Caesar's Brook Babblings
QuickBooks News You Can Use
January 2009 - Vol 2, Issue 1
Welcome to the January issue of Caesar's Brook
January is named for the Roman god Janus.
was the god of gates and doorways as well as beginnings
and endings. He was believed to have the gift of seeing
both the future and the past. Like Janus, at this time
of year, I always look both back at my accomplishments
over the past year and forward to what the New Year
brings. While I can't foresee the future, I can clearly
see how much each of you contributed to my successes in
2008. I thank all of you for your business and look
forward to working with you in 2009.
Happy New Year!
2009 Online Banking Update
Intuit released two updates to QuickBooks 2009 in December,
both intended to address issues in the online banking area.
Release 4 and Release 5 were available for automatic update on
December 18th. These releases include the following online
- Quick Fill - You will be able to start typing entry
information, such as payee and account names, and QuickBooks
will recognize what you are typing and complete the
information for you.
- Add New - You can quickly add new names, accounts, and
classes within Online Banking by selecting Add New from the
- Manual Match - You will have the ability to view and
select QuickBooks register entries to manually match the
Review and Add Multiple Bank Transactions at Once - You will
be able to easily review, edit, and save downloaded
transactions in a batch.
has posted a video overview of the changes available in these
updates on YouTube.
If you are already running QuickBooks 2009 and use
online banking, you will definitely want these updates.
However, online banking in QuickBooks 2009 is still less
functional than in prior versions, so if you rely heavily on
online banking and have not yet upgraded to 2009, I recommend
that you wait for further improvements.
To verify what release of QuickBooks you are running, with your
QuickBooks file open, press the F2 key. This will open a
Product Information window. At the top of the window, you will
see the QuickBooks version, product, and release. If you are
not running Release 5, you may not have Automatic Updates turned
on. You can learn more about QuickBooks updates, both automatic
and manual, from the QuickBooks help menu, or you can contact us
for assistance. Use caution if you run QuickBooks in a
multi-user environment; all users must be running the same
release of QuickBooks.
QuickTip of the Month
Viewing Customer and Vendor Balance Reports with Debit
and Credit Columns
I find that many reports, especially Customer and Vendor
Balance Detail reports, are much easier to read if I set the
report to display debit and credit columns rather than the
amount column. To make this simple modification, click the
Modify Report button at the top of the screen. On the display
tab, scroll down (way down) the columns list, check Debit and
Credit to select and uncheck Amount to deselect. Then click
the Okay button.
Closing Your QuickBooks File at Year-End
Unlike many accounting systems, QuickBooks does not require
you to close your books at the end of a fiscal year. Based on
your company's fiscal year start month, QuickBooks
automatically zeros out your income and expense accounts and
increases the Retained Earnings equity account by the amount
of the previous year's net income. However, in most cases,
you will be turning your accounting data over to your
accountant who will have additional adjusting entries required
to complete your year-end. Once you have provided your
accounting data to your accountant, you will want to be
careful not to make changes to transactions in the previous
year. The best way to guard against making changes to the
previous period is to set a closing date in your QuickBooks
Advantages to Setting a Closing Date
Restricted Access - When you set a closing date, you can
restrict which users can change or delete transactions dated
prior to the closing date. If you don't set a password,
users with permission to change transactions will be warned
that they are changing a transaction in a closed period but
will be able to click through the warning. If you set a
password, users with permission will be required to enter
the password prior to changing the transaction.
Reporting - Any changes made after the closing date to
transactions dated on or before the closing date will appear
in the Closing Date Exception Report. This report,
available from the Accountant section of the Reports menu,
enables you to track subsequent activity in a closed period,
listing all new and changed transactions.
Detail - Setting a closing date does NOT change the level of
detail available to you in your QuickBooks file. You can
continue to view and report on last year's data.
When to Set Your Closing Date
If you will be giving your accountant a copy of your
QuickBooks file, when you set your closing date will depend
on how you provide your accountant with the data. If you
give them a copy of your QuickBooks Company file (.QBW) or a
QuickBooks backup file (.QBB), you will want to set your
closing date when you give them the copy. That will ensure
that you do not inadvertently make changes to information
that you have already provided to them.
If you give your accountant an Accountant's copy, you will
set a dividing date when you create the Accountant's copy
and set your closing date after your Accountant has returned
the file and you have merged their changes with your working
file. Follow the directions your accountant provides.
How to Set Your Closing Date
The Closing Date is a Company Preference accessible from the
Company pull down menu. You must be logged in as Admin and
must be in single user mode to set the closing date. On the
Set Closing Date screen enter the last day of your previous
fiscal year. For example, if you have a calendar fiscal
year, when you are ready to set your closing date for 2008,
enter 12/31/2008. Setting a password is optional, but
strongly recommended. If you are in a multi-user
environment, and this is the first time you have set a
closing date, you will want to review your user permissions
to ensure that they are appropriately set.
IRS Mileage Rate changes for 2009
The IRS standard business mileage rate for 2009 is 55.0¢ per
mile. The mileage rate for January - June 2008 was 50.5¢
per mile and the rate for July - December 2008 was 58.5¢ per
hope you found these babblings useful. Your feedback is
important to me. Please drop
me a line and let me know what you think.
Caesar's Brook Business Solutions, LLC
QuickBooks and QuickBooks ProAdvisor are
registered trademarks and/or registered service marks of
Copyright © 2009 Caesar's Brook Business
Solutions-All Rights Reserved