount report now includes all types of discounts (customer % off, etc.) and a new graph now includes both net and discount amounts.
You can now modify tag sizing for Avery tags.
Once you enter your estimates, you can use the Job Estimates vs. Actual reports (Reports > Jobs, time & Mileage) to see where you stand. The really nice thing about using estimates for budgeting is that they can span more than one year, unlike regular budgets which are limited to your fiscal year.
Download the latest payroll updates
- From the QuickBooks Employees menu, choose Get Payroll Updates.
Download the latest QuickBooks product release
- Before downloading the entire Maintenance Release update, verify that Payroll is marked under Options Tab in the Update QuickBooks Window.
- From File on the top menu bar, select Close Company.
- Exit any other programs you have running on your computer.
- From the Help menu, choose Update QuickBooks.
- Click on the Options tab.
- Choose Yes for Automatic Update.
- Click the Mark All button close to the bottom left, and then click Save.
- Ensure Shared Download is set to No (this may need to be switched back to Yes if the download does not complete).
- Click the Update Now tab.
- Select all updates.
- Click on Get Updates.
- A status bar displays progress and tells you when the update is complete.
- From File on the top menu bar, click Exit.
- Open QuickBooks. You may be prompted to install an update. Click Install Now, to install the update. After the installation completes, QuickBooks will continue to open. If you are prompted to restart the computer instead, click Yes.
Check to make sure your password meets EFTPS requirements
- 8 to 12 characters long
- Has at least one uppercase letter
- Has at least one lowercase letter
- Has at least one number or special character
- If it does not meet these requirements, change it on eftps.com.
Log into EFTPS website
- If the login is successful, but in reports you can view payment history and not make a payment, this means during enrollment you chose financial institution instead of STANDARD. Re-enrollment will be necessary. Select Standard (initiate payment directly to eftps). If you forget or lose your internet password or your internet PIN you should call EFTPS at 1-800-555-8778.
Attempt to make your payment again
- Make sure you do not have the caps lock key on and are entering your password with the proper case.
- Do not use any dashes or spaces in the phone number field.
- If you have previously selected the Remember my information for next time option then the login credentials that QuickBooks has remembered for you may be old and you may need to update your E-pay information in QuickBooks before sending.
- Click the View/Pay button, and then click the E-pay button.
- Unmark the box Remember my information for next time and update the information in the fields as necessary.
- You may want to verify you are typing the password correctly by opening up a word processing application, typing in your password, and then copying and pasting your password into QuickBooks.
Reset all updates except maintenance release
- From the Help menu, click Update QuickBooks.
- On the Options tab, click Mark All and click Save.
- Uncheck Maintenance Release on the Update Now tab.
- Check Reset Updates and then click Get Updates.
- Once the update is complete, recheck Maintenance Release.
- Restart QuickBooks and attempt to send the payment again.
Change password on EFTPS website
- Verify all company information and account information on EFTPS website and with EFTPS customer service at 1-800-555-4477 to ensure accuracy if the PIN and password are correct. Remember these need to match what you are using in QuickBooks, update if needed.
- Wait at least one hour and then resubmit payment.
If this doesn’t, your file may be corrupted especially if you don’t routinely backup through Quickbooks (File > Save Copy or Backup) or verify your data file (File > Utilities > Verify Data).
- Go to Lists > Templates and double-clicking on the invoice you want to modify. You can also add a new invoice by clicking on the Templates button and selecting New.
- To remove your default company address from being included, unclick Company Address.
- To add a different address, click on Layout Designer, click on Add, select Text Box and enter the address you want shown on the invoice.
- Go to Reports > Jobs, Time & Mileage > Job Progress Invoice vs. Estimate
- Click on the Modify Report button
- Check Item and/or Item Description in the Columns box
- Select the Filters tab
- Select the Detail level line in the Current Filter Choices box and change the Detail Level to All
- Select Estimate Active in the Choose Filter box and select Yes.