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Monthly Archives: March 2010

How to Apply a Vendor Credit to a Bill in QuickBooks

Hello Ruth ~ I have entered my credits for a vendor, and now I am going in to pay the vendor’s invoices. I want to use our credits ~ but our credits are not showing up when I go in to pay the bill.  Can you help me with this?  I hope you can understand my question.
Select the bill to be paid.  If there are unapplied credits the Set Credits button, which is usually grayed out, will light up.  You’ll also see numbers in the Number of Credits and Total Credits Available fields.  I recommend checking your Unpaid Bills Detail report (Reports > Vendors & Payables) at least monthly.  Unapplied credits show up as negatives on  this report.

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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!

News Flash – New Pre-Arranged eCheck Feature Available in QuickBooks

We love Check Solutions for QuickBooks, our only complaint was that it didn’t allow recurring transactions.  So we are thilled to announce that Intuit recently implemented a new pre-arranged eCheck feature.  Unfortunately, you still have to manually enter the transactions but this is a start in the right direction and I’m looking forward to the day when we can enter automatic recurring checks just like we currently can credit card charges.

Here’s the announcement from Intuit:

In addition to receiving verbal authorization over the phone, Check Solutions for QuickBooks merchants can now obtain a one-time written, signed authorization from your customers to process eCheck payments against their checking account. Simply choose from one of three provided templates to send to your customer to complete based on when and how they wish for you to charge them. Once you receive a signed copy back (either mailed, faxed, or scanned and emailed – an email alone will not suffice) you are free to conduct eCheck transactions by selecting the “I have signed authorization option” on the eCheck processing screen. Keep the signed authorization on file for future reference.

The three types of authorization templates we offer are: 

  • One-time eCheck. Use this template when a customer pays you for a one-time service or product.
  • Recurring eCheck Transactions. Use this template when you want to bill a customer for a recurring service or product, such as a lawn service or subscription. Recurring eCheck transactions must still be manually processed.
     
  • Mailed-in Check. Use this template when a customer mails you a paper check that you will use to create a keyed-in transaction IMPORTANT: Checks processed through this authorization must be received through the mail. You must void any mailed-in paper check that you use for a keyed-in transaction. If you wish, you can instruct your customer to mark the check “VOID” before sending it to you. This may increase their comfort level.

This is available to all customers currently using the Intuit Check Solution for QuickBooks eCheck and Scanning features.

According to Intuit, these templates and detailed instructions can be found in the Help feature within QuickBooks, but we had a heck of a time finding them. In an effort to spare you the time and hassle we encountered trying to find them, here they are:

If your customer is not on the phone with you at the time you wish to process an E-Check or if you would like to process E-Checks on a recurring basis without having to be on the phone with your customer each time, you must obtain signed authorization to do so. To get signed authorization to process an E-Check transaction, mail or e-mail one of the following templates to your customer. The customer fills out the required information, then signs and returns the authorization form to you. Before you send the form, make sure to enter your name in the place of [Merchant Name]. After you receive a signed authorization form back from your customer, you can process the E-Check.

Note: Always keep a customer’s signed authorization on file for verification purposes. This is especially important when a customer has given you signed authorization for recurring payments.

One-time check

Use this template when a customer pays you for a one-time service or product.

I authorize [Merchant Name] to initiate either an electronic debit or to create and process a demand draft against my bank account on or after [Month/Day/Year] for the amount of [Amount]. I acknowledge that the origination of ACH transactions to my account must comply with the provisioning of United States law. My account information is as follows:

Bank Information
Bank ABA Number [Customer's Routing Number]
Bank Account Number [Customer's Account Number]
Bank Account Type: [Checking/Savings/Business Checking]
[Customer Signature]
[Customer Printed Name]
[Date Signed]

Recurring E-Check transactions

Use this template when you want to bill a customer for a recurring service or product, such as a lawn service or subscription.

I authorize [Merchant Name] to initiate either an electronic debit or to create and process a demand draft against my bank account according to the terms outlined below.
I acknowledge that the origination of ACH transactions to my account must comply with the provisioning of United States law.

Terms of Billing

______ Starting on [Month/Day/Year] and on the [Day of Month] of each month following through [Month/Day/Year] for the amount of [Amount].
_______ Starting on [Month/Day/Year] and on the [Day of Month] of each month following through [Month/Day/Year] for the amount owed to merchant as detailed in Invoice #/#’s [Invoice #/#'s].
______ Starting on [Month/Day/Year] and subsequently debited at any time for the amount owed to merchant as detailed in Invoice #/#’s [Invoice #/#'s].

Bank Information

Bank ABA Number [Customer's Routing Number]
Bank Account Number [Customer's Account Number]
Bank Account Type: [Checking/Savings/Business Checking]
This payment authorization is to remain in full force and effect until I, [Customer Name], notify [Merchant Name] of its cancellation by sending written notice in such time and in such manner to allow both the [Merchant Name] and receiving financial institution a reasonable opportunity to act on it. [Customer Signature]
[Customer Printed Name]
[Date Signed]

Mailed-in check

Use this template when a customer mails you a paper check that you will use to create a keyed-in transaction. IMPORTANT: You must void any paper check that you use for a keyed-in transaction. If you wish, you can instruct your customer to mark the check “VOID” before sending it to you. This may increase their comfort level.

I authorize [Merchant Name] to initiate either an electronic debit or to create and process a demand draft against my bank account whenever I send a check for payment of goods or services. The amount of the debit and bank account information will be used directly from the check. I acknowledge that the origination of ACH transactions to my account must comply with the provisioning of United States law.

This payment authorization is to remain in full force and effect until I, [Customer Name], notify [Merchant Name] of its cancellation by sending written notice in such time and in such manner to allow both the [Merchant Name] and receiving financial institution a reasonable opportunity to act on it.

Bank Information

Bank ABA Number [Customer's Routing Number]
Bank Account Number [Customer's Account Number]
Bank Account Type: [Checking/Savings/Business Checking]
[Customer Signature]
[Customer Printed Name]
[Date Signed]

 


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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!

Forget the Expense Tab Even Exists in QuickBooks for Contractors

We get many wonderful comments from our readers and followers, and we appreciate every single one of them, but I couldn’t resist posting this one simply because I never imagined the power one simple phrase could have on a business struggling to understand how to do job costing in QuickBooks.  Luckily, James started his email with the permission for me to post it:

———————————

(feel free to post this…)

Ruth, thanks a million for your blog. I have pretty significant accounting experience (MBA and IT analyst roles) but, I struggled with QuickBooks job costing for a construction company I purchased two years ago. Despite my efforts, I could not get QuickBooks to provide me with a complete picture of my jobs and P&L.

I read many of your past posts, especially the ones labeled “for Contractors”. They all helped, but there was one offhanded remark that connected EVERYTHING for me:

 In the post: How to Work with Items in QuickBooks Contractors

 “Forget that the Expense tab even exists.”  That little bit of magic connected EVERYTHING I was trying to accomplish in QuickBooks. After realizing this was how QuickBooks works I:

  • Added the correct Items to track and control my business inputs 
  • Whipped my accounts into shape, including tax line mapping
  • And a bonus: Even added some non-posting items (business metrics) to track via time sheets! I just enter hours that I translate down the line to quantities. Not perfect, but it works w/out involving too many steps/external spreadsheets.  

Now I’ve got Job cost information and P&L information in sync and giving me the information to control and analyze my business. 

  • Item and Job analysis gives me detailed information for short-term analysis and control
  • P&L reporting gives my summary info for external/tax reporting
  • And they (now) tie together

Now that I’ve got it working and know what I want to see, I can now envision the time when I’ll outsource (or hire) my bookkeeping, freeing me up for better opportunities. (i.e. taking my customers to lunch!).

  Thanks again,

-Jamie Donovan, MBA

H&H Fireproofing, Inc.

 


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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 Pay a Credit Card Bill in QuickBooks

I spoke with you in the past about entering credit card charges in QuickBooks.  I figured it out, but I am coming across where I want to pay a credit card and cannot locate it in the A/P reports.  Where do I go from there?!  Hopefully I am explaining this correctly.
As you enter your credit card expenses (in Banking > Enter Credit Card Charges) you increase your credit card balance.  When you get your monthly statement, you should reconcile the account just like your checking account (in Banking > Reconcile).  Once you’ve finished reconciling, you’ll get a popup asking if you want to enter a bill or write a check to pay your credit card bill.  It defaults to the full amount due but you can change the amount.  If you select enter a bill, it’ll show up on you’re A/P.  Once you enter a bill or write a check, it’ll also reduce your credit card balance.

If you accidentally click Cancel when asked if you want to enter a bill or write a check to pay your credit card bill, you can always enter a bill or write a check manually.  Just make sure to enter the credit card account in your account field.  Paying our credit card is not an expense, only the credit card charges are expenses.


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!