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Posts Tagged ‘QuickBooks’

QuickBooks Training Workshop (Raleigh, NC) – Tues, May 8th 2012

http://qbworkshopmay2012.eventbrite.com/

Brush up on your QuickBooks skills or learn new ones! Join our Certified QuickBooks ProAdvisor for this interactive and informative QuickBooks training class. This will be a four hour “crash course” that will cover the basics and provide live working demonstrations so you can  quickly learn to use QuickBooks to manage your accounting data.

Topics to be covered will include:

  • Setting up your Company File and Chart of Accounts
  • Working with Lists, Items, and Classes
  • Customer Transactions: Sales Receipts, Invoicing, and Receiving Payments
  • Vendor Transactions: Writing Checks, Entering and Paying Bills
  • Recording Bank Deposits and Credit Card Transactions
  • Preparing and Understanding Reports

Additional content may be covered if time permits.  Every participant will receive a free training packet that will include step-by-step student lessons and other useful information for future reference and support.  Bringing your own laptop to follow along is optional but not required. Light Refreshments will be available.

Time: 1:00-5:00PM.  

Ticket Price: $99.00

Hurry, seating is limited!

Venue Info: Team Nimbus Center – 3801 Computer Dr.  Suite 101  Raleigh, NC 27609

Presented by: netWorth Bookkeeping & Payroll Services of Cary, NC – www.netWorthBookkeeping.com

216 E Chatham St, Suite 102, Cary, NC 27511

For more information: 919-249-6200 or info@netWorthBookkeeping.com

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How Much Data Can QuickBooks Hold?

via QuickBooks Tip – How Much Data Can QuickBooks Hold?.

How much data can your QuickBooks company file hold before it becomes “stuffed”, overflowing like a file cabinet, and SLOW?  This is a very good question that most people don’t take into consideration — well because it’s software and should hold an unlimited amount of data.

QuickBooks Pro and Premier are designed for small businesses with 20 or fewer employees and annual revenues of less than $1 million per year, according to the latest information from the ProAdvisor certification study materials.  It is intended to store at least 2 years of detailed information in a company file – this allows you to compare your current business years performance with that of a previous year.

Quickbooks Enterprise is designed for larger businesses having 20-250 employees, needing up to 30 simultaneous users, stricter user access to financial information with 115 different permission settings, want to connect multiple locations, perhaps have remote workers, need to combine financial statements from multiple company files, and have more than $1 million in annual revenue.

How fast a QuickBooks file grows varies significantly from one company to another.  there is no “average” or “typical” company file size, since every business tracks different information.

How quickly a data file grows to “overflowing” will depend on the number of transactions that are entered, the amount of information entered per transaction, and the number of “links” per transaction.

For example, a company that enters 500 1-line invoices per month might find that their data file is smaller than another company that enters 100 5-line invoices per month.  Another example would be a company who usually receives 5 separate payments per invoice would have a larger data file than a company who receives one payment per invoice.

A good way to estimate the growth of your QuickBooks company file is to take the average number of monthly transactions (keeping in mind that an invoice, a payment and a deposit represent 3 separate transactions; while a bill and a bill payment represent 2 transactions), and multiply that by 2 KB to determine approximately how much your file will grow each month.  You can then take the monthly amount and multiply it by 12 to determine an estimated yearly data file size.

According to Intuit, QuickBooks can handle a maximum or 2 billion transactions, however, they do not state which version, (Pro, Premier, or Enterprise) this figure applies to.

In addition to estimated annual file growth and a maximum number of transaction that QuickBooks can handle, business owners must also take into consideration the maximum number of List items that QuickBooks can can accommodate.

The table below indicates the maximum number of items that can be held in individual and combines lists.

List Name
Maximum Number of Items
(Simple Start, Pro, Premier)

Maximum Number of Items
(Enterprise)

Chart of Accounts
10,000
10,000

Items, including Inventory Items
Group Items can contain 20 individual items
14,500
>100,000*
(29,000 in version 6.0 & earlier)

Job Types
10,000
10,000

Vendor Types
10,000
10,000

Customer Types
10,000
10,000

Payroll Items
10,000
10,000

Payroll Items per Employee Record
25
100

Price Levels
100
100

Classes
10,000
10,000

A/R & A/P Terms – TOTAL
10,000
29,000

Payment Methods
10,000
10,000

Shipping Methods
10,000
10,000

Customer Messages
10,000
10,000

Memorized Reports
14,500
29,000

Memorized Transactions
14,500
29,000

To Do Notes
10,000
10,000

Total Names – Employees, Customers,
Vendors, Unit of Measures and Other
Names – COMBINED
14,500
100,000*
(29,000 in version 6.0 and earlier)

Sales Reps
14,500
29,000

Sales Tax Codes
10,000
10,000

Billing Rate Levels
100
100

Fixed Asset Items
10,000
10,000

Ship Via
10,000
10,000

Templates
10,000
10,000

Units of Measure
10,000
10,000

Ship To Addresses
Unlimited (?)
Unlimited (?)

 

Paying Bills vs. Writing Checks in QuickBooks

December 26, 2010 1 comment

One common mistake I see business owners making is not knowing when to use the Enter/Pay Bills (Accounts Payable) feature and when to use the “Write a Check” feature and what the difference is. When properly recorded, the end result of each method is the same on the General Ledger and your Financial Statements (Increased Expense/Reduced Cash). I have created this model to show the flow of each method for training purposes.

 

 

 

 

 

 

 

 

Use the “Write check” feature for expenses that are to be paid immediately. This will simply record the amount spent to an expense account (i.e., office supplies) and reduce your bank account by that same amount.

“Enter a bill” and use the Accounts Payable system for vendor bills that will be paid at a future date. This will increase your A/P balance to show the liability for the amount owed.
Think of Accounts Payable as a holding bucket for money you owe and will need to pay at a future date. Once you “Enter a Bill”, you must use the “Pay Vendor Bills” function to properly record the payment of that bill.
THE PROBLEM: If you have “entered a bill” and then mistakenly “Write a check” to pay it, you will have recorded the expense twice and your A/P balance will stay falsely inflated.
This is also true on the Income/Revenue side: “Create Invoice/Receive payment” vs “Enter Sales Receipt”
The key is to be consistent and to properly use one function or the other but never both at the same time!
Happy Accounting!