Paul's Biz Talk posts

QuickBooks vs. Microsoft Accounting

Ah...now let me throw a knuckleballer into the mix...I'm starting to mess around with MicroSoft Accounting.

Does anyone have any experience with that program?

I'm actually considering working with both QB and MS Accounting side-by-side this year to see which one comes out on top for my uses...it might sound a bit like overkill, but might also serve as an interesting experiment.

Or maybe I'm just being a dummy and shouldn't bother, lol.

Allocating tax with split receipts

So here's the scenario...I make a purchase at a store, let's use Best Buy as an example.

I purchased computer equipment and office supplies...so I need to properly account for the purchase when I enter it into QB by splitting the purchase into those two respective categories.

The base purchase of the items are simple, as they're right there on the receipt...but then there's the tax.

How do I figure the tax into the split purchase? Do I need to whip out a calculator and deal with some division to divvy up how the tax is allocated, or is the matter simpler than that?

How do you pay yourself?

So I have a business account at a bank, and I'm holding a check in my hand from a client, ready to deposit it.

This is my intention with the payment: at the end of the day, I want half of the amount to go back into the business (per biz checking account), while the other half goes into my pocket for bills, mortgage, etc...so therefore I'm essentially paying myself, if you will, for the services I performed in that job.

On the books (the QuickBooks that is), how do follow the proper procedure to I pay myself? Should I pay myself via cash or check, or does it matter? Is there something I need to be aware of in terms of the tax end of it?

I'm sure these questions are more loaded than I realize, but I wanted to put them out there.

Thanks,

~Paul

Protocol for client payment

So here's the scenario:

• I performed a job (service) for the client, a first-time client.
• After the job, I billed the client by generating a locked PDF copy of an invoice, and sent it to the client via email.
• The client then mailed me a check for the services, along with a copy of the invoice I originally emailed (for reference purposes I guess?).

So here's the question: Am I supposed to do anything at this point, in terms of a receipt to said client? What is the correct business protocol?

FYI: I'm trying to work electronically and avoiding snail mail.

Thanks!

~Paul

If you need help, take a class!!!

I took Shandra's class earlier this week on QB pt. 1, and it was really helpful.

I went into it completely lost and confused by the terminology, in part because I have ZERO accounting background...and I was frustrated because I had this program in front of me that I knew had the capacity to be of great help, but I couldn't figure out where to start.

Shandra was helpful and willing to take the time showing the program, and guided the group with a road map through QB...and spent part of her time playing the role of de facto accounting professor.

We spent lots of time clarifying this and that in the register area. Even when the class went long over time it was a non-issue, as she wanted to make sure we left with know-how we hadn't come to the class with.

I came out of the class able and willing (and dare I say excited?) about applying my new found accounting methods into QB!

My point here is that taking a class ~ even a short one like Shandra's that clarifies the nooks and crannies of the program and gets you up to speed ~ is well worth the time and investment...I'm a business owner still partially in startup mode, and insist on doing EVERYTHING myself; content writing, website, marketing, the works...I insist on being diversified, because I have to be to survive in the long run. Shandra's class was the first time I'd gone outside of that bubble...and I'm really glad I did it! I'm going to the 2nd class next week.

I also couldn't have done it without Biznik...because of the social networking platform it provides, and business owners like Shandra, I was able to establish a level of comfort with her through a prior free QB introduction event she put on a couple months ago...so going into her class that I paid for, I knew what I was getting, and I knew who she was from the business relationship we'd established prior.

Once again, that's the magic of Biznik ~ BY FAR my greatest discovery of the year ~ a treasure trove of solopreneurs, creative types, and folks with diversified skill sets who make each other successful!

Paul Sweum ~ Indexer & Technical Writer ~ TopHatWordandIndex.com

Recording expenditures (not vendors?) in QB

Can anyone give advice on how you input expenses?

Here's the scenario: I have a list of receipts, and I want to input them into the program as expenditures...i.e. travel, lodging, meals, entertaining clients.

I'm not sure where to input the information...I keep running into what the program refers to as "vendors," but is Starbucks, where I bought a $2 coffee, a vendor? That's where I get lost.

I've watched the tutorials for the program and gone through the QB for Dummies book, with no success...I'm totally stuck.

Is there a menu or feature that keeps track of the sort of expenses I'm trying to record? Am I totally blind to a menu tab that I'm overlooking? I'm sure part of the problem is that I don't know what to look for, lol.

Thanks for the help!

Hello......experts! Can ya chime in?

Hey there everyone...I know some of you are resident experts on Quick Books...and I know you're not JUST here to scoop up the endless sea of potential customers dotting the landscape of this group, right? (That was a joke, lol)

It seems to me that some of the others here would benefit from your wisdom and advice. It would be wonderful if you could participate in the group!

...and who knows, it might even generate some business...hey, how about that!

I've posted several issues on the discussion lists here...hoping that some discussion is generated. Thank you in advance for bringing your helpfulness and expertise to the group!

Got QuickBooks Pro, but now setup questions...

Hey everyone...I picked up QB at Costco a couple days ago. It was $99 at Costco, but I also saw it for $99 at Office Max.

If you shop at Costco often you may have the exec membership that gives you a 1% return at the end of the year, so perhaps that adds a minuscule extra savings, for what it's worth.

I've been reading through the QB literature, which discusses the setup process. It appears that you need to have a framework together and know some things before you launch into it, however...for example.

While I spent last year setting it up and putting the pieces together, my biz didn't go official (with Olympia) until January of this year. This begs the question of the equipment purchases I made in 2008, such as computers, books, and other purchases necessary to bring life to the biz.

The tax lady I use right now mentioned in passing that I can use my equipment purchases from 2008 for the 2009 tax year, but I need to find out more specifically what she means; if that involves the actual purchase, or if only the devaluation of the equipment is what she is referring to.

When you start QB, it wants to know what the "starting point" is going to be for entrees in the QB file. So, that being said, I can't figure out if I want to keep track of those aforementioned transactions from 2008, or if I should make my starting point from Jan. 2009 ~ when the biz went "official."

Can anyone out there lend some advice?

Hit the ONE MONTH CLUB, and it's great!!!

Hello to everyone out there...I just thought I'd share that I've been with Biznik for a month now, and absolutely love it.

I've met some amazing folks...and made it a point to go at it aggressively and attend as many events as my schedule allows. Marketing and networking has been my primary focus this last month.

I get a double value by doing that...while I dial into events that can teach me skills, I'm also able to network. In doing so, I've been able to make some excellent contacts...and while I've approached it with little in the way of "finding work expectations," to my amazement it turns out that some of my participation and established contacts may lead to actual work!

How 'bout that?!?!

So I wanted to share some of those thoughts as someone who's been actively involved and met the one-month anniversary...good luck!

~ Paul Sweum ~ TopHatWordandIndex.com ~ 520.271.2112

Welcome to the accounting division of your Finance Department...the fun begins by purchasing/attaining QuickBooks, right?

...or the nightmare, depending on your background and level of excitement for accounting practices.

I had an epiphany of sorts yesterday as I walked into a room of other biz & solopreneurs who seemed to be feeling the same pain I was.

Anyone in the room heard things like: "What? Don't you like my excel spreadsheet methods?" or "Oh, you mean I need to record THAT?" or better yet "Can you define equity one more time?" (but hey, it wasn't me <cough>)

Uh, yeah. Moving on...and BTW, Shandra Rose's QB training was really helpful, and helped inspire me to do this today.

So that's where I'm at right now, and maybe you are too...I'm working off an excel spreadsheet to keep track of my expenses so far this year...and the receipts are piling up...and the first quarter is about to end as April approaches.

I guess it's a good time to pick up QuickBooks! Woohoo!

Shandra mentioned in the group yesterday that Costco is selling QuickBooks Pro for $100...and I believe that's the version that can be used for personal accounting along with solopreneur accounting (opposed to a biz that involves payroll).

Is anyone out there aware of any good deals on QuickBooks that might beat the Costco price?

Calculations o' a thousand smiles,

Paul Sweum, N.A.C.P.A.A.N.W.B. (not a CPA and never will be) ~ QuickBooks Sector of the Accounting Div. of the Finance Dept. for TopHatWordandIndex.com (sole proprietorship, lol)

Looking to barter editing/indexing help for logo help!

Hey everyone...I currently have a logo concept that needs some further development, and could barter that need with someone who is working on a project that involves editing or indexing.

Since those are rather specific things, another idea might be to find a third person who can fit into a barter trio...that might open up more possibilities.

Anyone feel free to share your thoughts.

What's at the top of everyone's travel to-do list?

Share your top travel destinations with everyone...and why you choose those places?

My top travel destinations:

1 ~ UK & Iceland ~ Britain, Ireland, Scottland...if possible I'd like to try getting it all in over the span of 3-4 weeks.

2 ~ Japan ~ I have a college buddy over there I need to visit, and I've never been to Asia...it seems like a good starting point!

3 ~ Egypt & Israel ~ They just seem like essential cradle-of-civilization types of places...probably hard travel through.

Next?

Thoughts on a potential Eastside meetup?

Hello everyone...did anyone have any thoughts on how this group should get together?

Do you see something happening such as a post-work networking happy hour, or some other kind of event on the Eastside?

Feel free to share any thoughts or suggestions!

Paul Sweum ~ TopHatWordandIndex.com

Hello Biznikers from Top Hat Word & Index!

Greetings from Seattle...I'm an indexing & technical writing solopreneur (sort of, I have a few "satellite helpers") and I'm jazzed about expanding the network...so I joined up with biznik tonight.

Visit my website at www.tophatwordandindex.com.

I'd like to chat with other professionals, so don't hesitate to drop a line...I'm trying to connect with folks in the publishing and technology industries.