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Archive for the tag “QuickBooks”

QuickBooks keyboard shortcuts you didn’t know about!

I love having ways to stay on the keyboard so I’m not continually going back and forth to the mouse. Which saves time! So instead of clicking on the little calendar icon, try out some of these keyboard shortcuts when you’re entering dates.

t  ~ Today
y ~ beginning of the calendar Year
r ~ the end of the calendar yeaR
m ~ beginning of the Month
h ~ the end of the montH
w ~ beginning of the Week
k ~ end of the weeK
+ ~ increase date by one day
  ~ decrease date by one day

Park your mouse in the date field, and play around a bit. For example, if you keep tapping “h” you’ll advance the month. Repeatedly tapping “y” reverses the year. And so on.

One more thing when manually entering dates that’s awesome. QuickBooks isn’t fussy about the slash or a whole bunch of extra digits. Let’s say you’re entering July 7, 2012, or 07/07/2012. You can enter 7.7 or 7/7 or even 7-7. QuickBooks knows it’s the current year. You don’t need to write out the whole date, and you don’t need the zeros. So save yourself some keystrokes!

Stay tuned…more keyboard shortcuts to come in upcoming blogs. And as always, your questions and comments are welcome!


Didn’t receive a T4 or other T-slip? YOU could be the one penalized!

Still waiting for a T4? There’s more reason to be concerned than simply not knowing the exact numbers. Read this excellent article, courtesy of CBC news.

Tough tax penalty raises fairness concerns

How do I handle a refund to a debit card?

As usual, there are a few ways to do this in QuickBooks. But here’s a way that I discovered that works beautifully, especially if you’re in Canada and dealing with GST. You’re going to be entering a BILL CREDIT:

1. Go to enter bills. Select the radio button that says CREDIT.

2. Enter the vendor information as you normally would, including the date of the refund, a descriptive memo line, and the customer/job if applicable. Enter the amount of the refund (CREDIT AMOUNT) and use the ACCOUNT you originally used for the purchase. QuickBooks will automatically calculate the sales tax.

3. Now here’s the cool part! Under the expenses tab, go to a new line. In the ACCOUNT field, enter the BANK ACCOUNT where the refund will show up. Then, tab over and enter the total amount of the refund as a NEGATIVE number. Now click RECALCULATE, and the total in the CREDIT AMOUNT will change to ZERO. Click SAVE AND CLOSE.

4. The amount of the refund will now appear in the bank account reconciliation on the right side under DEPOSITS AND OTHER CREDITS.

Simple and effective!

Having trouble re-sizing your “Make Deposits” window?

If you’ve ever come across this problem, it can be so frustrating! But I discovered a trick that may solve the problem. NOTE: this applies only if you have the preference set to use multiple windows. Here’s how to find that preference:

Edit > Preferences > Desktop View | In the My Preferences tab, select the Multiple Windows radio button

Okay. Here’s the trick! When opening the window, hold down the “Shift” key:

Banking > Make Deposits while holding down the shift key!

Your window should now open to a smaller size! This can work with other windows as well. Have you noticed that windows will open at the same size you last left them? Play around and see what happens.

Let me know if this solved your problem or if you have any other questions about windows in QuickBooks!

Entering a CRA Hiring Credit for Small Business

Did you get a notice from the CRA that you’ve received a Hiring Credit? If you haven’t already figured this out, here’s an easy way to do it if you’re using QuickBooks Payroll. The credit can be recognized as either Income or a reduction in your EI Expense account. I’m going to explain how to recognize it as an Expense.

Create your current Payroll Liability cheque as usual by selecting the Pay Payroll Liabilities window and choosing your date range. Fill out as you normally would, selecting “review liability cheque to enter expenses/penalties.” Click create. But don’t close the cheque just yet!

In the detail section of the cheque, choose the EXPENSE tab. In the account drop down menu, choose the account you use to track your Company EI expense – this would be “Payroll Expenses” if you accepted the QB default accounts when you set up payroll. Enter the amount of the credit as a NEGATIVE number. Enter a memo to note the reason for the credit. Then click “recalculate,” select save and close, and you’re done!

As is typical with QuickBooks, there’s more than one way to accomplish a task. I prefer this method to “adjusting payroll liabilities.”

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