July 12th, 2010
Posted By lacrews
We have had a number of requests about how to handle petty cash in QuickBooks. Although we touched upon this subject in one of our October blogs, it was an overview of the subject.
Tracking petty cash transactions can easily turn into a nightmare if you don’t stay on top of it. We have seen petty cash managed well and managed not-so-well by non-profits and for-profits alike. Have a responsible person in your office maintain a log with dates/names/amounts of cash that is removed and put back in the cashbox at all times. Ideally, this person is not the same person who is requesting the petty cash. In QuickBooks, your Petty Cash account transactions should be able to recreate the flow of funds coming in and going out. And, ultimately, the balance in your QuickBooks Petty Cash account should equal how much petty cash is in the cashbox of your office.
Here’s an example setting up the QuickBooks Petty Cash account :
1. Set up Petty Cash in QuickBooks Chart of Accounts as a Bank type
2. $200 cash is withdrawn from business’s checking account and put in the office cashbox: in Write Checks window enter check number or “ATM” and select Petty Cash account from drop down window on bottom part of the check form
Here’s an example of how to handle a cash purchase occurring on the same day as the cash request:
1. “Mary the Manager” requests petty cash from the office cashbox in order to buy some paper for the office.
2. “Mary the Manger” gives the store receipt and change from her purchase to “Betty the Bookkeeper”. If there is a special Customer:Job or Class to be used, “Mary the Manager” records this information on the back of the store receipt.
3. Any money that “Mary the Manager” has leftover from her purchase is brought back to the cashbox.
4. “Betty the Bookkeeper” opens the Petty Cash Register or Write Checks (selecting the Petty Cash bank account, of course!) window in QuickBooks and enters ”Mary’s” purchase transaction.
5. “Betty the Bookkeeper” files the receipt with the rest of her petty cash records
Tags: bookkeeper, bookkeeping, cashbox, church non-profit accounts, office, petty cash, petty cash for purchases, QuickBooks, transactions
Posted in Quick Tips, QuickBooks, Real Life Business Issues, Small Business Advice
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July 9th, 2010
Posted By lacrews
Do you sell gift certificates? You should be tracking your gift certificate liability; that is, how much in gift certificate sales your customers are entitled to redeem in the future.
If Ms. Smith buys a $100 gift certificate from you then comes back a month later and makes a purchase, how will you record these transactions in QuickBooks?
Before Ms. Smith even shows up on your doorstep, you will need to create a new Other Liability Account called “Gift Certificates Sold” or similar. Then, set up two new items on your Item List: one for sales of gift certificates and one for customer redemption of a gift certificate. Both of these new items will point to the same new account: “Gift Certificates Sold”.
Now, here comes Ms. Smith with her $100 ready to buy your gift certificate. Enter her gift certificate purchase in the Create Sales Receipts window using the new Item you created for sales of gift certificates. You have now increased the “Gift Certificates Sold” liability account by $100.
Next month, Ms. Smith buys $100 worth of product/service from you. In the Create Invoices window, you will have two lines on the invoice. The first line lists the Item that corresponds to the product/service she is purchasing today for $100. The second line on this invoice is the other new Item you created for customer redemption of a gift certificate in the amount of -$100. Save & Close, and this invoice completes the accounting for this gift certificate: you decreased the “Gift Certificates Sold” liability account and booked the income on your product/service.
If you set expiration dates on the gift certificates you sell, periodically you or your accountant will make a journal entry to move the amount of expired certificates from the “Gift Certificates Sold” liability account to an Income account.
Tags: accountant, gift certificates, gift certificates sold, item list, lacrews bookkeeping, learn quickbooks, liability account, QuickBooks, redemption of a gift certificate
Posted in Quick Tips, QuickBooks, Real Life Business Issues, Seminars & Instruction
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July 5th, 2010
Posted By lacrews
LaCrews Bookkeeping has expanded its services to include Customizable Web Apps for QuickBooks.
Revolutionize how your company uses QuickBooks by adding customized web-based applications that extend your data into the cloud. An unlimited number of employees, vendors, and customers can securely access and update information from anywhere with each change being synced in real-time.
Improve sales and cashflow by implementing a Customer/Donor Relationship Management (CRM) solution that is integrated with QuickBooks & Outlook and fully customizable. Track Campaigns, Opportunities, and Activities.
Improve your overall efficiency by combining all business management systems in one central place. Imagine your sales team invoicing their own customers. Imagine inventory from multiple warehouse locations being up to date. Imagine scheduling your field crew’s daily work from your home office through their mobile device.
Bring us your biggest business challenges!
Tags: cloud, crm, customized, donor management, inventory, outlook, QuickBooks, sales and cashflow, web apps
Posted in QuickBooks, Real Life Business Issues, Sales & Networking, Small Business Advice
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July 4th, 2010
Posted By lacrews
LaCrews Bookkeeping wishes everyone a safe and happy holiday weekend! :) Our offices will be closed on Monday, 7/5/10, in observance of the holiday. We will reopen on Tuesday, 7/6/10.
Posted in Real Life Business Issues
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June 29th, 2010
Posted By lacrews
Due to the tremendous response, we are turning our Jammin’ June Special into our Jammin’ Summer Special! Take advantage of our free On Demand QuickBooks training course until the end of the summer.
You’ve told us that there’s a real need for convenient and comprehensive QuickBooks training. We invite you to continue to visit our training video library for new additions showing practical QuickBooks applications. If you have a video suggestion, email us.
Thanks to everyone who helped us spread the word and have given us the feedback to continuosly improve our On Demand QuickBooks training course!
Tags: free QuickBooks training, free quickbooks training online, free quickbooks tutorial, learn how to use quickbooks, learn quickbooks, learn to use quickbooks free, online quickbooks training free, online self paced quickbooks training, QuickBooks, quickbooks online, quickbooks video instruction
Posted in QuickBooks, Real Life Business Issues, Seminars & Instruction, Small Business Advice
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