Tag Archives: quickbooks

Should I Void or Delete a check in Quickbooks?

Should I Void the check or just delete it, what difference does it make?

If you delete a check you’re basically saying the transaction never happened. Transactions should only be deleted when you’ve made a simple mistake.

Let’s say you wrote the check for the wrong dollar amount but haven’t printed it yet. In this case its OK to delete the transaction and re-enter it because the transaction hasn’t actually happened and won’t until you actually print the check.

To delete a check in Quickbooks:

While in the check writing screen, go to edit and select delete check.

If a transaction has already occurred, meaning you’ve printed the check you will need to void it. For example, you issued a check to a vendor to pay for all the supplies you bought only to realize you paid them to much. You need to void the wrong check and then re-issue a check for the correct amount. If the check had been used to pay an invoice, then voiding that check will also reverse the payment for that invoice, returning it to an unpaid status.

When you use the void function in QuickBooks its keeps the check number, name of the vendor, and date for you. The check shows a zero dollar amount in the register and you can use the memo field to note the reason you voided the check.

To void a check in QuickBooks:

While in the check writing screen, go to edit and select void check. If you’re in the check register, select the check, go to edit and select void bill payment-check.

By voiding instead of deleting you are removing the financial effect of the transaction, but keeping a record of the transaction. In other words you won’t have gaps of missing check numbers in your check register. It’s a good practice to be able to account for all your check numbers for control purposes.

Thanks for reading and if you have any questions shoot me an email!

Small Business Taxes..the subject we don’t want to read about but should!

It’s tax time again. That dreaded time of year when we all cringe whenever we hear the word! Over at Business Darlings I’ve written a few posts on the subject and figured it was time to share over here!  Read the summaries below and then take the time to read and educate yourself, I tried to make it as painless as possible.

A Quick List to Prepare Yourself for Tax Time!, gives you a brief rundown on some of the basic items you need to get yourself prepared before going to that appointment with your tax professional or accountant.

A QuickBooks Tax Tip and list of Deductible Business Expenses, talks about tagging your deductible business expenses in QuickBooks. I also share a list of some of those common expenses and the link to June Walkers book about taxes Self Employed Tax Solutions. I think it’s a great book on taxes, a subject that we  don’t want to read about but know that we really should. June makes it a little easier.

In my Happy New Year post I shared a post from last March called It’s that time of year again! The post asks how your going to prepare your taxes.  It talks about the different solutions out there for preparing your taxes and directs you to one of the best articles I’ve read on the subject called Tackling Small Business Taxes.

Happy Reading and Have a great day!

Organize your bills! A few simple suggestions.

Does the thought of organizing and paying your bills make you cringe. You might have receipts everywhere, in the car, crumbled in your purse or wallet, and the invoices that need paying are probably buried in the papers on your desk or email box. Does this sound like you? Here are some suggestions in how to organize all that paperwork and handle the accounts payable side of your bookkeeping.

1. When you receive invoices that need to be paid, immediately place them in a folder, either in a file drawer or the in-box on top of your desk, labeled invoices or bills to be entered . Set aside some time at least once a week to enter them into your bookkeeping software. After you’ve entered the invoices, file them in a to-be paid folder. Depending on how many invoices you have, you can file them all in one folder or alphabetically by vendor. If you are going paperless, scan the invoices into your computer and file them the same way, in a file folder for Vendor invoices to be paid on your desktop.

2. Before you can enter any of these invoices and bills you’ll need to create a chart of accounts. Keep your chart of accounts simple. The chart of accounts is a listing of all your balance sheet accounts(assets and liabilites) and your income statement accounts(income and expenses). You’ll use these accounts when entering your transactions. Most accounting software packages will suggest a basic chart of accounts for you to start with. You can then add or delete accounts as you see fit.

3. At the same time your entering invoices to be paid, briefly look at any unpaid invoices you’ve already entered to make sure they aren’t due to be paid this week. Instead of looking at the invoices manually, run a quick unpaid bills report. You can then either print any checks needed using your software or pay them using on-line banking. On-line banking is a free service with most major banks, and you can enter the amount of the invoice and schedule it for payment before the due date. And with many accounting software packages you can accomplish this right within the software itself. The benefits of online bill pay is that it saves on postage and also by scheduling before the due dates you’ll avoid any late fees. Just remember if you pay the bills directly from your bank website, you will also need to enter those payments in your accounting software.

4. Reconcile your bank statements monthly. Try setting up time on your calendar the week the statement is received. You don’t want to put this task off because the longer your accounts stay unreconciled the harder it will be to find errors. If you have been disciplined in entering your transactions each week, it shouldn’t be a time consuming process and can easily be accomplished using your software’s reconciliation function.

5. Don’t forget your credit card purchases. If you’ve set up your credit cards as accounts they will need to be reconciled on a monthly basis the same way you reconcile your checking account. So be sure that you’ve been entering the charges daily or weekly. Credit cards statements can also be treated as regular bills, where you enter the bill for payment just like the rest of your monthly bills. If done this way you obviously won’t have an account to be reconciled every month.

6. If you use PayPal, you also need to set up this account similar to how your checking account is setup. And it will also need to be reconciled each month. With PayPal you can download the monthly reports for reconciling. To keep yourself current though I would also recommend doing this on a weekly basis to record any deposits and payments, and then reconcile on a monthly basis.

We’ll talk about handling your accounts receivable another time. We don’t want to forget that. You have to be invoicing customers and making deposits to pay all those bills we just talked about. Are you feeling frustrated and flustered with the thought of bookkeeping? Don’t worry, your not the only one. I think most business owners consider bookkeeping a dreaded task and put it off as long as possible. Unfortunately it’s not something that can be put off altogether unless you decide to outsource to someone that actually enjoys bookkeeping. Even then you shouldn’t ignore it completely, to effectively run a business you need to know what’s going on in every corner of it.

How do you stay organized? I’d love to hear your suggestions.

Who is Making a Big Deal out of Small Business?

Every week it seems I come across a new website full of information for the Small Business owner and Entrepreneur. Websites that you could lose yourself in for hours reading and learning about different topics such as: bookkeeping, small business taxes, marketing, and social networking. Since I’m sure that I’m not the only small business owner always looking for new idea’s to benefit my business, on a weekly basis I’m going to share a favorite website that I’ve found to be worth exploring.

This week that website is Small Biz Bee where they are “Making a Big Deal Out of Small Business.” They share all kinds of lists, video’s and idea’s that I’m sure you’ll find beneficial to your business.

Take a few minutes to explore and then let me know if you liked the site. And if you have other suggestions for good websites geared towards small business owners please share them in the comments. Thanks!

Are you one of the guilty ones?

Are you one of those business owners guilty of shoving all your receipts into a drawer to deal with later?

Why not shove them all into an envelope on a weekly or monthly basis and send them to Gem’s Virtual Office instead!

I’ll use QuickBooks software to post and record your income and expenses for the month. You’ll receive monthly reports so that you are always up to date on how your business is doing! If you want to go a step further, I’ll balance and reconcile your banking and credit card accounts, invoice your customers, pay your bills and more.

Let me take some of those nail biting, hair pulling hours away from you! Take the time to sit back and relax or, spend those extra hours building your business further.

So are you one of those guilty ones? Contact Gem’s today for additional information and a free consultation at deb@gemsvirtualoffice.com I look forward to hearing from you.

How are you handling your monthly bookkeeping tasks?

Sticky Business Task 3…pricing your product or service.

Task 3 of the Sticky Business Contest asks us to outline how we will price our products or service. Just a reminder I’m not actually participating in the contest, I’m just following along and completing the tasks myself. Which you can also do, you’ll find all the tasks by visiting Men with Pens and looking at the posts having to do with the Sticky Business Contest. Here is how I determined the rates for the services provided by Gem’s Virtual Office.

“Deciding what to charge for your services,  is probably one of the most important decisions you’ll  ever make when it comes to your business. You of course want to make a profit, but at the same time you don’t want the per hour charge to be set so high that it turns potential clients away. In deciding how much to charge per hour for Gem’s services I relied on several different sources:

The first thing I did was to start researching the virtual assistant industry. On both Virtual Assistant Forums and VANA,  which are two forums I belong to,  rates are discussed almost on a daily basis. Someone always has a question on what they should charge. I spent a lot of time going through the numerous threads on the subject and asking questions. I then began looking at other Virtual Assistant’s websites to see what they were charging. I looked for VA’s that had comparable experience and services to mine and took an average of that.

In reading all the threads on the forums, I came across a recommendation for Freelance Switch’s Hourly Rate Calculator. It’s a pretty simple tool to use and only takes about a half hour to complete after you gather the information to fill in all the blanks. So I did all the math and came up with their suggested rate.

I then took another step and researched rates in my local area to see if what I had come up with rate wise was within reason. And they were, so finally, I took the average from my virtual assistant research and the suggested Freelance Switch rate, which were pretty close in number, and decided to vary the rate depending on the services that a client requires. Determining your rates should not be a quick decision. Do the research first and use one of the many rate calculators that are available online to help you.

On Gem’s website you will find a Rate Comparison Chart, which compares the rates of working with a Virtual Assistant vs. hiring an employee.  Take a look at it and see how working with a Virtual Assistant can save your business money today!”

That’s it for Task 3, can’t wait to move onto Task 4. I’d love to know if you’ve been following the contest and participating yourself. And if you haven’t why not get started today! Thanks again to Men with Pens for letting everyone benefit from this contest!

My Sticky Business Task 1

Are you following along with the Sticky Business Contest over at Men with Pens? As mentioned in a previous post the contest is well underway and you can no longer enter, but you can follow along and complete the thought provoking tasks for yourself just as I’m doing.

Task #1 was to write a brief overview of your business concept in 200-350 words. Explaining the business type, services, where you’ll find customers, how they will hear about your business, and how will they take delivery and pay for your services. Here’s my completed task.

Gem’s Virtual Office is a small business owned by Deborah Frawley of Williamson, NY. It was originally opened as a virtual business offering bookkeeping and administrative services to small businesses and individuals needing an additional person to help them manage and grow their business. Today Gem’s is not only virtual, supporting businesses in any location, but also a local business, offering pick up and delivery of projects as well as onsite support as needed.

Some of the bookkeeping services that Gem’s offers are: Accounts Payable (entering and paying bills), Accounts Receivable (invoicing customers and recording payments), collections of overdue accounts, financial statement preparation (so a client always knows where their business stands), and bank account management and reconciling.  Gem’s bookkeeping software of choice is Quickbooks and Deb is a certified Quickbooks user.  Clients can choose to have the bookkeeping done at Gem’s home office with reports generated weekly, use the online version of QuickBooks, or their software can be accessed remotely using programs such as Log Me In.  Administrative services provided include: e-mail and calendar management, data entry, customer service, word processing, bulk mailing, and travel arrangements.

Gem’s will be marketing and networking locally and nationally on social networking sites such as FacebookTwitter, and LinkedIn. Brochures and postcards are also being sent out locally, and businesses and individuals can view Gem’s website at www.gemsvirtualoffice.com.  I’ll also look forward to meeting a lot of local businesses and people at area networking events.”

If you’ve been following along with the contest please share. It’s been a very good tool and motivational exercise for me,  and you might find it to be the same for you. Check back in the next few days and you can read my response to Task #2.

To see the Tasks as they post them for people to join in and to hear how the Stick Business contest is going, visit Men with Pens.