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Accounting basics for the entrepreneur – brought to you by FreshBooks accounting software solutions

Wednesday, April 26th, 2017

At FreshBooks, part our aim is to help small business owners and entrepreneurs to manage their finances easily and accurately with the aid of our expertly-designed accounting software. But more than that, we want to help you understand exactly how your finances operate, in order for you to control them as effectively as possible.

Sure, our accounting programs will do all the hard work for you, but we also know that you want to take charge of all aspects of your business, regardless of how effective your accounting software may be.

Below, we’ve provided some tips for business owners and entrepreneurs who are eager to manage their own finances. By following the advice below while utilising FreshBooks’ accounting software, you’ll acquire a clearer understanding of your company’s finances without wasting valuable time.

Explore the tips below, and browse FreshBooks’ range of easy-to-use accounting software programmes to gain control of your business finances today.
Accounting tips for entrepreneurs

The good news for small business owners is that there is no set, legal way to do your books – they must simply reflect the business’s earnings and expenditure as accurately as possible. Most importantly, the way you run your finances must make sense to you. That said, the tips below will help you to manage your cash flow in a logical, effective manner – whatever type of business you’re running.

Create a ledger account

Begin your bookkeeping by creating a general ledger account – one of your company’s most basic, but important, financial statements.

A general ledger is one of the easiest accounts to create, and the one that most succinctly summarises the business’s income and expenses. Drawing up your ledger is fairly simple to do, particularly if you use accounting software. The ledger provides a record of your payments and receipts, and should be updated on a daily, weekly or monthly basis.

Keep your finances separate

A big mistake that many new business owners and entrepreneurs make is mixing their personal and business cash. Even if you’re the sole owner of a company, it’s crucial to keep your finances separate by maintaining different accounts for personal and business money. This is also vital for tax purposes, and will help you to keep track of your expenses and budget easily and accurately.

Speak to an accountant

Even if you intend to complete your accounts yourself, it’s worthwhile to speak to a qualified accountant, and to ask them to assist you in setting up your bookkeeping system. A professional will help you to understand accounting practices, making it easier for you to use software such as FreshBooks’ accounting packages. Moreover, he or she will show you how to do your tax reporting correctly, and will assist you when you need to prepare your income tax statements.

Maintain regular, meticulous records

Never allow yourself to fall behind on your bookkeeping. It is absolutely essential to ensure that your finances are always up to date, so if necessary, set aside a specific time each day or week to attend to your books. Keeping accurate, up-to-date records will help you to recognise trends, potential weaknesses and growth opportunities. It will also ensure that you’re never without written proof in the event of monetary disputes.

Purchase reliable, easy-to-use accounting software

Making use of an advanced accounting program such as FreshBooks’ accounting software takes the guesswork out of managing your finances – and also removes the incidence of human error.

Using this type of software saves time, increases accuracy and provides a paperless, highly effective means of maintaining your financial records. Each of FreshBooks’ accounting packages includes a demo to help you through the installation and use of the programme. Moreover, we offer telephonic and email support to all users of FreshBooks’ software, valid for 12 months from the day you register your software with us.

View FreshBooks’ 2008 range of accounting software now, or speak to our consultants today to discover which package would be ideal for your business’s bookkeeping requirements.

Small Business Accounting Software
Web: https://www.freshbooks.com/

Import transactions into Quickbooks, Quicken, Xero, NetSuite

Tuesday, April 5th, 2016

Video is at the bottom of the post.
Quicken 2015 changed QIF import process into non-cash accounts. Before Quicken 2015, Quicken 2014 and earlier versions imported “correctly” prepared QIF files even if Quicken “stopped” officially importing QIF files for non-cash accounts since Quicken 2005.

When you import a “correct” QIF file (with the account header part) that imports fine into Quicken 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, you will a message that transactions are imported, but you will not see the transactions when you open the account. There are a trick to see those transactions and get them into the register, but it is much more time consuming than a simple way to convert and import CSV into Quicken 2015 with categories shown below.

(Note: As another option, you can switch from QIF to QFX, but you won’t be able to import categories as QFX format does not support them.)

Three easy steps to Import CSV into Quicken 2015

  • use the latest CSV2QIF to create expected QIF
  • create IMPORT cash account in Quicken as place to import
  • move transactions under bank or credit card account

 

Get the latest CSV2QIF

Make sure you are using the latest version of CSV2QIF. Download it from the CSV2QIF download page.

Start CSV2QIF and load a CSV/Excel/TXT file. Select QIF target as “Quicken 2015”.

Load a CSV file into CSV2QIF, select QIF target as Quicken 2015

Click the Convert button to create a QIF file.

Create IMPORT cash account in Quicken

Many our users use “buffer” or “import” account approach to import transactions:

  • Import transactions into a “buffer” or “import” account to review imported transactions in isolated place.
  • Select all transactions and cut and paste them under other “final” account

For Quicken 2015, you must create a CASH IMPORT account, since the cash type is only account type that will import QIF files.

Do it in three easy steps.
in Quicken 2015 add cash account

Call the account “IMPORT” or something else standing out for as special account for imports.

In Quicken 2015 call added cash account IMPORT

Enter the account balance (the screenshot below shows just click “next”, but as I’m writing this I realized that BY ENTERING ACCOUNT BALANCE, YOU WILL NOT HAVE EXTRA BALANCE TRANSACTION CREATED that you see below on screenshots).

In Quicken 2015 add account next step click next

Now you have IMPORT account created.

In Quicken 2015 add account next step click finish

Import the QIF file into the IMPORT account

Select File, then Import, then, QIF file under the main menu.

In Quicken 2015 select File, Import, QIF file

IMPORTANT: Select “IMPORT” account. The MAIN difference from the guide for Quicken 2014 or earlier is to select “All accounts” from the dropdown list. In this case the account NAME is entered in CSV2QIF. For Quicken 2015, you must select the “IMPORT” account, not “All accounts”.

select IMPORT account

Once the QIF file is imported, go to the IMPORT account register.

once imported, go to register for the IMPORT account

Review and move transactions to bank or credit card account

Select the transactions there. You may spend little time to review transactions, amounts, payees, descriptions, categories. If you see the amounts are reversed (deposits and withdrawals), go back to CSV2QIF and click “Change +/-” and create new QIF file. In this case, delete already imported transactions and import new QIF file. The buffer account approach also proves to be effective as you can import several times without messing with your main account register.

Now click the first transaction once, and press Shift key and click the last transaction to select all transactions. Then right click on any select transaction and select “Move Transactions” (not “Cut transactions”, but “Move Transactions”).

select imported transactions, right right and select Move transactions

The final step is to select an account to move transactions into (your checking or credit card account).

select final account where to move transactions

You are done!

Now switch to checking or credit account used above and review imported transactions with the categories there.

select final account for imported transactions

How about Quicken 2015 for Mac?

Another painful topic is to how to import a CSV/Excel/TXT file into Quicken 2015 for Mac as the Mac version of Quicken does not support QIF import at all. There is a way as well:

  • Quicken for Mac 2015 imports “CSV Mint” files that carry the category
  • Your CSV file layout may not match expected CSV Mint layout, you have Excel or TXT file
  • use CSV2CSV to make your CSV/Excel/TXT file a “CSV Mint” file