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.

QuickBooks Tip #2 - Recording a "Negative" Deposit

QuickBooks Tip #2

Did you ever wonder what to do if you end up with a negative credit card deposit for the day due to a customer refund?  You have to trick Quickbooks into recording the “negative” deposit (see instructions below).

• On the Payments to Deposit screen, select all items (all positive and negative amounts) for whatever payment method you’re working on. In this case, it’s just the single negative amount for a customer’s VISA refund.
• Then click OK On the Make Deposits screen, change the Deposit To field to your Journal Entries bank account (or other bank account), and add an additional line at the bottom of your deposit, coded to your checking account with the amount necessary to zero out the deposit. Then press Save & Close to record the “negative” 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.