The Letterville BullBoard: Help With Quicken

This is topic Help With Quicken in forum Letterhead/Pinstriper Talk at The Letterville BullBoard.

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Posted by Penny Baugh (Member # 3275) on :

I was hoping some of you could help me in tweaking Quicken Premiere Home and Business. I've been using it for about 18 months and love it!

1. What category do you assign to vinyl, substrates, screws, etc? I'm using "materials"

2.What type of income do you designate child support under? It's not taxable income.

3. I pay suppliers with credit cards. Do you have to enter the information twice? Once in a vendor account and again in the credit card account? Or is it even desirable to have an account set up just for each vendor when you don't ever have a balance due?

Posted by TransLab (Member # 470) on :

As for paying suppliers with credit cards, I've found it easier to set the credit card up as a bank account. Process payments to vendors as if you were writing a cheque, process payments on credit card as a transfer between bank accounts (one general journal entry per month). Reconcile it as you would your regular bank accounts.

Makes life a lot easier and my accountant agrees and has adopted this method for all his customers.

[ July 05, 2004, 12:19 PM: Message edited by: TransLab ]

Posted by Penny Baugh (Member # 3275) on :

Thanks, Mike. I'm wondering if I can export the file from the credit card account and then import into the new "checking" account.

Posted by Harris Kohen (Member # 2139) on :

Penny I suggest you spend the money and purchase Quickbooks, it has provisions for all that and lots more. Your accountant should be able to work with that program too and give you lots of help setting it up to suit your needs.
I believe you might even be able to write off the purchase of the program.

It's an investment worth making.

But I have heard the Quickbooks classes arent worth much if ya know how to use a mouse and experiment a bit.

Posted by Dave Grundy (Member # 103) on :

Sorry, I can't help much with Quicken...BUT...

I have this cardboard "bankers box" that my accountant gives me each year. I throw everything into it. (accountant says it is more professional looking than a grocery cardboard box [Big Grin]

)

I pay my monthly bills as they come in, and throw them in the box.

I DO have an organised invoice system for invoices paid and invoices that are receivables (GOTTA be organised about money that's owed to me!!! [Wink]

)

At the end of the year I toss the organised invoices in with the disorganised other paper and deliver it to the accountant, in the fancy box he provided.

I pay him to do what he does for a living and I don't agonize over trying to learn what he does for a living.

Oh yeah....when he wants some sign work done, he calls me...HE doesn't want to agonize over learning what I do for a living!!!!! [Dunno]

It just seems to work well for both of us.

My contribution to the "Monday funny". [Applause]

Posted by Penny Baugh (Member # 3275) on :

Thanks, Harris. I wondered about the differences between the programs. I'll get a copy. My two year anniversary is coming up for my business and it's time to look at the numbers carefully and see if I'm going under as quickly as it seems.

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