Tax Guru – Ker$tetter Letter

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Archive for the ‘QB’ Category

QuickBooks Video Training

Posted by taxguru on May 9, 2013

I have always stressed how important good bookkeeping is for making financial decisions, as well as for preparing the most accurate tax returns.  Several years ago, I made a video showing people how to best use the Quicken programs for bookkeeping and tax return preparation purposes. 

I have long  wanted to do a similar one for QuickBooks.  While I have made some short instructional videos and guides for certain QB tasks, the program has far too many features for me to be able to cover everything it can do.  Also, since I don’t use a lot of the features in QB, such as invoicing, inventory and payroll, I don’t feel as qualified to do as good a job on these specific topics as someone who does use them on a daily basis.

I had been unable to recommend a good training video to clients and other readers who wanted to learn how to work with QB.  Every time  I saw an ad for a hands-on live class or seminar on QB, they were always using a two or three year old version of the program instead of the most current one.

That’s why I was glad to learn about a new instructional video series focusing on the QuickBooks 2013 program from a company that has a ton of excellent instructional videos.  This one is broken up into 115 separate videos totaling nine and a half hours. making it easy to just focus on those aspects of QB that you need to use but are unfamiliar with.  At only $99.95, it’s a lot less expensive than most live seminars and much less costly than my time would be to explain these topics one on one.

It’s available on DVD or as a download.  They also have 17 free videos from the course that you can check out to see if it will work for you.

 

Beginners QuickBooks 2013 Training Videos

 

 

Posted in QB, video | Comments Off on QuickBooks Video Training

Deals on New QuickBooks Software

Posted by taxguru on December 31, 2007

As I’ve often said, it is possible to save quite a bit of money on the more expensive software, such as QuickBooks and Microsoft Office, by buying them from eBay sellers.  I have saved substantial amounts of money that way over the past several years, including some times where I bought an earlier version of a program in order to be able to buy the newest version from the manufacturer at their much lower upgrade price.

The most expensive version of QuickBooks is their heavy duty Enterprise Solutions (ES), which used to come only in a 10 user version that cost $3,500.  I have been using ES for our books here since it first came out, but only because I received a free copy as part of my ProAdvisor membership. For accountants who are not ProAdvisors and who have clients using ES, it could get expensive being able to support them.  Luckily, Intuit recently started expanding the flavors of ES, offering versions for 5, 10, 15 and 20 simultaneous users, costing as much as $9,000 plus another $2,000 per year for their service plan. 

The best aspect to this product line expansion, from a purely selfish sense, has been the introduction of a special single user version for professional accountants that allows us to work with client files from any of the other larger programs.  It retails for only $849.   

I am discussing this now for an even more selfish reason.  As a beta tester for the 2008 program, Intuit sent me a free copy of this special accountant version of the newest Enterprise Solutions program.  Since I already had a copy as part of my ProAdvisor update, this redundant copy has been put up for sale on eBay by Sherry at a huge discount off of the retail price.  The auction expires next Sunday, January 6, 2008. 

 

Posted in QB | Comments Off on Deals on New QuickBooks Software

Telephone Tax Credit

Posted by taxguru on October 16, 2007


The IRS says taxpayers collected only half of the $8B available for the refund of phone taxes.

The form to claim this refund is very intimidating, with all of its lines and the need to have phone bill info going back into 2003. I have found that this has been another big benefit of having everything on QuickBooks and keeping multiple years running in the same file. When preparing tax returns, clients who didn’t use QuickBooks have had to settle for the tiny standard amounts of $30 to $60. For those with their data in QB, going back at least into 2003, I have been able to fill in all of the necessary data in Lacerte in about 12 minutes and the credits have been averaging several hundred dollars.

More from IRS.

Form 8913

Instructions for the 8913

Posted in Credits, QB | Comments Off on Telephone Tax Credit

QB Data Conversion

Posted by taxguru on July 7, 2007

I recently took a survey for QuickBooks on their new Client Solution Center as part of their Certified ProAdvisor program.  While I like their new data conversion tool that allows people to import data from Peachtree, Microsoft Small Business Accounting and Microsoft Office Accounting, it does have a serious limitation, which I explained as follows in the request for additional feedback.

Your conversion tool should include the ability to convert from the QB Online format to the QB desktop format.  I have always advised against using your online service because of the inability to do this, and will continue to advise against your online service until it is possible to easily move data from the online program to the desktop one.

 

 

Posted in QB | Comments Off on QB Data Conversion

Working On QB With Multiple Computers

Posted by taxguru on June 23, 2007

Q:

Subject: transferring data

 

I use Quickbooks Pro 2005 and just got dsl at home.  I have it on my work computer also and want to transfer data to my home computer via the internet.  Can I transfer the data on the internet, I have been using pcAnywhere to transfer via phone line, but it takes forever.  Thanks for any information.

A:

I assume you are wanting to access your QB data from both your home  and work computers.  Trying to do that over the internet is going to be a slow and messy process.  Even the official online QB service, which is designed for this kind of direct access, is much too slow for my tastes; one of my many complaints about the online service.

What you need to do is work with the QBW file directly on each computer.  This will require that after each time you work in the file, from either computer, you backup the data into a compressed QBB file.  There are several ways for you to do this and have access to the QBB file from both of your computers. 

One way would be to backup the QBB file onto a portable storage medium, such as a CD-RW disc or thumb flash drive, which you can carry with you back and forth between home and work.  You would then restore the data onto the computer you are using.

Another way, and the one we use with most of our clients, is to store the QBB file on an online storage service, such as XDrive or MyDocsOnline.  You download a copy of the latest QBB file to the computer you are working on and restore it into your QB program and then work on it all you want. When you’re done, you make a new QBB copy that you upload to your online storage.  This gives you the speed of working on the file locally, with access to the data backup file from anywhere in the world. 

These obviously aren’t the only ways to work with a data file on multiple computers, but they are the ones that we have been using for several years.

Good luck.  I hope this helps.

Kerry Kerstetter
 

 

 

Posted in QB | Comments Off on Working On QB With Multiple Computers

Why so many people have lousy records…

Posted by taxguru on June 15, 2007

As I’m sure all professional accountants can empathize with, one of the most frustrating things when working with clients’ books, even those who use QuickBooks, is their over-use of Miscellaneous categories to describe their transactions, in spite of my specific repeated warnings against doing that.


Posted in comix, QB | Comments Off on Why so many people have lousy records…

Working with QB on multiple computers

Posted by taxguru on May 27, 2007

Q:

Subject: transferring data

 

I use Quickbooks Pro 2005 and just got dsl at home.  I have it on my work computer also and want to transfer data to my home computer via the internet.  Can I transfer the data on the internet, I have been using pcAnywhere to transfer via phone line, but it takes forever.  Thanks for any information.

 

A:

I assume you are wanting to access your QB data from both your home  and work computers.  Trying to do that over the internet is going to be a slow and messy process.  Even the official online QB service, which is designed for this kind of direct access, is much too slow for my tastes; one of my many complaints about the online service.

What you need to do is work with the QBW file directly on each computer.  This will require that after each time you work in the file, from either computer, you backup the data into a compressed QBB file.  There are several ways for you to do this and have access to the QBB file from both of your computers. 

One way would be to backup the QBB file onto a portable storage medium, such as a CD-RW disc or thumb flash drive, which you can carry with you back and forth between home and work.  You would then restore the data onto the computer you are using.

Another way, and the one we use with most of our clients, is to store the QBB file on an online storage service, such as XDrive or MyDocsOnline.  You download a copy of the latest QBB file to the computer you are working on and restore it into your QB program and then work on it all you want. When you’re done, you make a new QBB copy that you upload to your online storage.  This gives you the speed of working on the file locally, with access to the data backup file from anywhere in the world. 

These obviously aren’t the only ways to work with a data file on multiple computers, but they are the ones that we have been using for several years.

Good luck.  I hope this helps.

Kerry Kerstetter

 

 

 

 

Posted in QB | Comments Off on Working with QB on multiple computers

Choosing Proper QuickBooks Program

Posted by taxguru on May 27, 2007

Q:

Subject: Quickbooks on your wesbite…

Kerry,
 
You mention to stay away from Quickbooks Online and Quickbooks Simple Start, however, it seems in 2007, Intuit has only three options for Quickbooks now, QB Simple Start (I believe it replaces Basic and is $80), QB Pro ( $169) and QB Premier ($319).  Which would you suggest I use then?

A:

It was pure greed on Intuit’s part that made them drop the relatively inexpensive Basic version of QB, which was perfectly suitable for most users.  So, now you are correct that the least expensive version is the Pro, which is what you should buy.

I don’t even consider Simple Start to be a version of QB, so stay away from it.

Having just finished a messy partnership return for clients who use the online version of QB, my disgust and hatred of that service is at an all-time high right now. The “convenience” of having the file simultaneously available to several people ended up costing the clients a lot of money for the extra time it took me to clean up the data over what it would have been if I had been able to work on a normal desktop version of QB.

Of course, any decision as to which accounting program is best for you should be made in conjunction with your personal professional tax advisor; so be sure to check with him/her first.

Good luck.

Kerry Kerstetter

 

 

 

 

Posted in QB | Comments Off on Choosing Proper QuickBooks Program

QB Classes

Posted by taxguru on May 15, 2007

Q:

Subject: Using classes with Quick Books

 

It sounds like you deal a lot with rental property.   I read your article on classes. I am a HVAC contractor and would like to know if this can be useful for my business?  I need to track my service, replacement and new construction jobs for residential and commercial accounts and split the labor materials and equipment to each profit center.

 

I am taking a quick books class on line Friday 

 

Any help would be appreciated

 

A:

It should be fairly easy to set up QB in such a way as to give you the types of reports you need.

I don’t have time to give you details on this because that process will require some one on one consulting.  You should look for a QB pro advisor on the QuickBooks.com website and see if you can find one with some experience dealing with similar situations as yours.  S/he can then help you set up the file appropriately and train you on how to enter data and produce the reports you need.

Good luck.

Kerry Kerstetter

 

 

 

 

Posted in QB | Comments Off on QB Classes

Backing Up QB Files

Posted by taxguru on April 15, 2007

Q:

Subject: Quickbooks Question

Hello,

I have Quickbooks 2005 Basic and I need to backup just my calendar year for 06 is there a way to do that.
Please help. thanks

 

A:

There is no way to backup just part of the data in a QBW file.  It’s all or nothing.

I’m not sure why you would even want to backup part of the file and possibly lose the rest.

If your data file is becoming too large for your computer to handle, there is an archiving function that allows you to remove the details from before a certain date that you specify.  You may want to do that for before 1/1/06 and then your file will only contain the details for 2006.  Check the QuickBooks Help function for more details on how to do this.

Good luck.  I hope this helps. 

Kerry Kerstetter

 

 

 

 

Posted in QB | Comments Off on Backing Up QB Files