Weekly QuickBooks Tips and Tricks Newsletter

QuickBooks Edition - Issue 10.14

July 6, 2011

Just a quick reminder: Thursday this weeks starts a 4 weeks series sponsored by Intuit with a different Intuit Partner Platform application being sponsored each week. In addition to the webinars, every ProAdvisor can register for a complimentary 12 month subscription to each of the four apps. There is no cost or obligation, and you don't need to attend the webinar to qualify but I would love to have you join me! For all the details, visit http://appcenter.intuit.com/promos/growyourpractice. Also, one final note: when you click on the button to sign up, the box which requires your name, email, and ProAdvisor contract number may be lower on the page, so scroll down to fill it in.


In this issue:

  • Ask the Expert: Undeposited Funds Clean Up
  • Guiltiest Pleasures During Tax Season
  • Upcoming Live Events
  • About Us
  • Quick Links

Tips and Tricks

Ask the Expert: Undeposited Funds Clean Up

Q - How do I clean out undeposited funds for clients that have 100s of entries over the past years? Submitted by Craig

A - There are a few different issues to consider when addressing an issue with undeposited funds. Once you have determined the extent and ramifications of the situation, then you can implement the correct strategy.

The first step is to determine why the amounts are in undeposited funds. Typically there are procedural/training issues which need to be addressed or the problem will continue to be an issue. The correct procedures is that the payment is entered via receive payments if the client has created invoices, or via a sales receipt. Then these multiple receipts are chosen to create one deposit which should agree with the bank deposit. So, is the bank account balance too low because the undeposited funds have not been included on a deposit? Or has a deposit been entered directly onto the register so the bank account is correct? If it is the later, then review the deposits to determine the account that has been used. You will need this information for the correction below.

Once you have determined what has happened, the second step is to correct the error. There are two possible approaches: one is to correct the errors individually, the other is to create an entry to correct the problem all at once. To correct the errors and create a clean trail going forward, open the deposit, click on the payments button, then check off the payments which should have been included on that deposit, remove the detail information already on the deposit so the net amount at the bottom is the same as when you started, and then save the transaction. The alternative is to create a new deposit, check of the payments for a specific time period (a month, for example) then enter the amount as a negative with the account code used on the incorrectly entered deposits which were reviewed in the step above. The net deposit will be zero (i.e. the bank account balance will not change) but the general ledger will be adjusted as needed.

And finally, we have been seeing the occassional issue with a damaged receive payment. The typical process is to enter the payment and then when it is deposited QuickBooks automatically marks the payment and deposit as cleared in the undeposited funds register. Occassionally this process becomes damaged and undeposited funds is zero, but there is still a payment when choosing to make a deposit. Unfortunately, when you make the deposit, now the undeposited funds account is negative. The only way we have found to stop the cycle is to give the file to Matt on our team to fix it from the back end database. To the best of my knowledge there is not a way for the end user to be able to correct the problem, it requires access from a programming perspective.

As a resource for this and other questions, submit a question via "Ask the Expert" or attend our free, monthly discussion forum webinar.

Guiltiest Pleasures During Tax Season

Now that tax season has ended, Intuit wanted to share some guilty pleasures that accountants have when dealing with the ups and downs of the tax months. Based on our survey results taken from 254 accounting professionals, the number one response at 26% of the vote is hardly considered a guilty pleasure at all, which is spending time with family and relaxing. However, .4% of our respondents did indicate that their guilty pleasure was shooting practice, and using tax forms as targets!

To see the guilty pleasures during tax season results, please check out our comical info graphic at Guilty_Pleasures_CMI_Info_Graphic.pdf

Upcoming Live Events

Below are some live events in the next couple of months. If you are attending, let me know. I would love to catch up with you in person! For the full schedule including remote events, please visit our Training Calendar.

September 18-20, 2011: Accounting C4 (Cloud Computing Collaborative Community) Conference powered by RightNetworks, Boston

November 7-9: The Sleeter Group Accounting Solutions Conference, Las Vegas, I will be attending and I am serving on the Developer Advisory Panel for the Awesome Add-On Consulting & Awards Program. Use code "BN2011" for a discount on the registration fee prior to August 31, 2011 (the code can only be used during Super Early Bird or Early Bird period) for a Regular or Combo registration on Regular or Combo registrations only - not Member or Multi registrations. Registrant may not combine use of promo code with new attendee discount; however, registrant may receive credits for referring new attendees.

About Us

McWilliams and Associates can help you keep pace with all your QuickBooks clients. Through many self-service options on our website www.accountingsoftwaresecrets.com, group settings like seminars and webinars, or one-on-one services, we help you quickly and painlessly navigate through the obstacle course of QuickBooks and related add-ons. Our clients are primarily from all over the United States with 95% of our work being done remotely with other Accountants and Pro Advisors, or with their clients if they prefer. We do not do any income tax work or financial statements so there is never a conflict of interest. Most of our QuickBooks consulting clients need 2-6 hours with us to deal with a specific issue, transition, or just for those occasional questions that come up.

In addition to QuickBooks we love working with integrated applications: Some specific examples include XpandedReports, Fishbowl Inventory, and Legrand CRM. We have experience with all these products and would love to partner with you as you help your client address needs that are beyond the scope of QuickBooks alone.

If you want more information on how we might best work together, call 800-787-8744. We would love to talk with you about your needs and any special deals we have for Bookkeepers, Accountants, and ProAdvisors.

Quick Links

Monthly Discussion Forum

XpandedReports for QuickBooks - Use affiliate code of "4luvofbiz" for an additional 1 month extension on the 1 month trial for the desktop (XR 4.3) product.

Virtual Time + Expense - I have been able to negotiate the same deal as I am getting for you: FREE! Free accounts will be provided to accounting professionals who provide accounting services to other companies on a full-time basis by using the link below.

AuditMyBooks - Interested in learning more about detecting errors and fraud in small business accounting systems? Visit my affiliate site to download the white paper titled “Protecting Your Business from Accounting Errors & Fraud”.

We have a non-ownership business relationship with Intuit, XpandedReports, Fishbowl Inventory, AuditMyBooks, Virtual Software, BQE Software, The Sleeter Group, Alterity, MISys, RightNetworks, Insynq, Remote Accounting Solutions, CA CPA Education Foundation, and CPE Link.

Wednesday, July 6, 2011 - 21:11
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Accounting Software Secrets Tips & Tricks Newsletter