Attention To Detail QuickBooks Training Webinar

Attention To Detail Bookkeeping and QuickBooks Solutions presents:

Personalized QuickBooks Training Webinar

This is a five week series of QuickBooks Training presented online.  We will take you from the beginning basics of QuickBooks to a more advanced demonstration.  Incorporated in the five week series is designated one-on-one training and a review of your company’s QuickBooks data file.  We will show you how to apply what you have learned directly to your own QuickBooks file. 

  • Get FREE training materials
  • Personalized training geared towards your industry and your QuickBooks file
  • Learn from an experienced accounting professional and a QuickBooks expert, not just a computer software specialist
  • The processes taught have been proven to reduce your year end tax bill

Get all this and much more!

Gain CONFIDENCE in your numbers by learning to use QuickBooks ACCURATELY and most EFFICIENTLY! Visit our website for more information or to register for the event.

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QuickBooks Tip of the Month

Have you ever added a new vendor through the quick add function while reconciling a bank statement but when you later go to that vendor in the vendor center the vendor’s name is nowhere to be found? If so, you may have added the vendor as an Other Name instead of as a Vendor.  Names added as an Other Name do not show up as a vendor in the vendor center. They will however show in the Other Names list. This could be a problem especially during tax time when you are completing the 1099 process. If there is a 1099-able vendor categorized as Other, the vendor’s name will not show up in the 1099 report thus causing you to miss reporting to the IRS. This could cause your company a lot of money in fines if you were to be audited. To fix this follow the steps below:

In single-user mode in QuickBooks click on List-Other Names List. The Other Names list window will open and you will see a list of all the names that have been categorized as Other. Right click on one of the names that needs to be switched to a vendor. Choose Change Other Names Type. A new box will appear and you will be able to change all the names by putting a check mark in the appropriate column. You will see you can change the Other Name to a Customer, Vendor or an Employee. Once you are finished marking your selections click “Ok” and the names will now appear in the Vendor, Customer, or Employee center depending on your selection.  It’s that simple!

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Top Ten Tips to Help Prevent Fraud (in Order of Effectiveness)

Top Ten Tips to Help Prevent Fraud (in Order of Effectiveness)

1. Send Bank and Credit Card Statements to a Separate Address. Do not send your bank statements to your business address. Have your bank statement sent to your home,PO Box, or lockbox address. Review each check both front and back for payee, signature, and endorsement. Even if you don’t allow your employees to use your credit card, make sure those statements are sent to an alternative address too. Examine each statement carefully. Review each and every line item of both payments and charges.

2. Do Not Let Anyone Misrepresent Themselves as You. Do not let them use your password, sign your name, or use your credit card, ever. Never let an employee sign your name, use your credit card, or misrepresent themselves to your bank or credit card company. Reimburse their expense. Don’t reveal sensitive passwords. If you allow your employee to sign your name even on credit card purchases, it could compromise your legal recourse in case of fraud or embezzlement.

3. Reconcile Bank Accounts and Review Statements. Review every statement. Make sure all bank accounts and credit cards are reconciled. Afterwards, take time to review every reconciliation report. Notice stale checks or deposits that have not cleared the bank. Check for missing deposits. An increase in the number of reconciled items may also reveal mischief.

4. Assign Administrative Rights Effectively. Use the Administrative rights in QuickBooks to protect your data. The first person to set up QuickBooks is by default assigned as Administrator. This role has unique permissions. So the administrator should be designated to either an outside party, i.e., a CPA, a QuickBooks Certified Consultant, or the savvy owner. Make sure that every user is set up separately and that passwords are used. Lock down permissions to change or delete transactions. Especially important: Use passwords for closing dates.

5. Use the Audit Trail in QuickBooks. If you don’t have the latest version of QuickBooks, make sure you turn on the Audit Trail. Go to Preferences > Accounting and click on the box Audit Trail. Caution: the Audit Trail won’t tell you if a vendor name has been changed or merged. It is wise to maintain a strict paper trail. Supporting documents need to be readily accessible in your files and then archived according to the type of document.

6. Use the Voided/Deleted Transaction Report. After you have turned on the Audit Trail, and made its review part of your routine, periodically review the Voided/Deleted Transaction Report to see which entries which have been modified.

7. Establish Accounting Controls. The principle of countervailing power is the fundamental reason to use checks and balances in accounting. Split the responsibilities between staff members or outside accounting professionals. Warning Sign: If only one person writes the checks and reconciles the account, there is no double check. Separate the duties. Consider another person to do reconciliations so it is done by a person other than the staffer generating the checks. Perhaps a Certified QuickBooks ProAdvisor® or CPA can provide these services.

8. Adhere to a Numerical Sequence. Use a numerical sequence for all transactions. Invoice, bills, and checks which are numbered fall in a logical and chronological order. The reason: To identify missing documents. Look at the bank statement for large gaps. Secure paper checks. If you keep voided paper checks, remember to tear off the signature area to keep it from being misused. If your bank sends paper checks, sort them numerically.

9. Review Receivables and Payables. Look for adjustments to Receivables or Payables. Such adjustments could indicate subverted payments or vendor checks.

10. Back up Your Data. Repeat after me – Back up, back up, back up. Think redundant backups as a contingency plan for disasters of all sorts. Make scheduled copies. Rotate the media (tape drive or portable storage). If you use CDs, better buy the read-only variety. Store your backups at another location. Such diligence can come in especially handy if there is a disaster. In some fraud cases, the bookkeeper may delete all of the QuickBooks files to avoid detection. In such cases the business has to pay a large sum for data retrieval, in hopes of capturing any shred of evidence. Be smart; back up. It only takes a few minutes.

ATD Solutions is a computerized bookkeeping firm providing Attention To Detail solutions for your business. Let us know if you have any questions. You can contact us at 248-620-1177.

 Article pulled from Intuit ProAdvisor website.

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Tips for Closing your Financial Reports for Year End

Tips for Closing your Financial Reports for Year End

December 31st marks the end of the fiscal year for most companies.  A time to close your books for the year and compile your year end tax return.  This is the time to clean up your books so that you can send financial statements to your CPA for year end tax reporting.  Here are some items that need to be completed at the end of the year:

  1. Reconcile all your bank, loan, lines of credit, petty cash account, and credit card statements through December 31st.  Sometimes there are statements that do not end directly on the 31st and since you need all transactions posted through the 31st of December, you may have to wait until the January statement arrives in order to close your books.
  2. Review your Income Statement (Profit & Loss) for the entire year.  Make sure all income and expenses are in their proper category.
  3. Review your Balance Sheet for the entire year.  Make Year End Accrual Adjustments and review all Fixed Assets purchased throughout the year. (Equipment, Vehicles, Furniture, Buildings, etc.) Print report for CPA.
  4. Prepare your Quarterly and Year End Payroll Reports (if you have employees and run payroll yourself).  If you have a payroll agency, then they will prepare them for you.  Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies.  Obtain copies of the reports for your CPA.  Order your W2 forms if you prepare them yourself.
  5. Make sure you have gathered tax id information for all vendors / subcontractors that have performed services for you.  Order your 1099 forms to print.  You will need to send out 1099’s and W2’s for 2011 by January 31, 2012.
  6. Once your CPA has finished your tax return ask them for the adjusting journal entries and a copy of the Trial Balance or the Balance Sheet and Profit and Loss.  Then enter the CPA’s journal entries and compare the financials statements in QB against the CPA’s financial statements.
  7. Having a financial package, such as QuickBooks®, helps to organize and prepare financial statements for your CPA and is a great time saver.  This software is user friendly as long as the set-up is done properly.  Call ATD Solutions at 248-620-1177 with any questions regarding the software.  Also if using QuickBooks® you continue to use the same file year after year.  There is no need to start a new file when closing out the year.  All you need to do is password protect the file so that you do not enter anything in the books for the prior year once you have sent the file to the CPA. 

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly or year end is processed correctly, please call ATD Solutions at 248-620-1177.  ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees.   

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Visit our booth tomorrow night at the Cl

Visit our booth tomorrow night at the Clarkston Chamber Best of the Best Business expo for a chance at $150 amex gift card. Click here for details on the expo: http://clarkston.org/events/expo.html

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ALERT Your Employees: They May be Underpaying Federal Income Tax

Here is a timely item from the current, September 2009, issue of our member monthly newsletter, The General Ledger…..

Because of the new withholding tables under the American Recovery and Reinvestment Act, some employees might want to adjust their 2009 FITW by submitting a new W-4 now. The Act reduced FITW to reflect the Make Work Pay tax credit. But for some employees, that adjustment may result in paying less than the required 90% of FIT by Dec. 31, 2009, which may lead to penalties.

Employees most likely to have too little withheld under the new tables are:
· Two-earner married couples;
· Individuals with more than one job;
· A dependent on another’s tax return (they are not eligible for the credit, but you will withhold as
though they were);
· Those receiving a pension; and
· Individuals also receiving Economic Recovery Payments (they are not eligible for the credit, but you
will withhold as though they were.

AIPB Tip: Provide employees with a copy of the “Notice to Employees” on page 73 of IRS Pub. 15-T, at http://www.irs.gov and/or direct employees to the IRS Withholding Calculator on its Web site (type “withholding calculator” in the IRS search box), now updated to reflect the new withholding.

Call ATD Solutions if you have any questions, 248-620-1177

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

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Tips for Closing Your Financials for the First Quarter

ATD Solutions

 

March 31st marks the end of the first quarter for all companies that close their books on December 31st.  This is the time to clean up your books so that you can send financial statements to your CPA for tax planning purposes. Here are some items that need to be completed at the end of the quarter:

 

  1. Reconcile all your bank, loan, lines of credit, and credit card statements through March 31st
  2. Review your Income Statement (Profit & Loss) from the beginning of the year through March 31st
  3. Review your Balance Sheet from the beginning of the year through March 31st
  4. Prepare your Quarterly Payroll Reports, if you have employees and run payroll yourself.  If you have a payroll agency, then they will prepare them for you.  Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies.  Obtain copies of the reports for your CPA.
  5. Make sure you have started to gather tax id information for all vendors / subcontractors that have performed services for you.  You will need to send out a W9 form (located at www.irs.gov) in order to obtain their company information.  You will need to send out 1099’s for 2009 by January 31st, 2010.
  6. Having a financial package, such as QuickBooks® helps to organize and prepare financial statements for your CPA.  This software is user friendly as long as the set-up is done properly.  Call ATD Solutions at 248-620-1177 with any questions regarding the software.

 

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly, please call ATD Solutions at 248-620-1177.  ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees. 

 

ATD Solutions is currently offering a QuickBooks® Check Up for only $149.  All you need to do is send us your QuickBooks® Back-up File and we will review the following;

 

Ø      Chart of Accounts

Ø      Previous Year Entries to Match to CPA Financials

Ø      Reconciliations of Accounts

Ø      Data Entry Accuracy

Ø      Inventory and Payroll Set-up Accuracy

Ø      Financial Statement Accuracy

 

You will receive a report stating what items need to be fixed in order to complete the financial statements.  This will allow you to pre-plan with your CPA to maximize your tax deductions and lower your tax payments to the government!  Call ATD Solutions at 248-620-1177 ext 17 to schedule your review today and mention discount code: BL2009.

 

ATD Solutions provides Attention to Detail for all of your QuickBooks Consulting and Bookkeeping needs!

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

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