Find solutions to unorganized names, accounts, and items. Learn how to make corrections.
 

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List Tips- Chart of Acct, item, templates, memorized trans, names

 

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Merging names:

Do your lists contain too many names identifying the same entity? The following procedure will walk you through merging two vendors All the historical transactions that contained the predecessor name will be modified to contain the survivors name. This procedure can also be used for items, customers, and accounts. QuickBooks Tips
From your Lists Menu Click on Vendors (QuickBooks 2006 – go to Vendor Center) > determine which vendor name will be the survivor. (Make a note of the exact spelling.) Determine which vendor will be merged off the list > edit the vendor that will no longer exist (Control + E, or right click on the name & select edit vendor) > retype the name using the exact spelling of the survivor vendors name (spaces and characters are important – just the vendor name field needs to be modified) > click OK and a popup will ask if you want to merge > Click yes. Top

Hiding items and names
no longer used
When a list name is no longer used but cannot be deleted because of prior activity you can hide it from sight by making it inactive.

Highlight the list item (Customer or Vendor or Account)
From the edit menu, select Make inactive
or
Ctrl+E to edit and click on the option make inactive
or
When at least one name is set to inactive- Click on show all, and in the column to the left of the list name click once to place an ‘X”.
Remove the show all checkmark when done

All list items/names (including inactive) will continue to show up in the reports for any given period as long as there was a balance in that period.  EXCEPT inventory items, so be sure to print and save all end of period inventory reports before inactivating inventory items.
Correcting a memorized transaction Double-click on the memorized transaction as if to write a check (or bill or invoice, etc). Make the correction, then re-memorize (control + M) (select replace the previous transaction). Cancel the open transaction by clicking on the close window button (x).

To modify the frequency, from the memorized transaction list highlight the memorized transaction, Ctrl + E (to edit right click on the mouse and select edit). Change any information required with the scheduling of the transaction and click OK.

See our article on memorized transactions, suggestions for use,  and how they are created   Top

What is the difference between Accounts, Categories, and Classes?

Accounts can be set up in the list item menu under chart of accounts.  Accounts will classify and summarize where money came from and where you are spending or saving it. An account can be an asset account,  liability account, equity account, income account, expense account.  An asset account is an account such as a bank account, accounts receivable, inventory or equipment purchases.  A liability account can be an accounts payable or any loan payable or any amount due. In addition, accounts are set up to identify the different types of income and expenses the business deals with. There is no difference between the term accounts & categories, although categories is not a term used by QuickBooks (used in Quicken).  Labels (names); assigned to accounts should be memorable by you. Do yourself  a favor and edit your account labels.  Use a label (name)  that can help you identify what it is used for within your business and what sort of entry would be posted there.  This will help you consistently posted to the correct account.  Learn more about account types and how to


Classes are identifiers that add another way to group the dollar amounts in your transactions, which is independent of the groupings provided by using Accounts.  Class tracking allows you to track segments of a business ( profit centers or cost centers) that are independent of customers, jobs, and vendors without adding subaccounts to the chart of accounts. Classes segment the income statement, but are not designed to segment the balance sheet.

During new company set-up, plan out how many accounts and classes you will use.  While some of the best management information comes from detailed accounting records, remember that gathering and recording all that information has a cost. Good managers strike a balance between detailed records and the effort required to have them. QBalance provides guidance and QuickBooks help setting-up your file for this important phase of your QuickBooks usage. Top

Creating and Importing IIF Files into QuickBooks Open the file in a spreadsheet program.
Insert a column to the left so that the first column is blank.
Insert a row at the top so that the first row is blank.
Type the List Type in the first column and the first row. The types are shown in the next section.
Fill in the remaining cells of the first column using the List Type from step 5.
Add the column headings to the first row.
You can get information about the column headings from the Reference guide to import files  available in the QuickBooks Help file.
Click the appropriate list type in the Help window.
Verify that the column headings match the information in the columns. The spreadsheet columns might require modification.
Save the spreadsheet as a tab- or comma-delimited file.
In QuickBooks, open the company to which the lists are to be imported.
From the File menu, choose Utilities, click Import, then choose IIF Files from the submenu.
Select the appropriate file to import in the Import window.
Click Open.
 
Memorized reports must be updated The report features in QuickBooks are so much easier to use than the mid-Size Accounting software packages ranging from $8,000 to $30,000. QuickBooks reports have flexibility, filtering, and formatting features. When you find the report that works for memorize the report quick access (the memorize button is found on the button bar at the top of the report) .  Beware, if you have memorized a report that has been filtered for more than one account, or name (including job names), or item, or customer/job/vendor types by using the selected feature you will need to add to the filter any new accounts or names or items that have been set-up since the report was memorized. For example: A job detail transaction report has been memorized for a construction job labeled "Smiths home". Since the job started, the business added a new account to chart of accounts labeled "permits". The memorized job detail transaction report may need to be modified to include this new account if the bookkeeper used "selected accounts" to create the report. Top
Do you need to enter a name for every customer that purchases from you?

Class tracking may be an option

 

See Data Entry Tips

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