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Monthly Archives: June 2009

Setting Up Our Current Merchant Account with QuickBooks

I am trying to set up my QuickBooks to charge customer’s credit cards through our current payment gateway. Every time I try to charge, it takes me to QuickBooks Merchant Services, and tries to sell me their kit or services. We don’t want to change our current payment gateway. Our current gateway is Verisign Payment Pro and our credit card processor is First Data. The QuickBooks we currently use is QuickBooks Premier: Wholesale and Manufacturing Edition 2009. Please help us with your expertise. Thank you.
You can’t process your credit cards through QuickBooks unless you use QuickBooks merchant services.  You can, however, process them manually outside of QuickBooks and just enter them as a credit card payment (without entering in the credit card number).  Check with Verisign to see if there is a way to download the payments into QuickBooks, but you’ll probably still have a problem matching them up to specific invoices.

Some other things to be aware of. You’ll also have to batch your deposits manually, QuickBooks can only do it for you automatically, when you use their service, and it’s not easy to batch manual credit card deposits to match your bank deposits. Make sure to post separate deposits for Amex, Discover and MC/Visa because they are each deposited as separate transactions on different dates (Amex, for instance, takes a few days longer to deposit than MC/Visa). You should also ask your merchant service provider to use gross deposits (fees debited in a separate transaction) instead of net deposits (fees deducted from the deposit) otherwise reconciling your checking account is going to be a nightmare, if not impossible.

Using QuickBooks merchant services will save you a lot of time, so you should consider it. Intuit can generally match whatever pricing you currently have, plus I can get the first two months of monthly fees waived, if you’d like to try it out. You can always go back to your old provider if you aren’t happy with it.


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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 Allocate Payroll Taxes in QuickBooks

New payroll items are mapped to an expense account in QuickBooks called Payroll Expenses, but you can edit your payroll items so they post to any expense account you wish.  However, each payroll item can only be mapped to one expense account which causes problems when you want to allocate field labor to cost of goods sold and admin labor as a regular expense.

You can get around this by establishing two payroll items for each of your payroll expenses – one mapped to a cost of goods sold account, another mapped to a payroll expense account – with one important exception, payroll taxes.  Because QuickBooks requires that you use one payroll item for each federal and state tax, you are forced to choose between mapping your payroll taxes to an expense account and understate Cost of Goods Sold or a Cost of Goods Sold Account and understate Payroll Expenses.

Many QuickBooks consultants recommend that you prepare a journal entry each month to move your payroll taxes into the correct category.  But there is a way to automate this.

1.  If you haven’t already, create payroll tax accounts under cost of goods sold and expenses.  Go to Lists > Chart of Accounts, click on the Accounts button, and select New.  The cost of goods sold type is one of the Other Account Types.  You may want to create sub-accounts for each payroll tax.  You can do this by creating a parent account called Payroll Taxes, checking the box next to Subaccount of, and entering in the Payroll Tax account when creating the sub-accounts.  Note: the sub-account types must match the parent account selected.

2.  Go to Lists > Payroll Item List and edit your payroll tax items to map to the Cost of Goods Sold payroll accounts you created above.

3.  Click on the Payroll Item button and select New.  Create an Addition payroll item called “Allocated Admin Payroll Taxes”.  Select EZ Setup, Other Additions, and map it to your regular payroll tax expense account.  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.

4.  Create a Deduction payroll item called “Admin Payroll Allocated to Admin”.  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 your cost of goods sold payroll tax account.

5.  Add the addition and deduction items to each admin employee’s Payroll and Compensation Info tab.  Note: you must enter the deduction payroll item on top of the addition payroll item, or you will change the amount of net pay.

6.  When you create paychecks for these employee in the future, the addition payroll item will increase regular payroll expense, and the deduction payroll item will decrease cost of goods sold by the same amount.  You can also edit prior paychecks by unlocking them.  Just make sure that the deduction item is ALWAYS listed first.


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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 Handle a Maxed Out Item List in QuickBooks

By making an item inactive, will this remove it from the item count? I have maxed out my item list with Premier and do not want to convert back up to Enterprise, because the cost is so significant. We have at least 5 years of inventory in QuickBooks that can be downsized, and a number of items that were entered incorrectly, under the items list that I can’t get rid of. I just had our system converted from Enterprise 6.0 to Premier 9.0 and the only issue I am having is the item list.  What can you suggest for me????  Thanks!
Unfortunately, making an item inactive doesn’t reduce the number of items accounting toward the 14,500 maximum in Premier.  Your best long-term solution is Enterprise, but there are a few other things you can try. 

  1. This will probably be really time-consuming, but you can cleanup your items by deleting and/or merging your items. To delete, just right-click on the item and select delete item (this is only available if the item has never been used). To merge, change the name of one item to the same exact name as another.
  2. You could start a new file, with only the items you’re currently using.
  3. You might also want to consider using POS, which has an unlimited number of items and is less expensive than Enterprise. Just make sure to set the preferences to send information to QuickBooks in summary, instead of detail.

We are Intuit Solutions Providers, so we can get you the best prices on either Enterprise or POS, if that’s something you’d like to explore further.

Thank you for your quick response.  What do you mean by starting a new file?  Do you mean start a whole new company? Where do I find more information on the POS you mentioned?
You can have more than one file for a company, you just have to give the files different names. You can easily export/import your lists (customers, vendors, items, etc.) once they’re cleaned up. Transactions are more difficult, though not impossible, so it’s usually best to do this at the beginning of your fiscal year.
You can get a brief overview of QuickBooks POS program on our website. I can also send you a free 30-day trial if you would like to play around with it.

 

What is the best way to transfer data to the new company?
You can export/import any of your lists at File > Utilities


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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 Change Report Dates in QuickBooks

When pulling reports, they default to today's date. How can I pull them for the date I want, without having to change the date and recalculate?
Set the dates you want and then click the Memorize button. If you’re always pulling the report for the previous week or month, you can set that in the Dates box, so it will always automatically change the dates to the period you’re looking for. 

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!