QuickBooks Tip #6 - Handling Return Checks From Customers

QuickBooks Tip #6

Most companies will eventually deal with the customer who bounces a check.   To make your reconciliation an easier task, we suggest the following procedure:

How to handle return checks from customers.

• Create an Other Charge Item called Bounced Check or NSF. In the description field I usually say something like "Your check # has been returned, please remit replacement payment immediately." For the Account enter your Checking account.

• Now, Invoice the customer for the Item Bounced Check and enter in the check #, Invoice # and other information about the check. This takes the money out of your checking account and puts it back on the customer A/R

• I usually also create an Other Charge Item called NSF Fee and charge my customer for any service charge I received from my bank. You can put this to your account for Bank Service Charges to offset what your bank charged you or to a Misc. Income account.

• When the customer sends a replacement check, Receive Payment as usual and make your deposit.

Don't Delete!


Despite the temptation, you really don't want to delete the returned check from the original deposit.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #5 - Safely Merging the "Accountant's Copy"

QuickBooks Tip #5

So your accountant provided you with an “Accountant's Copy” and asked you to merge the file with your current Quickbooks file?   To make sure that you don’t lose anything in the process, Quickbooks highly recommends you make a backup copy first.

Merging Your Accountant's Changes:

You should make a backup of your company data before attempting to merge the accountant's changes.

• If the accountant's changes are on a 3.5” disk or usb drive, insert the disk or drive into your computer.
• Open the master company file. Then from the "File" menu, choose "Accountant's Review", and then choose "Import Accountant's Changes".
• When the message about backing up your data appears, click "OK".
• Backing up is a safeguard in case anything goes wrong when you try to merge the changes.
• Enter the filename and location for the backup file and click "Back Up". When the "Import Changes from Accountant's Copy" window appears, select the drive that contains the file and click "Open".

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #4 - Downloading Bank Statements

Did you know that you can download your bank account transactions on a weekly basis directly into the Quickbooks software?   This time-saving feature is available as a free service through most large banks.  

Check that you have what you need.

• Access to the internet from QuickBooks.
• Banking account that offers online service for QuickBooks

Activate online services with your financial institution.

• You will receive login information from your financial institution.

Add the online service to QuickBooks.

• Banking.
• Online Banking.
• Setup account for online services.
• Follow the instructions in the wizard to complete the setup.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

Trauma Healing in Africa

Vickie Goes to Africa

Vickie Young Beam, one of the managers at Cover & Rossiter, grew up in Burundi, a small country in central Africa about the size of Maryland.  The Great Lakes region of Africa has been plagued with civil war, tribal conflicts, genocide, refugee displacement, disease and extreme poverty since the middle of the 20th century.  The need for healing and reconciliation is great in the aftermath of prolonged violence and trauma across several generations.  Development & Research Innovations, Inc., is a non-profit organization founded in Delaware to carry out the mission of enhancing the lives of people through partnering with local organizations and individuals to develop mental health and community services that meet important community needs.

Vickie is leading a team of psychological and educational professionals to Burundi and Rwanda June 9 to 26, 2011.  Their goal is to work collaboratively with local organizations, programs and people such as Trauma Healing and Reconciliation Services, to promote healing and reconciliation in this war-torn region in central Africa.

DRI is in need of donations to fund this Mission.  If you are able to make a donation, please refer to the this brochure.  Donations can be made through the mail or website.

We had a Send-off Gathering on Wednesday, June 8 in the Cover Cafe at 10:30 with cake and coffee.

 See more of Cover & Rossiter at www.coverrossiter.com/.

QuickBooks Tip #3 - Tracking Different Areas of Revenue

QuickBooks Tip #3

Did you know that Quickbooks allows you to track different areas of revenue and expense in your company by department (called “classes”)?

You can track the income and expenses of different departments or locations within your company separately by using classes.

In order to do this, you must turn class tracking on:

• From the File menu, choose Preferences. (In versions prior to 8.0, just choose Preferences from the menu bar, select Transactions and skip step 2.)
• Select Accounting in the scroll box.
• Select the "Use class tracking" checkbox.
• Click OK.

To create a list of classes:

• From the Lists menu, choose Classes
• In the Class List window, choose New from the Class menu button.
• Enter the class name in the Class Name field.
• (Optional) If this is a subclass of another class, select the "Subclass of" checkbox and choose the higher-level, or parent, class from the drop-down list.
• Click Next to enter another new class, or click OK to close the window.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

Filled Your Tank Lately?

FILLED YOUR AUTO TANK LATELY?!

Sticker shock at the gas pump is a big concern-especially for folks on fixed incomes. There ARE steps you can take to cut your fuel costs:

DRIVE LESS -

• You can get some good exercise and walk or bike, take the bus or train and, if you work, join a carpool. Parents can carpool their children to school with neighbors. Many companies with match employees with carpool routes!
• Combine errands - map out a route and cover all of your errands at once.
• Shop on line as much as possible.

SHOP CAREFULLY -

• Many gas credit cards offer discounts and rebates. Some grocery stores give points with purchase - the points can be used to buy gas. Some wholesale clubs offer discounted gas.
• See if your gas station charges less on certain days of the week OR less if you pay with cash.
• Fill up in the early morning or late evening - you will get more liquid gas and fewer vapors in your car. Fill up at a quarter tank for optimal fuel injection and thus better mileage. Don't top off - the extra gas is often wasted.
• Research the internet for the lowest fuel prices in your area.

MAINTAIN YOUR CAR -

• Get your car serviced regularly. Of particular importance are a clean air filter and a clean fuel filter.
• Change your oil every 5,000 miles and use synthetic oil if possible.
• Take the junk out of your car, get your tires aligned and make sure your tires are inflated to the proper pressure.

DRIVE SMARTLY -

• Maintain a steady speed AT or BELOW the speed limit. Use cruise control wherever possible.
• Avoid idling, weaving and generally you will use less gas if you drive without your air conditioner on.
• Avoid prolonged warm-up times and stop and start less - your foot on the brake means more gas used.

Cover & Rossiter helps our clients save money on taxes, investing, budgeting and expense planning. Call us at 302 656 6632 or email us at dburke@coverrossiter.com to learn what we can do for you.

See more articles from Cover & Rossiter at www.coverrossiter.com/.

You can see the original article published in the June edition of Vital! Magazine.