Archive for September, 2007
Are you backing up your QuickBooks data?
Having a current backup of your QuickBooks data is important because computer problems are almost always unexpected.
The frequency of your backups depends largely on your business. If you have just a few transactions a week, a weekly or monthly backup may work well for you. However if you have more than that a daily, or [...]
Handling returned checks from customers
The Problem:
Revenue is often recorded twice for the same amount.
How to Handle:
Create two ‘other charge’ items, both non-taxable
Returned check – account is checking account
Returned check fee – account is other misc income or offset against bank service fees expense
When a check is returned create an invoice for the customer using the two items above. The amount [...]
Recording customer down payments and deposits
Part of the “Most Common Questions” Category
The Problem:
If set up incorrectly revenue (income) is sometimes over or under recorded, or accounts receivable shows an incorrect balance.
How to Fix:
A down payment from a customer is actually a liability until the work or product is delivered. To record as such first, create an other current liability account [...]
