We’ve had several clients report receiving emails supposedly from Intuit with the title QuickBooks Security Notice or QuickBooks Update. These emails are not genuine. DO NOT click on the link.
Here’s what it looks like – note non-USA date formatting. It’s a dead giveaway. The link varies, but it’s never an Intuit website and every one I’ve seen this morning has an international domain (.de or .ch instead of .com). You can normally see what a link’s URL is by hovering over it. I removed it below because I don’t want anyone accidentally clicking on it.
You will not be able to access your Intuit QuickBooks account without Intuit Security Tool (IST™) after 31th of October, 2011.
You can download Intuit Security Tool here.
After a successful download please run the setup for an automatic installation, then login to Intuit Quickbooks online to check that it is working properly.
Neither option automatically tracks VAT, but you can create a separate account to keep track of it in your chart of accounts and use it on the Expenses tab. Or you can create an item that’s mapped to the account and use it on the Items tab.
In either case, it shouldn’t be an expense account. I’d either use a current asset or a current liability account (which would have a negative balance).
I normally recommend setting your preferences to Detailed item descriptions sent for customer charge account transactions only so your QuickBooks file doesn’t grow too large or end up needing more than 14,500 inventory items. But since you are already using QuickBooks Enterprise Solutions, you can choose to send detailed item descriptions to QuickBooks if you like.
What is the cleanest acceptable method for moving the deposit out of the liability account and booking it as a sale? In the past I have simply opened the original sales receipt and changed the item from deposit to the sales item, but I expect a CPA would shudder at the thought of altering a sales receipt after the fact. Plus, I run the risk of inadvertently altering the dollar amount, and that would cause all sorts of trouble.
Is there a simple solution?
Thanks much. I love your tips and tricks.
We’ve got a free 4-part QuickBooks for Job Costing series I did for Intuit a few years back. It’s at the very bottom of the page.
You can also create budgets by class or customer:job, but if the grant is multi-year I’d use an estimate instead. In this case, you’d create a customer:job and then create items for each grant phase. Then use the customer:job and the items on all your grant-related transactions including bills, checks, credit card charges (using the Items tab), and use the Job Estimates vs. Actuals report.
Total of items $xxxx.xx
Sales Tax $xxx.xx
Total Inv/Sales Receipt $xxxxx.xx
Sorted by Customer then my invoice/Sales Reeipt. And whether paid or open. I’ve tried several customizations, but can’t get the amount of sales tax to show
1. Go to Lists > Payroll Item List and edit your payroll tax items to map to the most common payroll tax account you use.
2. Create an addition payroll item called something like Allocate Payroll Taxes to Other Account. Select EZ Setup, Other Additions, and map it to the other payroll tax expense account you want to use. Don’t change any of the other defaults until you get to Gross vs. Net. Change this to gross pay. You can enter an estimated % for payroll taxes (make sure to enter the % after it) or if you want really accurate job costing you may want to create separate payroll items for each tax so you can set the % and upper limits for each one. Just don’t forget to adjust the upper limits each year.
3. Create a deduction payroll item called something like Payroll Taxes Allocated to Other Account. Follow the same steps as you did when creating the addition payroll items, except select Other Deductions as the account type and map it to the default payroll tax account.
4. Add the addition and deduction items to each employee’s with a different payroll tax account Payroll and Compensation Info tab. Keep in mind that you must enter the deduction payroll item on top of the addition payroll item or you will change the amount of net pay.