Quickbooks Software

Create and Memorize Reports in QuickBooks

QuickBooks contains several pre-created reports that display summary information from the company data file. The reports are crucial to small business owners for charting the future trajectory of the company. QuickBooks reports can be customized according to the specific user’s needs. In this article, we will cover basic information about how to create and memorize a report template in QuickBooks Desktop 2015 and later. Here you will learn about how to customize, filter and memorize reports to suit your needs and preferences.

How to Customize Report Template in QuickBooks

QuickBooks Desktop allows you to customize the content of any report.  You can add or remove the columns, customize fields, add or delete the header or footer, and also customize the style and font of the report.

In order to customize a report, you should follow the steps outlined below.

Step 1: Select ‘Reports’ from the Menu bar.

Step 2: Open any report, and then click on ‘Customize Report’.

Step 3: Click on the available tabs to customize the window.

Step 4: Once you have customized the report, you must click OK.

The available tabs in QuickBooks that you can customize include Display, Filters, Header / Footers, and Fonts & Numbers.

In the Display tab, you can change different settings regarding the content displayed in the report. You can select the dates covered by the report, report basis (annual or cash), and columns displayed on the report. You can specify how the columns should be displayed in the report (by day, by total, by item type etc). The sort option allows you to choose how the data is sorted (such as ascending or descending order). Also, you can specify to add sub-columns for the previous period, previous year, year-to-date, and percentages in the report.

The Filters tab contains options that you can use to filter the information contained in the report. You can add or remove filter as per your preferences. You can set filters for date, amount, billing status, aging, and many other elements.

In the Header / Footer tab, you can modify information that should appear at the bottom and the top part of the report. The header text appears at the top of the report while the footer text appears at the bottom. You can select information such as company name, report titles, subtitle, and date prepared in the header section of the report. The footer information that you can select or deselect includes the page number and the extra text that you want to be displayed in the report. You can also specify the alignment of the header and footer.

Finally, the Fonts and Numbers tab allow you to select the appearance and style of the report. You can modify the fonts, font style, and font size of different sections of the report. There are several sections whose font can be modified such as column label, row labels, report data, date, report title and subtitle. In addition, you can opt to have all the numbers divided by 1000 or without cents. Lastly, select whether negative numbers should be displayed in parentheses or with a trailing minus sign.

How to Memorize Reports in QuickBooks

In order to avoid having to go through the process of customizing the report every time you want to print the report, you should have the changes memorized in QuickBooks. In this way, the customized report will be ready for future use.

Here are the steps that you should perform to memorize a report:

Step 1: Click on the Memorize in the report window (figure below).

Memorize Reports

Step 2:  Next, you must type a name for the memorized report. You can select the ‘Save in Memorized Report Group’ option if you want to categorize the report template. Also, place a checkmark next to ‘Share this template with others’ option if you want the customized report to be viewed by others.

Step 3: Click Ok.

When you perform the above steps, QuickBooks will save all the report settings. You can access the customized report in different ways. To access the customized report from the report menu you should perform the following steps.

Step 1: Click on the Memorized Reports in the Reports menu.

Step 2: Select the report, or the report group, from the list

Step 3: Click Ok.

You can also access the memorized report from the report center by following these simple steps.

Step 1: Click on the Report Center in the Reports menu.

Step 2: Next, click on the Memorized tab.

Step 3: Now, you must choose the appropriate group or select uncategorized if you had not assigned the report to any group.

Step 4: Lastly, double click the memorized report from the list.

Note that in some cases an error message may be displayed when you try to save the report settings. This type of error occurs when you try to use too many filters. If you encounter an error message when saving the report settings, you should attempt to reduce the number of filters to resolve the issue. Also, you should try reducing the items selected in each filter to solve the problem.

How to Modify the Memorized Reports

You can easily modify the memorized reports. In order to edit the report settings, you should follow these steps.

Step 1: Open the previously memorized report.

Step 2: Change settings relating to display, filters, header/footer, and font & numbers.

Step 3:  Once you have made all the required changes, you must again save the report. You can choose if you want to create a new customized report or to replace the existing memorized report.

QuickBooks is one of the more versatile accounting software programs available. By following the advice given in this article, you will master the art of creating, memorizing and modifying reports. Keep tuned in for more in-depth advice and tips regarding QuickBooks!

alt="QuickBooks Online Job Costing"

Job Costing Using Class Tracking in QBO

Intuit’s cloud accounting application, QuickBooks Online, is the preferred software choice of small business owners. And, this is not surprising. Intuit continuously improves QuickBooks Online to meet the ongoing demands of businesses. It makes performing accounting tasks a breeze.

QuickBooks Online also contains numerous features like a mobile app to manage your business on the go and class tracking. We will a talk more about the class tracking feature in QuickBooks Online.

So, What is Class Tracking Anyway?

Class tracking is a useful feature that is available in QuickBooks Online Plus only. With this feature, you will be able to track income and expenses transactions to specific projects, jobs or departments.

Although, technically speaking QuickBooks Online doesn’t feature job costing, you can make it work using class tracking. Using this feature, you will be able to track customer jobs. There is another method to track customer jobs known as the sub-customer method, but we will cover that topic in another article.

For now, you should know how to enable class tracking in QuickBooks Online.

Setting Up Class Tracking in QuickBooks Online

You can setup class tracking in QuickBooks by following these simple steps.

Step 1: Click on the gear icon on the upper right corner of the screen.

Step 2: Now, select Account and Settings listed in the sub-menu under Advanced.

You will be presented with the picture as shown below.

alt="Class Tracking On"

Step 3: Scroll down until you see the Categories section, and click on Track Classes.

And that’s it. You have just setup class tracking in QuickBooks Online.

Jobs in QuickBooks begin with an Estimate. You will be able to add Class directly within the Estimate, Invoice, Expense, Check, etc.

To add a new class, you must select Add New from the sub-menu in the Class column.

qbo-class-tracking-lists

Apart from the above method mentioned above, you can also add Classes from the Class Lists as depicted in the figure below. You can access Lists from the Gear icon in the top right navigation.

alt="how to find lists"

Just click on All Lists. A new window will open up like the one below.

alt="Where to find class lists"

Next, you must select Classes from the Lists screen. To add a New Class, you must click on the New button. Next, you must add the required Class, and then save it.

You can track each of the jobs by creating reports in QuickBooks Online. You can create budget vs actual report,s as well as profit and loss by class report for the job.

After the job has been completed, you can remove the Class from the list. Note that a Class will not actually be deleted, but it will be made inactive when you delete it from the list. You will still be able to see classes along with the related expenses by generating a report.

For a more in-depth look at the process, click here to see a video on Class Tracking.

alt="How to Create Budgets in QBO"

How to Budget Using QuickBooks

Budgets are important for any business irrespective of its size. The activity helps keep finances on track by prioritizing expenses. This is especially important for small business owners who run a business on a limited budget. They need to conserve money to meet essential company expenses, and stay in the business.

Whether you are trying to pay back a loan or just trying to cover your company’s expenses, it’s in your best interest to make a budget. Without this you cannot efficiently manage your limited resources, and meet unexpected business expenses.

The good news is that you can easily create a budget in QuickBooks®. With just a few clicks of a button, you can quickly create a budget for your business. In this article, you will learn about how to setup a budget in QuickBooks Online and Desktop versions.

How to Create a Budget in QuickBooks Online

The first step to take when creating a budget is to set the first month of the company’s fiscal year. To do this, you must perform the following simple steps.

Step 1: Select the Gear icon on the upper right section of the screen, and click on the Company Settings.

Step 2: Next you must click on the Advanced in the Settings window (see figure below).

alt="QBO Settings"

Step 3:   Now, you must set the fiscal year by clicking on the pencil button in the Accounting section to set the First month of fiscal year.

Step 4: Once you have set the fiscal year, you must click Done.

After you set the fiscal year, your next task is to prepare a budget. You can easily create a budget using an on-screen wizard. To set up a budget, you should perform the steps that are outlined below.

Step 1: Again, select the Gear icon on the upper right screen, and click on Budgeting (see figure below).

alt="Budget WIzard in QBO"

Step 2: Create a Budget wizard will start that will provide instructions on creating a budget. Once you’ve read the instructions, you must click next.

Note: You must add QBO website as an exception to blocked pop-ups in your browser. This is important otherwise the budgeting wizard will not start.

Step 3:  In the next page of the on-screen wizard, you need to select an option to establish budget amounts. You can select option to start with actual amounts from last fiscal year, create a budget from scratch, or copy from an existing budget. Click Next when you have specified your preferences.

Budget Setting

Step 4: In the third page of the on-screen wizard, you will have to specify whether you would like to subdivide the budget. By subdividing a budget, you will be able to track separate accounts for each of your customers. Click, Next when you have made a selection.

Step 5: In the last page of the step-by-step wizard you must select a fiscal year, and then name the budget. Once this is done, you click Finish, and you are presented with a screen that is similar to the one below.

alt="Budget Input Screen"

Step 6: At the bottom of the screen, you will find boxes. You must click on any cell, and then enter the required values. Select Enter by list box and choose Monthly, Quarterly or Yearly to enter respective amounts. You can also enter an amount and click on Copy Across to have the amount copied in every boxes. Clicking on the Save button will transfer the amount in the boxes to the respective income and expense item listed at the top of the page.

You should repeat step 6 for each of the item in the budget line. That said, you don’t need to enter a budget amount for every income and expenses listed on the screen.

Step 7: Once you have completed entering the values, you must click on Finished.

Congratulations! You have just set up a budget in QuickBooks Online.

How to Create a Budget in QuickBooks 2016

The process of setting up a budget in desktop version of QuickBooks is somewhat different than creating a budget in QuickBooks Online. You need to follow the steps below to create a budget in QuickBooks 2016.

Step 1: Select Company, Planning & Budgeting, and then Set Up Budgets.

Step 2: Next, you must select Create New Budget. The following window will show on the screen.

alt="Create New Budget Screen"

Step 3: You must specify a year, and choose the type of budget that you want created in QuickBooks. Selecting the Profit and Loss option will reflect all activity for the year, while the Balance Sheet option will reflect ending balances. The former creates a budget of income and expense amount, while the latter creates a budget of assets, liability, and equity. Normally, you would create a budgeted income and expense account. Click Next, once you are done.

Step 4: In the new screen, you can specify additional criteria and instructions. You can budget using Class or Customer: Job information. Again, click Next, once you are done.

Step 5: Now, you should select an option whether you want to create a budget from scratch or using values from a previous year’s budget. After you have made a selection, you should click Finish.

alt="QBO Budget Grid"

Step 6: You will see a screen similar to the one shown in the figure above. Here you can specify the amount that you want to budget for a particular item. Enter the monthly budgeted amount in each of the cells. To copy a value across the row, you should click on Copy Across Button. Also, you can click on Adjust Row button to adjust values by a specific percentage, for instance increasing the amount by 25%.

Note: If you selected to create a budget using last year’s value, the screen will be already filled with values.

Step 7: After you have entered all the values, you must click Save, and then OK at the bottom right corner of the screen.

Well done! You have just created a budget in QuickBooks 2016.

In the end, creating a budget will allow you to better manage your finances. You can prioritize your expenses and ensure that important expenses of the company are being met. Just remember to set aside money for unexpected costs for expenses that occurs out of the blue.

alt="Email Forms in QuickBooks"

Email Forms and Invoices in QuickBooks

Do you know that you can email forms and invoices directly to your customers through QuickBooks®? Yes that’s right. QuickBooks allows you to send an unlimited number of forms and invoices to your customers right from its user friendly interface.

QuickBooks® is an affordable and cost effective accounting software that allows you to easily send any number of estimates, invoices, packing slips, sales, and other reports through just a few clicks of the button. The forms and invoices are sent to the users using three methods:

  • Outlook,
  • Web Mail Account, and
  • QuickBooks E-Mail

In this article, you will reveal the secrets on how to send forms and invoices to the customers using QuickBooks. Admittedly, sending forms and invoices from QuickBooks will save a lot of valuable time of your accounting staff in servicing your clients.

Note: Sending forms and invoices through QuickBooks Mail account is only available for users who have subscribed to QuickBooks Pro Plus, QuickBooks Premier Plus, QuickBooks Enterprise Full Service Plan, QuickBooks Payroll, QuickBooks Billing Solutions, Accountant’s Copy File Transfer, or Intuit Merchant Services.

Set Up Preference for Sending Forms and Invoices

The first step is to select your preferred method to send forms and invoices through QuickBooks. You should click edit menu button and select preferences. In the preference tab, select the send forms tab. You will then see the following screen when you click on the send forms tab:

alt="QuickBooks Preferences"

In this screen, you can choose which program QuickBooks should use to send the forms and invoices through email. If you want to send webmail through Outlook Express, Outlook, or Thunderbird, you should select “Outlook” radio button. You should select “Webmail” if you want to use web mail services such as Yahoo!, Gmail, or Hotmail to send forms and correspondences to your clients. Finally, if you have subscribed to QuickBooks Mail service, you should select “QuickBooks E-mail” radio button.

From this screen, you can also select “Auto-check the Email Later” checkbox. When you set up a client in QuickBooks, you have the option of selecting whether you want them to receive invoices, sales receipts etc. through email. On selecting the auto-check the email later checkbox, QuickBooks will automatically mark all forms (sales receipts, invoices, etc.) to be emailed to those clients.

Outlook Email Client

nding forms through Outlook, Outlook Express, or Thunderbird email client is fairly easy. You do not have to enter any settings in QuickBooks to integrate the email client with the accounting software. Just make sure that you have selected “Outlook” in the send forms preference tab as described above.

In order to send forms and emails through the outlook email client, you have to follow these simple steps:

First, open the Outlook (Outlook, Outlook Express, or Thunderbird) client.

Second, in QuickBooks, open the form or invoice that you want to send to the client and click on the Email button. An Outlook message window will open with the attached form.

alt="Outlook Email"

Third, the To Address bar should already be filled with the address of the clients that are set up to receive receipts or invoices through email. In case you want to add or remove clients, you can do so by editing the Address bar. You can also edit the message that you want the client to receive with the invoice.

Fourth, after the email message is finalized, select the send button screen to email the attached form or invoice to the client.

Web Email Client

You have to set up the web mail account manually to send forms and invoices using QuickBooks. In order to send forms and invoices through the web mail client, you have to follow these steps:

Step 1: In the preference screen, click the send forms tab and select “Web Mail” radio button.

Step 2: Now, click on the Default button. You will see a screen similar to one depicted below.

alt="Setup Email Client"

Step 3: In this screen, you can add the details about your web mail client. In the “Email Id” box enter the full email id of your web mail account e.g. abc@yahoo.com. Next, select the email provider from the drop down list.

Step 4: If you selected Yahoo!, Gmail, or Hotmail as an email provider, QuickBooks will automatically fill the Server Name and Port for you. However, if you selected others, you have to have to contact your web mail service provider to know about the details.

Step 5: Click OK once all the information is entered.

Step 6: Now, open the form or invoice that you want to send to the clients and click Email button. If QuickBooks asks for a password on sending the email, enter the password of the web mail account and not the QuickBooks account.

QuickBooks Email Client

You do not have to change any settings when sending invoices or forms using built-in QuickBooks email client. Just select the “QuickBooks Email” radio button on the send forms preference tab. You can send the invoice or form by clicking on the Email button.

However, you should note that a record or copy of the sent invoice is not saved by the QuickBooks Email client. In order to save the copy of the sent email file, you have to set up a default BCC address in the preference tab.

alt="QuickBooks Email Automatic Copy"

In the preference tab, select the send forms tab and click on Company Preferences. In this screen, you enter the recipient’s email address in the BCC box.

No matter what the nature of your business, sending receipts, invoices, and forms to clients on time is essential. QuickBooks makes it easy to send forms and invoices directly to the customers and vendors. This saves precious time and resources of your company in preparing forms and invoices to send to the clients.

Your staff does not have to print and scan the invoices and forms separately for the clients. Upon approval, relevant staff can send forms and invoices to the clients directly through QuickBooks, thus saving time and money.

alt="Reimbursable Expenses"

Record Reimbursable Expenses in QuickBooks

Reimbursable expenses are out-of-pocket expenses that a company incurs on behalf of its client. Afterwards, the expenses are included on an invoice sent to the client. QuickBooks® distinguishes this kind of expense and tracks which expenses have been invoiced to the client.

In this post, we will show you how to properly enter and record Reimbursable Expenses in QuickBooks. You will also learn how to invoice the reimbursable expense to the customer.

Record Reimbursable Expenses in QuickBooks

There are three ways you can record reimbursement expenses in QuickBooks. Most people will use Method No. 1 and Method No. 2. However, you can select the method that seems most convenient for you.

QuickBooks Desktop Enter Bills

 

Method 1: Expense Account Method

This is the most common method of recording reimbursable expenses in QuickBooks. In this method, QuickBooks records the reimbursement as an expense. This expense is transferred to the sales revenue account upon invoicing the customer.

Step 1: Click the Expense Tab from the Enter Bills or Write Checks screen.

Step 2: Select the appropriate customer in the customer:job tab.

Step 3: Now, select the appropriate expense account and enter the amount of reimbursement expense.

Step 4: In the billable column, enter a check mark in the checkbox. This indicates that you want to bill the customer later for the reimbursement expense. You can leave the check box blank in case you do not want to charge the customer for the expense. Note that the expense will still display in the expense account.

Step 5: Save the transaction.

Method 2: Items Tab Method

The Items method tab is ideal in situations where markup needs to be added to the reimbursement expense. It is the only method that allows gross margin to be determined without creating an “Unbilled Costs” account. The customer’s reimbursement expense is treated as revenue and invoiced to the customer later on.

Using this method, you enter the reimbursement expense as an item in the Enter Bills, Enter Credit Card Charges, or Write Checks screen. When entering the expense account as an item, the reimbursement amount is posted to the cost account you chose while setting up the item.

On the other hand, when invoicing the amount in the sales receipt or invoice screen, the reimbursement amount is posted to the revenue account you chose while setting up the item.

Step 1: Go to the Item List screen and create a new Other Charge Item.

Step 3: In the item screen you can see the box that says, “The item is used in assemblies or is a reimbursable charge”. Click on this box.

Step 4: On the Enter Bills, Enter Credit Card Charges, or Write Checks screen, go to the items list screen. Select the Item that you have just created. Take care not to place a check mark on the column on far right side of the screen.

Step 5: Fill in the required information and save the transaction.

The method is not easy. Setting up the item takes time and involves careful consideration. Due care must be taken in assigning item in the Edit Item Screen. The item needs to be assigned to the correct sales/revenue account on the “Sales Information” section and the proper cost account on the “Purchase Information” side

Moreover, the method is also difficult to implement in case the company wants to post to various revenue and cost accounts. Each item needs to be established and customized individually depending upon the accounts where they are to be posted.

Method 3: COGS Method

Another way to record the reimbursement expense is to enter it in the COGS account. The cost will appear on the “Unbilled Costs” report and cannot be billed to the customer. Companies who do not charge the reimbursement expense to the customers can use this method.

However, note that once the reimbursement expense is entered through this method, it can never be billed to the customer.

First: Click the Expense Tab from the Enter Bills or Write Checks screen.

Second: Select the appropriate customer in the customer:job tab.

Third: Now, enter the reimbursement expense in the COGS account rather than an expense cost as in Method 1 above. Notice that you cannot select the column on the far right side of the screen. This shows that you cannot bill the expense to the customer.

Fourth: Save the transaction.

Invoice Reimbursable Expense in QuickBooks

Invoicing reimbursable expenses in QuickBooks is quite easy. The following steps reveal to you the correct way to invoice reimburse expense to the customers.

QuickBooks Desktop Create Invoices

Step 1: Create a new invoice in QuickBooks.

Step 2: Select the customer from the drop down list in Customer:Job tab.

Step 3: Now, click the ADD Time/Costs button.

Step 4: In the new screen, add the reimbursement expense that you want to charge to the customer. If you do not want to bill the customer for a specific reimbursement expense, click the Hide column to remove the expense from the list.

If you used method 2 to enter the reimbursement expense, you must add the reimbursement item you created previously that is associated with the customer. When you select the item, it is placed onto the customer’s invoice screen.

Step 5: Now, create a markup account by entering the markup percentage (%) or amount in the Expenses tab.

Step 6: Once all the required information is entered, you must click OK to transfer the information to the invoice.

Note: The Hide button will not delete the expense. It will still appear in the QuickBooks accounts. However, the customer is not charged for the expense. Also, in case you accidentally delete the invoice or the invoice line, you must open the reimbursable expense window. Then, click on the grayed invoice icon next to the customer: job to make the expense billable again.

Using QuickBooks accounting software is very easy to use. Both small and mid-sized companies use the benefits of this versatile and affordable software. Your business gets the needed boost to go above and beyond the competition. You not only experience cost savings, you bill reimbursable expenses like a pro.

QBO 101: Setup Roles and Users in QuickBooks Online

QuickBooks Online offers flexibility and convenience in performing accounting functions. The accounting software is ideally suited to the needs of medium and small businesses. What’s best about the accounting software is that you can scale it up (or down) based on the required needs of your business.

The simple version of QuickBooks Online subscriptions includes access to a total of three users, (one user and 2 accountants) who can access the cloud software simultaneously.

QuickBooks Online Essential subscriptions include access to five concurrent users (three users and two accountants). QuickBooks Online Plus subscription allow access to seven concurrent users (five users and two accountants).

With QuickBooks Online Plus subscription, you can add up to a maximum of twenty-five users at an additional cost.

So, the question is how do you add a user or accountant to QuickBooks Online?

You can add users and assign roles from the Administrator panel. In order to add a user, you must perform the following simple steps.

  1.  Click on the Gear Icon on the upper right corner of the screen.
  2.  Select Manage Users from the sub-menu under Your Company.
  3.  Click on the New button at the bottom right corner of the screen, select the type of user you want to add, and then click Next.
  4.  Now, you must specify the access right that you want to give to the user’s, and again click on Next.
  5.  In the new screen that opens, you can make adjustments to the user’s access like limiting their ability to make changes to customer accounts, print checks, etc. You can even provide view only access when going to the next screen.
  6.  Lastly, you must enter the email address of the user that you want to give access to QuickBooks Online, click on the Next button, and then Finish.

Congratulations! Now, you have successfully setup a new user in QuickBooks Online. An email will be sent to the new user who must select Click Here. The user will have to create a user ID and password to gain access to the company file.

Now that you know how to add a user in QuickBooks, let’s add and assign your Accountant access to your QuickBooks Online account. The process is really simple and somewhat similar to adding users.

First, click on the Gear Icon on the upper right corner of the screen.

Next, Select Manage Users from the submenu.

Now, under the accounting firms at the bottom of the screen, you must click on Invite Accountant.

Finally, you must enter the email address of the Accountant, click Next, and then Finish.

Once you perform the above steps, an email is sent to the Accountant containing a link to access the software.

Owine additional type of user that you can add in QuickBooks Online Plus version is a Time Tracking User. These users are not charged against the number of users that you are allowed. To add this type of user, follow the same steps described above. Select Time Tracking under the Manage Users Tab.

This type of user is helpful if you charge your clients or customers for time worked. You can use Time Tracking to record people’s time within QuickBooks Online. That way, you can easily pull billable hours into your customer invoices.