August, 2011

The Difference Between a QuickBooks Backup and Portable Copy

When you backup your company file, QuickBooks creates everything that it needs to re-create it.  That means all images, logo’s, letters, templates and transaction log. If you happen to lose or damage this file, you can completely restore this from your backup file which has a file extension of .qbb. This file is usually quite large and is not meant to be emailed or used to temporarily...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.3

This brings us to the final chapter on QuickBooks period end tasks. What will be covered here is Long Term Debts, Audit Trail and Setting the Closing Date. Long Term Liabilities – If this type of liability was financed by a lending or banking institution, then at the end of each year, a statement from the lender should be reconciled to the Balance Sheet amount. Here one has to be cognizant...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.2

Continuing on from Chapter One and the QuickBooks Period End Tasks, I will now look at the Prepaid Expenses and Fixed Assets. Prepaid Expenses – this account needs to be reviewed at the end of each fiscal year, due to the fact that these expenses are ever evolving. You may find items like prepaid rent, insurance and deposits, just to name a few, that if not expensed throughout the fiscal...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.1

I’m going to start a series to do with QuickBooks accounting side of the Fiscal Period End, and the tasks involved.  Now although these articles are aimed at the more senior accounting person, I do feel that the less experience person can pick up some useful information on what is expected from them. This will have to do with reviewing and reconciling the Balance Sheet. Unless you are...

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How to Set up and Use Budgets in QuickBooks

  If you are a new company or haven’t yet set up a budget for your business, then what are you waiting for? In this economic crunch, if you’re not not keeping on top of your cash flow, then you’re probably in trouble. QuickBooks has a feature that allow you to set up a budget based on a few variations. I’m going to show you how using your Profit & Loss as the...

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