From Our Blog

Lee Davis and Company Blog

The goal of the Lee Davis and Company Blog is to keep you updated on all things Quickbooks and ideas to improve your business. We will update the Lee Davis and Company blog every other week, so stay tuned for our updates.


Blogging Topics

Lee Davis and Company Blog explores all kinds of different topics from business advice, to personal development, to Quickbooks tips. It is our hope that you will use our blog as a way to grow as a person and entrepreneur. 

Business Advice

Lee Davis has over 30 years of experience managing businesses, both large and small and in a variety of industries. If you need advice for your business, this is a good blog to get it from. Find out more about Lee Davis. 

Learning from his clients:

As the president of Lee Davis and Company, Lee works with 40 different companies in Quickbooks, business advising and business management. This give him the unique opportunity to learn from his clients, which continually adds to his experience and knowledge about small businesses. 

Personal Development

Megan Davis is the primary blogger of the Lee Davis and Company blog. As a blogger on her blog, landingonsolidground.com, she blogs about personal development.

Transferring personal development to the business world: 

Thus, she takes what she has learned from her blog and brings that to the Lee Davis and Company Blog. She loves using what she has learned in personal development and applying it to the business world. She truly believes that there is nothing that you can’t achieve if you have the right teacher and motivation. 

Quickbooks Tips

Lee Davis, as a Quickbooks Pro-Advisor, is an expert on Quickbooks. In fact, he teaches training courses on Quickbooks. If you can’t make it to those, you should check out our blogs on some of our students and clients issues with Quickbooks.

Learning from your questions:

Because Lee answers all of his students and clients questions about Quickbooks, he is very familiar with any problems you might have with Quickbooks. Thus, he writes about common problems on this blog. 

Meet our Blogger: Megan Davis

Megan is a blogger for landingonsolidground.com where she blogs about her personal development. She is also a Life Coach, using what she has learned from personal experimentation and expert advice to help her clients achieve their dreams. She loves blogging for Lee Davis and Company because it give her an opportunity to explore business and the world of Quickbooks, bookkeeping and accounting. 

Invoicing with QBO Made Easy

Invoicing with QBO? That’s what you are looking to learn more about?

Alright, so you (the entrepreneur) have delivered an awesome product. Now you want to get paid. We would love to help you with that. So, we have come up with this post to explain how you can use QuickBooks Online to send invoices to your clients.

We have tried to make this post as exhaustive as possible. If you like, we would love for you to subscribe to our Facebook, Pinterest or Connect with us via Linkedin.

Who is “we”?

Lee Davis and Company is a small business management and bookkeeping company that helps clients run the business of their dreams. We work with clients, primarily in the New Hampshire area, to help them run their businesses more efficiently.

How do we help our clients run their businesses more efficiently?

We help our clients by:

  • training them to use QuickBooks online and desktop.
  • managing their QuickBooks.
  • managing their businesses.

We would love to help you run your business more efficiently.

How can Lee Davis and Company help you?

Here is what my Papa, Lee Davis, CEO of Lee Davis and Company has to say about invoicing with QBO.

QBO has a great invoicing product that will allow you to create an invoice and apply a deposit that should be applicable to your service. 

You can also send out your invoices and record a final payment once the service or product is received. 

This blog cannot teach you all you need to know about how invoicing with QBO works, but it is a good place to start. 

Here are the steps you need to take to create a successful invoice:

1. Go online and access the test company in QBO Craigs Landscape and Design. 

I found that if I used the test drive too many times it asked me to log in. To get around this problem, just Google “QBO test drive”. It will bring you to the test drive every time and you don’t have to log in.

Use this company as a way to work and learn how to use QuickBooks Online. We use this awesome tool for all of our training courses.

This is a great tool that you will use in our training course. It is awesome to be able to explore QuickBooks before you buy it.

2. Click on the “+New” button to get to the Receive Payment page.

Receive Payment page for invoicing with QBO

3. Choose a customer.

select the customer for invoicing with QBO

4. Select payment method.

5. Put the money into the account, Undeposited Funds.

6. Select invoice you wish to receive payment from.

6. Select invoice you wish to receive payment from - invoicing with QBO

7. Then hit save, and close.

My questions about invoicing with QBO for our expert, Lee Davis:

What mistakes do your students or clients make when invoicing with QBO?

Mistake #1 – They don’t set it up.

When they are invoicing, if they use the option of online payments, they quite often don’t understand how to set it up and maximize the benefit of receiving payments online.

Use the feature. Set it up today. Customers today prefer receiving an online payment and being able to pay their bills online. Thus it is important to use this feature.

Success!!!

One of my clients was able to increase his cash flow by $30,000 by using invoicing with QBO. What could you save?


Mistake #2 – They don’t use categories in invoicing with QBO.

Also, my clients don’t understand that categories can be used for submitting their fees quickly.

If you have a charge for mowing, you need to set up different categories in QuickBooks for different levels of mowing. Then, you can send out charges right on the job for whatever job you do.

This allows you to send out your invoices faster and get paid faster.

QuickBooks has a feature that allows you to set up recurring invoices. This saves my clients quite a bit of time. Many people don’t utilize this feature enough.

2. What is a tip that you might give to someone just starting out with invoicing?

Tip #1 – Set up Categories.

Start slowly. Take one or two clients to invoice, and set them up, setting up the various categories that you need to create.

Setting up Categories

  1. To set up categories, go to the gear first.

2. Next, go to Products and Services.

3. Then, hit New.

3. Select Services.

4. Create a code under Name for example, “Mowing” or “Mowing 2”.

5. In the description box, write a description that the client would see, so instead of “Mowing 1” writing “Lawn Mowing”.

6. Write the sales price.

7. Choose the account that you want to put the money into. You might just choose sales, or it might be more specific like real estate sales.

8. If you purchased something for this service, then you can add that information in purchasing information.

Tip #2 – Get email addresses because you can e-mail your invoices, which saves money and time.

You save money on postage and you get paid faster. Some of my clients send their invoices when they are on a job. If they were not sending an invoice electronically, they would have to wait until they got back to their offices. What this leads to is the invoices getting done in bulk once a week, which slows the speed that clients get paid.

Send your invoices electronically, and everything is done efficiently and it is relatively free to do so. Furthermore, many people these days really like getting their invoices electronically, so you are creating happy customers.

Is there a way to rock invoicing?

Rock invoicing with QBO by Customizing

You can customize your invoicing to add a message to let your clients know that you have a new product or sale.

How do you customize your invoices?

  1. To customize your invoices, first go to the gear.

2. Next go to “Custom form styles”.

3. Start customizing your invoice using the options available.

Conclusion

If you are using excel to do your invoicing, get ready, QuickBooks is going to rock your business. Invoicing is not something you can do with excel, and the kind of features that are available with QuickBooks Online (QBO) makes it a must have for businesses.

Would you like to see more of these helpful posts?

Check out our Facebook, Linkedin or Pinterst that we update regularly.

We would love to help you rock your QuickBooks!

How can Lee Davis and Company help you with your invoicing with QBO?

  1. We could train you to use invoicing in QuickBooks. 
  2. If you need someone to set up your QuickBooks to use this awesome feature, we could do that. 
  3. If you need someone to send out your invoices for you, we could do that too. We would love to manage your business for you.
Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. QuickBooks Training
  4. Management Services

We are looking for a bookkeeper. 

Hello, if you are reading this post, perhaps you might be a bookkeeper or know someone who is a bookkeeper. 

At Lee Davis and Company, we are looking to hire a bookkeeper to service the ever-growing number of clients that we have on our roster. 

If you would like to throw your hat into the ring, we would love to meet you. Contact us through our website or email [email protected]

Read more posts by Lee Davis 

  1. Trouble Shooting for QuickBooks Set up
  2. Business Expense Tracking
  3. Navigating the Health Insurance Maze
  4. Set up your QuickBooks with Detailed Start
  5. Getting your SBA Loan Approved
  6. Steps Before Setting up QuickBooks

Simple Budgeting in QuickBooks

How can I do simple budgeting in QuickBooks? Is that what you are looking for? My Papa, Lee Davis, the owner of Lee Davis and Company would love to help you.

Lee Davis is an expert in QuickBooks and small business management. He does the QuickBooks and small business management for many local New Hampshire businesses.

If you need help running your business, Lee would love to help you. There is no need to do it all, and there is no need to be a wiz at business to own your own business when you hire Lee Davis and Company to help you.

Let’s start with your QuickBooks question: How can I do simple budgeting in QuickBooks?

Everyone needs simple budgeting.

The little things matter. Money you spend on coffee matters. Monthly subscriptions matter. Lowering interest rates matter. Every little penny matters.

It’s hard to remember that when you think about the purchasing power of a penny, but pennies add up, and that’s why you need a budget.

Don’t be fooled by low-priced items.

Businesses get you with low-priced items. You might think to yourself, “Oh that doesn’t cost very much; I can afford that.”

But, when it comes down to it, those low-cost items are breaking the bank. That’s why you need a budget. That’s why this post on simple budgeting with QuickBooks will help you succeed in business.

For more information on how to rock your expenses, check out our post on tracking business expenses with QuickBooks.

So, Papa, How can I do simple budgeting in QuickBooks?

Many businesses look at their financial reports to see where they have been, rather than to see where they are going. Wouldn’t you like to know where you are going? That’s using QuickBooks to its fullest potential, and that’s what I would like to help you with.

What does the budget do for me?

The budget in QuickBooks shows you both, where you have been and what might happen to your business. 

Am I close?

 The budget tool answers the question of how close am I to reaching  my goals. This is based on current information and trends that are occurring or have occurred in your business historically. 

Cash Flow Analysis

The budget allows you to drop the information into a spreadsheet and create a cash flow for your banker or the board of directors.

Do I need more cash?

How is your business managing your cash?

  Budgets is a great tool to look at the cash needs of your business. 

If you are just starting out and you are looking for a small business loan, the SBA will require both a budget and a cash flow analysis. 

Check out my post on getting a small business loan.

How do I get help?

 While you may not have experience in preparing either a budget or a cash flow analysis your QuickBooks Pro-Advisor and your accountant can be very helpful in assisting you with these important financial tools. 

After you have gone through the process of using these tools, use them to manage and grow your business.

What are my takeaways from this post?

  • Budgeting in QuickBooks allows me to come up with a cash flow analysis that will help me track the pennies.
  • It will also be beneficial for me to know what is coming up according to trends; that’ the power of budgets in QuickBooks. Because it is a computer based program, it can crunch the numbers and make projections.

Questions on simple budgeting in QuickBooks:

What are some mistakes people make when using simple budgeting in QuickBooks?

My clients don’t have a budget.

The first mistake is that clients don’t prepare a budget. Businesses need to review annually what they are spending. After they review what they are spending, they can make decisions about how they need to move forward in the upcoming year.

Instead of reacting to what happens in their business, they can make informed decisions based on the numbers

My clients don’t keep good records.

The second mistake is that my clients often don’t keep good records on their expenses so that they can review their expenses and see what they are spending money on.

For example, if my clients know what they are spending on bills, they might be able to negotiate better contracts or fees.

What are some small business expenses that you think businesses need to cut out or decrease?

The biggest expense that any business has is their human resources. You should review what you are paying in wages and workers compensation and make sure you are getting a maximum return on the people you are hiring.

Outside Contracts

You should also look at outside contracts to make sure those contracts are producing a return on investment.

Bank Fees

Look at your bank fees. If you feel like you are spending a significant amount on your bank fees, consider changing your bank. I work with Bar Harbor Bank and Trust that doesn’t charge a monthly service charge. If you don’t have a bank that offers free checking, find one.

Loan Interest

Look at the interest you are paying on loans. If you are paying high interest rates, call your broker to find out what you can do to lower your costs. Having a good banking partner can help you with expenses.

Credit Card Expenses

Review what you are paying in credit card expenses. Make sure that either you or your employees are not overusing your credit cards.

How have you seen businesses us simple budgeting in QuickBooks in a powerful way?

I have seen my clients be able to use simple budgeting in QuickBooks to make important business decisions. For example, a company needed to purchase a piece of equipment instead of rent a piece of equipment. That only become apparent when we reviewed their budget in QuickBooks.

What’s the power of QuickBooks budgets?

When you create the new budget, you can bring over the data from the previous year and put it in by month, and then you can edit it. Therefore it’s not just a computer that is crunching your numbers, but you are able to influence the budget.

It also helps you to think about what ifs:

What if I didn’t have this expense?

What if I had higher revenues?

Since I have this revenue, what should I do about expenses?

How can Lee Davis and Company help you with simple budgeting in QuickBooks?

  1. We could train you to use simple budgeting in QuickBooks.
  2. If you need someone to set up your QuickBooks to use this awesome feature, we could do that.
  3. If you would like someone to help you get your books in order so that you could use simple budgeting, we could help you do that.
  4. We would also love to help you get control of your expenses and stick to your budget by managing your business.
Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

We are looking for a bookkeeper. 

Hello, if you are reading this post, perhaps you might be a bookkeeper or know someone who is a bookkeeper. 

At Lee Davis and Company, we are looking to hire a bookkeeper to service the ever-growing number of clients that we have on our roster. 

If you would like to throw your hat into the ring, we would love to meet you. Contact us through our website or email [email protected]

Read more posts by Lee Davis 

  1. Trouble Shooting for QuickBooks Set up
  2. Business Expense Tracking
  3. Navigating the Health Insurance Maze
  4. Set up your QuickBooks with Detailed Start
  5. Getting your SBA Loan Approved
  6. Steps Before Setting up QuickBooks

Is QuickBooks right for me?

Is QuickBooks right for me? That’s your question. you are trying to answer. We, at Lee Davis and Company can help you with that.

My Papa, Lee Davis is an expert in QuickBooks and small business management.

Here is what Lee Davis has to say about the question: Is QuickBooks right for you?

Before you get started in QuickBooks you should consider your business needs and ask the question is QuickBooks the right business tool for you?

Consider the following things:

Quickbooks is a great tool.

It makes accounting so much easier by translating the foreign language of accounting into lay terms so that anyone can understand it, regardless of your background in accounting.

QuickBooks requires time and commitment.

In order for you to be successful, you need to spend some time working in the software. Just like any new form of technology, there is a learning curve.

At the beginning, you might feel overwhelmed, but as you become familiar with the software, your initial difficulty wears off.

If you would like an easier transition, check out our training course. We would love to help make your transition to QuickBooks as easy as pie.

Get trained.

You could, of course take our training course, which is an intimate class with no more than 7 students, lots of hands on learning and an opportunity at the end to have one-on-one coaching from me.

If you would like a more traditional course, there are other brands that you could consider, such as Real World Training. They offer a two-day training course, that costs $550.00.

Should you hire a bookkeeper?

Many small businesses often start out not being able to afford a bookkeeper; however for many small businesses it may be a necessity.  A bookkeeper may allow you to focus on running your business and focusing on your craft.

Check out our bookkeeping services to see if hiring a bookkeeper is right for you. This option takes a huge burden off of you, and we would be very happy to do that for you.

Get a QuickBooks Pro-Advisor to set up your QuickBooks.

Using a Quickbooks Pro-Advisor for training or for your bookkeeping allows you to get setup correctly and follow-up training.

The set up of your QuickBooks is very important. You want to have your books running perfectly. This only happens if you have a good programer for the QuickBooks software, a QuickBooks Pro-Advisor.

A QuickBooks Pro-Advisor knows exactly how to set up your QuickBooks. After that, the software will do most of the work for you.

Check out our post on post on Trouble Shooting for Setting up QuickBooks.

Good data in good data out. 

Detailed financial reports save time and money. That’s why QuickBooks is a valuable tool. You could keep a spreadsheet of all of your transactions and the totals for each category you might have in QuickBooks, but then you wouldn’t have access to the reports that QuickBooks provides.

The financial reports allow you to make more strategic decisions in regards to your business.

What part of your business is losing money?

How much do you have to make to break even?

How much are you spending on a daily, weekly, or monthly basis.

All of these things are just clicks away. That is why QuickBooks is right for you.

Did Lee Davis, my Papa convince you?

Did he answer your question: Is QuickBooks right for me?

It’s definitely right for me. I don’t have much of an accounting background, and I would love to be able to see how my business was doing daily. QuickBooks is the perfect software to help me do that.

I also need my Papa, Lee Davis to help me with set up. That’s what I learned from writing my post on Trouble Shooting Setting up QuickBooks.

Our training at Lee Davis and Company:

My Papa, Lee Davis has designed a course for his clients that he would love to share with you. While you could do the Real World Training course that QuickBooks offers, you might want to hire someone who would be available to answer questions after the course is over.

That’s the advantage of hiring Lee Davis and Company to do your training; we are a small business that really cares about each and every client we serve.

Training is also a passion for my Papa, Lee Davis. He loves teaching his QuickBooks course and helping his students master the QuickBooks software.

What can Lee Davis and Company help you with that relates to this post: Is QuickBooks right for me?

Lee Davis and Company would love to help you by:

  1. Set up your QuickBooks.
  2. Train you on how to use your QuickBooks.
  3. Manage your QuickBooks.

We would love to be the company that helps you rock your books so that you can rock your business. That’s what makes us happy.

Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

We are looking for a bookkeeper. 

Hello, if you are reading this post, perhaps you are a bookkeeper or know someone who is a bookkeeper. 

At Lee Davis and Company, we are looking to hire a bookkeeper to service the ever-growing number of clients that we have on our roster. 

If you would like to throw your hat into the ring, we would love to meet you. Contact us through our website or email [email protected]

Read more posts by Lee Davis 

  1. Trouble Shooting for QuickBooks Set up
  2. Business Expense Tracking
  3. Navigating the Health Insurance Maze
  4. Set up your QuickBooks with Detailed Start
Is QuickBooks right for me?

Steps Before Setting up QuickBooks

What are the steps before setting up QuickBooks? If that is your question, perhaps you are like me. You are in the early stages of your building your business, but you are having some success and you now need to set up your QuickBooks.

If you are looking to answer that question: What are the steps before setting up QuickBooks, we, at Lee Davis and Company, would like to help you.

Let’s start by asking my Papa, the founder and CEO of Lee Davis and Company, our resident QuickBooks Pro-Advisor and all around business and QuickBooks expert.

Papa, what should we do before setting up QuickBooks?

Steps Before Setting Up QuickBooks:

Before you install the Quickbooks application, get your documents ready.

Make the process a lot more efficient by getting together the following business information:

Financial Records:

1. All Business and Personal Accounts

This includes bank and credit card statements used to operate your business.

2. Check Registers – used to record checks written. 

The check register will help with the detail on how to record the expense.

3. Credit Card Statements

If you have used your personal credit cards to start your business, gather all the statements and receipts to record them appropriately.

4. Business Income Register 

For companies that have been in business greater than a year, getting together the income you made by all sources will be helpful. 

If you are just starting up, a list of your customers will be helpful. 

If you have daily receipt summaries, they are also helpful.

5. Deposit Slips/Deposit Book

These records of deposits should have all deposits made to your business account.

6. Records of Bills Paid for Expenses

You need to have a record of bills paid for expenses that have been incurred in the operation of your business. 

These bills are important to determine how to correctly account for the expenses in your business. (See our post on expense tracking.)

7. Loan Documents

Compile any loan documents that you have for your business.

Tax Records:

1. Previous Year’s Tax Return

You need a complete copy of your last year tax return.

2. Employer Identification Number (EIN)

Dig up that tax document you got from the IRS, showing your Employer Identification number.

3. State and Local Documents

You might need information that you got from the state or local governments, like unemployment information.

Business Records:

1. Business Plan

If you are considering any type of small business loan, having a business plan is necessary. Check out our guide to getting a small business loan.

If you don’t have a business plan, I highly recommend that you work on that. I have found that it is a very important document to have, not just for your records, but to direct your business.

While that might sound overwhelming, I have discovered a simplified template on the SBA website, the Lean Start Up Plan, that makes putting together a business plan quick and painless.

2. List of Vendors and Customers

You need a complete list of your vendors and customers, along with their addresses including email address.

What are my takeaways from this post, steps before setting up QuickBooks?

1. Keep good records.

I am not a very good record keeper, but I have to become a good record keeper when I start my business.

Tip: I might suggest coming up with and writing down your methods of keeping good records.

  • There are many tricks in QuickBooks that my Papa recommends, like using your smartphone to take pictures of your receipts.
  • I also file things on my smartphone, which I love. I just take a screenshot of the file and save it on my phone. This might not be good for some sensitive information, but it works for a lot of things.
  • On your computer, you can also password protect documents and keep them in a file.
  • Perhaps, you should make a file on your computer with all of these documents listed above. It would be useful to have the EIN, business plan and tax returns in the same file on your computer.

2. I need to start keeping these records now.

My business is in its infancy, and because I really didn’t make any money in the first year, I really lost track of my spending and all of the documents that my Papa listed.

Because I intend to make money soon, I should be keeping track of all of my expenses and necessary documents for setting up QuickBooks.

Get a checklist for this post.

We would love to help you rock your QuickBooks, so we have made an easy checklist for you to have on hand when you set up your QuickBooks.

We hope that it will help you. If you find it helpful, we would love for you to share it with others who need help with their QuickBooks.

Thanks for allowing us help you with setting up your QuickBooks.

How can we help you with the Steps Before Setting up Your QuickBooks?

We would love to help you with the steps before setting up QuickBooks. There are a few things we could do for you:

We could:

  1. help you sort through your records to come up with the appropriate documents.
  2. set up your QuickBooks for you.
  3. train you before you use QuickBooks.
Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

We are looking for a bookkeeper.

Hello, if you are reading this post, perhaps you are a bookkeeper or know someone who is a bookkeeper.

At Lee Davis and Company, we are looking to hire a bookkeeper to service the ever-growing number of clients that we have on our roster.

If you would like to throw your hat into the ring, we would love to meet you. Contact us through our website or email [email protected]

Read more posts by Lee Davis 

  1. Trouble Shooting for QuickBooks Set up
  2. Business Expense Tracking
  3. Navigating the Health Insurance Maze
  4. Set up your QuickBooks with Detailed Start

Trouble Shooting for Setting Up QuickBooks

Do you need trouble shooting for setting up QuickBooks? Is that you? Perhaps you have a mess. Perhaps you are thinking to yourself, “QuickBooks is not as easy as I thought.”

Accounting can be overwhelming because it is like a foreign language. There are certain things you have to learn, and if you don’t learn them, you will struggle.

That is why you need QuickBooks; it helps you with the accounting. It has learned all the rules of accounting and makes it easy for someone to jump in without an accounting background and take care of their own bookkeeping.

It is however, very important to do the set up correctly. Without a correct set up, you will have a mess to struggle through, and you might need someone like my Papa, Lee Davis, a QuickBooks Pro-Advisor, to help you.

So, let’s see what my Papa, Lee Davis has to say about Trouble Shooting for Setting up QuickBooks

Trouble Shooting for Setting up QuickBooks

1. Complete the setup by reviewing preferences.

After you have completed the setup and downloaded Quickbooks (QB), completing the preferences in QuickBooks will help you be more efficient and save time.

2. Review the chart of accounts, and add and delete accounts.

In the setup you choose the industry that closest represents your company. In the chart of accounts you can customize further your accounts in QuickBooks.

3. Using lists, set up: customers, vendors & employees.

QuickBooks is built on lists and forms. You will be more efficient if you completely set up your customers, vendors and employees, not forgetting their email addresses.

Building your items list will help you start invoicing and manage inventory for your business.

4. Understand the forms you will be using such as: estimates, invoices, purchase orders, bills, checks, payments, deposits and credit cards.

Using these forms correctly will give you a great start to entering your data in QuickBooks.

5. With the help of your QuickBooks Pro-Advisor, make the necessary journal entries.

There will be some data that will not be entered in lists and forms. These will require general journal entries. If you do not have an accounting background, use your QuickBooks Pro-Advisor to assist you here.

6. Reconcile your checking account in QuickBooks with your bank reconciliation.

Do not download your accounts directly into your cash accounts. Use the write check form. After you have completed the process, you will be ready to match your checks to your bank download. This is another area I recommend getting help with from your QuickBooks Pro-Advisor.

7. Run your first set of financial statements, including your income statement and balance sheet.

If you have completed the above steps you are ready to run your financial statements. Congratulations!

Did you like our Trouble Shooting for Setting up QuickBooks post?

For me, it was very informative.

My takeaways from this post on Trouble Shooting for Setting up QuickBooks:

1. I should have a QuickBooks Pro-Advisor help me with the set up.

I know, this must sound like a way to plug my father’s services, but I know that my papa is absolutely right. I have listened to him talk about cleaning up client’s messes too many times. When I set up my QuickBooks, I will ask my Papa to be there with me to make sure I set it up properly from day one.

2. I need to poke around QuickBooks to learn about the different features and ways to use it.

If you use any form of technology, it is always good to do some poking around to find out how you can best utilize the software.

QuickBooks is software that will help you rock your books if you use it fully and correctly. Without becoming familiar with all that it can do, you will not be able to rock your books.

3. I need to start out with making some journal entries.

Because I have a very limited understanding of QuickBooks, I am going to do some research on what journal entries are. Skip to the next point if you are beyond my abilities.

I found this very helpful YouTube video.

For journal entries, you will have to use your knowledge of debits and credits.

In your journal, you will list the date, what account the entry falls under (cash, owners equity, liabilities) and your credits and debits.

The reason you should do this with a Pro-Advisor is that QuickBooks will do the journal entries automatically for you after you tell it how to identify a transaction. If you do things incorrectly from the beginning, you will have a mess that a bookkeeper will need to correct later.

There are some manual entries that you will need to record yourself. These include:
  1. Unique transactions
  2. Adjusting entries

More on Trouble Shooting for Setting up QuickBooks

I talked to my Papa about this post, and he had a few more things to add to this post:

1. If you are starting a new business on QuickBooks, QuickBooks does most of the classifying for you.

This is very important. If you are a new startup, QuickBooks will be pretty easy to set up, and you don’t have to have much of an accounting background to set it up. But if you are moving your books over to QuickBooks after you have been in business for a while, you need to do a lot of journal entries, which requires a stronger background in accounting.

If your business is not a new startup, you will have to make many journal entries, and therefore, you will need a solid background in accounting to make the journal entries. This is where you will need to understand how to enter your debits and credits.

If you are bringing over your work, you will need to enter certain balances. This is where many mistakes are made. For example, cash does not require a journal entry because that is part of the bank reconciliation. This causes many of my clients problems.

2. The power of QuickBooks is that it gives you the other side of the double entry accounting.

The reason why everyone loves QuickBooks is that you don’t have to worry about making mistakes in your journal entries. In the set up process you are teaching QuickBooks how to make your journal entries. If you start out with wrong initial journal entries, you will have a QuickBooks mess.

3. If you are not a new business, you should take our training course.

Our training course has an advance section in which Lee Davis, my papa, will help you fix any messes you might have. Many of the messes occur in the setup process.

Conclusion – Trouble Shooting for Setting up QuickBooks

I am so grateful for my job as the chief blogger for Lee Davis and Company. It gives me the opportunity to learn something that has intimidated me, accounting. Since I too am a budding entrepreneur, I need my Papa’s help too.

I learned many useful lessons from this post, and I hope you did as well.

Please let us know in the comments if you have any other questions that Lee Davis can answer. We would love to help you.

How can Lee Davis and Company help you?

We would love to help you with your trouble shooting for setting up QuickBooks. One of our specialties is cleaning up messes. Since many of the QuickBooks messes come from the set up process, we could do a one-on-one training session to help you. We could also train you in our training courses, in which we could answer your individual questions.

Another option for you is that we could manage your books for you. If you would like to spend more time in your business and less time on your books, we could take over your books for you.

Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Business Expense Tracking Made Easy

Business expense tracking is a must if you are going to rock your business, but you might be like me, a free spirt who really doesn’t want to keep checking in with her bank account.

Well, according to my Papa, Lee Davis, you have to track your expenses or you may need to get out of business. Thus, join me as I learn from my father, an expert at Quickbooks and a financial wiz.

Business Expense Tracking According to Lee Davis:

Let’s find out what the financial wiz has to say about business expense tracking:

“If you don’t keep track of your business expenses, you may not be in business very long. Tracking and measuring expenses through your business will help your small business save and keep more of your hard earned income.”

Thus, it is a serious problem if you are not tracking your business expenses.

The good news is that tracking your business expenses couldn’t be easier with Quickbooks.

Lee says that, “Quickbooks is able to track, record and if necessary, charge to your customers items you purchase for their job.”

An example of tracking business expenses with QuickBooks:

Recently Lee worked with a carpenter, and here are the lessons you can learn from his experience:

1. Use a business credit card to track expenses.

He was using his personal bank account and his credit card to operate his business. The first step was to open a separate business bank account, and use a credit card that could be tracked for his business. This would save time and money in managing the expenses and income of the business.

2. Learn how to record certain transactions.

Understand the expenses related to your business, and know what is a deductible expense so that you can maximize your deductions and your profitability. 

Tip: QuickBooks can help you decide what are deductible expenses based on your business chart of accounts. 

Principle: Only charge purchases to equipment if the value is over $600.00.

Some small business owners will charge all purchases to equipment when in fact the only items that should be charged to equipment are those for a value greater than $600.00. 

Tip: For automobiles track mileage.

A company may take gas as a deduction when they would benefit by tracking their mileage instead of automobile expenses. 

It’s a better tax deduction to take the milage expense than the gas expense.

3. Use QuickBooks to charge customers.

The carpenter needed to bill his customers each week, track what he ordered through his vendors and set up the appropriate items to charge his customer. 

Tip: Use Purchase Orders in QuickBooks.

QuickBooks has a great tool that can be utilized through the purchase orders. 

When the contractor purchases items or pay bills for his customer, these can be charged directly to the customer. If these contractor supplies are not charged timely with a markup, this will effect the contractors cash flow and his ability to bill correctly and timely. 

Tip: Use the Estimates feature in QuickBooks

If the contractor used the estimates feature in Quickbooks he could bill based on progress billing.  Let Quickbooks help you make more money buy tracking, recording and invoicing your customers timely. 

Other useful tips:

Use your smartphone to take a photo of the receipt

Tip: A typical expense that doesn’t get reported is meals and entertainment.

When you are dining or having fun on the job, bring your smart phone and take a picture of the receipt to report the as an expense.

Tip: If you pick up something from the store, bring your phone to take that photo.

If you pick up supplies from the store and you pay cash for something, you might forget to record the expense. This is when you would snap a picture of the receipt.

How can Lee Davis and Company help you with your business expense tracking?

 Lee Davis and Company is a bookkeeping and management company. We provide our clients with the support and knowhow to increase a business’s profitability and efficiency.

1. Training

We could train you. Email [email protected] if you would like to sign up for a group or individual training session.

2. Business Advising

Perhaps you would like Lee Davis to sit down with you and discuss how you could get a handle on your expenses. Lee would love to do that with you.

3. Business Management

Perhaps you have tried to control your business expenses, but you can’t seem to do that. Lee Davis and Company would love to manage your business for you. We offer part time business management for small businesses that would like to hand off the day to day management of their business to a professional.

Business Expense Tracking Pin

Blog Takeaway – The Top 9 Accounting Issues

The following handout is part of our Introduction to Bookkeeping Course, but we are giving this to you for free today for checking out this post. Read it and download it. I hope that it helps you rock accounting.

Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

Easy Peasy Navigation of the Health Insurance Maze

Easy peasy navigation of the health insurance maze? Do you think it’s possible? If anyone can make it easy, it’s my Papa, Lee Davis.

My Papa, Lee Davis, founder of Lee Davis and Company, worked in healthcare for 25 years prior to starting Lee Davis and Company. Thus, he has the know-how to help you navigate the maze.

I know, not because I’m his daughter, but because I watched him at work. As a secretary at one of the offices my Papa managed, I watched him explain to many, many patients about how their insurance worked.

In fact, it was probably the biggest part of his job as an administrator of orthopedic groups. So, if you are looking for easy peasy navigation of the health insurance maze, you have found the right post.

Here is what Lee Davis has to say:

The health insurance maze is very challenging for both employers and employees. Because of this, it’s very easy for the employers to just throw up their hands and ask their insurance broker to take care of purchasing the insurance policy. 

With a tighter employment market and the cost of benefits, particularly healthcare costs on the rise, it is increasing important for the employer, employees and their healthcare agents to work together to maximize benefits, control costs and provide excellent communication all year long to all parties involved. That is why I am writing this post. I want to make navigating the health insurance maze easy for my clients and potential clients.

Tips for Easy Peasy Navigation of the Health Insurance Maze:

1. Understand your current insurance policies. 

Before you make any changes to your current healthcare options, you should read your current policies and understand their key provisions. 

Questions you should ask your insurance providers or employers:

Just save the picture below and use it when you are going to talk with an insurer or employer about your health insurance.

Know what the insurance has to offer.

  1. You first want to know if your personal doctor is covered under the health insurance plan.

Is it too much work for you?

What are the administrative task that could be a burden for employees and employers in managing the plan?

A review of your current plan to answer the questions of affordability and access to health benefits should be conducted to understand any challenges that need to be addressed.

2. Communicate Communicate Communicate

Many small employers put a large amount of forms and paperwork in front of their employees without giving them adequate support and assistance to navigate this very important phase. 

For small employers the answer is having your insurance broker partner with you in the communication and education of both new employees and current employees to help them understand their benefits, including their health insurance. 

Many times employees don’t understand they can utilize their insurance professional if they are denied benefits after submitting an insurance claim.

3. Select an insurance broker who works with you all year, not just a renewal time. 

Employees are often frustrated with the costs of healthcare eating away at their paycheck. Compounding that problem is the increasing amount of money being taken out of their other pocket for actually using the services they are paying for. 

Working with employees all year long, giving them the assistance and help they need when they need it, is one of the keys to controlling costs and employee satisfaction and retention.

If you have more than 10 employees, you should go to an employee benefits firm like Caitlin Demet at Northeast Planning, who specializes in health insurance. 

4. What do you do when the Affordable Care Act is the best option for employees?

For very small employers, when the group plans are too expensive, the employer and employees need to consider other options.

One of those options is to work with your insurance broker to navigate the health exchanges or the Affordable Care Act. If you provide an expert to help your employees navigate this complex decision, you will make the navigation of the health insurance maze easy peasy.

5. Work with your employees to find the right solution.

The employers and employees should work together to find the right solution for the company. The employers should consider how to control premiums and out of pocket expenses.

Lee Davis and Company can help we have spent over thirty years working with insurance companies, employees and medical providers facing the ever rising costs of healthcare costs.

6. What should you do if a claim is denied?

When a claim is denied, most people just accept that it is denied and pay the denied amount. However, if you want to do a little work and you feel that you shouldn’t have to pay for the care in questions, you can follow the steps below.

  1. Look into the reason why your claim was denied. 
  2. Based on the reason, figure out what you need to do to get the claim paid.
  3. Call the insurance company. 
  4. If it’s still not paid, write a letter to the insurance company asking for the claim to be reviewed. 

How can Lee Davis and Company help you with the successful navigation of the healthcare maze?

Lee Davis and Company is a bookkeeping and management company. We provide our clients with the support and knowhow to increase a business’s profitability and efficiency.

If you need help with healthcare solutions, that sounds like a management problem. We could certainly advise you further on how you might better navigate the health insurance maze.

If you need help deciding how much you could afford for your company’s health insurance, perhaps you need our bookkeeping services or QuickBooks training which will help you to keep a tighter rein on your expenses.

What can you expect from Lee Davis and Company? 

Lee Davis standing outside in the sunshine
Lee outside

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

Solving Business Problems Like an Expert

Do you need help solving business problems like an expert?

If you want to run a successful business, you need to become a problem solving expert. In a business, there is no end to the problems that you will face. Perhaps you are smooth sailing, and then COVID-19 hits, that’s when you need a problem-solver-in-chief.  Thus, successful businesses have expert problem solvers at their helm. 

Become a Problem Solving Expert

This post is going to walk you through how to become that expert-problem-solver-in-chief. Are you ready? 

According to Business Insider, there are nine steps to becoming a problem solver, which they borrowed from Brian Tracy and his book, The Power of Self-Discipline

  1. Define the problem.
  2. Understand that somethings are not problems but “facts of life”. 
  3. Look at the problem from all angles. 
  4. Question the cause of the problem as many ways as possible. 
  5. Identify many solutions. 
  6. Find a solution that can be implemented quickly. (maybe not the best, but most expedient)
  7. Make a decision. 
  8. Decide roles to solve the problem. 
  9. Set a deadline to measure the solution. 

Let’s look at a real life example of problem solving in action: 

1. Define the Problem:

I am 15 pounds overweight. 

2. Is it a fact of life?

No, being overweight is caused by a lack of exercise and overeating. 

3. Look at the problem from all angles:

Being 15 pounds overweight: 

  1. causes me to feel bad about myself
  2. gives me less credibility as a Life Coach
  3. wastes my time and brain power because I am constantly thinking about that
  4. is something unfinished in my life

4. Why – Why am I overweight?

  1. I eat a lot of desserts. 
  2. I eat while I make food. 
  3. My exercise isn’t very intense. 
  4. I eat because I want to feel good. (emotional eating)

5. My solution:

  1. Go very hard losing weight for 2 months (September to October) to lose 15 pounds (goal weight – 125 pounds)
  2. Intermittent fasting, only eating at certain specific times during the day
  3. Pray when I feel hungry
  4. Exercise for 6 five-minute mini workouts during the day
  5. Exercise for an hour in the morning and 30 minutes at night
  6. Only eat on a small plate during dinner time and a cup during snack time. 
  7. No desserts for two months 
  8. Only make food 3 days a week
  9. Exercise hard for three days, and then take a relaxed day 
  10. I will not finish Margaret’s meals ever. She is responsible for that. 
  11. Continue on with my current way of eating and exercise, but have Margaret monitor my overeating.

6. I think I can implement all of these solutions. 

7. All of these decisions are necessary for my success. 

8. I need help. 

  1. I have asked my daughter to monitor my eating. Thus, I have asked her to remind me to not eat nuts or desserts. 
  2. Furthermore, I will blog about my weight-loss journey on my website to get more accountability. 
  3. I will also ask Margaret to finish her meals. If she doesn’t, I will put them in the trash. 
  4. Exercise accountability is also a problem at times. I can justify skipping an exercise session to work, but because I have committed to do a block of two months of work to become more fit, so this is my sprint to become more fit, so perhaps I can blog about my exercise as well on my blog. Sometimes friends are not encouragements to me because they give up as well. 

9. Set my deadline to lose weight.  October 31st 

Success Measurements: 125 pounds, 26-inch waist

Follow-up: How did it go?

Well, loosing weight as I prescribed for myself didn’t go very well. I didn’t get enough protein to support my exercise, so I couldn’t sustain the weight-loss challenge.

When I did decide to take a break from the challenge, I ate more protein and food than I should have. I am still a little nervous about checking the scales, but I can safely say that I didn’t make my goal.

This exercise to lose weight was not in vain.

Deciding to go through the process of trying to lose weight…

  1. taught me to implement strategies right way.
  2. gave me an idea – get Margaret to stop me if I’m overeating. I have been using this strategy.
  3. supported that what I am doing right now is the best course of action.
  4. gave me more compassion for people who go on diets.
  5. confirmed that what I have been doing is a great way to stay fit.
  6. taught me that loosing weight quickly is not a good strategy.

If you want to read more about my weight loss journey, check out my Goal of the week to lose 5 pounds in a week.

Coaching Sheet at Lee Davis and Company

Check out our Coaching Sheet at Lee Davis and Company that helps us work through our client’s problems.

Example of Solving Business Problems Like an Expert at Lee Davis and Company

This is from Lee Davis on “How He Rocked the Week” –

We were working with a client this week, and the client had a problem they couldn’t solve.

It doesn’t matter what the particular situation is because every problem presents an exciting challenge for us. Furthermore, it was exciting because solving problems is what we do.

Clients call us because they have a problem, and we are happy to solve it.

You might ask how we solve problems. 

Solving the problem requires getting all the information and bringing the necessary parties together.

This task took a couple of weeks to solve. It involved working with people, technology, skill building and persistence.

What did we learn?

Having a company that is committed to learning, brainstorming and taking responsibility for the solution will bring about positive results. We further learned that we take our learning with us to use in our next assignment.

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

30-Minute Uncommon QuickBooks Self-Employed Training

At Lee Davis and Company, we offer periodic 30-minute QuickBooks Self-Employed training sessions over Zoom that are interactive and designed with the learner in mind.

Compact for the Entrepreneur

These training sessions are meant to address some of the most common problems that our clients have with QuickBooks Self-Employed. As entrepreneurs ourselves, we know that it is difficult to find time in a busy schedule to gain a necessary skill. Thus, we have made this session concise and essential.

The Tips and Practice You Need to Succeed:

Our goal is to give you the tips and practice for QuickBooks Self-Employed that you need to succeed?

What are your issues with QuickBooks Self-Employed?

Do you have some specific problems that you are having with QuickBooks Self-Employed.

We have identified three of the most common problems users have with QuickBooks Self-Employed, and we will address those in this training session.

If we don’t address your specific questions during the training session, you can schedule a follow-up with Lee Davis, our QuickBooks Pro Advisor.

What makes us different?

A small business helping other small businesses

Lee Davis and Company is a small business that loves helping other small businesses succeed. Currently, we are helping over 40 clients in the New Hampshire area rock their QuickBooks.

Interactive Format

You could find a free tutorial on QuickBooks Self-Employed like this one. But in our training session, we will give you the tips that you need to succeed and we will answer your personal questions.

QuickBooks Self-Employed Training

If you notice, in the comments for this YouTube video, there are many questions that the viewers have, but there are no responses to the questions.

As a Pro-Advisor, Lee Davis can answer some of your specific questions that you have during the Zoom training session.

Designed with the Learner in Mind:

Furthermore, the father-daughter team of Lee Davis and Megan Davis designed this QuickBooks Self-Employed Training session to meet the needs of our clients.

Megan has a master’s degree from Boston University in Education and 10 years of experience designing learning materials, and Lee is a QuickBooks Certified Pro-Advisor with 40 years of management experience.

With their combined experience, Megan and Lee have designed a course that will help you understand and retain the information you learn.

Not Just a Lecture

Many of the training sessions available online for QuickBooks are just in a lecture format. There are no opportunities to practice what you learn.

YouTube has some good introductory information.

Again, you can find many lectures on QuickBooks Self-Employed that you can find on YouTube, like this one.

If this works for you, you should do the free course on YouTube. If you want, on the other hand, a training course that is designed to make sure you walk away with new skills, sign up for our training session.

The Format

of our QuickBooks Self-Employed

Training Session:

The course has an awesome format that will help you learn a portion of the material, apply the material and address issues that may arise in the application of the information.

  1. Issue #1 – (4 minutes) Lee discusses a common issue in QuickBooks Self-Employed
  2. Problem – (4 minutes) Check if you understand the material by doing a problem.
  3. Follow-up Questions – (2 minutes) Lee responds to one question about the material.
  4. Issue #2 – (4 minutes) Lee discusses another common issue in QuickBooks Self-Employed.
  5. Problem – (4 minutes) Check if you understand the material by doing a problem.
  6. Follow-up Questions – (2 minutes) Lee responds to one question about the material.
  7. Issue #3 – (4 minutes)Lee discusses a common issue in QuickBooks Self-Employed
  8. Problem – (4 minutes) Check if you understand the material by doing a problem.
  9. Follow-up Questions (2 minutes)- Lee responds to one question about the material.

This is a foundational class for QuickBooks Self-Employed. If you have a question that is not answered in our training session, we would like you to sign up for our individual training session or our four-part training course.

What this QuickBooks Self-Employed training course isn’t:

Moreover, this course isn’t like most accounting courses you’ve taken because we will not overwhelm you with information, and we will ask you to apply the information that you learn right away to test your understanding.

Get the Feeling of Accomplishment

If you are looking for that feeling of accomplishment from knowing, understanding and being able to use QuickBooks Self-Employed, this training is for you.

Everyone can master the QuickBooks software.

We believe that everyone has the ability to learn a subject. They just need the right coach and learning strategies to succeed at any learning endeavor.

Thus, all of our QuickBooks training courses are designed with this belief at the forefront; we believe that everyone can succeed at mastering the QuickBooks software, and we design our courses to make sure you do succeed.

This QuickBooks Self-Employed training course isn’t comprehensive.

This course is designed to give you some tips that will help you succeed when using the product. If you need an introduction and overview of QuickBooks Self-Employed, you should check out a free tutorial on YouTube or from Intuit.

Our 4-Part Zoom Course

If you need something more comprehensive, we suggest you take our four-part training course. You can take the course in its entirety or you can sign up for an individual section of the course.

We employ the same learning methods and strategies in our 4-Part Zoom Course to teach you how to use QuickBooks.

It starts with you!

Moreover, do you believe it? Do you believe that you can become better at using QuickBooks?

It starts with you. You need to believe, and then give us permission to teach you. We would love the opportunity to challenge any old ideas about accounting or QuickBooks.

Are you ready to better understand your business by understanding your numbers? We would like to help you with that.

When is our next QuickBooks Self-Employed Training Session?

November 9, 2020 at 10AM.

Where is our QuickBooks Self-Employed Training Session?

Zoom

Sign up for the training session:

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. QuickBooks Training
  4. Management Services

Set Up your Business with Quickbooks Detailed Start

If you are looking to set up your business with Quickbooks Detailed Start, this is the post for you. I love helping clients succeed with Quickbooks and that starts with a proper setup, so I’m glad you found this post.

Hopefully, I can give you the tips you need to set up your business with Quickbooks detailed start, so your Quickbooks run seamlessly. If you find yourself with a lot of errors, however, check out these post:

  1. How to fix errors in Quickbooks

OR

Sign up for our Free Mini-Course on How to Get Started in Quickbooks!

Choose between Express Start and Detailed Start

I have clients who are setting up Quickbooks for the first time who ask the question about the difference between setting up Quickbooks using Express Start (recommended for new users) compared to selecting the button called Detailed Start. This blog will outline the benefits of setting up Quickbooks using detailed start.

Quickbooks Detailed Start

When setting up Quickbooks if you click on detailed start you perform all the basic setup functions with some added benefits.  Those added benefits are:

A. Clearly Defines Your Business by Asking Questions About:

  1. What you sell
  2. How your customers pay you
  3. How you pay your bills.

Based on the answers Quickbooks sets preferences for the company file. The preferences enable certain features of the Quickbooks program.  

B. Questions About What You Sell

Answer the questions about what do you sell?

  1. Services only
  2. Products only
  3. Both services and products

C. Questions About How You Enter Sales

In the how you enter your sales in Quickbooks window, you choose the option that best fits your business needs.

My Tips for Entering Sales:
  1. Record each sale individually. You can use print sales receipts to give customers.
  2. Record only a summary of your daily weekly sales. If you use a cash register to ring up individual sales, you can enter the sales total for the days work in Quickbooks.
  3. Use Quickbooks point of sale. You can send the details of each individual sale into Quickbooks with just one click.

D. Entering Sales Tax information

In this part of the Easy Step interview the software asks you whether you charge sales tax. I want to caution you here, you should turn the sales tax setting off only if you never charge sales tax. Furthermore, sometimes it is beneficial to turn this feature on for tracking wholesale/retail sales, depending on the tax reporting regulations in your state.

E. Creating Estimates

If you provide any type of estimates or bid-even verbal quotes, there are many reason to use estimates in Quickbooks

  1. Prepare professional-looking itemized estimates, bids or proposals for your customers.
  2. Create an invoice from the estimate with just one click.  In fact, Quickbooks then creates an invoice using the information from your estimate.
  3. Create reports that compare your estimated costs and revenue against your actual costs and revenue.
  4. Compare your actual costs against what you estimated.
  5. Track which estimates are still active and easily update each estimate as you continue to negotiate with your customers.

F. Creating Sales Orders

Sales orders allow you to record an order for a sale before the sale actually is made. These forms are common in businesses that order products to fill orders or that pull orders from inventory before invoicing.

G. Choose remaining preferences

1. Billing statements  – Post statement charges independently of invoices & sales receipts.

   2.  Progress Invoicing – Create single estimates to invoices in phases.

   3. Bill tracking – Use the Accounts Payable module to track bills and bill payments.

     4. Inventory – Use inventory module to track inventory quantities and values.

     5. Track time – Use timecards to track employees and subcontractor time, and bill customers.

     6. Employee – Use payroll module to manage employee information and payroll.

You are not stuck with Detailed Start.

You can always change preferences setting later, after the detailed start has been completed. Changing the preferences later can be done by:

  1. accessing the Edit menu
  2. choosing preferences
  3. then selecting the preference type in the left panel

Tip: Choosing a Start Date

The start date is the date for which you give Quickbooks a financial snapshot of your company assets and liabilities before you start entering live transactions in Quickbooks. It is generally the last day of the previous fiscal period.

Why use Quickbooks Detailed Start?

The value of setting up Quickbooks with a detailed start means is that you spend less time adding information later. 

At Lee Davis & Company, we can assist you in setting up and training you in your new adventure called Quickbooks.

Lee Davis standing outside in the sunshine
Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks
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Address: CoWork Peterborough, 6 School Street, Peterborough, NH 03458

Location: Across from Toadstool Bookstore parking lot and next to Movie Theater

Address: 836 Old County rd South, Francestown, NH, 03043

 

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