QuickBooks Online Expenses by Vendor Detail Report - How to Create

The Expenses by Vendor Detail Report is one of the most useful reports in QuickBooks desktop, but it does not exist in QB Online. In QB Desktop it's located under Financial Reports. Here is how I use it:

  1. To make sure I've posted things correctly (because any given vendor tends to offer the same functionality every time)
  2. To see if I've paid a bill (because this is the quickest way to figure that out)
  3. To see how much I've spent with a vendor for analysis purposes
  4. Sometimes, I'll filter this report for one vendor, print that report out, and show it to the vendor. so that when they see how much money I've spent with them already, they'll qualify me for a discount, no restocking fee, or some other benefit. 

QB Online does have a vendor report, but it doesn't provide me with totals for one thing. So I figured out how to get this report in QB Online. If you can get Accountant Access to QB Online, you can do it too. Here are the instructions:


Under Accountant Reports
Select Transaction Detail by Account
Customize it the following way
Rows/Columns –> Group by Vendor
Filter -> Select Distribution Account = All Expense Accounts
Change Columns -> Uncheck the following boxes: Name, Adj, Split, Balance; then Add the following: Account (I like to move Account up to the space before the Memo. I think the report looks better this way).
Header/Footer -> Report Title= Expenses by Vendor Detail

Viola!

Madeline Bailey gains QuickBooks ProAdvisor Advanced Online Certification

As the principal of QC Computing, I've been certified in QuickBooks Online for many years now, but only recently had time to pass the ADVANCED Online Certification.
Passing this test required a broad range of advanced accounting sills and months of in-depth study on the features and capabilities of Intuit QuickBooks Online Accounting Software. It was harder than that even. I joke that clients tell me what they want. I had to figure out what the test questioner wanted all on my own.
A recent survey found that there are less than 15 Advanced Online Certified ProAdvisors in the greater Seattle area, out of about 100 total ProAdvisors of all varieties (such as consultant, bookkeeper only, tax preparer, etc.)
Advanced QB ProAdvisors Consultants are uniquely qualified to offer you great value in designing and implementing systems, customizing training to your specific needs, utilizing lesser-known program features, and thereby dramatically increasing productivity and profitability.

Rolling out the QuickBooks Online New Reconciliation Screens

QuickBooks will have a new reconciliation screen soon. It's already rolled out for Accountants, so I've gotten a chance to use it. Here are some tips and things to watch out for. 

First up, I would forget I was working in 2016, and enter in a statement ending date of 2017. Instead of seeing just the month of transactions one sees the entire year. When I went back to fix my mistake to the correct 2016 ending date, it would still show me the entire year, not fewer transactions. That feature is now controlled by a funnel, where one has the choice to say, "Limit what I see to statement ending date". Look for the funnel icon to the top right of your reconciliation screen for this feature. 

Next up, I'd have to leave my work for awhile, so I'd select "Leave" on the reconcile screen and close down the software. When I returned, my opening balance would be off. What the heck? Turns out, QuickBooks automatically enters an opening balance entry and reconciles it for you. I learned to do a Find by Amount, find the reconciled entry, and delete it to get my opening balance back to the correct amount. It's supposedly a feature to help you start a new reconcile on a new account, but at this point it's a bug.

Last up, I learned that the reconcile goes faster, i.e. more accuracy, if one selects the Deposits screen first to click off all the deposits, then Expenses screen next to click off the expenses. Apparently, that's how it was coded and tested, because it works better. I always respect the software and give it what it wants. As one friend says, "That's how I roll". 

"How I roll" is that I learn these things the hard way so that I can make it look easy for you. 

Update your Salestax Rates

Effective TODAY. This is not an April Fools Joke.

Many cities in King County, WA now have 10% and higher sales tax rates. It's now 10% in Issaquah, 10.3% in Bothell, 10.1% in Seattle.

Here is the link to the new rate sheet for you to print out and update your QuickBooks.

New Salestax Rates


Salestax rates are found on the item list for Desktop, in the Salestax area for QuickBooks Online.
Do not just update your QuickBooks salestax rates in-line.
Add new rates codes, and leave the old ones as is for reporting and auditing purposes.
If we're doing it, we'll rename the old ones first, so the new names will be the same names you're familiar with.
I or one of my bookkeepers can come out and fix this for your business, plus anything else you want help with.

Looking forward to making sure you make more profit!





Does an education prepare you for small business accounting?



This blog post is thanks to Shelly, one of the bookkeepers at QC Computing, and the person in the black sweater. 

Numbers and organization comes naturally to some people. I'm one of those lucky individuals. I’ve always enjoyed working with numbers. To that end, I'm the one who manages the books and paperwork for the business my husband and I own.

After handling the organization for our business, I decided to go back to college and get my degree in accounting.  As I advanced towards my degree I decided that I would like to use my knowledge to help other small business owners. I believe small businesses are the back bone of America.

Once I started working with Madeline, I was astonished to discover that she had this entire level of expertise that a college and an accounting degree had not afforded me. Although nothing will replace the value of my education, it's exciting to discover that there is so much more to learn.

I learned how to apply real world situations to a Profit & Loss Report, the true meaning of Equity in understanding a Balance Sheet, and how to simplify business financials.  I now look at the glitches of my own business differently. I'm able to find simpler solutions to the bookkeeping and paperwork for my business. That, in turn, has improved the profitability, which is awesome. 

Perhaps you're a well educated business owner? Maybe you even have an MBA or a PhD in Business? Now that you have a start up business, don't be shy about calling Madeline and I to help you. You may find that we can show you simpler solutions to your accounting needs than you knew about already. That in turn, may also improve your profitability too. 

Free Book Giveaway for Charity Organizations

If you're a church, non-profit organization, or school, who is doing charitable work helping small business owners financially, we'll support your efforts by sending you a free print or eBook of "Radically Simple Accounting" for your library,

Send us an email with enough information to verify that you are who you say you are and that you're doing what you say you're doing. We don't need a long story. We're just looking for legit organizations doing legit work helping businesses, non-profits, and individuals become more financially successful.

We're blessed to give back what has been so richly given.

Fraud - Check Your Bank Statement Monthly

When I reconciled my bank statement from last month (June, 2016), I noticed a fraudulent withdrawal of over $300. My very next client had the exact same fraud. Can you believe it?

The next month there was another one for over $300 done a different way. The two were connected but not.

Honestly, I wouldn't have noticed with a cursory glance over my bank statement. They all looked routine.

Do your reconciliations on time, or have us do them for you.