Showing posts from September, 2009

Recording Foreigh Transactions & Foreign Currency Conversion

Accounting for foreign transactions and foreign currency translation* If your firm agrees to receive payment in a foreign currency, you record two transactions.  Assume that your firm signs a sales contract with Toronto Co and will be paid $1,000 (Canadian) 30 days after it receives the merchandise. On the transaction (sales) date, the exchange rate is $1 (Canadian) = $1.15 (U.S.), so you record the following general journal entry:  Accounts Receivable 1,150             Sales             1,150 To record foreign sales transaction (1,000 x $1.15)  However, 30 days later the Canadian currency has weakened, and the exchange rate is now $1 (Canadian) = $1.10 (U.S.). That 1,000 Canadian dollars can purchase only 1,100 U.S. dollars, not the 1,150 U.S. dollars your firm budgeted to receive. Thus, your firm incurs a loss. On the settlement date, you must record two journal entries.  Record the payment received and the $50 loss.  Position in C

QuickBooks 2010 Check Signing Feature

Print Signatures on Checks Intuit Payroll has added a new check-signing feature in QuickBooks to make issuing checks more efficient. Instead of signing each check, you can now scan your signature once, save the image, and then use it in QuickBooks when you print checks on your pre-printed check stock. The signature works for all check transaction types, including paychecks, liability checks, bill payment checks, sales tax payment checks, and standard banking checks. You can print your signature on both voucher checks (one to a page) and non-voucher checks (three to a page). Note: The signature will not work on wallet-sized checks.

Federal Reserve Bank Holiday Schedule

Holiday 2009 2010 New Year's Day 1-Jan 1-Jan Martin Luther King, Jr. Day 19-Jan 18-Jan Presidents' Day 16-Feb 15-Feb Memorial Day 25-May 31-May Independence Day July 4* 5-Jul Labor Day 7-Sep 6-Sep Columbus Day 12-Oct 11-Oct Veterans' Day 11-Nov 11-Nov Thanksgiving Day 26-Nov 25-Nov Christmas Day 25-Dec 25-Dec *For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve Banks and Branches will be closed the following Monday. Expanded schedule can be found at: Federal Reserve System Holidays

QuickBooks Accountants Edition 2010

QuickBooks Accountant's Edition 2010 Coming Soon! If you are an Accounting Professional, don't wait! We're tak ing orders now for upcoming product release! Call us today! Save Even More Time with QuickBooks 2010 Expanded Client Data Review. Document management. Adding or editing multiple list entries. Intuit Statement Writer. and many more. Order your software to order or for more information! 775-34 8-9200

Business Analys ES Discontinued 10.31.09

60 days advance notice of service discontinuation If you have been using Intuit Business Analysis ES – a reporting service that is provided at no charge alongside your QuickBooks Enterprise Solutions software, you should be aware that there is an important change to this service effective soon: Intuit Business Analysis ES will be discontinued on October 31, 2009 What do I need to do? You do not need to do anything at this time. Your QuickBooks software will continue to function as it had prior to using Business Analysis ES. However, please be aware that you will no longer be able to access Business Analysis ES after October 31, 2009. After October 31st, the synchronization process that enables you to view your QuickBooks data in Business Analysis ES may continue to run. If you would like to disable this synchronization (not required), follow these 3 easy steps: Step 1: Open the Intuit Sync Manager by double-clicking the icon with two green arrows located in you

Banking Safety Tips

To protect yourself from crime: • Park near the ATM/night depository. • Have your bankcard ready before getting out of your car. • When you are making a deposit, fill out the envelope before getting out of your car. • Always turn your car off while you are at the ATM or night depository. • Check your surroundings; do not attempt a transaction if you see anyone loitering near the ATM or night depository. • When entering your identification code, shield the keyboard from anyone who may be in line behind you or observing from a distance. • If you are in the middle of a transaction and become uncomfortable, press cancel, take your card and leave. • Before leaving the ATM, make sure you have your card, receipt and cash. • Do not count currency in view of others; pocket your cash and ATM card before leaving the ATM. • Have your keys ready before you get to your car. For drive-up ATMs: • Drive clo

Top 10 Tips for Computer Security

I recently read these tips in a newsletter from Norton Internet Security folks....It certainly bears repeating. As the year comes to an end and we are doing our usual file maintenance, these are great tips to keep in mind. 10. Use common sense. It's always better to err on the side of safety. If you're unsure about an attachment, delete it. Especially if it's from a source you don't recognize. If there are tempting animations on a site that look highly unprofessional, don't download them. 9. Scan files for viruses before using them. This is always important, but especially if you are using a disc or flash memory to carry information between one computer and another. You could easily pick up a virus from a corrupted file and introduce it into your system. Running a virus scan before launching any of new files will prevent infection. 8. Don't share data CDs. Even a well-meaning friend may unknowingly pass along a virus, Trojan horse, or worm. Label your di

Handling Returned and Post Dated Checks

Returned checks When the bank notifies you that it is returning a customer’s check for NSF (not sufficient funds), debit the customer’s account immediately—even if you plan to redeposit the check the same day. For good internal controls, instruct your bank to address all returned checks to someone other than you—possibly the owner or a senior manager. This can protect you if an employee tries to use fictitious checks to cover temporary shortages. Postdated checks If a customer gives you postdated checks, treat them as a note receivable. In other words, debit it to Notes Receivable, not to Cash. On the date written on the check, deposit it to your firm’s account, debiting Cash and crediting Notes Receivable.

New Printer? Change your QuickBooks Printer Settings

After you buy and install that new printer, don't forget to tell QuickBooks about it! You will want to be sure to change the printer to be used on each type of document your print: reports, checks, estimates, etc.

Attention QuickBooks Mac Users!

Are you planning to upgrade to the new Snow Leopard operationg system? If so, be aware that there are some compatability issues with QuickBooks Intuit expects to release a patch, R8, ASAP to correct these issues. Until then, you might want to wait on the upgrade, or be prepared to work around the issues with QuickBooks.

New Computer? Don't have Payroll Subscription Number?

Recently a client called. Her computer had crashed and she bought a new one. Everything was fine until she sat down a few days later to process payroll. Turns out, she had not written down her Payroll Subscription Number. Ir that happens to you, you can call the folks at Intuit Payroll Services at (800) 624-2106, Mon-Fri, 6 AM to 6 PM Pacific Time. They will verify your QuickBooks software license and your payroll subscription status. Then they will give you the information you need to carry on. Write down your license and payroll subscription information. But keep this information, just in case you forget or lose the info...