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Monthly Archives: August 2009

How to Do Progress Invoicing in QuickBooks for Contractors

I have QuickBooks Premier Contractor 2007. Will it let me recognize revenue by the percent complete method?
You can do progress invoicing:

1.  First, turn on progress invoicing (Edit > Preferences > Jobs & Estimates > Company Preferences)

2.  Create an estimate (Customers > Create Estimates)

3.  Create an invoice from the estimate by clicking the Create Invoice button at the top of the estimate

4.  You are given the choice to create an invoice for the entire uninvoiced amount remaining on the estimate, a percentage of the entire estimate, or different percentages for each item

5.  If needed, you can use various job cost reports, such as the Job Estimates vs. Actual report to compare your actual costs to your estimated costs, in order to determine the percentage of the job completed


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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

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How to Setup a Non-Governmental Organization in QuickBooks for Nonprofits

I am helping a NGO set up its accounting system so that it can produce multi donor reports, in different currencies, with different reporting periods.  Some of the activities are funded by more than one donor.  The NGO is regional and has offices in 3 countries. This NGO uses QuickBooks. I have set up a new chart of accounts, that is more reflective of the expenses incurred by the NGO.  The 6 donors have separate bank accounts, and I have set them up as customers.  The activities under each donor I have set up as jobs.  I noticed that there is a option for "class".   What is class and what potential does it offer?  About 6 activities are funded by more than one donor.  Can one job be shared by more than one donor/customer?  For the jobs, I would like to enter budgets. How do I do that?  For those jobs shared by multiple donors, can QuickBooks accept multiple budgets for each job, depending on each donors contribution towards it? I will be reentering all payment vouchers from January -June 2009, coded with the new chart of accounts and jobs.  The CEO is considering also reentering 2008 transactions, using the revised chart of accounts/jobs.  I would like to have both in the one QuickBooks rather then separate QuickBooks for 2008, and one for 2009.  However 2009 will be entered first, should the beginning date for starting QuickBooks then be 01/01/2008?  If so, I will just have to reinstall QuickBooks and put in the 01/01/08 date as the current one has 01/01/09. If I reinstall QuickBooks with the start date as 01/01/08, will the system allow me to enter 09 transactions?  What would you advise?  The CEO would like to be able to make comparisons for 2008 and 2009. Grateful for your assistance.  I am not familiar with QuickBooks, thus the above questions.
Classes are a way of categorizing your Profit & Loss report.  I’m not familiar with the tax reporting for NGO’s, but I believe it’s similar to nonprofits which should setup classes like this:

Unrestricted:
   Administration
   Fundraising
   Programs
      Program 1
      Program 2

Temporarily Restricted:
   Grants
      Grant 1
      Grant 2
   Designated Donations
      Program 1
      Program 2

Permanently Restricted:
   Endowment 1
   Endowment 2

When donors fund a particular program, the funds are restricted until spent on what the donor designated, so they should generally be deposited into a temporarily restricted fund.  Once you’ve spent the money and released the restriction, you should transfer the funds from the temporarily restricted fund to the unrestricted fund.  The easiest way to accomplish this is to set up an Other Expense account called “Transfer to Unrestricted Fund” and an Other Revenue account called “Transfer from Temporarily Restricted Fund”.  Create a journal entry at the end of each month using these two accounts to transfer the funding that’s been released from restrictions.   

There’s no problem if you want to use jobs and I definitely recommend using them for grants, but I wouldn’t use this as a substitution for classes.

You don’t need to re-install QuickBooks to add a new file.  Just go to File > New Company and answer the questions.  However, you might find it easier to just adjust the transactions in your current file.  The easiest way to get a list of all your revenue and expense transactions is to open a Profit & Loss Detail report.  Just click on each transaction and make the changes you want.  However, if you’ve already filed your tax return for 2008 I’d be careful about making any changes.  There’s no problem adding classes and jobs, because they won’t change your basic Profit & Loss, but if you change the revenue or expense account it might.

For fiscal year budgets, you can set up budgets by class at Company > Planning & Budgeting.  For multi-year budgets, you should use estimates at Customers > Create Estimates.  You might need to activate the feature at Edit > Preferences > Jobs & Estimates 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 Change Vendor Discount Account in QuickBooks

When you receive a discount from a vendor for paying early, and it was posted to the wrong chart of accounts, how can you change the account after it is already reconciled in the bank? Thanks.
Luckily, changing the account used for a vendor discount doesn’t affect the reconciliation status of the check. All you need to do is open the check and click the little Discount button at the bottom. It’ll bring up a popup window with the amount of the discount and the account originally used. Just change the account, click OK and then Save & Close.

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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 Setup Bonuses in Payroll with QuickBooks

I hope you can help with this question. I have searched a number of places and have not found much info. We use QuickBooks Payroll and Time Sheet feature in QuickBooks Pro 2008. My question is, we pay several employees a Supervisor Bonus that is set up in each of their respective Compensation screens. We recently started using the Weekly Time Sheets. When we then start the scheduled payroll, that bonus does not appear in the compensation window. Is there a way for the bonus to automatically pop up for each employee for each pay period so I don't have to manually enter it and run the risk of not applying it to the employee's paycheck? Thanks for your help.
1. If you haven’t already, go to Lists > Payroll Item List and create an Addition payroll item for the bonus. It's important that the payroll item be an Addition type, not a Compensation type. The Tax Tracking Type, however, should be set to Compensation.

2. Go to the Employee Center, double-click on the employee, change the tab to Payroll and Compensation Info, and add the payroll item you just created in the Additions, Deductions and Company Contributions box.


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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!