Tag Archives: virtual bookkeeper

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!

Good Articles to Help You with all those Facebook Changes

I’m sure I’m not the only one that has been puzzled and confused by all the Facebook changes that are going on. And with more coming in the next few weeks, I’m sure the confusion will continue.  The good thing is, there have been some great articles written to help us get through and figure it all out. So every time I found an article this week that was helpful in explaining all these changes, I bookmarked it so I could share with you.  Here’s my list so far, I’m sure I’ll be adding to it when the new Timeline comes out!

Major Facebook Upgrade: This Week in Social Media written by Cindy King at Social Media Examiner

Customize Facebook News Feed with Your Favorite Pages written by Janine Gregor at Business Darlings

Five Facebook Changes and What You Need to Know written by Andrea Vahl at Social Media Examiner

What I Like About the New Facebook Timeline Profile, Privacy Settings, and News Feed written by Kristi Hines at Kikolani.com

How to Use the Facebook Timeline: A Complete Walk-Through of the Redesigned Profile written by Josh Constine at Inside Facebook

As the changes continue to roll out over the next few weeks I’ll add to this list, and please if you’ve come across any articles that have helped you, add them in the comments below, so that we can all help each other figure these changes out!

Budgeting for Business & Pleasure


A few weeks ago on Business Darlings I wrote about how important it is to have a budget. I think it’s important for both your business and your own personal finances.

According to an article I read recently a good rule of thumb for where you should be spending your money is as follows:

25-30 percent on housing

15-18 percent on transportation

16 percent on food

The remainder to be divided between discretionary spending and savings

Do you know if your spending is in sync with this breakdown? Have you ever prepared a budget to see where your money goes to? Creating a budget helps you spend responsibly and achieve your goals. It also helps eliminate stress. Wouldn’t it be nice not to have to stress over money! You’d also be able to avoid that “money” argument because you’d always have the answers!

If you’d like to read the rest of the article, hop over to Business Darlings and read it here.

Have a great day and remember to smile, life isn’t so bad :)

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.

Are you clueless when talking to your accountant?

This week on Business Darlings I talk about Bookkeeping terms that every business owner should be familiar with. I know you’re thinking boring!! But it’s really important that you understand them (or at least have heard the words before), so that when your talking with your bookkeeper or accountant you’ll have a vague idea of what the hell they’re talking about.

In future posts, either here or on Business Darlings we’ll discuss all of them in more detail. Before you know it you’ll be wondering why you didn’t bother to pay attention sooner (or not).  Anyway I know some business owners are really clueless when it comes to Bookkeeping, and that’s really not the smartest way to run a business. Its fine to delegate (what most consider) the boring data entry and number crunching to the bookkeeper,  but I hope that you’re looking at reports at least on a weekly basis.

OK, enough of my preaching on why you should be reading it,  just go read it! You’ll find the post here.