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Monthly Archives: October 2008

How to Use Shortcuts in QuickBooks

QuickBooks has a wide variety of key shortcuts that make entering your data quicker and easier.  Here are a few that of the most helpful:

Date-Related Shortcuts
T Today
+ Next day
- Prior day
W First day of the Week
K Last day of the week
M First day of the month
H Last day of the month
Y First day of the year
R Last day of the year

Notice the pattern here, are the QuickBooks programmers brilliant or what?  Talk about making it easy to remember.

Moving Around in QuickBooks 
Down arrow Move down a line
Up arrow Move up a line
Ctrl + 1 Shows important QuickBooks data
Ctrl + 2 Turn on QBWIN.LOG
Ctrl + G Go to other account register
Ctrl + H Get transaction history
Ctrl + N New transaction
Ctrl + R Go to transaction register
Ctrl + Y Display transaction journal
Ctrl + Z Drill down report/undo last change
Ctrl + > Next word in field
Ctrl + < Prior word in field
Ctrl +DownArrow Scroll through list while in form
Ctrl + Enter Record entry (if Enter moves)
Ctrl + Page Up First item/list, prior month/register
Ctrl + Page Down Last item/list next month/register
Ctrl + UpArrow Scroll through list while in form
End End of field
End End End of transaction
End End End End of register
Enter Record transaction
Esc Cancel edit, close window
Home Beginning of field
Home Home Beginning of transaction
Home Home Home Beginning of register
Page Down Scroll down a page
Page Up Scroll up a page
Shift + Tab Move to prior field
Shift Center open window
Tab Move to next field (or Enter)
Ctrl + A Chart of Accounts
Ctrl + C Copy text to clipboard
Ctrl + D Delete transaction – item
Ctrl + E Edit
Ctrl + F Find
Ctrl + I Create Invoice
Ctrl + J Customer Jobs
Ctrl + L List
Ctrl + M Memorize
Ctrl + O Copy transaction in register
Ctrl + P Print
Ctrl + Q Quick Report from List
Ctrl + T Recall memorized transaction
Ctrl + U Use item on list
Ctrl + V Paste text from clipboard
Ctrl + W Write checks
Ctrl + X Cut text to clipboard
Ctrl + Up Arrow Scroll through list entries in form
Ctrl + Delete Delete line
Ctrl + Down Arrow

Scroll through list while in form

Ctrl + Enter Record entry (if Enter moves)
Ctrl + F1 Hide / show cue cards
Ctrl + F6 Next window
Ctrl + Insert Insert line
Ctrl + Up Arrow Prior word in field
Ctrl + Page Up First item/ list, prior month/ register
Ctrl + Page Down Last item/ list (next month/ register)
Ctrl + Right Arrow Next word in field
Ctrl + Down Arrow Scroll through list while in form
Alt + Down Arrow Display list for a field
Alt  + F4 Exit program
Diamond Move list item, make sub-item
F1 Help
F2 Edit data
F5 Refresh
Space Bar Mark or unmark check boxes
+ Next day (also next form #)
- Previous day (also prior form #)


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Reconcile your Merchant Account in QuickBooks

As many of you already know, reconciling your merchant account can be confusing and even downright impossible.  This is because most merchant accounts remove the discount fee before depositing your sales into your checking account, so the amount you have in undeposited funds never matches up to your deposits.

Many simply enter the difference as the merchant account fee, but this defeats the purpose of reconciling your account–which is meant to help you make sure you’ve received all the cash you’re entitled to.  If you’re mathematically inclined, you could calculate the discount fee yourself but there’s usually different rates for in-person vs. over the phone or Internet sales, which just adds to the confusion.

The easiest way to reconcile your merchant account is to use QuickBooks Merchant Services which has built-in tools that help you reconcile your account.  But many people already have a merchant account they’re happy with and don’t want to switch.  In this case, simply call them up and ask them to switch your account to “gross daily settlement”.  Once you do this, 100% of your sales will be deposited into your checking account and all the discount fees will be debited from your checking account once per month.  If properly managed, this will also help your cash flow-just make sure you have the funds in your account to cover the monthly fees when the time comes!

If your merchant account provider refuses to switch your account, it’s probably time to reconsider using them.  QuickBooks Merchant Services offers QuickBooks ProAdvisors like me special rates so if you’re interested in switching, contact me at ruth@theQBspecialists.com for a free consultation.


Get free QuickBooks support and training!
LinkedIn   Google+   FaceBook

This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Enter Payroll Prepared by an Outside Payroll Service in QuickBooks

Even though QuickBooks offers several integrated payroll services, many businesses choose to continue using an outside payroll service like ADP or Paychex.  But this often leads to confusion about how to enter payroll into QuickBooks.  Some choose to re-enter the entire payroll in the Employee Center.  Others want to save time by entering it as a journal entry, but don’t know how to enter it correctly. The problem is that the amount deducted from your checking account for payroll never matches up to your total salaries paid.

  • If you  handle your own payroll taxes, the amount you pay your payroll provider is lower than your salary expense because of employee deductions.
  • If your payroll service handles your payroll taxes, the amount you pay is higher because employer-paid payroll taxes are tacked on.

The key to entering your payroll correctly is to understand the difference between gross and net payroll.  Gross payroll is the total amount you pay your employees before deductions.  This is your payroll expense.  Net payroll is what your employees are paid after deductions.  This is a mixture of payroll expense and payroll liabilities that need to be paid sometime in the future–things like state and federal payroll taxes, medical insurance, 401(k) contributions, etc.  These things are not payroll expenses because your employee is paying them rather than you.

Journal Entry if you Handle Payroll Taxes

Memorize the following journal entry and enter it each time you get a payroll report from your payroll service.  You will probably need to add a few accounts.  Salaries & Wages is an expense account, the accounts for the employee deductions are current liabilities:

DebitCredit
Gross Payroll
Federal Taxes Withheld
FICA Withheld
Medicare Withheld
State Taxes Withheld
Employee Medical Deduction
Employee 401(k) Deduction
Any other Deductions made
Net Payroll paid

Account
Salaries & Wages Federal Income Tax FICA Medicare State Income Tax Medical 401(k) Other Deductions Checking Account

When you pay your payroll liabilities, you book the employee-paid portion to the associated payroll liability account and the portion you pay as a payroll expense.  For instance, when you pay your FICA taxes, you’d book half of the amount to the FICA payroll liability account and the other half as payroll tax expense.

Journal Entry if your Payroll Service Handles Payroll Taxes

Memorize the following journal entry and enter it each time you get a payroll report from your payroll service.  You will probably need to add a few accounts.  Salaries & Wages, FICA and Medicare are expense accounts, the accounts for employee deductions others are current liabilities:

DebitCredit
Gross Payroll
Employer-paid FICA
Employer-paid Medicare
Employee Medical Deduction
Employee 401(k) Deduction
Any other Deductions made
Net Payroll paid

Account
Salaries & Wages FICA expense Medicare expense Medical 401(k) Other Deductions Checking Account

When you pay your payroll liabilities, you book the employee-paid portion to the associated payroll liability account and the portion you pay as a payroll expense.  For instance, when you pay your FICA taxes, you’d book half of the amount to the FICA payroll liability account and the other half as payroll tax expense. Still confused?  Consider switching to one of the QuickBooks Payroll Solutions.  Contact me at ruth@theQBspecialists.comfor a free consultation to see which one is right for you.


Get free QuickBooks support and training!
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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!