Creating Item Records in QuickBooks

The QBC: QuickBooks® Client Newsletter

Accurate, thorough item records inform your customers and help you track inventory levels correctly.

Whether you’re selling one-of-a-kind items or stocking dozens of the same kinds of products, you need to create records for each. When it comes time to create invoices or sales receipts, your careful work defining each type of item will:

  • Ensure that your customers receive correct descriptions and pricing,
  • Provide the information you must know about your inventory levels, and,
  • Help you make smart decisions about reordering.

You’ll start this process by making sure that your QuickBooks file is set up to track inventory. Open the Edit menu and select Preferences, then Items & Inventory. Click the Company Preferences tab and click in the box in front of Inventory and purchase orders are activated if there isn’t a check in the box already. Here, too, you can ask that QuickBooks warn you when there isn’t enough inventory to sell. Click OK when you’re finished.

QBC0115image1_zpsdc48f652Figure 1: You need to be sure that QuickBooks knows you’ll be tracking inventory before you start making sales.

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Tax Alert: Tax Increase Prevention Act of 2014

On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014,” (TIPA, or “the Act”), which the President has signed into law. In the recently enacted “Tax Increase Prevention Act of 2014,” Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as “extenders.” The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as “extenders.” The new legislation generally extends the tax breaks retroactively, most of which expired at the end of 2013, for one year through 2014.

Capitol Hill

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Client Update: Winter 2014

This issue’s topics include:

  • Should you treat your home as an investment?
  • Last-minute tax savers for 2014
  • To grow or not to grow?
  • Lending money to family members could be taxing
  • Inform your employees about their total pay package
  • IRS posts taxpayer “Bill of Rights”
  • 2015 HSA limits announced

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Insero & Company understands that when it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.
This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read.

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Using Statements in QuickBooks: The Basics

The QBC: QuickBooks® Client Newsletter

Most small businesses use invoices for billing customers. But there are times when you may want to send statements instead of – or in addition to – invoices.

One of the more enjoyable parts of your job is probably sending invoices to your customers to bill for products and/or services is probably one of the more enjoyable parts of your job – second only to recording payments received. Thanks to the company file you’ve built in QuickBooks, creating invoices is generally a very simple process that requires no duplicate data entry.

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Figure 1: You probably use QuickBooks’ invoice forms frequently, so you know how much easier it is to fill them out than to create paper bills.

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Employee Benefits Update: Year End 2014

This issue’s topics include:

  • What you need to know about ADP/ACP discrimination testing
  • Are you offering a Roth 401(k) plan option yet?
  • 401(k) plan automatic enrollment: A winning formula
  • Help participants avoid an inappropriate IRA rollover

Click Here to Download the 2014 Year End Employee Benefits Update

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Insero & Company Ranked 4th Best Mid-Sized Accounting Firm to Work for

Insero & Company CPAs, P.C. was recently ranked 4th in the medium-sized firm category of the 2014 Accounting Today’s Best Accounting Firms to Work for. The list, which consists of 100 companies, recognizes the best employers in the accounting industry. Insero is the only firm in New York State to have been named to the list in 2014.

“This is the third straight year we’ve made the list, and each year our ranking has increased. It wouldn’t have been possible without our entire team working together to create the environment that exists today,” said Nancy Catarisano, managing partner. “We are looking forward to reviewing the input from the survey and carrying on our tradition of making the firm an even greater place to work.”

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Companies from across the United States entered the two-part survey process to determine Accounting Today’s Best Accounting Firms to Work for. The first part consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration and survey process, analyzed the data and determined the final ranking, which was announced Monday at the Growth and Profitability Summit in Boca Raton, Florida.

For more information on Accounting Today’s Best Accounting Firms to Work for program, visit www.BestAccountingFirmsToWorkFor.com.

Rochester-based Insero & Company CPAs, P.C. is one of the region’s premier accounting and business advisory practices serving western, upstate and the southern tier of New York. A full-service public accounting firm with tax, audit and outsource accounting practices, Insero specializes in working with small businesses and middle market companies, employee benefit plan audits, and outsourced and virtual accounting services. For more information, visit www.inserocpa.com.

2014 Audit & Accounting Update

Reminder: Today is the last day to receive $5 off with our Early Registration Discount, so don’t wait – register today.

Join us for the final installment of Insero & Company’s 2014 Accounting & Finance Education Series, designed for business owners, management, and accounting and finance professionals. Whether you represent a large publicly-traded company or a small not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Learn about changes that may affect your organization and how to apply the most recent standards and guidance. Presented by Vincent Leo, Michael Giess, and Jennifer Martlew.

CPE Series

Click Here for More Information and Registration

When: Tuesday, November 18, 2014, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per participant ($25 per participant through November 4th with Early Registration Discount)
Presented By: Vincent Leo, CPA. Michael Giess, CPA, and Jennifer Martlew, CPA, CFE.

To receive updates on future events, please join our mailing list.

Billing for Time in QuickBooks: An Overview

The QBC: QuickBooks® Client Newsletter

If you sell your employees’ time and skills, you can use QuickBooks to record those hours and bill your customers for them.

If your small business sells products, you know how precisely you must track your starting stock numbers, ongoing inventory levels, and your reorder points. QuickBooks provides tools to help with this process, but human factors can sometimes throw off your careful counts.

Fortunately, QuickBooks is remarkably flexible when it comes to recording the time your employees spend on customers and jobs. You can enter information about a single activity — either billable or unbillable — and/or document hours in a timesheet. A built-in timer (the “Stopwatch”) helps you count the minutes automatically; you can also type them in manually.

One Work Session

All versions of desktop QuickBooks include dialog boxes designed to help you enter all the details related to a single timed activity. To get there, either open the Employees menu and select Enter Time | Time/Enter Single Activity or click the down arrow next to the Enter Time icon on the Home Page and choose Time/Enter Single Activity.

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Figure 1: QuickBooks helps you create records for individual activities completed by employees, which can be either billable or unbillable.

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Employee Benefits Update: October/November 2014

This issue’s topics include:

  • Target Date Funds and Fiduciary Duty: Examine your TDFs’ glide paths to ensure suitability
  • ESOPs facing tougher scrutiny by regulators and courts
  • Are your 401(k) plan administrative fees allocated equally?
  • DOL sets 2015 regulatory agenda

 

Employee Benefits Update October/November 2014

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.