Minutesmatter & Minutesmatter
Solutions,
Inc.
December 2003 - Vol. 1 No. 12
Saving Downloaded Files
Have you ever downloaded a file, only to wonder where the computer saved it. I save all downloaded files to my Windows Desktop so they can always be found. That way you can always find your file. In fact, I use my Desktop for a temporary holding place when working on projects. Your Desktop is the quickest place to locate a file. Yes, that means you will on a regular basis need to delete or file those items on your Desktop to keep a tidy Desktop.
Since we are talking about the Windows Desktop, I also recommend putting a shortcut to "My Documents" in your Windows Taskbar. Click on the Start button, highlight My Documents, press Ctrl and drag My Documents onto the Windows Taskbar; a shortcut is placed on the Taskbar to My Documents.
Be sure you have added those icons to your Windows Taskbar, which we discussed in the June Newsletter, to make your Desktop even more efficient. Also, remember you can access your Desktop quickly by right clicking in a blank space in the Windows Taskbar and choosing Show the Desktop.
Q
u i c k B o o k s T i p . . .
A New Year - Time to Start a New Company in QuickBooks?
There are several reasons to start a new company. 1. It has been over three years since you started a new company. 2. Your data is not correct; transactions have been entered incorrectly. 2. Some functions in QuickBooks have stopped working properly. 3. It takes a long time to calculate reports. Starting a new company in QuickBooks gives you a clean slate; all registers will reflect accurate balances.
The first of the year is a great time to start a new company; most bills have been paid, most projects are complete. The final reason, our industry usually has extra time or organize our paperwork at this time of year. One downside to starting a new company; you will have to create all new forms, yes, that means your customized invoices, estimates, etc. will have to be recreated. Another downside, existing estimates cannot be imported into your new company.
BONUS: If you have previously purchased the Minutes Matter QuickBooks System, you can email us and we will email you our current Item Codes. (If you want to keep your Item List, you cannot import the updated Item codes from Minutes Matter; numerous duplicates would be created.)
I recommend starting a new company instead of condensing data. When you condense data your data is summarized. When you start a new company all your previous data is readily available; click File, click Open Previous Company. You can also export one or all your lists from your old company. For example some people export only their Customer List; since their Vendor List may be in a mess. The Vendor List can get overly cluttered when every company is saved. Not all companies are vendors; only companies you have an account with should be considered as a vendor. All other companies i.e., Wal-Mart, Sam's, etc. should be saved to the Other List.
Ready, set, let's get started:
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I am assuming you will use January 1, 2004 as your start date.
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First thing you will need is the latest bank statement from your checking account, ending after December 31, 2003. Reconcile the bank statement in your existing company. You will need to enter all uncleared checks after your new company is set up. Since you need your bank statement, it may be mid-January before you can start your new company. You can get your statement information sooner when you have access to your banking information online.
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You also need credit card statements with a date that ends BEFORE January 1, 2004. Reconcile all credit card statements. You will need to enter all uncleared charges after your new company is set up.
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Following is information you will need from your existing company: A report to get customer balances as of December 31, 2003, click Reports, click Customers & Receivables, click A/R Aging Summary. Another report for Sales Tax balances (if you did not pay them by December 31, 2003) click Reports, click Vendors & Payables, click Sales Tax Liability. The amount of Sales Tax you owe as of December 31, 2003 will be entered during the interview as an opening balance to your Sales Tax vendor. You will also need balances as of December 31, 2003 from your checking account, credit card and any other accounts that you are going to enter with an opening balance. Write down your Federal ID, State Sales Tax number and name of agency to whom you will issue the check. Names and balances of client's that have a balance as of January 1, 2004. (Do not make another invoice for these clients; during the interview, QuickBooks will ask you to enter these opening balances.)
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Export all desired lists from your old company. Click File, click Utilities, click Export and check the lists you want to export.
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The interview: click File, click New Company; and you are on your way. (Remember, during the interview if you make a mistake you can cancel anytime and start another company.)
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Name your new company i.e., Debbie's Designs (2004); this will distinguish between companies.
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If you are importing an Item List and Chart of Accounts, click the Skip Interview button, type your company information, choose No Type for the Chart of Accounts (since you are going to import your previous one). Import your Chart of Accounts and Item List, then return to the interview, click File, click Easy Step Interview.
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If you are not going to import a Chart of Accounts you can choose Retail for your type of business or Service Business if you only provide a service for clients and do not sell any products.
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Continue through the interview answering the QuickBooks questions. You may leave the interview at anytime and return by clicking File, click Easy Step Interview.
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When you come to the question on Progressive Invoicing select No. Activating this feature reduces quantities by half when you receive a deposit and can make an invoice very confusing.
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Select Yes for Time Tracking.
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Select Yes for Classes if you have segment of your business you track separately i.e., slipcovers or for Designers i.e., window treatments.
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Choose Cash Basis for Reporting; most accountants recommend small businesses pay taxes on a cash basis. Check with your accountant for clarification.
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When QuickBooks ask if you want to add an Income & Expense account say No. Also, say No to adding all items.
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In the Opening Balances section, add the names and balances of your credit cards, checking account, money market, line of credit, loans, customers, sales tax vendor, etc. (Of course, you only add companies that have an opening balance i.e., if you do not have clients that owe you money you would select No.)
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IMPORTANT TIP: If you exported your Customer List and one of your customer's had an opening balance QuickBooks will make you change the name; just add "2" after the name. After finishing the interview go into the Customer List and double click on the customer name with a "2", backspace off the "2". QuickBooks will ask you if you would like to merge the two names say Yes. This would also apply to your checking account if you imported a Chart of Accounts which already has a checking account.
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Now the fun begins!
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Enter all uncleared checks in your checking account and uncleared charges in your credit cards registers. VERY IMPORTANT: Make sure the dates are correct on uncleared checks; this will create correct reports i.e., if a check was dated 12/20/2003 it will not affect your P&L for 2004 since that check was dated in 2003.
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Check all registers to make sure the balances are correct after you enter those uncleared items.
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Set your Preferences up correctly, click Edit, click Preferences.
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Set up your Icon Bar to maximize your time in QuickBooks, click View, click Customize Icon Bar.
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Re-create all your customized forms.
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Create invoices for any job created after December 31, 2003. You should not have duplicate invoices in both the new and old company or you will end of paying double taxes.
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Record bills you have received from vendors and are not due; simply write a check if bill is due.
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If you imported any lists from your old company, you can clean up lists at this time by deleting unwanted entries. As you know, once a name or item has been used in a transaction it cannot be deleted; it can, however, be made inactive.
WOW you are done! That is all there is to it!! Now you have a cleaner, sleeker, faster QuickBooks.
