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Data Entry and Accounts Payable Tips
   

Data Entry and Accounts Payable Tips

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Entering dates: Save keystrokes- Date fields do not require slashes or 4 digit years.
An alternative to typing dates:
In a date field, highlight the default date, type the letter T  for  today's date; type the letter W for the first day of the week: type the letter K for the last day of the week (W is the first letter in Week and K is the last letter): type the letter M for the first day of the month; can you guess the shortcut for the last day of the month (H is the last letter in month); type the letter Y for the first day in the year and R for the last day of the year.   Top
QuickBooks Keyboard Shortcuts
Keyboard Strokes
Effect
Ctrl + 1 Displays important information about QuickBooks ®
Ctrl + D Delete transaction
Ctrl + F Find transaction
Ctrl + H History of A/R or A/P transaction
Ctrl + L Display list
Ctrl + M Memorize transaction
Ctrl + O Copy transaction in a register
Ctrl + Q Quick report of list item
Ctrl + R Use register
Ctrl + U Use item on a list
Ctrl + V Paste transaction in register
Ctrl + Y Display transaction journal
Ctrl + (right arrow) Next word in field
Ctrl + (left arrow) Previous word in field
Ctrl + Del Delete line item
Ctrl + Ins Insert line item
First item in list or previous month in register
Ctrl + Page Down Last item in list of next month in register
   
Type first few letters QuickFill name on a list
Shift Window opened is centered on the screen
Ctrl + Enter Records Transaction
Tab Moves to the next field
Shift + Tab Moves to the prior field
Escape Cancels transaction or closes window
Ctrl + Z Undoes changes made to field
Up Arrow Moves to line above in detail area
Down Arrow Moves to line below in detail area
+ Increase form number or increase date
- Decrease form number or decrease date
Space Bar Use to mark or unmark boxes with check marks
Ctrl + Up Arrow Scrolls through individual entries on a list while in a form
Alt + Down Arrow Displays the list on a form
Diamond Use the diamond on lists to move the item to another position or to make subaccounts, sub-items, or jobs  Top
Creating an *.iif file to Import transactions What is an IIF file? QuickBooks help and support answers this question and provides sample *.iif files to help with a successful import.  Top
Job Costing getting the most from QuickBooks Article covers best practices for creating an accounting system that will help you make business decisions by Intuit. Top
Equipment
purchases
Generally if you purchase an asset over $500 the IRS wants you to record the asset as a fixed asset and depreciate over the life of the asset.  The IRS also provides for an accelerated write off of these assets if you have net income in the business. This accelerated depreciation is called Section 179 depreciation and allows expensing  up to $102,000 (2004) of asset purchases.

In order to qualify for Section 179 depreciation you should  record the assets on your books in an fixed asset account (this will alert your tax preparer that an asset was purchased). You can set up one account named "fixed assets" or several accounts named:
Equipment
Furniture & Fixtures
Vehicles
Buildings & Building Improvements
Software
Each of these accounts will be a fixed asset type of account on your chart of accounts.

When you purchase an asset with for cash or check recording is easy within QuickBooks. Simply categorize the payment to one of the above named accounts and in the memo field put a complete description of what was purchased.

If you place a down payment on an asset, code the down payment to one of the fixed asset accounts mentioned above and then create a journal entry for the remainder of the purchase cost

From the banking menu > create journal entry >
Debit a fixed asset account for the the remaining purchase price
Credit a loan payable (set up a new chart of accounts - as a long term liability). 

Do not record the interest in the above journal entry. Interest will be recorded with each payment or with a journal entry once a year

In the memo field make a note of the first date the first loan payment is due, the amount of each loan payment and the interest rate on the loan and the number of loan payments required to payoff the loan.

QuickBooks 2004 comes with a fixed asset tracker and a loan manager that will help you record your interest and principle monthly.  Just one of the many reasons to consider upgrading.
For a 15-20% savings on an upgrade purchase click: Upgrade QuickBooks

Copy & Paste Throughout windows and PC based software there is a fundamental tool, copy and paste, that speeds your data entry and allows you to copy important text from one program to another, or one field to another.

a. Use your mouse to highlight (select) the text you want to copy.

Highlight the text by left clicking at the "end point" of the text you want to copy, holding the clicker down and swiping the mouse to the left - stopping at the beginning of the text you want to copy, then release the clicker.

b. Press Ctrl+C  (at the same time) to copy the section into a temporary storage space called the Clipboard. You do not see this storage area, it operates behind the scenes.

c. Now left click in the new field or document where you want to paste what you have just highlighted.

d.  Press Ctrl+V and the contents of the Clipboard are pasted into place.

If you find yourself repeating data entry when setting up a new customer / vendor or you are changing a group of transactions to a new account, simply copy and paste the repeated text using the above method.  It will take you a few tries to before you get the hang of it, but use it regularly and you will find new opportunities to use this trick throughout QuickBooks and also coping text from the internet browsers or from one word document to another, or one excel cell or document to another.

Associating an account with a vendor Would you like QuickBooks to recall what account/item you used the last time you booked a transaction from that vendor or customer? To turn on this feature, from the Edit menu select Preferences, from the left scroll bar click on the "general" icon. Put a checkmark next to "automatically recall the last transaction for this name". Then click OK. Next time you enter a transaction from a customer or vendor you use regularly, the screen with auto fill for you Modify what is necessary including the dollar amount of the transaction. You may delete any lines that are not applicable using Ctrl + Delete key. Top

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