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Getting Started with Quicken (for your Business)

1. QTY RATE 36 75 00 AMOUNT Billable hour Business Cons hourly rate Facilitation fee Business Dther Flat fee 1 200 00 200 00 S 20300 Subtotal 2 900 00 3045 34 80 Nonprofit disc Charitable agencies 15 00 435 00 245 1 2 3 4 5 PR Handbook Business Gross Sales item 1 35 00 35 00 s 6 m 8 9 Nest Editw Subtotal 2500 00 Total 2875 00 i s Tax 1 Account Sales Tax v els Tax 2 Account PST z 24 Quicken XG 2007 Pay GST PST to the government When it comes time to pay the sales tax you ve collected to the government create a GST PST report The GST PST report shows the amount of GST HST or PST you have paid and received during a specified time period You can use this report to complete your GST HST remittance forms that you send to CRA or your PST forms that you send to the provincial Minister of Finance Note The CRA requires businesses to report the GST HST on an accrual basis If you run your business on acash basis be sure that you generate this report on an accrual basis so you have accurate totals From the GST PST report click Preferences and deselect the Cash basis reporting if applicable check box Click OK Create a GST PST report 1 Choose Reports menu gt Business gt GST PST Report 2 Ifthe preset date range doesn t include the period you want select another date range 3 To change the sales tax that is included in the report click
2. Totals 422205 1 000 00 When you enter a customer name and payment amount Quicken automatically applies the amount to the oldest invoice To apply the payment to a different invoice click the Pay column next to the invoice to remove the check mark and then click next to the invoice you to which you want to apply the payment You can apply full or partial payments Quicken calculates and keeps track of the outstanding balance for each invoice When you record a payment three things happen e The value of your invoices receivables account decreases by the amount of the payment The value of your bank account increases by the amount of the payment e Ifyou use cash basis accounting you have an actual increase in income Enter down payments If a customer sends you a down payment in advance of a job there is no invoice to which you can apply payment You should enter the down payment in the Customer Payment form as usual Quicken displays the entire payment amount in the Total to Apply field Quicken holds the unapplied amount with the customer s name so that when you do have an invoice for this customer you can apply the down payment amount The next time you enter this customer s name in the Customer Payment form Quicken displays the prepaid amount in the Existing Credits field Click Apply Existing Credits to apply it to an outstanding invoice 28 Quicken XG 2007 Track cash register sales or other undeposited funds
3. Other Liabilities Business Bills 0 00 Equipment Loan 9 500 00 TOTAL Other Liabilities 9 500 00 TOTAL LIABILITIES 10 515 80 EQUITY 14 917 93 TOTAL LIABILITIES amp EQUITY 25 433 73 64 Quicken XG 2007 Calculate equity The balance sheet report includes a line that displays your equity Equity is the difference between what you own assets and what you owe liabilities Assets can include things like e Cash e Unpaid invoices Investments and fixed assets owned by your company Liabilities are things your business owes such as Loans e Unpaid bills e Sales tax and payroll taxes you owe to the government Your equity reflects the health of your business because it is the amount of money left after you satisfy all your debts Equity comes from two sources e Money invested in your company e Profits of your business Calculate equity for a sole proprietorship A sole proprietorship is the simplest form of business organization The business has one owner you and the existence of the business depends solely on your efforts You can check the value of your owner s equity by creating a balance sheet report Calculate equity for a partnership A partnership is a business owned by two or more persons in which each partner owns a share of all assets and liabilities If your business is a partnership you should set up a Separate liability account for the initial investment of each partner You use these capita
4. There may be times when you receive payments for invoices or cash sales but haven t had the time to deposit the payments into your bank account If you receive payment in full at the time of sale you ll want to track the items you ve sold You don t need to record such sales in your invoices receivables account because you ve already been paid See Add invoices receivables accounts on page 16 for more information about using an invoices receivables account You can make a holding account to track the money until you deposit it at the bank Add an asset account and name it something like Undeposited Funds Then when you record a payment in Quicken select Undeposited Funds as the deposit account When you actually deposit the money at your financial institution simply enter a transfer transaction in Quicken from the Undeposited Funds account to the bank account click Transfer on the Undeposited Funds account toolbar For cash register sales you could either enter each cash sale individually or enter a summary at the end of the day In either case you don t have to enter a customer name because there is no balance due However if you use a name such as Daily Receipts or Cash Customers your reports and graphs will use that name to identify the source of this sales income Handle overpayments and returns When a customer overpays an invoice or returns a product you can choose to credit the customer s account or refund the amount T
5. s Split Transaction x Enter multiple categories to itemize this transaction use the Memo field to record more details printing binding 54 00 Identify the amount spent for each job by class To learn more about entering classes choose Help menu gt Quicken Help click the Index tab enter classes and double click overview of See also Use classes for more detail on page 49 and Track expenses should you use classes or projects on page 22 14 Quicken XG 2007 Manage accounts receivable invoices Add invoices receivables accounts 16 Set up items to include on invoices 16 Track projects jobs 18 Create estimates 19 Create invoices 20 Record payments from customers 28 Create accounts receivable reports 30 You can use Quicken to track estimates invoices and payments you don t need a separate program You can also customize these documents for your business If you use accrual basis bookkeeping you must track your accounts receivable invoices and payments in a Quicken invoice account Invoices are considered an asset even if you haven t received the funds yet because they represent monies owed to your company Even if you use cash basis bookkeeping an invoices receivables account can help you track cash flow and forecast income Use an invoices receivables account to help you track amounts your customers owe you The process works like this Add anew Quicken invoices receivable
6. To scteeeihe and then scroll down l to the appropriate Business Centre Business Accounts cations R you can also Business Centre Account click here Sweet Stree 590 46 A R Accounts Invoices Sweet Street Invoices Sweet Stree 1 519 73 GST 204 45 Business Ch 4 532 15 4 P Accounts Bills Gold credt 3 766 80 Sweet Street Bills 3 766 80 40 53 Cash Flow Centre Tax Accounts Chequing 3 688 08 65T Savings 7 564 65 Platinum Ch 1 144 89 E 10 107 84 Add Account Edit Accounts Customize Add Account tea To add an account click one of these buttons 3 Follow the on screen instructions click Next to move through the pages Click Help if you need more information Set up for business use 7 Avoid common record keeping mistakes Many entrepreneurs have creative ideas and marketing skills to make their business successful but little knowledge of record keeping Sole proprietors commonly make the following mistakes e Writing cheques from a personal chequing account that are later claimed as business expenses e Making business related credit card purchases on a personal credit card e Writing business cheques payable to cash e Depositing business receipts directly into a personal chequing account If the CRA ever needs to see your records you must be able to document all of your income sources and deductions When you deposit all business receipts in a sepa
7. trial period QuickBooks 68 U undeposited cheques handling 29 unpaid balance report 30 unpaid bills alerts 39 reportingon 45 unpaid invoices 32 Updates OneStep Update 68 WwW Web small business sites 68
8. 5 When you re done assigning tax form line items click the Close button X in the upper right corner 10 Quicken XG 2007 Create your own categories You can customize your categories to track tax related income and expenses for different kinds of businesses The next two sections describe how Add categories for rental property owners If you followed Express Setup after you installed Quicken then you were prompted for whether you own rental property If you answered yes then Quicken added rental property categories for you If you did not have Quicken add these categories for you you can add them now by following the procedure in Add standard business categories on page 9 in step 3 select Rentals amp Royalties If you want to add additional categories you can set up more at any time in the Category List 1 Choose Tools menu gt Category List Quicken displays the Category List window 2 Inthe bottom left corner click New Quicken displays the Set Up Category dialogue In the Name field type a name In the Type area specify whether you will use the category for income or expense transactions In the Tax line item area select Extended line item list then select the appropriate self employment tax line assignment for the category you are adding Set Up Category xj Name rental from tenants Description Group Income El m Type C Income If a category doesn t provide enough detail you ca
9. Business menu gt Invoices and Estimates gt Create Estimate Here s an example of a completed estimate x Select an A Customer anyTown Downtown Tiu Projest Job Fundraiser Layout Estimate Defaut z roject trom the lists a Estimate a ze 4 4 2006 10 Quicken fills inthe T Save end New hj nyT own Downtown Trust customer information 123 Center Street from your Customer een En Li st Help DESCRIPTION Y RA AMOUNT r B 1 Billable hour Business Cons hourly rate 36 75 00 270000 Enter invoice items 2 Facilitation fee Business Other Flat fee 1 200 00 200 00 here 3 Subtotal 2 900 00 4 Nonprofit disc For Charities 15 00 435 00 To create a new one 5 PR Handbook Business Gross Sales item 1 35 00 35 00 G just type a new name 6 and follow the T Nest Edt instructions 3 5 l Print 10 Subtotal 2 500 00 E mail Clipboard Customer Message I look forward to working with you a Total 2 50210 Memo PR Fevitalization project Tax Account GST Convert estimates to invoices When a customer accepts your estimate you can easily make any necessary modifications to it before converting it to an invoice The invoice appears in the invoice account you select with the next sequential invoice number You can choose to either delete the estimate from the Estimate List or save it for reuse 1 Choose Business menu gt Go to Business Centre On the An
10. Contains KeyHelp ActiveX control copyright 2001 2003 Keyworks Software Work Write Inc All rights reserved Contains the GAlib algorithm package by Matthew Wall Copyright 1995 1996 Massachusetts Institute of Technology and Copyright 1996 1999 Matthew Wall All rights reserved Copyright 2006 Intuit Canada All rights reserved Unauthorized reproduction is a violation of applicable laws Unauthorized reproduction is a violation of applicable laws Intuit hereby grants you the right to make one copy of these materials for non commercial use www intuit ca www quicken ca Features Services Terms and Conditions All features services and any terms and conditions are subject to change without notice Online services whether provided by Intuit or other parties require Internet access which is not provided by this product These online services may vary from participating financial institutions and may be subject to application approval terms conditions and additional fees Chapter 1 Chapter 2 Chapter 3 Chapter 4 Get started 1 Learn how good record keeping benefits your business Decide which bookkeeping method you should use 3 Decide which chapters you should read 4 Set up for business use 5 Decide which accounts you willneed 6 Separate business and personal data 6 Set up business categories 8 Set up classes 13 Manage accounts receivable invoices 15 Add invoices receivables accounts 16 Set up items to in
11. In the Category field type Uninsured Loss If this is the first time you ve entered this category Quicken displays the New Category dialogue Click Yes enter the information Quicken requests and click OK Click Help if you need more information 12 Click Enter The asset account Ending Balance reads 0 00 62 Quicken XG 2007 Track liabilities Create reports for loan applications A business loan is another form of liability Quicken makes it easy to pull together the financial information a lender requests Your lender will probably ask for a profit and loss statement and balance sheet for current and prior fiscal years If you ve been tracking your finances in Quicken these are easy to create See Create a profit and loss P amp L statement on page 57 and the next section Create a balance sheet Record a new loan When you receive a new loan add a liability account to track the principal and interest in the Business Centre in the Business Property amp Debt Accounts snapshot click Add Account Don t forget the interest is probably tax deductible Because this is a new loan you are either receiving money to deposit in your chequing account or receiving a new asset Thus you want to show in Quicken that you have an increase in the balance of a chequing or asset account To learn about setting up aloan in Quicken choose Help menu gt Quicken Help click the Index tab enter loans and select overview of Tr
12. and expenses for each class Choose Reports menu gt Business gt Project Job To learn more about project job reports choose Help menu gt Quicken Help click the Index tab enter projects and jobs and select reports Manage cash flow income amp expenses 49 Summarize profits and losses for all classes If you have set up a class for each project or product line you can divide a bill among product lines or enterprises For example suppose you buy corn fertilizer for 1 200 and soybean fertilizer for 800 When the bill for 2 000 arrives you can use a split transaction to keep track of expenses for each farm enterprise On the first line of the split transaction enter Fertilizer Corn in the Category field and 1 200 for the amount On the second line enter Fertilizer Soybean in the Category field and 800 for the amount OI CKETT AAs B sine AOR Register Delete Find Transfer Reconcile Write Cheques Set Up Online _ Overview Vieww Reportw Optionsw HowD Date a Num Payee Payment Clr Deposit Balance EEE Jussi ER El l 03 1 1 2006 Aum Adam s Feed amp Grain A IG 2000 OE Deposit 2 690 70 5plit Memo 30 11 2006 All Energy Supplier 5 _ Enter Edit Split 0 Attach 51 Sweet Street Bills IE Ie T CE Transaction Enter multiple categories to itemize thi nsaction use the Memo field to record more details 1 Fertilizer Com 1 200 00 2 Ferti
13. choose Business menu gt Business Lists gt Unpaid Invoices List Quicken shows you the amount of each invoice the balance aging information and the total amount of all your unpaid invoices Double click a customer name to see the invoice details Create alerts for past due invoices Alerts keep you informed about financial events you might otherwise forget such as past due invoices You can set the Past Due Invoice alert to notify you when an invoice has not been completely paid by the due date specified on the invoice When an invoice becomes past due Quicken notifies you in the Alerts section of the Quicken Home page and Business Centre To create a reminder for past due invoices 1 2 3 4 5 Choose Business menu gt Go to Business Centre On the My Data tab in the Business Alerts snapshot click Set Up Alerts If necessary on the Setup tab click the PLUS sign next to the label for General alerts Select the Past due invoices check box to activate the alert and on the right side of the window enter the conditions under which you want Quicken to alert you A check mark next to the alert means that the alert is active click the check box again if you want to clear it Click OK To learn more about alerts choose Help menu gt Quicken Help click the Index tab enter alerts and select overview of Report on sales by customer This report summarizes your sales income from each customer during the date range of t
14. detail to your project reports Classes complement the Quicken categories and like categories you assign them to individual transactions To learn how see Assign classes when you enter transactions on page 14 One way to use classes is to create one for each project job to report on cash flow in more detail When you do this you can e Report income and expense category totals broken down by class e Summarize your profit and loss totals broken down by class e Report monthly income and expenses category totals for a single class e Report the payment history for a single class e Report the payment history for all classes You can also use classes to report on other kinds of transaction level detail You might do something as simple as set up a class for each customer and then report on income and expenses broken down by customer You could do the same for a product line or farm enterprise see Track multiple product lines or farm enterprises on page 13 Because people use classes so many different ways there is no standard list Before you decide to use them think about how you want to report on your business s income and expenses For examples see the descriptions of the reports on the following pages and then see Set up classes on page 13 Report income and expense totals for all classes If you have set up a class for each project or product line you can create a project job report that shows your income
15. income from Product Sales separately from the income from Design Services Keep sales tax reporting in mind when you set up categories Figure out which information you need to report to the CRA so that you ll get the information you need from the Quicken reports you create To learn about Search the Help Index for tracking accounts receivable accounts receivable overview of creating estimates or invoices invoices creating changing estimates or invoices invoices editing using sales tax accounts sales tax account Manage accounts receivable invoices 21 Schedule future invoices You can arrange to handle invoice and payment transactions ahead of time and have Quicken remind you before they re due or record them for you For example you can schedule recurring transactions that you request payment for at the same time every month such as payment from renters For more information about scheduling transactions see Schedule future transactions on page 46 Track expenses should you use classes or projects When you bill expenses to clients Quicken can help you track actual costs versus estimates segregate income and expenses for example by rental property and track expenses by job project or department This makes Quicken valuable to medical legal consulting and other professional service firms as well as to property management job shop manufacturing construction and similar businesses You can trac
16. periods select both 5 Click the Accounts tab 6 Select the accounts that you want to include in the report 7 Click OK Report on cash receipts and disbursements A cash receipts and disbursements report shows your cumulative cash position on a weekly basis To create a cash receipts and disbursements report 1 2 3 Choose Reports menu gt Banking gt Transaction Click Customize In the Date range fields set the date range to cover the period you want To report on future dates in the Date range field select Custom dates and then choose a date range from tomorrow to a future date you specify 4 On the Display tab in the Subtotal by list select Week 5 Click the Accounts tab and select only your chequing and invoices receivables accounts Don t 6 include accounts used to track noncash expenses such as asset and liability accounts e If you have only business accounts click Clear All and then select only your chequing and invoices receivables accounts e If you have several types of accounts click All Accounts on the left then click Clear All Next click Business on the left and select only your chequing and invoices receivables accounts Click OK In the final report the balance is your cumulative cash position through each week The report takes into account your bank account balance as of the beginning of the report A negative balance means that you are out of cash as of that date Manage cash fl
17. remembers invoice elements customers projects invoice items charges per item or per hour even sales tax rates J ust click items to include them e Customized invoices Design invoices with just the information you need in a customized layout with your company logo e Job tracking for multiple customers and projects The Project J ob List gives you an overview of each customer sjob broken down by estimates invoices and receivables with job status and totals e Powerful graphs and reports Your Quicken data helps you manage your business and communicate with lenders and partners Create balance sheets P amp L statements and cash flow reports with the click of a button Track profitability and depreciation of assets and calculate equity Quicken supports cash and accrual basis reporting e Simplified business taxes The standard T2124 Business categories make it easy to track tax related business expenses You can even track tax deductible mileage using the Vehicle Mileage Tracker 2 Quicken XG 2007 Decide which bookkeeping method you should use Start off by choosing a bookkeeping method cash or accrual basis Later in this section you can modify your Quicken settings to present report data according to that method For most businesses the CRA generally requires that you use the accrual method However if you are a commission sales agent who is self employed you can use the cash method Whichever method you choose you ne
18. your business find expert advice on the Web or manage a company that has outgrown Quicken Chapter 2 Set up for business use Chapter 3 Manage accounts receivable invoices Chapter 4 Manage accounts payable bills Chapter 5 Manage cash flow income amp expenses Chapter 6 Track profitability and calculate equity Chapter 7 Find resources for growing your business 4 Quicken XG 2007 2 Set up for business use Decide which accounts you will need 6 Separate business and personal data 6 Set up business categories 8 Set up classes 13 This chapter shows how to customize your standard Quicken data file and accounts to track business related finances After adding accounts you ll learn how to enter transactions using categories and classes which give Quicken its powerful reporting tracking and analysis capabilities Use them to manage your business wisely and gain insights into your finances You ll also learn how to avoid common record keeping mistakes If you need to learn more about account set up and basic Quicken functionality see the other user manual that comes with Quicken Getting Started with Quicken You can find an electronic copy on the Web choose Help menu gt User Manuals Decide which accounts you will need Accounts and categories in Quicken are equivalent to the traditional chart of accounts used for tracking income expenses assets and liabilities Set up a Quicken account for ea
19. 06 2 017 10 P BILL Biz Printing and Reproduction Memo E Enter Edit Form Attach You can attach images such as cheques receipts or other images to a transaction Or if a transaction requires follow up or more information you can also add flags notes and alerts J ust click Attach to get started 4 Click Create Payment Quicken displays the Payment to Vendor form The Payment to Vendor form Payment to Vendor shows the vendor name and un paid Vendor Molotsi s Copy Center 7 Withdraw From Business Chequing X il DATE 5 4 2005 f 2 082 10 Amount 2 017 10 balance you owe this vendor plus the amount due on the specific bill you opened for payment 5 Inthe Withdraw From field select the account to withdraw the payment from In the Memo field enter additional information about the vendor or enter a note to remind yourself about the reason for the bill Optional 7 Ifyou are paying the bill with a cheque in the Number field enter the cheque number for tracking purposes Optional 8 Inthe Amount field enter the payment amount 38 Quicken XG 2007 9 Quicken displays alist of your outstanding bills from this vendor in Outstanding Bills area Click in the Pay column to select only the bills this payment should apply to Check that the vendor name s e eo correct Vendor fosis CopyCerter o Click here to select the
20. 28 refund 29 Forms Designer 26 formula for value of fixed assets 59 G GST paying 25 report 25 salestaxcode 24 H holding account for undeposited cheques 29 HST paying 25 salestaxcode 24 income comparing for different periods 42 reporting forall classes 49 reporting forclasses 51 reporting for projects jobs 49 income and expenses dividing a bill among product lines 50 on profit and loss statement 57 sample report for a single class 51 tracking with categories 12 income taxes preparing for 53 information locating sources for small business 68 Internet small business sites 68 Intuit business products 67 investment incomereports 53 invoices applying payment 28 creating 20 layout 26 reimbursable expenses 22 scheduling 46 tracking income and expenses 49 items discounts and surcharges 17 handling forresale 23 tracking with categories 8 using on estimates orinvoices 21 J jobs tracking 22 L layout forcustom forms 26 liabilities examples 65 on balance sheet report 64 liability accounts tracking loansin 63 loans tracking in aliability account 63 losses of fixed assets 62 profit and lossstatement 57 M managing your business 41 memorizing reports See saving reports mileage tracking 54 money borrowing 63 O One Step Update patches 68 Quicken updates 68 overpayments 29 overview managing your business with Quicken 41 owners business 65 P partial payment 28 pa
21. Customize and then the Accounts tab Choose the Business account group and in the Business Tax section choose the sales tax account you want included on the report 4 Click OK tox Delete Export Data w Preferences How Do I Back History Print Save Report GST PST Q2 2006 5_ Date range Quarterly X 2nd qtr 2006 Find amp Replace Customize 01 04 2006 through 30 06 2006 in Canadian Dollars Accrual Basis Tax1 Description Amount Total net value of sales 4 248 23 Total net value of purchases 6 523 68 E Tax due on sales 294 66 Tax to reclaim on purchases 377 84 Net tax to pay 83 18 To learn about Search the Help Index for entering sales tax on an invoice sales tax applying adding new liability accounts liability accounts adding to Quicken Manage accounts receivable invoices 25 Customize estimates invoices and credit memos Use the Forms Designer to customize Estimate Invoice or Credit forms to suit your needs You can add remove or rename items or change their size and position likewise you can add remove or change the size of columns You can also reposition your company logo and print your company address If you need more than one type of format for example you may use one for services and another for products Quicken lets you design and save each format as a separate layout You can name each layout when you design it and then select the layout you wan
22. Getting Started with Quicken for your Business Intuit CANADA Trademarks Intuit the Intuit Logo Quicken Quicken Cash Manager Quicken XG QuickBooks and QuickTax among others are registered trademarks and or registered service marks of Intuit Canada Ltd or one if it affiliates and other countries Other parties trademarks orservice marks are the property of their respective owners and should be treated as such Various Quicken products and services are protected by one or more of the following U S Patents 5134564 5423033 5649115 5842185 5903881 and 6446048 Some names company names and sample data used in examples and help content are fictitious and are used for illustration purposes only Any resemblance of fictitious data to a real person or company is purely coincidental Portions of Quicken software are based on SSL Plus 3 0 Integration Suite 1996 Consensus Development Corporation All rights reserved Contains RSA Software RSA Digital Signature and the RSA Logo are trademarks or registered trademarks of RSA Data Security Inc in the United States and other countries All rights reserved SECURITY Contains Macromedia Flash Player software by Macromedia Inc Copyright 1999 2005 Macromedia Inc Macromedia and Flash are trademarks of Macromedia Inc All rights reserved ZA macromedia FLASH ENABLED Contains Photo Objects images 1999 Hermera Technologies Inc All rights reserved
23. Options v How Do I graphics file with a name EE ending in BMP ee Mylogo Estimate DATE Select the estimate or invoice fields you want to ET l Sample Customer ESTIMATE include ample Click and drag to change the size or location of a Ea ces field List Columns G item ITEM DESCRIPTION RATE AMOUNT sor TH ae 123 45 p 9 To check your changes right click the document and select Print from the menu and then click Preview To learn about layouts choose Help menu gt Quicken Help click the Index tab enter invoices and select designing or enter estimates and select overview of 26 Quicken XG 2007 E mail estimates invoices and credit memos When the time comes to send estimates invoices and credit memos to your customers you can either print out and send the forms or e mail them One way to e mail forms is as PDF attachments Quicken installs the software you need to create PDFs so you re ready to use this method whenever you want One advantage of this method is you can preview the form and make a few minor adjustments before you create it If your e mail program is MAPI compliant you also have the option to e mail forms as HTML attachments recommended or as HTML or text in the body of the e mail itself One advantage of this method is that you can create and send attachments directly from the forms you want to send However any logos that are part of the form will not be
24. Quicken for example in your Quicken chequing account register credit card account register or bills register you can click the Exp field to identify that transaction as a reimbursable expense If only part of the transaction is reimbursable you can identify the appropriate line in the Split Transaction dialogue or the Bill form Quicken displays an E to show that this is an expense for which you plan to invoice a customer You can also enter a description of the expense in the Memo field This is then used as the description on the invoice Register Overview i ij Delete Find Transfer Reconcile Write Cheques Set Up Online View Reporte Opt Date a Num Description Payment Clr Deposit xfer Acct Memo Exp 27 07 2006 All Energy Supplier 305 83 Sweet Street Bills 28 07 2006 Phony Phone Company 422 01 Biz Telephone Bus monthly bill 28 07 2006 Stewart s Print Spot 669 69 Split 01 08 2006 Stewart s Print Spot 398 21 Biz Printing and reproduction Click the Exp field to mark your expenses as reimbursable Quicken makes them available later to include on an invoice 22 Quicken XG 2007 When you re ready to invoice the customer click Expenses in the Invoice form choose Business menu gt Invoices and Estimates gt Create Invoice Quicken shows you a list of reimbursable expenses not yet invoiced To include an expense on the invoice click the Use field next to the reimbursable expense and click OK If you add a mar
25. Rental Expenses 5 377 00 TOTAL EXPENSES 5 377 00 OVERALL TOTAL 5 123 00 Track current assets Current assets are those assets likely to be converted to cash within one year They include such assets as bank accounts accounts receivable and cash Track bank accounts Add a chequing or savings account in Quicken to track each of your business s bank accounts If you have a petty cash fund you can add a cash account in Quicken to record your cash transactions Track invoices receivables accounts To use Quicken for accounts receivable you need to set up an invoices receivables account This account tracks amounts owed to your business for the goods and services you sell to your customers For details see Add invoices receivables accounts on page 16 Track other current assets Other current assets that your business owns might include Treasury bills certificates of deposit prepaid expenses amounts already paid for services your business has yet to receive prepaid deposits which will be returned to you at a later date reimbursable expenses which you can later include on an invoice to a customer and notes receivable if due within one year Add an asset account in Quicken to track any asset that you plan to use up or convert into cash within one year Track fixed assets and depreciation A fixed asset is anything you own that is not converted into cash during one year of normal operations A fixed asset is usually so
26. To set up a 30 percent discount select the Percentage check box and enter 30 in the Per item Rate field Per Item Rate 30 00 tJ Percentage Inactive For a surcharge or finance charge item follow the same steps but enter a positive number in the Per Item Rate field A subtotal item adds up the amounts of all the items above it To set up a subtotal item follow the same steps but name the item Subtotal and then select the Subtotal of the Preceding Items check box To apply a discount or special charge to several items enter the subtotal item before you enter the discount or special charge on the invoice To learn more about adding new items or creating an item list choose Help menu gt Quicken Help click the Index tab enter invoices and select items on an invoice Manage accounts receivable invoices 17 Track projects jobs The Quicken Project ob feature helps you track multiple jobs for a given customer For example a freelance writer can use projects jobs to invoice a client for consecutive writing assignments ora plumbing subcontractor can use them to track jobs for a general contractor A single project job may have a history that includes an estimate and several invoices plus payments and possibly bills for reimbursable expenses Here are more examples of when you might use projects jobs e If you manage several apartment buildings set up the building addresses as customers and the ind
27. a customer payment to an invoice In the Account to use field select the account that contains the customer s invoice In the Method field select Payment e To schedule when to record a bill In the Account to use field select the account that contains the business bill In the Method field select Business bill To schedule a business bill payment In the Account to use field select the account that contains the business bill In the Method field select Payment 7 Inthe Scheduling area of the dialogue enter the day this deposit should start whether you want to be reminded to enter the deposit into Quicken yourself or have Quicken enter it for you without prompting the frequency of the deposit and if and when the deposit should end Click Help for more information 8 Click OK to set up the scheduled transaction Note that transactions scheduled later than today are not entered in your register until the specified time You can view the scheduled transactions for all accounts in the Scheduled Transaction List choose Tools menu gt Scheduled Transaction List If you told Quicken to remind you to enter a scheduled transaction when it s due when the time comes to enter the scheduled transaction into the register Quicken places a reminder about the scheduled transaction on the Scheduled Bills amp Deposits tab at the bottom of the appropriate register To learn more about scheduling transactions choose Help menu gt Quicken Help c
28. ab only after you set up classes For more information see Set up classes on page 13 Click OK When you filter a report by class Quicken includes only the transactions to which you assigned that class The report shows all transactions for the class even if the transactions have different subclasses Here s an example of summary report that shows income and expenses for a single class Banking Summary Pi ioj x elete Export Data Go to Category List Preferences How Do I o amp Print History Save Report Eind amp Replace Customize Banking Summary Date range Custom dates Column Month hdi 7 1 2006 through 8 30 2006 7 1 2006 8 1 2006 OVERALL Category Description 7 31 2006 8 30 2006 TOTAL INCOME Rents Received 3 500 00 3 500 00 7 000 00 TOTAL INCOME 3 500 00 3 500 00 7 000 00 EXPENSES Rental Expenses Cleaning and Maintenance 250 00 250 00 500 00 Insurance 679 00 0 00 679 00 Legal Prof Fees 0 00 950 00 950 00 Management Fees 325 00 325 00 650 00 Taxes 0 00 1 455 00 1 455 00 Utilities 175 00 189 00 364 00 TOTAL Rental Expenses 1 429 00 3 169 00 4 598 00 TOTAL EXPENSES 1 429 00 3 169 00 4 598 00 OVERALL TOTAL 2 071 00 331 00 2 402 00 Manage cash flow income amp expenses 51 Create a payment history for a single class mh W N O 0 NOg Choose Reports menu gt Banking gt Transaction Click Customize In the Date range fields set the date range to cov
29. ack profitability and calculate equity 63 Create a balance sheet A balance sheet is a financial snapshot of your company on a specific date It shows assets what you own and what people owe you liabilities what your business owes to others and equity your business s net worth To display a balance sheet for your business 1 Choose Reports menu gt Business gt Balance Sheet 2 Click Customize 3 Inthe Date range fields set the date range to cover the period you want 4 If you track personal and business accounts in the same data file click the Accounts tab and select only your business accounts Optional a Click All Accounts on the left and then click Clear All b Click Business on the left and then click Mark All 5 Click OK The following is an example of a balance sheet Delete Export Dataw Preferences 2 How Do I a Back History Print Save Report Eind amp Replace Customize Balance Sheet As of 9 30 2006 Date range Custom dates w Interval None x Includes unrealized gains As of 9 30 2006 Cash Basis 9 30 2006 Account Balance ASSETS Cash and Bank Accounts Business Chequing 14 933 73 TOTAL Cash and Bank Accounts 14 933 73 Other Assets Biz Computer 3 000 00 Biz Copier 7 500 00 Customer Invoices 0 00 TOTAL Other Assets 10 500 00 TOTAL ASSETS 25 433 73 LIABILITIES amp EQUITY LIABILITIES Credit Cards Business Credit Card 1 015 80 TOTAL Credit Cards 1 015 80
30. alysis amp Reports tab in Tools click Estimate List Select the estimate you d like to convert On the toolbar click Convert In the Convert it to the following account list select an existing invoice account In the After conversion area specify whether you want to save this estimate for later use or delete it For example if you will be providing the same services to a customer on a monthly basis you can select Save this estimate for later use then simply convert it to a new invoice each month au kh WN Click OKto convert the estimate to an invoice If the invoice is correct click Save and Done then close the Invoice form N Manage accounts receivable invoices 19 Here s an example of a completed Convert Estimate to Invoice dialogue Select the account in which you want the invoice to appear pn Customer AnyTown Downtown ok Project Job Fundraiser Estimate 105 Cancel Indicate whether you want to save this estimate for later use or delete it from the Estimate List Help Convert it to the following account Customer Invoices After conversion Save this estimate for later use C Delete this estimate from the list Note Quicken tracks your estimates in the Estimate List and your accounts receivable in the invoices account register Create invoices When a customer owes you money you can create a Quicken invoice that itemizes the products or ser
31. arket St Condo Track multiple product lines or farm enterprises You can also use classes to track multiple product lines of a single business or to track the profitability of several farm enterprises on a single farm this is called enterprise accounting To see the profitability for each type of product or enterprise but still keep consolidated numbers for your tax return you would use Quicken classes Here are some examples Business Examples of classes tracking a product line or farm enterprise Carpenter or crafts person Furniture with several product lines Toys Farmer Corn Soybeans Note Formore information about classes see Track expenses should you use classes or projects on page 22 and Track projects jobs on page 18 Set up for business use 13 Assign classes when you enter transactions When you enter a transaction for any of the products lines jobs clients or rental properties for which you have set up a class simply enter the transaction as usual in the account register but after you enter the category follow it with a forward slash and then type the name of the appropriate class When you make a payment or deposit income that applies to more than one product line orjob you can split the transaction the same way you do with categories For example if you write a cheque for printing services for both the Rogers project and the Ellis project the split would look like this
32. ase Clr Increase Balance Memo 5 000 00 5 000 00 1 000 00 R 4 000 00 1 000 00 R 3 000 00 1 000 00 R increase 2 000 00 ter Edit Split Attach Purchase assets When you purchase an asset record the purchase in your chequing account register the same as always but in the Category field specify a transfer by typing the name of the asset account you added to track this asset Quicken enters a parallel transaction in the asset account that transfers the fixed asset s value from the chequing account to the asset account Sell fixed assets When you sell a fixed asset you need to enter that transaction in Quicken You want your records to show that you no longer own the asset so its current value on your books is zero If you receive a cheque for the purchase of a fixed asset record the deposit in your business chequing account and enter the name of your asset account in the Category field of the register Quicken enters a parallel transaction in your asset account that decreases the value of the fixed asset by the amount of your deposit If you sold the asset for its current value the value in the asset account is zero Note You calculate the value of a fixed asset by subtracting the depreciation from the purchase price If you sell a fixed asset for more or less than its value you won t have a zero balance in the asset account for that item Before you close the item you need to record a capital gain or a cap
33. bills Track bills with bills payables accounts 36 Add bills payables accounts 36 Record bills 36 Pay bills 38 If you use accrual basis bookkeeping you must track your accounts payable bills in a Quicken bills payables account If you use cash basis bookkeeping and pay your bills as soon as you receive them then you do not need to add a bills payables account J ust use the Quicken Scheduled Transaction feature to remind you to pay your bills The accounts payable reports may still be helpful though for managing your cash flow and tracking unpaid bills Note For more information about scheduled transactions choose Help menu gt Quicken Help click the Index tab enter scheduled transactions and select overview of Track bills with bills payables accounts The process for tracking accounts payable in Quicken looks like this Add a bills payables account with a zero opening balance When you receive a bill record it in the bills payables account and then schedule the payment Create an Accounts Payable report to find out which vendors you owe money to and how much you owe them To learn about Search the Help Index for bills payables register report accounts payable reports accounts payable detail report accounts payable reports overdue accounts payable by vendor report bills from vendors reports Add bills payables accounts Before you can enter bills from your vendors add a bills payabl
34. bills this payment Outstanding Bill applies to Qutstanding Bills Project Job Publicize G Write Traini Bil Fundraiser Pay Date JY 6 1 2006 16 4 2006 10 You can reapply the payment to other bills Optional To apply the payment to a different bill click Clear Pmts and then click the Pay column next to the bills you want to pay e To have Quicken apply the payment to the oldest outstanding bills for this vendor click Clear Pmts and then click Auto Apply 11 If you have existing credit from this vendor and want to apply it to this bill click Apply Existing Credits Optional 12 Click Enter to record the payment Quicken updates the balance in your bills payables register and the account you selected to withdraw the payment from To see your current outstanding balance by vendor customize the accounts payable report Select Earliest to date for the date range and then create the report You can also set up separate bills payables accounts for major vendors that you don t always pay in full You can set up alerts to remind you about past due bills To learn more about using alerts choose Help g menu gt Quicken Help click the Index tab enter alerts and select overview of You can also schedule bill and payment transactions ahead of time and have Quicken remind you before they re due or record them for you For more information about scheduling transactions see Schedule fut
35. ch you ve submitted invoices but haven t yet been paid and expenses for which you ve been billed but haven t yet paid K Customize Profit amp Loss Statement Date range Yearto date X From 01 01 2006 To 21 08 2006 Diop Accounts EA Paves Category Groups E Transactions Status Amounts All pe IV Not cleared IV Newly cleared Tax telated transactions only Transaction types All transactions Zl IV Reconciled Transfers Exclude all El Ropar Bare Subcategories Show all v R If you use accrual basis a Cash accounting select Accrual as the report basis IV Show me change alerts for this report OK Cancel Help Track profitability and calculate equity 57 5 Click OK The following is an example of a profit and loss income statement Profit and Loss Statement J joj x Delete Export Data v Go to Category List Preferences CJ How Do I s gt Back History Print Save Report Find amp Replace Customize Profit and Loss Statement Q3 2006 Date range Custom dates Column Don t subtotal 7 1 2006 through 9 30 2006 Cash Basis 7 1 2006 Category Description 9 30 2006 INCOME Rents Received 10 500 00 TOTAL INCOME 10 500 00 EXPENSES Rental Expenses Cleaning and Maintenance 750 00 Insurance 679 00 Legal Prof Fees 950 00 Management Fees 975 00 Taxes 1 455 00 Utilities 568 00 TOTAL
36. ch real world account your business uses such as a chequing or credit card account Quicken also uses accounts receivable invoices accounts payable bills fixed assets and loans You will probably need some combination of the following accounts To track this Add this Quicken account type Income and expenses Add a Quicken account for each real world chequing account or credit card See Add business and personal accounts in one data file on page 7 When you enter income or expense transactions use Quicken categories to get the most from reporting tracking and analysis tools See Set up business categories on page 8 Accounts receivable Add one invoice receivables account for each business you track invoices you send to customers in this data file See Chapter 3 Manage accounts receivable for payment invoices You can also set up an invoice item for any product or service you include on your invoices See Set up items to include on invoices on page 16 Accounts payable Add one bills payables account for each business you track in bills you pay this data file See Chapter 4 Manage accounts payable bills Sales tax Quicken adds a sales tax account for you when you add an invoices receivables account If you need to track more than one sales tax you ll need to add more sale tax accounts See Track and pay sales tax on page 24 Assets and liabilities Add an asset account for capital equipme
37. ck OK Manage cash flow income amp expenses 45 Plan and forecast your cash flow Quicken doesn t just track where your money s been going It also gives you a clear picture of your financial future You can schedule future transactions look at them on the Financial Calendar to see what s coming up create graphs to see a picture of your future finances and create reports to look at the details in a more focused way Schedule future transactions You can schedule one time transactions such as paying later for a new piece of equipment or recurring transactions that you invoice or pay at the same time every month such as office rent After you schedule a transaction Quicken either reminds you when it s due or records it in the specified account at the scheduled time whichever you specify To schedule a transaction 1 Open the register that contains the account you want to schedule the transaction for 2 Click the Scheduled Bills amp Deposits tab at the bottom of the register 3 Click Add Bill or Deposit Quicken displays the Add Scheduled Transaction dialogue 4 Inthe Payee list enter the customer or vendor 5 Inthe Category field enter the appropriate category 6 Inthe Account to use and the Method fields enter the appropriate information To schedule when to record an invoice In the Account to use field select the account that contains the customer s invoice In the Method field select Invoice To schedule
38. clude on invoices 16 Track projects jobs 18 Create estimates 19 Create invoices 20 Record payments from customers 28 Create accounts receivable reports 30 Manage accounts payable bills 35 Track bills with bills payables accounts 36 Add bills payables accounts 36 Record bills 36 Pay bills 38 2 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Manage cash flow income amp expenses 41 Track cash flow with reports 42 Plan and forecast your cash flow 46 Report on projects and jobs 49 Prepare for business income taxes 53 Track profitability and calculate equity 55 Use the Business Centre 56 Track profitability 56 Create a profit and loss P amp L statement 57 Track current assets 58 Track fixed assets and depreciation 58 Track liabilities 63 Create a balance sheet 64 Calculate equity 65 Find resources for growing your business 67 Get Quicken updates 68 Order Intuit cheques stationery forms and supplies 68 Decide when to upgrade to QuickBooks 68 Find other business resources on the Web 68 Index 69 Quicken XG 2007 1 Get started Learn how good record keeping benefits your business 2 Decide which bookkeeping method you should use 3 Decide which chapters you should read 4 Welcome to Quicken Thank you for choosing Quicken XG to help manage your business finances It is designed to help you track almost all aspects of small business cash flow and profitability This chapter will help
39. commended As File Attachment Recommended ot c Me Tay Cancel C Plain Text a peee i Send Check that the recipients ia ppa e mail address is correct E mail To Center City Affordable E mail Address AccountingDept CenterCity org 5 Click OK 6 In your e mail program verify the information and then click Send Manage accounts receivable invoices 27 Record payments from customers When you receive a payment from a customer use the Customer Payment form to specify the invoices to which the payment should apply From the invoices register click Create New and then select Customer Payment When you enter a customer name Quicken displays the customer s balance and outstanding invoices Customer Payment x E Enter F 4 222 05 Cancel Customer AnyTown Downtown Tru Amount 11 000 00 E Help Deposit To Cheque Number 567 Memo first installment From the list of outstanding invoices select the one to Nl oade aen GN een ars which this payment applies Pay Date Projectilob wo 14 1 2002 Fundraiser 5 1 2002 Strategic Pl undraiser vpe Number Orig Amt Due Date AmtDue Payment ype Number Orig Amt Due Date AmtDue Payment 5 1 2002 Strategic Pl invoice 101 1 899 34 6 4 2002 1719 34 EWE Invoice 102 2 502 71 6 4 2002 2 502 71 0 00 Clear Prts
40. corner of the Category List window To make it easier to find the category you want when you are in the chequing account register set up a F parent category with a brief but descriptive name such as Biz Then put all your business related Q categories underneath it using them as subcategories To learn more about demoting or promoting subcategories under a parent category choose Help menu gt Quicken Help click the Index tab enter categories and select editing 8 Quicken XG 2007 Category List Go to Recategorize Show All categories I Display tax information In the Show list select the type of categories you want to display in the Category List New Ads Bad Debt Car Commission Discounts Dues and Subscriptions Employee Benefit Business Insurance Bus Int Paid Late Fees Legal Prof Fees Licenses and Permits Meals amp Entertn Miscellaneous Bus Mortgage Interest Business Office Pension and Profit Sharing isiness Postage and Delivery Printing and Reproduction Rent on Equip Rent Paid Repairs Returns Add from List g Car amp Truck Commissions Discount Expense Dues and Subscription Employee Benefit Pro Insurance not health Interest Paid Late Payment Fees Legal amp Pr
41. d on the P amp L statement Track profitability and calculate equity 59 To record depreciation each year 1 Choose Business menu gt Go to Business Centre 2 On the My Data tab in the Business Property amp Debt Accounts snapshot click the account for the asset 3 Onthetoolbar click Update Balance Quicken displays the Update Balance Account dialogue 4 In the Update Balance to field enter the current dollar value of the asset Quicken displays the amount of depreciation in the Decrease column In the Adjustment Date field enter the appropriate date In the Category for Adjustment field enter the name of this asset account in square brackets for example Biz Computer 7 Click OK Quicken displays the balance adjustment in the register To track depreciation over the life of the asset start with the purchase date and purchase price In this example the computer was purchased on 1 1 2004 for 5 000 with funds transferred from a chequing account called Biz chequing Enter a balance adjustment each year to track the decline in value 60 Quicken XG 2007 Delete Find Transfer Reconcile Write Cheques Set Up Online Register Overview 1 1 2004 71 2006 1 1 2007 Ref Description Xfer Acct Memo Category Opening Balance Business Chequing Balance Adjustment Biz Computer Balance Adjustment Biz Computer Balance Adjustment Biz Computer Memo Decre
42. data that you ve collected You ll learn how to e Create business cash flow reports as well as other reports that provide information about your income and expenses e Forecast your cash flow e Prepare for tax time Track cash flow with reports One way of keeping an eye on the health of your business is to periodically analyze your income and expenses You can create and customize reports in different ways to show different levels of detail Choose cash or accrual basis reports Quicken XG uses cash based reporting by default for most business reports That is the reports show expenses at the time you actually pay them and show income when you receive it For details about the bookkeeping methods available in Quicken see Decide which bookkeeping method you should use on page 3 If you use accrual basis bookkeeping you should customize the Quicken report settings Choose Edit menu gt Preferences gt Quicken Program In the Quicken Preferences dialogue click Reports and Graphs To run accrual basis reports clear the Cash basis reporting if applicable check box For this to work you must track accounts receivable as well as actual income To learn more see Chapter 3 Manage accounts receivable invoices Compare one time period with another A comparison report compares the data from two time periods and displays a column highlighting the differences between the two periods You can display the differences as dolla
43. de Click the Classes tab Click Mark All Click the Advanced tab In the Transaction types list select Deposits 10 Click OK For information about how to track accounts receivable see Chapter 3 Manage accounts receivable invoices on page 15 52 Quicken XG 2007 Prepare for business income taxes Quicken can automate many of your tax preparation chores and help you gather data for CRA forms and schedules whether you fill them out yourself use QuickTax or hand everything over to a tax professional The more carefully you set up your Quicken data the more Quicken can help Make sure you assign the appropriate categories to all your tax related transactions Most of the standard categories already have the correct tax form line item assigned to them For example the Sales category is assigned to Sales Commissions Fees form T2124 For more information see Set up business categories on page 8 If you assign the appropriate categories to all your tax related transactions you can import your Quicken data directly into QuickTax Consider installing QuickTax even if you continue to use a professional tax preparer it can give you information about tax related transactions you might have overlooked The Quicken tax reports can help you plan ahead by summarizing your tax related income and expenses listing your tax deductible transactions and giving you an estimate of your tax liability The Tax Planner can help you p
44. don t have to do any extra work Review the information that appears on the statement and print it 1 2 3 8 9 Choose Business menu gt Invoices and Estimates gt Print Statements In the Layout list select the layout you want to use In the Customers area select whether you want to print statements for one all ora list of selected customers e Ifyou select One select the name from the list e Ifyou select Selected click Choose and then select the customer names from the list In the Dates From and To fields set the date range to cover the period you want In the Statement Date field enter the statement date Quicken prints today s date on the statement by default You can manually enter a different date if necessary Optional If you want only statements for customers that have an outstanding balance click to clear the Don t Print Statements with a Zero Balance check box Click Print Modify any available options in the Print Invoice dialogue For example you can select Quicken PDF Printer to print to a PDF Click OKto print the statements 10 If you are printing to a PDF enter a name forthe PDF when Quicken requests this information navigate to where you want to save the PDF and click Save To learn about Search the Help Index for finance charges finance charges statement layouts form layouts Manage accounts receivable invoices 33 34 Quicken XG 2007 Manage accounts payable
45. e distances you travel to charitable medical or business related activities Quicken helps you track all tax deductible mileage for multiple vehicles as well as tax deductible parking and tolls Then when it s time to prepare your taxes you can import this mileage information directly into QuickTax see Prepare for business income taxes on page 53 Note Whether you can deduct mileage from your taxes sometimes depends on whether the deductible amount has reached a certain percentage of your adjusted gross income Before deducting mileage costs check with your tax professional To track your mileage 1 Choose Business menu gt Vehicle Mileage Tracker 2 Inthe Trip dates fields enter the dates of the trip 3 Inthe Trip Type list select the type of trip Quicken associates each type of trip except for Other with the correct tax deductible rate Mileage rates are updated annually for up to two years after you buy Quicken To download current rates choose Online menu gt One Step Update 4 Enterthe purpose for the trip your destination and the vehicle you used 5 Inthe Parking amp Toll field enter parking and toll charges if any Optional Remember that the money you spend on parking and tolls must be entered in the appropriate account 6 Enter the number of kilometres you drove You can enter the total number directly in the Kilometres travelled field or to have Quicken calculate this for you enter the beginn
46. ed to clearly show your sources of income deductions credits and so on For more information talk to your accountant or see the Canada Business pages of the CRA Web site Choose Business menu gt Go to Business centre and click the Analysis amp Reports tab In Internet Resources click Small Business Resources Understand cash basis bookkeeping Cash basis bookkeeping means you record income when you receive an actual payment and record expenses when you pay bills If you record customers payments but do not count the money they still owe then you re using cash basis bookkeeping Likewise you record an expense when you pay it rather than when you receive the bill If yours is a service based business consultant lawyer or electrician the cash basis method is usually easier Understand accrual basis bookkeeping For accrual basis bookkeeping you record income at the time of the sale not when you receive the actual payment Likewise you record an expense when you receive the bill not when you pay it Modify your settings Once you decide on a bookkeeping method you can modify your Quicken settings to present report data according to that method Quicken uses cash basis reporting by default but supports either method To check your settings choose Edit menu gt Preferences gt Quicken Program In the Quicken Preferences dialogue click Reports and Graphs To run cash basis reports make sure there is a check mark next to
47. elp click the Index tab enter Address Book and select overview of 5 Inthe Project Job field enter a name for the project 6 Inthe Status list select a status for your project job If the status you want is not in the list click New Edit to create your own status flag or change an existing one 7 Inthe Description field type a description of the project job Optional 8 Inthe Dates area enter the start and projected end dates for your project job 9 Click OK If you create a new invoice or estimate before creating a new project job Quicken opens the New Project ob dialogue and you can fill it in as described above 18 Quicken XG 2007 Create estimates When a customer asks you to bid on a project use Quicken to create an estimate that itemizes the products or services the customer wants You can either print and send the estimate to the customer or e mail it If your customer accepts your estimate you can convert it to an invoice when it comes time to send the bill Quicken tracks your estimates in an Estimate List Note that estimates unlike invoices do not affect your financial statement because there is no guarantee that the transaction will actually take place They do appear on the Project J ob List so you should assign an estimate to its specific project job when you convert the estimate to an invoice it will be added to the list for that project job To create a new estimate click New in the Estimate List choose
48. er the period you want To create a payment history by period in the Subtotal by list select the period you want For example select Week to show the payments grouped by week or Month to show the payments grouped by month Click the Accounts tab and then select the accounts you want to include in the report e If you have only business accounts click Clear All and then select only the accounts you want to include e If you have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only the accounts you want to include To limit the report to one job click the Classes tab Select the class for the client project or job you are interested in Click the Advanced tab In the Transaction types list select Deposits 10 Click OK Create a payment history for multiple classes 1 U B W N O ON OO Choose Reports menu gt Banking gt Transaction Click Customize In the Date range fields set the date range to cover the period you want In the Subtotal by list select Class Click the Accounts tab and then select the accounts you want to include in the report e Ifyou have only business accounts click Clear All and then select only the accounts you want to include e If you have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only the accounts you want to inclu
49. es account 1 U B W N Choose Business menu gt Go to Business Centre On the My Data tab in the Business Accounts snapshot click Add Account Select Bills Payables and click Next In the Name this account field enter a name for the account and then click Next Click Done Quicken displays the account and adds a link to the account to the Business Accounts snapshot and the Account Bar list Click the account to open your bills payables register and enter any unpaid bills you have make payments that are due or enter any credits you have from a vendor To learn about Search the Help Index for entering a transaction in the bills payables accounts payable entering transactions register Record bills To get the most benefit from tracking accounts payable use the following procedure to record bills in the bills payables register as soon as you receive them Then to have Quicken remind to you pay the vendor in time you can schedule the payment see Schedule future transactions on page 46 1 2 Choose Business menu gt Go to Business Centre On the My Data tab in the Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill 3 Onthe toolbar in the Create New list select Bill In the Vendor field enter the name of the vendor you re paying If this is the first time you ve entered a bill for this vendor QuickFill memorizes the name and address Next
50. for services you provide set up an item for each service such as consulting writing or research Discount rates and special charges such as surcharges or finance charges e Subtotals To set up a new item choose Business menu gt Invoices and Estimates gt Invoice Items 16 Quicken XG 2007 Invoice items can include OO O or services r Items T Chris s Book of P Handbook of PR for small Deus Pro Bono Discount discount rate for register Research research information need Help Special Events invite celebrity quests hir Subtotal Subtotal preceding lines 5 7 Targeted Distribut to targeted consumer bus You can also set up discount items Writing instructional research and write delve that are u sed to cal cu late Writing PR write press release does discounts on invoice items New Edt Delete An invoice item represents any product you sell You can use invoice items for tangible goods or services that you sell at a per item or hourly rate You can also use invoice items for one time charges For example if you are a consultant you might have a Consulting Fee item for your hourly billing rate plus a Marketing Manual item for a product you sell If you own an auto body shop you might have a Labour item for their hourly billing rate plus several items for auto parts or products you sell When you set up anew item enter a name description and the amount yo
51. h oraccrual 3 42 cash receipts and disbursements 43 comparison 42 customer payment history 31 customersales 32 depreciation 61 expensesforasingleclass 51 expenses for all classes 49 forecast cash flow 47 GST PST 25 income for a single class 51 income for all classes 49 income for all projects jobs 49 income statement 57 investment income 53 profit and loss statement 57 project job 49 project job by project 49 saving 31 sources and usesof cash 44 taxschedule 53 taxsummary 53 tax related 53 unpaid balances by customer 30 using categoriesfor 12 when borrowingmoney 63 resources onthelnternet 68 small businessowners 68 retainers 28 returns issuing credit 29 S sales by customer report 32 sales forms See estimates 72 Index sales forms See invoices sales tax and categories 21 codes 24 paying 25 tracking 24 saving reports 31 scheduling transactions 46 selling fixed assets 61 services adding to the item list 17 setting up Quicken 6 8 sole proprietorship calculating equity for 65 sources and usesofcash 44 summary reports 44 supplies ordering from Intuit 68 T tax liability accounts 24 tax schedule reports 53 tax summary reports 53 taxes preparing for payroll 53 tax related categories 53 tax related reports 53 theft of a fixed asset 62 tracking clients with classes 22 fixed assets 59 mileage 54 profit and loss 56 projects jobs 22 transactions assigning classesto 14 itemizing by class 52 scheduling 46
52. he report To create it you customize the summary report to look at only sales income ignoring payments and sales tax collected 1 UB WN Choose Reports menu gt Banking gt Banking Summary Click Customize In the Title field type a name such as Sales by Customer In the Date range fields set the date range to cover the period you want Click the Accounts tab and select only your invoices receivables accounts e If you have only business accounts click Clear All and then select only your invoices accounts e If you have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your invoices accounts Click the Advanced tab In the Transfers list select Exclude all The amounts shown in the report do not include sales tax or any other items that are transfers to another Quicken account Click OK 32 Quicken XG 2007 Create customer reminder statements After creating an accounts receivable report you may find it useful to create reminder statements for some of your customers A customer reminder statement summarizes a customer s account with your company It lists recent invoices credit memos payments received and finance charges Use reminder statements when you use invoices to bill your customers and want to remind them about late payments To create the reminder statement Quicken uses the information you have already entered so you
53. he toolbar in the Create New list select Refund In the Account to Deposit To field select the account into which you want to deposit the refund 3 4 5 Inthe Vendor field enter the name of the vendor 6 Click Address if you want to enter an address for this vendor Optional 7 In the DATE field Quicken displays today s date by default You can manually enter a different date if necessary Optional 8 To associate a project job with the credit click Assign Project ob select the appropriate project job and click OK Optional 9 In the Amount field enter the amount of the refund 10 In the Memo field enter additional information about the vendor or enter a note to remind yourself about the reason for the refund Optional 11 If the refund was in the form of a cheque in the Number field enter the cheque number for tracking purposes Optional 12 Click Enter Quicken records the refund in the account you selected and updates the bills payables register 40 Quicken XG 2007 Manage cash flow income amp expenses Track cash flow with reports 42 Plan and forecast your cash flow 46 Report on projects and jobs 49 Prepare for business income taxes 53 When you organize your business transactions in Quicken by project job or assign categories and classes to them you ve got a wealth of information at your fingertips The topics in this chapter show you how to use the features in Quicken to examine and use the
54. included in the e mail E mail forms as PDF attachments 1 Display the form you want to send 2 Inthe form dialogue click Print Quicken displays the Print dialogue 3 Inthe Printer list select Quicken PDF Printer If you want to see what the PDF document will look like click Preview Optional When you re done click Close You ll have to click Print again to display the Print dialogue A Change the page orientation or select the option to print the information on one page Optional Click OK Quicken displays the Save to PDF File dialogue In the Save in field navigate to the location where you d like to store the PDF document Optional In the File name field type a name for the PDF Click Save 10 Open your e mail application create a new e mail attach the PDF enter the customer s e mail address and any other appropriate information and then click Send ON ND UI E mail forms as HTML or text 1 Display the form you want to send 2 Inthe form dialogue click E mail Clipboard 3 Inthe Format area select a format supported by your e mail program HTML Recommended or Plain Text HTML is recommended for better reproduction of your form Be sure to select E mail to and enter the customer s e mail address 4 Inthe Output area select As File Attachment Recommended or As Message Text You can send your invoice Send Invoice by E mail 5 x as the text of the e mail en en an attached document or HTML Re
55. ing and ending mileage in the Odometer at Start and Odometer at End fields If you enter a Rate Quicken will multiply the total number of kilometres by the value in the Rate field when determining the expense However for income tax purposes just the number of kilometres driven to earn business income is all you need track 7 Ifyou selected Other as your trip type enter a mileage rate or leave this field blank if you just want to track the number of miles 8 Click Record Trip 9 To make a printed copy of your mileage expenses click Print Optional The printed copy lists each record displayed in the All Trips table If records for more than one type of trip are displayed Quicken lists the total miles for each type of trip You can filter this table so that only records that meet specific criteria appear at any one time You can also change the columns that appear Click Customize to make changes 54 Quicken XG 2007 Track profitability and calculate equity Use the Business Centre 56 Track profitability 56 Create a profit and loss P amp L statement 57 Track current assets 58 Track fixed assets and depreciation 58 Track liabilities 63 Create a balance sheet 64 Calculate equity 65 This chapter shows you how to report on profitability calculate equity and track business assets and liabilities Your business assets are generally defined as what your business owns such as Cash you have on hand Money in y
56. ing methods 3 accounts bills payables 36 chart of accounts 6 invoices receivables 15 separating 7 typesof 6 accounts payable overview 15 35 paying bills 38 Payment to Vendorform 38 recording bills 36 reports 45 settingup 36 accounts receivable overview 15 reports 30 settingup 16 accounts tax liability 24 accrual basis accounting 3 address company 26 advance payment 28 aging information 32 alerts unpaid bills 39 unpaid invoices 32 asset accounts fixed assets 59 tracking receivables 20 assets and liabilities 65 current 58 examples of 55 fixed 58 on balance sheet report 64 purchasing 61 recording depreciation 61 recording thefts orlosses 62 selling 61 audits record keeping 8 B balancesheet 64 benefits of using Quicken 2 billing customers See estimates billing customers See invoices bills scheduling 46 bills payables See accounts payable bookkeeping cash oraccrual 3 borrowing money 63 business accounts separating from personal 7 Business Centre overview 56 business finances separating business from personal business owners calculating equity 65 business products overview 67 C cancelled orders 29 capital gains reports 53 cash flow forecasting 47 cash receipts reportingon 43 cash sales tracking 29 cash basis accounting 3 categories 69 assigning to transactions 12 tax related 53 tracking income and expense 8 chart of accounts 6 chequing accoun
57. it and loss statement also called an income statement and the balance sheet These are the reports most often requested by CAs and financial officers for example banks request both documents when you apply for a loan For information about the balance sheet see Create a balance sheet on page 64 56 Quicken XG 2007 Create a profit and loss P amp L statement A profit and loss statement also called an income statement shows your income expenses and net profit or loss equal to income minus expenses The profit and loss statement summarizes the revenue and expenses of your business by category first income then expenses To summarize profits and losses for your business you can create a profit and loss statement whether you use cash or accrual basis bookkeeping For details about these bookkeeping methods see Decide which bookkeeping method you should use on page 3 To create a profit and loss statement 1 Choose Reports menu gt Business gt Profit and Loss Statement 2 Click Customize 3 Inthe Date range fields set the date range to cover the period you want 4 Thereport default is for cash basis bookkeeping If you use accrual basis bookkeeping click the Advanced tab and then in the Report Basis area select Accrual If you run your business using accrual basis bookkeeping you want your income to show up when you issue invoices not when you receive payment This report option includes income for whi
58. ital loss Any capital gain or loss is income or expense to your company and should appear in business records When you have a capital gain or loss enter a transaction for it in the register for the asset account and assign the remaining value for the asset to a new income category called Cap GainLoss When you runa profit and loss income statement customize the report to include the Cap GainLoss category and you ll see the gain a positive number or loss a negative number under Cap GainLoss Even when you no longer own an asset and its value in the asset account is zero don t delete the account If you re ever audited you ll want a report that includes it J ust mark it as hidden these are excluded from reports To hide an account 1 Choose Tools menu gt Account List 2 Click the Manage Accounts tab 3 Click the Hide In Quicken check box next to the account you want to hide 4 Click Close Track profitability and calculate equity 61 Record thefts or losses of fixed assets You track a theft or loss of a fixed asset somewhat similarly to a sale However you will need anew expense category for example Uninsured Loss Your asset account should already contain information about the asset s original cost and its accumulated depreciation If an asset is lost or stolen you need to enter information about insurance money you collected and the amount not covered by insurance 1 Choose Business menu gt Go to Bu
59. ivable by customer report summarizes monthly ending balances for customers in the invoices receivables accounts To view the report choose Reports menu gt Business gt Accounts Receivable To learn about Search the Help Index for customizing reports reports customizing accounts receivable reports accounts receivable reports 30 Quicken XG 2007 Track the history of customer payments Quicken can track how promptly a customer has paid each invoice In the Invoice form click Payment History to see the payment history for the current invoice To create a customer payment history report 1 a uh WN Choose Reports menu gt Banking gt Transaction Click Customize In the Date range fields set the date range to cover the period you want On the Display tab in the Sort by list select Payee To create a report that shows your receivables by week in the Subtotal by list select Month Optional Click the Accounts tab and select only your invoices receivables accounts e If you have only business accounts click Clear All and then select only your invoices accounts e If you have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your invoices accounts Click OK Quicken displays the transaction report BE Delete Export Data Sort v Go to Category List Preferences Ho
60. ividual apartments as projects jobs e If you invoice against purchase orders set up each purchase order number as a project job e If you have a practice or organization that sends one statement to a family to cover individual members of the family set up the family as the customer and family members as projects jobs Quicken tracks your projects jobs using the Project J ob List which includes the job status important dates and ending balance of invoices and payments Project Job List BE ioj x New Edit Delete Sortw Options Print How Do I Customer EERE J Select account eau Accounts gt z Customer Project Job Status Start Date Proj End ActualEnd Description Total AnyTown Pasta amp Publicize Grand Op In Progress 4 18 2006 2 18 2007 new managem 5 200 00_4 Estimate 101 You ll learn how to create a project job in the next section You can also create a summary report of your income and expenses broken down by payee and project See Summarize all projects jobs on page 49 for more information Create project jobs To create a new project job 1 Choose Business menu gt Go to Business Centre 2 On the Analysis amp Reports tab in Tools click Project Job List 3 On the toolbar click New Quicken displays the New Project ob dialogue 4 Inthe Customer field select a customer or type in anew one For more information about managing customer contact information choose Help menu gt Quicken H
61. k expenses with the Project J ob List or by using classes e Using the Project ob List takes the least time but gives you less information in your reports You need to assign bills to the corresponding project job to see your expenses for that project job in the Project J ob List and the project job by project report For more information about creating projects jobs see Track projects jobs on page 18 e Using classes takes more time but it gives you more information in your reports You need to assign classes to all your expense transactions and to get a complete picture of a particular project job you should assign classes to all your income transactions as well For more information about using classes to create detailed Quicken reports see Use classes for more detail on page 49 To learn about assigning classes to transactions see Assign classes when you enter transactions on page 14 Invoice customers for reimbursable expenses Many business owners especially consultants incur expenses on behalf of customers while working on projects These expenses items such as delivery fees and travel expenses are called reimbursable expenses You can select these expenses as reimbursable when you enter them in Quicken Then when you invoice a customer you can have Quicken display a list of reimbursable expenses and you can select which ones you want to include on the invoice Whenever you enter a reimbursable expense in
62. kup change the amount on the invoice For cash basis reporting reimbursable expenses are recorded as income when you receive payment for expenses For accrual basis reporting income is recognized when you bill the customer Choose Reimbursable Expenses xj Use Date Payee Memo Amount Tax1 Tax 2 Hide These expenses 28 07 2006 Stewart s Pr 312 45 0 00 0 00 have not yet 01 08 2006 Stewart s Pr 398 21 0 00 0 00 been invoiced Select this check box to combine two or more Total 0 00 expenses Print selected expenses as one invoice item To learn about Search the Help Index for tracking reimbursable expenses reimbursable expenses applying markups markup item on invoices Track items bought for resale When you buy items or materials that become the products you sell you re usually in one of three general situations e You invoice customers for items or materials purchased on their behalf You buy for a particular customer or job and you invoice for those items with or without markup or sales tax For example an interior designer may buy furniture at wholesale and sell it to the client at retail For this situation see Invoice customers for reimbursable expenses on page 22 e You neither maintain inventory nor invoice customers for specific items purchased on their behalf You buy items or materials for resale in the immediate future If you buy items for a particular customer or job you don t in
63. l accounts to track each partner s equity or ownership interest in the business If a partner withdraws cash from a capital account the balance of the capital account which is that partner s ownership interest in the business decreases At the end of an accounting period you distribute the net income profit of the partnership to the partners capital accounts Calculate equity for a corporation A corporation is owned by its stockholders In a corporation you ll usually want to separate the stockholders investment of capital from the stockholders share of earnings If your business is incorporated you should add a liability account for the paid in capital or investments of the shareholders This is the Capital Stock account During an accounting period you could distribute the earnings of the corporation to stockholders as dividends At the end of an accounting period enter a transfer transaction to transfer any remaining income of the corporation to another liability account called Retained Earnings The balance in the Retained Earnings account is retained for use in the business The total of the balances in the Capital Stock account and the Retained Earnings account equals the total shareholders equity Track profitability and calculate equity 65 66 Quicken XG 2007 Find resources for growing your business This chapter points you to other resources to help manage and grow your business Some resources are availab
64. le from within Quicken and some are on the Web some are developed by Intuit some by government or private agencies Get Quicken updates Use One Step Update to get the most recent Quicken updates features currency exchange rates and security quotes Each time you start a One Step Update in the Quicken program Quicken checks to see if there is an update If an update is available Quicken asks if you d like to download it 1 Choose Online menu gt One Step Update 2 Click Update Now If there is an update available Quicken XG Update is available appears in the Online Update Summary window Click this link and follow the onscreen instructions to apply your update Order Intuit cheques stationery forms and supplies To meet your business needs Intuit offers a complete line of time saving products including personal amp business cheques cheque accessories amp envelopes and self inking messaging stamps to name a few To order supplies choose Tools menu gt Order Cheques and Supplies To order software products choose Online menu gt Quicken on the Web gt Intuit Products Decide when to upgrade to QuickBooks Like Quicken QuickBooks is designed to be easy to learn and use The key distinction is that Quicken XG is designed for sole proprietors who want to track personal and business finances in one place You should consider upgrading to QuickBooks if e Your accountant advises you to use double entry bookkeeping e Yo
65. lick the Index tab enter scheduled transactions and select overview of 46 Quicken XG 2007 Forecast cash flow A company can receive cash from sources other than accounts receivable It can also receive cash from loans investments in the company or interest income If you enter both your expected payments and deposits in Quicken you can forecast your cash flow as far into the future as you can predict deposits and payments Forecasting cash flow lets you predict cash surpluses helping you decide if you can handle new expenses or if you should invest the surplus for highest return Forecasting also predicts impending cash deficits so you can slow your payables borrow or take action to generate more cash Forecasting works best if your receipt of funds is fairly predictable To forecast cash flow 1 Choose Planning menu gt Cash Flow Forecast Quicken displays the Automatically Create Forecast dialogue 2 Choose Options gt Update Forecast 3 Inthe From and To fields enter a historic range for which you want Quicken to look for your cash flow forecast amounts Select the appropriate option e To create a forecast with the default settings in the Automatically Create Forecast window click OK e To create amore specialized forecast click Advanced to open the Advanced AutoCreate dialogue and continue with step 5 Optional In the Forecast Items to Create area select the appropriate option Select Known Ite
66. lizer Soy E 800 00 To see a report that shows income and expenses with separate columns for each class you can create a profit and loss statement by class 1 Choose Reports menu gt Business gt Profit and Loss Statement Click Customize In the Date range fields enter the date range you want the report to cover In the Row list select Class Click OK ak WU N 50 Quicken XG 2007 Report monthly income expense totals for a single class If you have set up a class for each project or product line you can create an income and expense report for a single project or product line 1 ak W N 8 Choose Reports menu gt Banking gt Banking Summary Click Customize In the Date range fields set the date range to cover the period you want In the Column list select Month To add acolumn showing how much the individual income and expense amounts contribute to total income and total expenses select the Amount as check box Optional Click the Accounts tab and then select the accounts you want to include in the report e Ifyou have only business accounts click Clear All and then select only the accounts you want to include e If you have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only the accounts you want to include Click the Classes tab and in the Class contains list select the class you want Quicken displays the Classes t
67. ll financial picture To take advantage of this ability use the same data file for both business and personal finances just be sure to add separate chequing and credit card accounts in Quicken to be used specifically for business income and expenses do this at your financial institution too Deposit all business income into a business only account and pay all business related expenses from a business only account Note Asan extra safeguard and to get the most out of reporting tracking and planning tools be sure to assign business related categories whenever you enter or download transactions into your accounts For more information see Set up business categories on page 8 To add a business account in Quicken 1 Choose Business menu gt Go to Business centre Quicken displays the Business centre 2 On the My Data tab scroll down to the appropriate section and then click Add Account Business Accounts Accounts receivable invoices or accounts payable bills Business Spending amp Savings Accounts chequing savings or cash accounts Business Credit Card Accounts Credit card accounts Business Property amp Debt Accounts Fixed assets capital equipment liabilities and loans Q Quicken XG 2007 SAMPLE Business Centre E File Edit Tools Online Business CashFlow Investing Property amp Debt Planning My Data Click My Data if it is Oben Hom 3 not already open
68. mer Message Total 1 811 30 Memo mm Tax Account Past Balance Due 1 811 30 Items following the discount item are full price This item is taxable You can use the Forms Designer described on page 26 to design the invoice to include only the fields and columns you need You can also rename or resize the fields and columns reposition the fields and your company logo and display your company address To open the Forms Designer from the Invoice form in the Layout list in the upper right corner select Customize You can also open the Forms Designer by choosing Business menu gt Invoices and Estimates gt Design Forms 20 Quicken XG 2007 Fill out estimates and invoices Because you convert estimates directly to invoices the two forms look very similar and require you to fill in most of the same information such as the customer date and billing address You also enter details about the products and services you sell These are called invoice items in Quicken For more information about invoice items see Set up items to include on invoices on page 16 If you have set up invoice items ahead of time Quicken helps you fill in the invoice When you create an estimate or invoice and begin typing the name of a product or service in the Item column Quicken checks to see if the item already exists If it does Quicken fills in all the item information for you including category rate description and whether or not the item i
69. mething necessary for the operation of your business such as a truck cash register computer or photocopier 58 Quicken XG 2007 Understand depreciation Fixed assets are equipment or property your business owns that is not for sale Because they last along time you don t deduct their entire cost on the current year s tax return instead the CRA generally allows you to deduct their cost over several years But because fixed assets wear out or become obsolete for example a car or truck wears out computers become obsolete their value declines constantly from the day you purchase them The amount of this decline in value is called depreciation The CRA wants you to depreciate the cost of a fixed asset over what they deem as the useful life of that asset for example five years for a computer To determine the value of a fixed asset at any point in time you subtract its accumulated depreciation total amount of depreciation since the asset s purchase from its original cost For example suppose you bought a piece of equipment in January 2004 for 5 000 By January 2007 the equipment may have depreciated by 60 percent of its original value or 3 000 Therefore the value of the equipment in January 2007 is 5 000 original cost 3 000 accumulated depreciation 2 000 current value Note Determining the amount of depreciation to deduct can be a complex process and the CRA rules on the subject change often Consult a cer
70. ms if you want Quicken to include only scheduled transactions and items from your accounts payable and accounts receivable Select Estimated Items if you want Quicken to include only amounts from your account registers or budget averaged over time e Select Create Both to include scheduled transactions and items from your accounts payable and accounts receivable as well as amounts from your account registers or budget averaged over time In the Create Estimated Amounts area select the appropriate option e Select From Register Data if you want Quicken to include only amounts from your register Quicken includes the amounts in the registers that go with the selected accounts You can verify or change the selected accounts in step 7 e Select From Budget Data if you want Quicken to include only amounts from your budget Quicken includes the amounts from the last budget you open Manage cash flow income amp expenses 47 7 To include only certain accounts in your cash flow forecast click Accounts select the accounts you want and click OK For example you could select all your business related accounts Optional 8 To include only certain categories in your cash flow forecast click Categories select the categories you want and click OK For example you could select all your business related categories Optional 9 Inthe Advanced AutoCreate dialogue click Done 10 In the Automatically Create Forecast window click OK If
71. n create subcategories within the category C Expense I Spending is not discretionary Subcategory of Biz z EE Tax line item RentatGrossRen mi To change the category to a subcategory select Subcategory of and enter the name of the parent category in the field on the right M Tax telated C Standard line item list Extended line item list Gross Rents is the income you eam in the Ej calendar year from renting property that you own or have use of 6 Click OK Set up for business use 11 Add categories for farm finances Repeat the steps in the preceding section Add categories for rental property owners but when it comes time to add the tax line item select a T2042 Farming tax line items to the list for you to choose from You can add categories here for Cost of Resale Livestock or Items Sales Proceeds from Livestock or Items Agricultural Programs Payments Insurance Crop Insurance Proceeds Received Feed Fertilizer Freight Rent Seed Storage Taxes Utilities Veterinarian Expenses and more Note Always confirm your choices by consulting with your accountant or tax professional For more information visit the small business and self employment pages of the CRA Web site Choose Business menu gt Go to Business centre and click the Analysis amp Reports tab In Internet Resources click CRA Small Business centre To learn about Search the Help Index for t
72. nt when you add your invoices receivables account If you only pay GST to the CRA the Sales Tax liability account is all you need However if you handle more than one tax rate for example GST and PST you need to add a separate liability account for each rate 1 Choose Business menu gt Invoices and Estimates gt Create Invoice 2 From the Tax 2 Account field choose New 3 Enter a name for the tax account such as PST or QST and if you d like a description 4 Click OK Create sales tax codes To apply sales tax to your items or services apply the Quicken default Sales Tax Codes to the forms and items To view the default sales tax codes choose Business menu gt Business Lists gt Sales Tax Code List If you wish to create a new Sales Tax Code for example the Quebec sales tax simply create a new code 1 Choose Business menu gt Business Lists gt Sales Tax Code List 2 Click New In the Tax Code field type a letter such as Q and enter a description such as QST 3 Inthe Tax Rate 2 field enter the 7 5 percent tax rate 4 If you would like Tax Rate 2 to be calculated on the total amount plus Tax Rate 1 select Calculate Tax Rate 2 on Tax Rate 1 piggyback 5 Click OK nn TT Customer PanyTown Downtown Tu gt Project Job Fundraiser Layout Estimate Default bd Estimate 4 4 2003 j 10 Save and New AnyT own Downtown Trust 123 Centre Street AnyT own C2R SN7 Cancel DESCRIPTION
73. nt you intend to depreciate See Track fixed assets and depreciation on page 58 Add an amortized loan to track the principal interest and payment schedule for money you owe see Record a new loan on page 63 Separate business and personal data Think about how you want to track your finances especially your chequing and credit card accounts The CRA advises business owners to keep business transactions completely separate from personal transactions You can handle this three different ways in Quicken Add personal and business accounts in one data file and then track both home and business finances in the same file Be sure that your business chequing credit card and other accounts are used solely for your business This lets you track all your finances in one place and do tax planning for both employment and self employment income Use the standard business categories to track business related transactions Set up separate Quicken data files for your home and for your business The drawback is that you can t see the overview of your finances in one place e Mix business with personal data in the same chequing account Use both categories and classes to distinguish between business and personal transactions This is not recommended for tax reasons 6 Quicken XG 2007 Add business and personal accounts in one data file Quicken XG was designed to help you see how self employment income contributes to your overa
74. o record a credit for returned goods 1 Choose Business menu gt Go to Business Centre 2 On the My Data tab in the Business Accounts snapshot in the A R Accounts Invoices area click the account that contains the invoice 3 Onthe toolbar in the Create New list select Credit A Enter the customer name the job if applicable items returned and any additional information 5 Specify how to deliver the information e Click Print to print the credit memo to paper or to a PDF e Click E mail Clipboard to e mail it directly from the form as an HTML attachment 6 Click Enter Quicken associates a credit with that customer s name so that when you enter the customer s name in the Customer Payment form the credit is displayed in the Existing Credits field To record a credit and issue a refund for returned goods 1 Choose Business menu gt Go to Business Centre On the My Data tab in the Business Accounts snapshot in the A R Accounts Invoices area click the account that contains the invoice On the toolbar in the Create New list select Credit N Enter the customer name items returned and any additional information Click Refund Quicken displays the Refund form In the Account to Pay From field enter the account from which you want to pay the refund Enter any additional information you want to include and then click Enter In the invoices register select the credit and click Form Quicken displays the Credit f
75. of Fees License and Permits E Meals amp Entertainment Misc Business Expense Mortgage Interest Paid Office Expenses Pension and Profit Sh Postage and Delivery Printing and Repro E Rent Vehicle mach equip Rent Paid Repairs Returns amp Allowances Click Display tax information to see tax item information in the Category List TARRA RAAR RA ARARA ARAARA AA YAAR R m Add standard business categories If you followed Express Setup after you installed Quicken you were prompted for whether you want to use Quicken to track a business If you clicked Yes Quicken added the standard business categories for you If you did not have Quicken add these categories for you or you want to reload Quicken s standard business categories for any reason follow these steps 1 Choose Tools menu gt Category List Quicken displays the Category List In the lower left corner click Add from List Quicken displays the Add Categories dialogue In the Available Categories list sel Quicken displays business categori ect Business esin the list on the left In the list of business categories click in the left column to select the ones you want to add or click Mark All to select them all Quicken displays a check mark next to each category you select Click Add Quicken moves your selected categories to the Categories to Add list on the right side of the dialogue Click OK Quicken adds your
76. orm Click Receive Pmt Quicken displays the Customer Payment form showing the amount of the credit Verify that there is a check mark next to the refund to which the credit should be applied 10 Click Enter O OAON AU B UW Manage accounts receivable invoices 29 To issue a refund for overpayment On A U kh W Choose Business menu gt Go to Business Centre On the My Data tab in the Business Accounts snapshot in the A R Accounts Invoices area click the account that contains the invoice On the toolbar in the Create New list select Refund In the Account to Pay From field enter the account from which you want to pay the refund In the Customer list select the customer name In the Amount field enter the refund amount Enter any additional information you want to include and then click Enter In the invoices register select the payment and click Form Quicken displays the Customer Payment form which lists the invoices and the refund Click the Pay column next to the Date column and then click Enter Create accounts receivable reports One benefit of using Quicken to keep track of your customer invoices accounts receivable is the information you can gather by creating a report Quicken lets you create reports that show Customer payment history Unpaid invoices Sales by customer Unpaid balances on all invoices broken down by customer View unpaid balances by customer The default accounts rece
77. our chequing and savings accounts Money owed to you for services you ve provided or items you ve sold accounts receivable Money you ve loaned to someone else Furniture and fixtures Equipment Property Use the Business Centre The Business Centre displays a snapshot of the current state of your business summarizing your cash flow situation and account balances Choose Business menu gt Go to Business Centre to see Unpaid invoices My Data tab Bills due My Data tab A graph showing the status of your business Analysis amp Reports tab Access to business related activities such as accounts payable accounts receivable invoices bills statements payroll and reports My Data tab Access to business reports Analysis amp Reports tab Links to small business Web sites Analysis amp Reports tab Links to other business tools and services such as business planning information about running a business or receiving payments online My Data tab and Analysis amp Reports tab Business Center Customer Inv 1 560 00 Business Bils 2 308 00 Sales Tax 28 09 Business Che 19 397 88 Business Cre 1 015 80 22 222 00 Show fet Grega Serw Ipema Revert 4 Vorn Lat Masin Track profitability Quicken provides many ways to measure the health of your business track profitability and calculate equity Two of the most important reports for gauging the profitability of your business are the prof
78. ow income amp expenses 43 Report on sources and uses of cash This report shows the largest sources of income and expense for your business The sources and uses report can show historic cash flow or forecasted cash flow 1 Choose Reports menu gt Banking gt Banking Summary 2 Click Customize 3 Inthe Date range fields set the date range to cover the period you want To report on future dates in the Date range field select Custom dates and then select a date range from tomorrow to a future date you specify 4 On the Display tab in the Organization list select Cash Flow Basis This lets you see transfers as part of the cash flow 5 You can customize the sources and uses of the cash report in these ways To see the changes in only account balances in the Row list select Accounts e For sources and uses totalled by category in the Row list select Category You can also create a transaction report that subtotals by category choose Reports menu gt Banking gt Transaction e For sources and uses totalled by payee in the Column list select Payee You can also create a transaction report that subtotals by Payee 6 Click the Accounts tab and select only your chequing accounts invoices receivables accounts and bills payables accounts e Ifyou have only business accounts click Clear All and then select only your chequing accounts invoices receivables accounts and bills payables accounts e Ifyou have several type
79. r amounts or as the percentage change from the first period to the second or both Quicken includes comparison reports for both categories and payees The category reports are described in the following sections Compare income and expenses from one period with another This report compares income and expenses from two different periods 1 Choose Reports menu gt Comparison Reports gt Income Expense Comparison by Category N Click Customize w In the Date range and Compare to fields set the date range to cover the period you want A On the Display tab in the Show area select Difference as or Difference in To compare both values for the two time periods select both Click the Accounts tab UI 6 Select the accounts that you want to include in the report 7 ClickOK 42 Quicken XG 2007 Compare expenses from one period with the average spending for another This report compares expenses from one period with the average spending for another period 1 Choose Reports menu gt Comparison Reports gt Current Spending vs Average Spending by Category Click Customize In the Date range and Compare to fields set the date range to cover the period you want After you select the starting period of the Compare to field Quicken displays relevant comparison periods in the Compare to field On the Display tab in the Show area select Difference as or Difference in To compare both values for the two time
80. racking tax related expenses and assigning tax categories tax related transactions schedule information to categories double checking the tax form information you Tax Category Audit assigned to categories handling transfers between farm enterprises farm finances transfers between enterprises Assign categories when you enter transactions To get meaningful data from the tracking reporting and analysis tools assign a category to every income or expense transaction you enter You can assign a single category to a transaction or divide up the transaction among multiple categories this is called a split transaction g 8 A transfer Delete Find Transfer Reconcile Write Cheques Set Up Online View Reporte Oj transaction Date Num Description Clr Deposit xfer Acct A transaction with a 27 07 2006 All Energy Supplier single category Sweet Street Bills 28 07 2006 Phony Phone Company 422 01 A transaction with Te MN multiple categories 28 07 2006 Stewart s Print Spot 669 69 a split transaction Split 01 08 2006 Gold Credit Ci 398 21 Gold Credit To split a transaction falsplit Transaction F xj between two Enter multiple categories to itemize this transaction use the Memo field to record more details categories select the transaction then click 1 BizAds the Split button In 2 Biz Printing and Reproduction the Split Transaction window select the categories you want to use to categori
81. rate bank account and make payments by cheque you can use your bank statement and cancelled cheques to back up your records Set up business categories In addition to the standard categories included with Quicken Cash Manager Quicken XG also comes with standard business related categories and subcategories To get meaningful data from tracking reporting and analysis tools assign a category when you enter transactions Customize the standard list Generally all the income and expense transactions for your small business are tax related Don t miss a deduction Quicken can track the tax related transactions and assign the tax form line item for you This vastly simplifies your tax planning and reporting In Quicken XG the standard Category List already includes most of the tax form line item assignments you need for your business all you do is assign a category when you enter a transaction Then just run a tax schedule report at the end of the year Keep in mind you still need to save receipts To display the Category List choose Tools menu gt Category List The business categories are each assigned to a line item from the self employment income tax form If Quicken is not displaying tax line information in the Category List click the Display tax information check box at the top of the Category List window To see just the tax related categories in the Category List select Tax related categories in the Show list in the upper left
82. repare for the inevitable by giving you a clear picture of your current tax situation throughout the year When you re ready to gather your information at tax time just create these reports in Quicken e A tax summary report lists all your tax related transactions grouped and subtotalled by category Choose Reports menu gt Tax gt Tax Summary e Atax schedule report lists all your tax related transactions grouped and subtotalled by tax form name and line item You may need to assign line items from tax forms and schedules to some of your Quicken categories though most are standard Choose Reports menu gt Tax gt Tax Schedule e A capital gains report shows short term long term and super long term capital gains for securities sold during a specified period Choose Reports menu gt Tax gt Capital Gains e An investment income report shows dividend income taxable and tax exempt interest income taxable and tax exempt capital gains distributions realized gain or loss unrealized gain orloss as an option and margin interest and other investment expenses during a specified time period Choose Reports menu gt Investing gt Investment Income For more details about using Quicken for taxes choose Help menu gt Quicken Help click the Index tab enter taxes and select overview of Manage cash flow income amp expenses 53 Track mileage The Vehicle Mileage Tracker helps you track tax deductible mileage such as th
83. rtnership calculating equity for 65 Patches One Step Update 68 paying salestax 25 payment history report creating 31 multiple jobs or clients 52 Paymentto Vendorform 38 payments from customers depositing in a holding account 29 entering retainers and down payments 28 partial 28 receiving 28 scheduling 46 payments to vendors See accounts payable personal accounts separating from business 7 planning business finances 46 product lines tracking 13 products adding to the item list 17 handling forresale 23 ordering from Intuit 68 profit and loss creating astatement 57 58 tracking 56 project job report byproject 49 creating 49 projects jobs creating 18 tracking 18 22 property depreciating 59 proposals QuickBooks Pro feature 68 PST paying 25 report 25 salestaxcode 24 Q QST paying 25 sales taxcode 24 QuickBooks 68 Quicken setting up to trackabusiness 6 8 upgrading to QuickBooks 68 using for managing your business 41 quotes QuickBooks Pro feature 68 R rates mileage 54 sales tax 21 receivables See invoices Index 71 record keeping common mistakes 8 settingup 2 using categories 12 records needed for an audit 8 recurring transactions scheduling 46 Refund form 40 refunds 29 foroverpayment 30 fromvendors 40 issuing for returned goods 29 registers invoices receivables 16 reimbursable expenses 22 rent scheduling payment 46 reports accounts receivable 30 balance sheet 64 capital gains 53 cas
84. s account e Set up invoice items for the products and services you sell Set up the projects you want to track e Create estimates in the Estimate form e Create invoices in the Invoice form e E mail estimates and invoices to customers Record customer payments Quicken matches payments to the corresponding project job or invoice Add invoices receivables accounts Before you can create invoices you ll need a Quicken invoices receivables account in which to track accounts receivable 1 Choose Business menu gt Go to Business Centre On the My Data tab in the Business Accounts snapshot click Add Account Select Invoices Receivables and click Next In the Name this account field enter a descriptive name for the account and then click Next If you want to track sales tax select Yes click Next then enter your GST HST registration number in the Tax Reg number fields Click Next Click Done ak WN Note After adding your new invoices receivables account you can enter any previously issued but unpaid invoices that you want to track Follow the stepsin Create invoices on page 20 but remember to predate the invoice Set up items to include on invoices What kinds of products or services do you include on invoices to customers Set up invoice items to reduce data entry and simplify your bidding and invoicing process You can set up an item for any of the following Products you sell e Hourly rate
85. s of accounts click All Accounts on the left then click Clear All Next click Business on the left and select only your chequing accounts invoices receivables accounts and bills payables accounts 7 Click OK 44 Quicken XG 2007 Report on unpaid bills accounts payable If you use accrual basis bookkeeping and track your bills in a bills payables account then you can use the accounts payable report to summarize the amount you owe each vendor choose Reports menu gt Business gt Accounts Payable Quicken subtotals the amount you owe by month but as always you can customize the report to meet your needs To see more detail about the transactions in the accounts payable summary report create a transaction report 1 Choose Reports menu gt Banking gt Transaction Click Customize In the Date range fields enter the same date range as for the accounts payable summary report On the Display tab in the Subtotal by list select Payee ue B U N Click the Accounts tab and check to make sure the bills payables account is the only one included in the report e If you have only business accounts click Clear All and then select only your bills payables accounts e If you have several types of accounts click All Accounts on the left then click Clear All Next click Business on the left and select only your bills payables accounts 6 Click the Advanced tab 7 Inthe Status area select Not cleared and Newly cleared 8 Cli
86. s taxable If the item does not already exist Quicken asks if you want to create a new one and helps you set it up Assign an income category CI x to product sales Be sure to en ht e Number The Volunteer s PR Handbook as X Ine I assig ned to it in this case Category Class Biz Gross Sales e Cancel Gross Receipts or Sales see Description in house publication Help nonprofit edition Set up business categories on page 8 Subtotal of the Preceding Items Print Extra Blank Line When you add taxable la FE items to an invoice Per Item Rate 80 00 Quicken prompts you for your sales tax rate _ T Percentage T Inactive In addition to using items to fill out estimates and invoices more quickly Quicken uses items to track customer charges and your income in more detail Use the Item column to add this detail rather than adding numerous income categories For example because Pat s interior design business sells more items than she wants to add to her Category List she could have one income category called Design Services and another called Product Sales She could assign all of the items she sells to customers pillows display shelves mirrors and so on to the Product Sales income category and assign the services she provides design consulting sketches and so on to the Design Services category When she later creates a profit and loss statement Quicken reports the
87. selected categories to the Quicken Category List Set up for business use 9 To learn about Search the Help Index for categorizing transactions categories overview of the Category List lists Category List using the standard Quicken categories categories standard categories adding new categories categories creating entering a transaction with multiple categories split transactions entering Add tax information to an existing category The Quicken Category List probably includes most of the tax information you will need for tracking your business s tax related transactions If you need more though you can manually add a new category or edit an existing one to include tax information specific to your business 1 Choose Tax menu gt Go to Tax Centre 2 In Tools click Tax Line Item Assignment Quicken displays the Category List with the Tax Line Item Assignments area on the right side of the window If you do not see the Tax Line Item Assignments area on the right click the Display tax information check box at the top of the window to display it 3 Inthe Category List select the category or subcategory for which you want to assign a tax form line item 4 Inthe Tax Line Item Assignments area in the Tax item list select the tax form or tax form line you want to use Use the scroll bar to move up or down the list Quicken automatically assigns the new tax form line item to the selected category or subcategory
88. siness Centre 2 On the My Data tab in the Business Spending amp Savings Account snapshot in the Business Spending area click the business chequing account that contains information about the asset s original cost For example in the screenshot on page 60 the computer was purchased with funds from Biz chequing so Biz chequing is the account you want to open in this step to enter the amount received from insurance 3 Inthe Payee field enter the name of the asset or information about the payee payment For example you could enter Biz Computer or Insurance company payment for Biz Computer 4 Inthe Deposit field enter the amount you received from the insurance company 5 Inthe Category field select the name of the asset account For example in the screenshot on page 60 the asset account for the computer is called Biz Computer so Biz Computer is the asset account you want to select in this step 6 Click Enter Quicken enters a transaction in the asset account that decreases the value of the asset by the amount of the insurance cheque 7 To enter the amount not covered by insurance Choose Business menu gt Go to Business Centre 8 On the My Data tab in the Business Property amp Debt Accounts snapshot in the Business Asset area click the account for the asset 9 Inthe Payee field enter the name of the asset 10 In the Decrease field enter the amount not covered by insurance the remaining balance for the asset 11
89. t setting up for business use 7 classes assigning to transactions 14 itemizing transactions 52 overview 13 tracking with 22 using forinvoicing 49 clients tracking with classes 22 clients tracking 22 codes salestax 24 columns renaming 26 comparison report 42 corporation calculating equity for 65 CRA preparing business income taxes 53 record keeping advice 8 credit from vendor 40 credit memos 26 29 credit to customer for returned goods 29 current assets defined 58 customer payments handling partial payments 28 tracking 28 customer sales report 32 customizing forms See designing forms D data file setting up for business 6 depreciation example 59 in asset account 60 recording 61 designing forms 26 disbursements reportingon 43 discount items 17 E E displayed in register forexpenses 22 equipment depreciating 59 equity 64 65 estimates converting to invoices 19 creating 19 layout 26 QuickBooks Pro feature 68 expenses assigning to customers 22 70 Index comparing for different periods 42 reporting 49 51 expenses and income dividing a bill among product lines 50 on profit and loss statement 57 sample report for a single class 51 tracking with categories 12 F farm enterprises tracking 13 finance charge items 17 financial planning 46 fixed assets depreciating 59 recording thefts or losses 62 selling 61 forecasting cash flow 47 forms credit 29 designing 26 estimate 19 invoice 20 payment
90. t from the Layout list when you create the form 1 Choose Business menu gt Invoices and Estimates gt Design Forms Quicken displays the Forms Designer On the toolbar in the Layout list select New In the Select a Layout Type field select Invoice Estimate or Credit In the Enter a New Layout Name field enter a descriptive name for the form you are creating In the Orientation area choose whether you want this form to be printed in Portrait or Landscape mode and then click OK On the left side of the Forms Designer window select the fields you want to include Click to clear any fields you do not want to include in the form 7 Onthe right side of the Forms Designer window select any field you want to change and then move or resize it a To resize a field move the pointer to the edge of the side you want to shorten or lengthen When the pointer changes to a two sided arrow hold the left mouse button down drag the field edge until it is the size you want and then release the mouse button b To move afield select the field and move the pointer inside it When the pointer changes to a four sided arrow hold the left mouse button down move the field to the location you want and then release the mouse button 8 When the form looks the way you want on the toolbar in the Layout list select Save UB WN You can add your own Forms Designer Estimate Default EK lof o xl logo In bitmap format a Layoutw Itemw Zoom w
91. the Cash basis reporting if applicable check box To run accrual basis reports click to clear the check box Get started 3 Decide which chapters you should read The features you use depend on your business and the level of detail you want to track For information about this Refer to this chapter The standard cash flow features do most of the heavy lifting for tracking income and expenses To get started just set up accounts and categories relevant to your business If your business needs are simple you probably only need to read Chapter 2 Accounts receivable invoices are all about income The biggest challenge for many small businesses is creating realistic estimates tracking jobs and following through with invoices to ensure timely payment If you use accrual basis bookkeeping you also need to track accounts payable A P or bills as they are received Even if you use cash basis bookkeeping an A P account can help you track cash flow and forecast expenses Business related cash flow features help you make prudent day to day decisions You can track cash flow see income and expenses broken down by product or job make forecasts and more Tracking profitability or calculating equity is easy with the Quicken balance sheet report and the profit and loss P amp L statement You can also depreciate capital equipment and track loans Find the right tools to upgrade Quicken purchase products to help run
92. the bill transaction in the bills register Save and New records the bill transaction in the bills register and lets you record another bill e Create Payment opens a payment dialogue where you can record the payment transaction in the register right now Select this option only if you want to record bills and payments at the same time Continue with step 9 in the next section Pay bills To learn about Search the Help Index for paying vendors bills from vendors paying scheduling payments scheduled transactions overview of reimbursable expenses reimbursable expenses Manage accounts payable bills 37 Pay bills Quicken makes it easy to pay the bills you have already entered in Quicken When you pay a vendor use the Payment to Vendor form to enter the payment details Quicken updates the balances in your bills payables account and the chequing account from which you withdraw the payment 1 Choose Business menu gt Go to Business Centre 2 On the My Data tab in Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill 3 Select the bill you want to pay and click Form Quicken displays the Bill form Register Giickens Create Newy Delete Project Job List Find Vieww Report amp Printw Options v F Click Form Date a Number Vendor Due Date Billed Clr Paid i a Bi i Type Category Memo Exp 5 14f2006 EI Number Molotsi s Copy Center 6 13 20
93. tified public accountant for help in figuring actual depreciation amounts Track the value of fixed assets To track the value of a fixed asset in Quicken add an asset account for each piece of capital equipment where you can record the initial value and depreciation To add an asset account 1 Choose Business menu gt Go to Business Centre 2 On the My Data tab in the Business Property amp Debt Accounts snapshot click Add Account 3 Click Asset and click Next 4 In the Name this account field enter a meaningful name for the account such as Biz Computer and click Next 5 Inthe As of Date and Value fields enter the appropriate options e To track depreciation over the life of the asset enter the purchase price and the purchase date e To track depreciation from today forward enter the current value and today s date 6 Click Done Quicken displays the asset account and adds a link to the account in the Business Property amp Debt Accounts snapshot and the Account Bar list 7 Ifthe funds to purchase this equipment came from another account such as a chequing account ora credit card account in the Category field select the account the funds were transferred from 8 Click Enter Note You should track capital equipment in Quicken only for the purposes of creating an accurate balance sheet report Quicken does not assign a tax form line item for depreciation These values are not imported into QuickTax or displaye
94. time you can select the vendor s name from the list 36 Quicken XG 2007 In the VENDOR ADDRESS field enter the vendor s address Optional 6 To associate a project job with the bill click Assign Project J ob select the appropriate project job and click OK Optional In the DATE field change the date if necessary Optional In the DUE DATE field enter the expected date of payment For example if you receive a bill on May 1 and the payment terms are Net 30 meaning the bill is due within 30 days the due date is May 31 9 Inthe P O NUMBER field enter a purchase order number for tracking purposes Optional 10 In the Category column select a business expense category 11 In the DESCRIPTION column enter a description of the service or item Optional 12 In the E column click if this is an expensable item that you want to include on a customer invoice Optional 13 In the AMOUNT column enter the amount If this bill is for expenses incurred _ for a customer s _ r x p roject or jo b cl l ck ustomer AnyTown Project Job Fundraiser Assign Project Job Assign Project ob and then assign it to one from your Project J ob List Click in the E column to identify an expense as reimbursable Category DESCRIPTION Printing Promo Package E 2 Mailing Invitations Enter a business a INGEN ENE expense category oo item onthe Ih 14 Click the appropriate button Save and Done records
95. u charge For services enter your hourly billing rate as a Per Item Rate For example if the item is an hour of design consulting you could enter a per item rate of 50 00 And if the item is taxable select the appropriate sales tax from the Tax field When you re ready to create an estimate or invoice much of your work is already done Just select items from your item list and enter the quantity Quicken calculates the totals for you If you sell dozens of products or parts just set up a few major item types and then edit the item price when you enter it on the invoice If you need to track an extensive inventory consider upgrading to QuickBooks See Decide when to upgrade to QuickBooks on page 68 Set up discounts special charges and subtotals A discount or special charge is one that adds a positive or negative percentage on the item that immediately precedes it To set up a discount in the New Item dialogue create a new item called Discount Then select the Percentage check box and enter a negative percent in the Per Item Rate field The next time you want to discount any item enter the item as usual in the Invoice form and then add the Discount item in the line immediately following Quicken calculates the discount x Item Name Number Pro Bono Discount Category Class Charity Description discount rate for registered Help nonprofits I Subtotal of the Preceding Items 1 Print Extra Blank Line
96. u need to track product inventory or billable hours e You want to maintain your accounting and payroll in one program and deposit payroll taxes online e You want more than one person at a time to have access to your data file e You need enhanced reporting functionality You need robust job costing or want a business specific QuickBooks version for accountants nonprofits retail sales or professional services For more information about QuickBooks visit www quickbooks ca Find other business resources on the Web The following organizations found on the Internet can provide useful information when starting a business e Canada s Business Service Centres provides a wealth of government information for businesses www cbsc org e Canada Revenue Agency information on business registration GST HST payroll and T4 amp income tax www cra arc gc ca tax business e Canada s Business and Consumer site offers guides and strategies to assist small businesses www strategis ic gc ca e Canadian Women Business Network www cdnbizwomen com e Canadian Careers self employment Web site to help you get started in running your own business www canadiancareers com smallbusiness html 68 Quicken XG 2007 Index If you don t find the topic you are looking for here try Quicken Help Choose Quicken Help menu gt Contents click the Index tab and then enter a keyword A A P See accounts payable A R See accounts receivable account
97. ure transactions on page 46 To learn about Search the Help Index for editing bills or payments bills from vendors editing deleting bills or payments bills from vendors deleting Manage accounts payable bills 39 Receive credits from vendors Sometimes you receive credit from a vendor for returned goods or to compensate for a billing error A credit reduces the total amount of the bill To record this type of transaction use the Credit and Refund forms 1 Choose Business menu gt Go to Business Centre 2 On the My Data tab in the Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill 3 Onthe toolbar in the Create New list select Credit 4 Inthe Vendor field enter the name of the vendor 5 To associate a project job with the credit click Assign Project ob select the appropriate project job and click OK Optional 6 In the Category column select an expense category 7 In the AMOUNT column enter the amount of the credit 8 Click Enter Quicken enters the credit in the bills payables register If the credit was a refund fill out a Refund form to record the deposit in your bank account Use the Refund form only if you have already entered an associated credit 1 Choose Business menu gt Go to Business Centre 2 On the My Data tab in the Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill On t
98. vices the customer bought from you You can then either print and send the invoice to the customer or you can e mail it Quicken updates your invoices receivables register to show the increase Create a new invoice in the Invoice form choose Business menu gt Invoices and Estimates gt Create Invoice If you have more than one invoices receivables account Quicken prompts you for which one you want to use to track this invoice Here s an example of a completed invoice using the default format x Customer fanyTown Downtown Trust Project Job Fundraiser Layout Invoice Default bd Invoice mem In the Item column select SOE E JE an existing item from your Tot Damien _Save endow invoice items list or as ea create a new one Beis zn ee 15 30 2006 123456 A DESCRIPTION QTY RATE AMOUNT This Quicken user applied 1 Billable hour Business Cons hourly rate 24 75 00 1 80000 a nonprofit discount for 2 Facilitation fee Business Other board retreat 1 200 00 200 00 Receive Pmt her services She entered i ine di For Chari 15 00 Ee Payment History i onproht disc or anties A19 s HI Bs her fees followed by a 5 PR Handbook Business Gross Sales item 3 35 00 105 00 G su btotal item followed by 6 Expenses her discount item see _ 7 Set up discounts special a HERU Eni n Print charges and subtotals on 10 om page 17 Subtotal 1 80500 E mail Clipboard Custo
99. voice for those items separately from other charges For example a caterer may buy food for an event but invoice for a general price per person without separating food costs from labour Or a custom furniture maker may buy wood for a commissioned job but sell the finished piece for a price that includes materials and labour If this is your situation you can use one or more expense accounts for the items and materials you buy for resale When you enter a bill or credit card or cheque in Quicken for the purchase of resale goods simply select the appropriate expense category in the Category field Make sure you include shipping charges and any sales tax you pay in the amount of the transaction Those charges are part of your cost of resale goods e You maintain inventory You buy items or materials and hold them in inventory until they sell If this is your situation you should purchase QuickBooks QuickBooks tracks the value of your inventory and keeps an up to date count of the number of items in stock For details see Chapter 7 Find resources for growing your business Manage accounts receivable invoices 23 Track and pay sales tax If you sell products you probably collect sales taxes from customers which you must later pay to a government agency Quicken lets you add the appropriate sales tax directly to your customer invoices and it records the taxes you ve collected in a liability account called Sales Tax Quicken adds this accou
100. w Do I a History Print Save Report Find amp Replace Customize Transaction QTD Date range Quarter to date Subtotal by Month 7 1 2006 through 8 2 2006 Date Account Num Description memo category cir amount BALANCE 6 30 2006 0 00 7 1 2006 Customer Invoic 101 S5 AnyTown Pasta Joint pit 1 260 00 If you move your p ol nter 7 1 2006 Customer Invaic 102 5 Center City Afford Split over repo rt totals WwW ith 7 14 2006 Customer Invoic Center City Afford Business c 77 2006 Customer Ivo anytow Pasta it bushes sa details available the pointer 7 1 2006 7 31 2006 turns into a magnifying BALANCE 7 31 2006 glass Dou ble click to zoom 8 1 2006 Customer Invoic 104 5 Center City Afford Split 1 578 71 in on the details 8 2 2006 Customer Invaic 103 5 AnyTown Pasta Joint Split O Lan 8 1 2006 6 2 2006 2 611 55 BALANCE 8 2 2006 2 611 55 OVERALL TOTAL 2 611 55 TOTAL INFLOWS 4 869 98 TOTAL OUTFLOWS 2 258 43 NET TOTAL 2 611 55 Click Save Report type a unique name for the report select or create the folder in the Saved Reports area where you want to save the report and click OK Optional The next time you want to open the saved report you can do so in the My Saved Reports list on the right side of the Reports amp Graphs window Manage accounts receivable invoices 31 Display a list of unpaid invoices Unpaid invoices are listed in the Unpaid Invoices window
101. you decide which features are right for you and your business It also gives you some tips about record keeping including how to Keep good records e Choose a bookkeeping method Learn how good record keeping benefits your business Most small business owners go into business because they have a product or service that fills a niche not because they like record keeping The reality though is that good record keeping is essential to the long term viability of your business Here s why The best business decisions are based on solid information not guesses Accurate record keeping gives you real world data and insights about your company s strengths and weaknesses Anytime you communicate with bankers partners advisors or potential lenders you need to provide complete and accurate records e The best way to avoid an audit by the government isto maintain accurate records and make informed tax related decisions With Quicken you can pull together your tax information quickly and easily to help make sure you don t underpay or overpay your taxes Discover how Quicken helps Quicken is easy to learn and doesn t take time away from running your business After a brief setup you get the following benefits e Instant overview of cash flow Track chequing and credit card expenses plus accounts receivable customer invoices accounts payable bills and reimbursable expenses e Less time bidding and invoicing Quicken
102. you make changes to your register budget or Scheduled Transaction List your changes are not included in your forecast until you update it In the Cash Flow Forecast window click Options then select Update Forecast gt Cash Flow Forecast Base Scenario oO x Options Print How Do 1 Account Balances Balance 3 2007 to 2 2008 Past Balance in thousands te 10 pe F 8 r r pp Peed c el a Select Accounts to Include x 24 Account Type Description k Business Chequing Bank 312007 42007 5 2007 _6 2007 72007 84 Joint Chequing Bank 4 Cancel En of Customer Invoices Asset set nen se S o Business Credit Card Credit Help Sales Tax Liab Business Loan Liab Events on Graph one year z C Show all lt lt Prev Next gt gt Annual One time Mark All Clear All M Show Hidden Accounts 48 Quicken XG 2007 Report on projects and jobs Summarize all projects jobs If you use the Project J ob List you can create a summary report of your income and expenses broken down by payee and project Choose Reports menu gt Business gt Project ob Report by Project For more information about the Project J ob List see Track projects jobs on page 18 Use classes for more detail If you are using the project job feature you can create a summary report of your project income and expenses If you are willing to do alittle more work you can add transaction level
103. ze the transaction 472 73a 196 96 Note To learn more about entering transactions and assigning categories see the other user manual that comes with Quicken XG Getting Started with Quicken Choose Help menu gt User Manuals For information about changing category options choose Help menu gt Quicken Help click the Index tab and enter categories changing on transactions 12 Quicken XG 2007 Set up classes Categories help identify your business s income and expenses But what if you have several customers each of whom isa source of income in the Gross Sales income category which one is the most lucrative customer over the course of a year Or what if you have several projects with the same expense category say Materials and Supplies which has the highest startup cost Use classes if you need to e Track the same income or expense category for multiple jobs clients or projects e Track the same income or expense category for multiple product lines Set up your classes based on the type of reporting you want to do For example if you work on multiple projects at one time set up a class for each project If you work with multiple clients set up a class for each client Keep class names short because they need to fit next to the category in the Category field Business type Examples of Quicken classes consultant or contractor with several clients Rogersjob Ellis job rental property owner Oak St M

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