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Caesar's Brook Babblings

QuickBooks News You Can Use

July 2011 - Vol 4, Issue 7

In This Issue
QuickBooks Memorized Transactions
Social Security Numbers
Printable QuickBooks Manuals
IRS Mileage Rate Increase
Caesar's Brook

Beach Reading   


Greetings! 

Welcome to the July issue of Caesar's Brook Babblings!

 

It's summertime and the living is easy. Make your life even easier. This month's feature article shows you how with Memorized Transactions.

Our short topic shows you how to suppress the printing of Social Security Numbers on pay stubs and our QuickTip provides a pointer to the written QuickBooks manuals (not recommended for beach reading!) Finally, we have a reminder that the IRS increased the business mileage rate effective July 1st.

Summer is my favorite season; take some time to savor it.  

 

  
 
FeatureFeature Article
 

The Persistence of MemoryQuickBooks Memorized Transactions

If you frequently use the same transaction such as a vendor bill, invoice, or check, you can memorize it to save time.

Select an existing transaction or enter the transaction as you would like it to appear in the future and select Memorize from the Edit pull-down menu. The following dialogue box will appear:

 Memorize a Transaction 

Enter a name for the transaction and choose whether you want to be reminded to enter the transaction or have QuickBooks enter it automatically for you. If you select Automate Transaction Entry, when you open QuickBooks on or after the Next Date, you will be prompted to enter any pending memorized transactions. You may also add a Memorized Transaction to an existing Group -- more on that in a moment.

You do not need to enter the transaction in order to memorize it; you can simply set it up as you want it to appear, memorize it for future use, and then clear the screen.

Once memorized, your transaction appears in the Memorized Transaction List which is accessible from the Lists pull-down menu or by hitting Ctrl-T. If you have not asked QuickBooks to automate the transaction entry, you will need to go to the Memorized Transaction list to enter future instances. You can enter the transaction simply by double-clicking it. The Memorized Transaction button at the bottom of the page gives you the option to edit the transaction. However, note that all you can edit here is reminder information. If you need to change the content of the transaction, you will have double-click the transaction to populate the transaction form, make the required changes, and re-memorize it with the changed values.

If you have a collection of transactions that you enter together every month, such as invoices for a flat rate service, you can create a Memorized Transaction Group. In the Memorized Transaction List, select New Group from the Memorized Transaction button at the bottom of the screen and set up your group the same way you would an individual transaction. You can now edit the individual transactions and add them to the group or drag the diamond next to the transaction in the list and drop it into the group. Once you add a transaction to a group, it takes its reminder properties from the group. Double-clicking on the Group will now enter all of the transactions in the Group.

As you can see, setting up memorized transactions is very simple, but there are a few gotchas.

First, the transaction will appear exactly as you memorized it. That means that item and memo descriptions must be generic. For example, you should not memorize an invoice with a description that says "Garden Maintenance for July 2011" because the invoice will always say July 2011 no matter what month it really is when you enter the memorized transaction. You need to simply say "Garden Maintenance" or "Monthly Garden Maintenance".

Second, you cannot use memorized transactions in conjunction with progress invoicing or time and expense billing.
 

Third, in working with Vendor bills the dates can be a little confusing. The Next Date on the memorized transaction is the date that will populate in the date field on the bill. The due date will then be calculated based on the vendor terms. If your vendor has Net 30 terms, the Next Date needs to be 30 days in advance of the due date. As with bills you post manually with Net 30 terms, your due dates will tend to drift a bit since not all months are 30 days long. If you have a bill that is always due on a specific day of the month, such as the 15th, use a Date Driven term instead.

Note: If your vendor does not have assigned terms, QuickBooks will use the default terms. The QuickBooks factory setting is 10 days, but you can modify the default terms. Select Preferences from the Edit pull-down menu. You'll find them on the Company tab of the Bills preferences.  

You can also use memorized transactions with reminders to enter transactions where the amounts vary, such as loans. Simply memorize the transaction with the amounts left blank, and fill in the actual amount after you recall the transaction.

One place I do not recommend using Memorized Transactions is with Prepaid Expenses. More on this topic next month. 

 

Note:  If you are using QuickBooks 2011, be sure that you are running the latest update, R8, which corrects a known problem with memorized transactions.

 

Social Security Numbers on Pay Stubs

 

Social Security CardIf you email direct deposit vouchers or print pay stubs for your employees, you may want to limit the personal information that prints on these forms. By default, current QuickBooks versions print the last four digits of the employee's Social Security Number and the last four digits of their bank account number on direct deposit vouchers.

You can change the data that prints on these forms by selecting Preferences from the Edit pull-down menu and selecting the Payroll & Employee preferences. On the Company tab, click the button labeled Pay Stub & Voucher Printing.

The following dialogue box gives you a number of options, including the option to suppress the employee's Social Security Number altogether. 

 Payroll Printing Preferences 

Some state laws require that specific information is printed on pay stubs, so if you have any doubts, check with your state labor department. 

QuickTip: QuickBooks Manuals

 

Premier eGuide CoverDid you know that there are printable manuals available for QuickBooks?  Here's a link to the QuickBooks support page where you can download the PDF files for free:

http://support.quickbooks.intuit.com/Support/Articles/INF12758

IRS Mileage Rate Increase

 

Cash in the TankThe IRS increased the standard mileage rates for the last 6 months of 2011. Effective July 1, 2011 the business mileage rate increased from 51 cents to 55.5 cents per mile. The rates for deductible medical and moving expenses also increased 4.5 cents per mile from 19 cents to 23.5 cents. The rate for providing services for charitable organizations remains at 14 cents per mile. 

banner 2I hope you found these babblings useful.  Your feedback is important to me.  Please drop me a line and let me know what you think.

Sincerely,

Susan Dugdale
Caesar's Brook Business Solutions, LLC
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