quickensetup07 business

7/29/2019 QuickenSetup07 Business

1/76

Getting Started with(for your Business)


2/76

Trademarks

Intui t, th e Intu it Log o, Quicken, Quicken Cash M anager, Quicken XG, QuickBooks and QuickTax, am ong oth ers, are registeredtradem arks and/ or registered service m arks of Intu it Canada Ltd. or one if it affiliates and ot her count ries. Oth er parties trademarksor service marks are the prop erty o f th eir respecti ve ow ners and shou ld b e treated as such. Various Quicken prod ucts and servicesare protect ed by one o r m ore of t he follo w ing U.S. Patents: 5134564, 5423033, 5649115, 5842185, 5903881 and 6446048.

Som e names, com pany nam es, and sample dat a used in examp les and help co nten t are fictitio us and are used for illustrationpurp oses only. Any resemblance of fict itio us data to a real person or comp any is pu rely coincident al.

Port ion s of Quicken softw are are based on SSL Plus: 3.0 Int egration Suit e, 1996 Consensus Developm ent Corp oration . All right s

reserved.

Contains RSA Softw are. RSA Dig ital Signatu re and th e RSA Logo are tradem arks or registered t radem arks of RSAData Security, Inc. in t he Unit ed States and ot her coun tries. All rights reserved.

Contains Macrom edia Flash Player soft w are by Macrom edia, Inc., Copyrigh t 1999-2005 M acromed ia, Inc.Macrom edia and Flash are tradem arks of M acromed ia, Inc. All righ ts reserved.

Contains Photo Object s images 1999 Herm era Technolo gies, Inc. All right s reserved.

Contains KeyHelp ActiveX cont rol copyr ight 2001-2003, Keyw orks Soft w are/Work Write, Inc. All rights reserved.

Contains the GAlib algorithm package by M atthew Wall. Copyright 1995-1996 M assachusetts Institute o f Technology and

Copyright 1996-1999 Matthew Wall. All rights reserved.

Copyright

2006 Int ui t Canad a. All righ ts reserved . Unau th or ized rep rodu ct io n is a vio lat ion o f ap pl icab le law s. Unaut ho rized rep rodu ct ion isa violation of app licable laws. Intuit hereby grants you the rig ht to m ake one copy of t hese materials for non-com mercial use.

www.intuit.cawww.quicken.ca

Features, Services, Terms, and Conditions

All features, services and any term s and condit ions are subject to change w ithou t notice. Online services, wheth er provided by Int uitor ot her parties require Internet access (wh ich is not provided by t his product). These online services may vary from participatingfinancial institut ions and m ay be subject to application approval, terms, conditions, and additional fees.


3/76

i

Contents

Chapter 1 Get

started 1Learn how good record keeping benefits your business 2

Decide which bookkeeping method you should use 3

Decide which chapters you should read 4

Chapter 2 Set up for business use 5

Decide which accounts you will need 6

Separate business and personal data 6

Set up business categories 8

Set up classes 13

Chapter 3 Manage accounts receivable (invoices) 15

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

Chapter 4 Manage accounts payable(bills) 35

Track bills with bills/payables accounts 36

Add bills/payables accounts 36

Record bills 36

Pay bills 38


4/76

ii Quicken XG 2007

Chapter 5 Manage cash flow(income & 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

Chapter 6 Track profitability and calculate equity 55

Use the Business Centre 56

Track profitability 56

Create a profit and loss (P&L) statement 57

Track current assets 58

Track fixed assets and depreciation 58

Track liabilities 63

Create a balance sheet 64

Calculate equity 65

Chapter 7 Find resources for growingyour 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

Chapter 8 Index 69


5/76

1

1

Get started

Welcome to QuickenThank you fo r choo sing Quicken XG to h elp m anage you r business finan ces! It isdesigned to h elp yo u track almo st all aspect s of small bu siness cash flo w an dprofit ability. This chapt er will help yo u d ecide w hich features are right for you and yourbu siness. It also g ives you some t ips abo ut record keepin g, including how to:

Keep goo d records.

Choose a bookkeeping m ethod.

Learn how good record keeping benefits your business 2

Decide which bookkeeping method you should use 3

Decide which chapters you should read 4


6/76

2 Quicken XG 2007

Learn how good record keeping benefits your businessMo st small bu siness ow ners go int o b usiness because th ey have a pro du ct or service that fills a niche, notbecause th ey like record keeping . The reality, tho ugh , is that goo d record keeping is essential to thelong -term viability of your b usiness. Heres why:

The b est b usiness decisions are based o n solid in form ation , no t g uesses. Accurate record keepin ggives you real-world data and insight s abou t your com panys strengt hs and w eaknesses.

Any tim e you com m unicate wit h b ankers, partn ers, advisors, or p otent ial lenders, you n eed to provid ecom plet e and accurate record s.

The best way to avoid an audit b y the governm ent is to m aintain accurate records and m ake inform edtax-related decisions. With Quicken, you can pu ll to geth er your t ax informatio n q uickly and easily tohelp m ake sure you d ont un derpay or overpay your taxes.

Discover how Quicken helps

Quicken is easy to learn and doesnt take tim e away from runnin g yo ur b usiness. After a brief setup , youget th e fol lowing b enefits.

Instant overview of cash flowTrack cheq uin g and credit card expen ses, plus accou nt s receivable (custom er invoices), account s

payable (b ills), and reimb ursable expenses. Less tim e bidd ing and invoicingQuicken rem em bers invoice elem ent s custom ers, pro jects, invoice item s, charges per item or perho ur, even sales tax rates. Just click item s to includ e th em .

Customized invoicesDesign invoices wit h just the inform ation you n eed, in a custom ized layout , w ith you r comp any logo.

Job t racking for m ultip le custom ers and projectsThe Project/Job List gives you an o verview of each custo m er's job, brok en do w n b y estim ates, invoices,and receivables, w ith j ob statu s and t ot als.

Pow erful graphs and repo rtsYour Quicken data help s you m anage your bu siness and comm unicate wit h lend ers and p artners.Create balance sheets, P&L statem ent s, and cash fl ow repo rts w ith th e click of a bu tt on . Track

pro fitab ility and dep reciatio n of assets and calculate equ ity. (Quicken sup po rt s cash- and accrual-basisreporting.)

Sim plif ied b usiness taxesThe stan dard T2124:Business categ ori es m ake it easy to track t ax-related bu siness expenses. You caneven track tax-dedu ctib le m ileage using t he Vehicle M ileage Tracker.


7/76

Get started 3

Decide which bookkeeping method you should useStart o ff by choosing a b ookkeeping m etho d cash o r accrual basis. Later in th is section, you can m odifyyour Quicken settin gs to p resent report d ata accordin g to t hat m etho d.

For m ost b usinesses th e CRA gen erally requires that yo u u se th e accrual m eth od . How ever, if you are acomm ission sales agent wh o is self-emp loyed you can use the cash m ethod . Whichever meth od youchoo se, you n eed to clearly sho w yo ur sources of in com e, ded uctio ns, credits, and so on .

For m ore info rm atio n, talk to you r accou nt ant o r see the Canada Business pag es of t he CRA Web site.

(Cho ose Business men u > Go to Business centre, and click t he An alysis & Repo rts tab. In Int ernetResou rces, click Sm all Business Resou rces.)

Understand cash-basis bookkeeping

Cash-basis bo okkeeping m eans you record incom e w hen you receive an actual paym ent and recordexpenses wh en you p ay bills. If you record custom ers payments but do n ot coun t t he m oney th ey stillow e, th en you re using cash-basis bo okkeep ing . Likewise, you record an exp ense w hen yo u pay it, rath erth an w hen you receive the b ill. If you rs is a service-based b usiness (consultan t, lawyer, or electrician), th ecash-b asis met ho d is usually easier.

Understand accrual-basis bookkeepingFor accrual-basis boo kkeeping , you record in come at the t ime of t he sale, not wh en you receive theactu al payment . Likewise, you record an expense when you receive the bill, not w hen you pay it.

Modify your settings

Once you d ecide on a bookkeeping m ethod , you can mo dify your Quicken settin gs to present repo rtdata according to th at m ethod . Quicken u ses cash-basis reportin g b y default b ut supp orts eithermethod.

To check your sett ing s, choo se Edit m enu > Preferences > Qu icken Prog ram. In the Qu icken Preferencesdialog ue, click Repo rts and Graph s. To run cash-b asis repo rts, m ake sure t here is a check m ark next t o t heCash-b asis repo rtin g if app licable check b ox. To ru n accrual-basis repo rts, click to clear th e check box.


8/76

4 Quicken XG 2007

Decide which chapters you should readThe features you use depend on yo ur bu siness and t he level of detail you w ant t o t rack.

For information about this: Refer to this chapter:

The standard cash flow features do mo st o f th e heavyliftin g for tracking incom e and expenses. To get started ,ju st set up accounts and cat eg ories re levant to yo ur

bu siness. If you r bu siness needs are simp le, you pro bab lyonly need to read Chapter 2.

Chapter 2, Set up for bu siness use

Account s receivable (invoices) are all about incom e. Thebig gest challenge for m any small bu sinesses is creatingrealistic estim ates, tracking jo bs, and follow ing t hrou ghwit h invoices to ensure timely payment .

Chapter 3, Man age accountsreceivable (invoices)

If you use accrual-basis bo okkeepin g, you also n eed totrack accou nt s payab le (A/P, or b ills) as th ey are received.Even if you use cash-basis bookkeep ing, an A/ P accountcan help yo u t rack cash flo w and fo recast exp enses.

Chapter 4, Man age account s payable(bills)

Business-related cash flow features help you m ake prud ent

day-to-d ay decisions. You can track cash f low, see incomeand expenses broken do wn by prod uct or job, makeforecasts, and m ore.

Chapter 5, Man age cash flow (income

& expenses)

Tracking profi tabi l i ty o r calculating equ ity is easy w ith theQuicken balance sheet rep ort an d th e profit an d loss (P&L)statemen t. You can also dep reciate capital equip men t andtrack loan s.

Chapter 6, Track profitabil ity a ndcalculate equity

Find t he right tools to up grade Quicken, purchase prod uctsto help run your b usiness, f ind expert advice on t he Web, ormanage a com pany that has out grow n Quicken.

Chapter 7, Find r esources for grow ingyour business


9/76

2

5

Set up for business use

This chapter show s how to custom ize your standard Quicken d ata f i le andaccount s to t rack business-related finances. After ad din g accou nt s, you ll learnho w t o ent er transactions using catego ries and classes, w hich g ive Quicken itspo w erful report ing , tracking, and analysis capabil i t ies. Use th em to m anage yourbu siness w isely and g ain insight s int o yo ur finan ces. You ll also learn ho w toavoid com m on record keeping m istakes.

If you n eed to learn mo re abo ut account set up and b asic Quicken function ality,see the oth er user manual that com es w ith Quicken Gettin g Start ed wit hQuicken. You can f ind an electronic copy on the Web (choose Help m enu > UserManuals).

Decide which accounts you will need 6

Separate business and personal data 6

Set up business categories 8

Set up classes 13


10/76

6 Quicken XG 2007

Decide which accounts you will needAccoun ts and categories in Quicken are equivalent to the t raditional chart of accounts used for t rackingincom e, expen ses, assets, and liabilit ies. Set u p a Quicken accou nt for each real-wo rld accoun t yo urbu siness uses, such as a cheq uin g or cred it card accoun t. Quicken also u ses accoun ts receivable(invo ices), accoun ts payab le (bill s), fixed assets, and loan s.

You w il l probably need som e combination o f the fol low ing accounts.

Separate business and personal dataThink about how you w ant t o t rack your finances, especially your chequ ing and credit card accounts. TheCRA advises bu siness ow ners to keep bu siness transactio ns com plet ely separate fro m personaltransactio ns. You can hand le this three differen t w ays in Quicken:

Add personal and bu siness accoun ts in on e data file, and t hen t rack bot h h om e and b usiness financesin t he sam e file. Be sure t hat yo ur b usiness chequ ing , credit card, and ot her account s are used solely

for you r business. This lets you track all your fin ances in o ne place and d o t ax plannin g for b ot hemp loym ent and self-emp loymen t incom e. Use th e stand ard bu siness categories to t rack b usiness-related transaction s.

Set up separate Quicken dat a files for you r hom e and for you r bu siness. The d rawb ack is th at you cantsee the o verview of your finances in o ne p lace.

M ix bu siness w ith personal dat a in th e same cheq uin g account . Use bot h catego ries and classes todistin gu ish betw een bu siness and p erson al transaction s. (This is no t recom m end ed, for tax reason s.)

To track this: Add this Quicken account type:

In co me an d exp en ses Ad d a Qu icken acco un t fo r each real-w orld ch eq uin g acco un t o rcredi t card . See Add b usiness and p erson al account s in on e dataf i le on page 7.

When yo u ent er incom e or expense transactio ns, use Quickencategories to get the mo st from reporting, tracking, and analysisto ols. See Set u p business categories on page 8.

Account s receivable(invoices you send to cu sto m ersfor payment)

Add on e invoice/receivables account fo r each b usiness you t rackin t his dat a file. See Chapter 3, Ma nag e accoun ts receivable(invoices).

You can also set up an invoice item for any pro du ct or service

you in clude o n you r invoices. See Set up items to include oninvoices on page 16.

Accounts payable(bills you p ay)

Add on e bills/payables account for each bu siness you t rack inth is data file. See Chapter 4, Ma nag e account s payab le (bills).

Sales t ax Quicken adds a sales tax account for you w hen you add aninvoices/receivables account . If you need t o t rack m ore th an on esales tax, youll need to add m ore sale tax accoun ts. See Trackand p ay sales tax on page 24.

Asset s an d liab ilit ies Ad d an asset acco unt fo r cap it al eq uip m en t yo u in ten d t odep reciate. See Track fixed assets and d epreciation o n page 58.Add an amor tized loan to track the p rincipal, interest, and

payment schedule for mo ney you ow e (see Record a new loanon page 63).


11/76

Set up for business use 7

Add business and personal accounts in one data file

Quicken XG was design ed to help you see how self-emp loym ent incom e contribu tes to you r overallfinancial pict ure. To take advant age of th is abilit y, use th e same d ata file for bot h bu siness and p erson alfinances just be sure to add separate chequ ing and credit card accoun ts in Quicken to b e usedspecifically for bu siness incom e and expen ses (do th is at you r financial institu tio n, too ). Depo sit allbu siness incom e int o a b usiness-only accoun t, and p ay all business-related exp enses from a bu siness-only account .

To add a business account in Quicken:

1 Choose Business m enu > Go t o Business cent re.

Quicken displays the Business centre.

2 On the My Data tab, scroll dow n to the app ropriate section, and t hen click Add Account .

Business Accoun ts: Accou nt s receivable (invo ices) or accou nt s payable (bill s).

Business Spend ing & Savings Accoun ts: cheq uing , savings, or cash accou nt s. Business Credit Card A ccoun ts: Credit card account s. Business Propert y & De bt A ccoun ts: Fixed assets, capital eq uip m ent , liabilities, and loans.

3 Follo w t he on -screen instructi on s; click Next to m ove throu gh t he pages. Click Help i f you need m oreinformation.

Note: As an extra safeguard, and t o g et th e mo st ou t of reporting , tracking, and p lanning t ools, besure to assign b usiness-related categories w henever you ent er or dow nlo ad transaction s into yo uraccount s. For m ore info rm ation , see Set up business categories on page 8.

To access th eBusiness Cent re,you can also

click here.

To add an account , clickone of these but ton s.

Click My Data if it isnot already open,and then scroll dow nto t he appropriatesection.


12/76

8 Quicken XG 2007

Avoid common record keeping mistakes

Many en trep reneurs have creative ideas and m arketing skills to m ake th eir business successful, but litt leknow ledge of record keeping . Sole prop rietors comm only m ake the follow ing m istakes:

Writin g cheq ues from a person al cheq uin g account th at are later claim ed as bu siness expenses M aking bu siness-related credit card p urchases on a personal credit card Writin g b usiness chequ es payable to cash

Depositing business receipt s directly in to a personal chequ ing accountIf the CRA ever needs to see your records, you m ust be able t o d ocum ent all of your in come sources anddedu ctions. When yo u d eposit all business receipt s in a separate b ank accoun t and m ake payments bycheque, you can u se your b ank statem ent and cancelled chequ es to back up yo ur records.

Set up business categoriesIn addit ion to the standard catego ries included w ith Quicken Cash M anager, Quicken XG also com eswit h standard business-related categories and subcategories. To get m eaning ful d ata from tracking,repo rtin g, and analysis to ols, assign a catego ry wh en you ent er transaction s.

Customize the standard list

Generally, all the in com e and exp ense transaction s for yo ur small b usiness are tax related . Don t m iss adedu ction! Quicken can t rack th e tax-related t ransaction s and assign the tax form line item for you . Thisvastly sim plifies your tax plannin g and reporting .

In Quicken XG, the stand ard Category List already includes mo st o f th e tax form line item assignm entsyou n eed for you r bu siness all you do is assign a catego ry wh en you enter a transaction. Then ju st run atax schedule repo rt at th e end of t he year. (Keep in m ind, you still need to save receipt s.)

To display th e Categ ory List, cho ose Too ls men u > Catego ry List. The b usiness catego ries are eachassigned to a line item from the self emp loym ent in come t ax form . (If Quicken is not d isplaying t ax lineinform ation in th e Category List, click the Display tax inform ation check box at t he to p o f the Category

List w ind ow .) To see just th e tax-related categ ories in t he Category List, select Tax-related catego ries inthe Show list in t he up per-left corner of the Category List w indo w .

To m ake it easier to f ind t he category you w ant w hen you are in th e chequing account register, set up aparent category w ith a brief b ut d escript ive name such as Biz. Then pu t all your b usiness-relatedcategories und erneath i t, using t hem as subcategories. To learn more abou t d emot ing o r prom otingsubcategories under a p arent category, choose Help m enu > Quicken Help, cl ick th e Index tab, entercategories, and select editing.


13/76


Add standard business categories

If you follo wed Express Setup after you installed Quicken, you w ere promp ted fo r wh ether you w ant touse Quicken to track a bu siness. If you clicked Yes, Quicken ad ded th e stand ard b usiness catego ries foryou. If you did not have Quicken add these categories for you, or you w ant t o reload Quickens standardbu siness categories for any reason, follow th ese step s:

1 Choose Tools menu > Category List .

Quicken d isplays the Category List.

2 In th e low er-left corner, click Add from List .

Quicken displays th e Add Categ ories dialog ue.

3 In the Available Categories list, select Business.

Quicken d isplays bu siness categories in th e list on th e left.

4 In the list of b usiness categories, click in t he left colum n t o select th e ones you w ant t o add, or clickM ark All to select th em all.

Quicken d isplays a check m ark next to each categ ory yo u select.

5 Click Ad d .

Quicken m oves your selected categories to the Categories to Add list o n t he righ t side ofthe dialogue.

6 Click OK.

Quicken add s your selected catego ries to t he Quicken Category List.

In the Show list,select the typ e ofcategories youwant t o display in

the Categor y List.

Click Display t axinformation to

see tax iteminformation inthe Category List.


14/76

10 Quicken XG 2007

Add tax information to an existing category

The Quicken Catego ry List p robably includes most of t he tax inform ation you w ill need for tracking yo urbusinesss tax-related transaction s. If you need m ore, thoug h, you can m anually add a new catego ry oredit an existing one to include tax inform ation specific to you r business.

1 Choose Tax menu > Go to Tax Centre.

2 In Tools, click Tax Line Ite m Assignm ent .

Quicken d isplays th e Catego ry List, wit h th e Tax Line Item Assign m ent s area on t he righ t side of th ew indo w. If you do not see the Tax Line Item Assignm ents area on t he righ t, click the Display taxinformation check box at the top of the w indow to d isplay it .

3 In the Category List, select t he category or subcategory for w hich you want to assign a tax form lin ei tem.

4 In th e Tax Line Item Assign m ent s area, in t he Tax item l ist, select th e tax form o r tax form lin e you w antto u se. Use the scroll bar to m ove up or dow n t he list.

Quicken aut om atically assigns the n ew t ax form line it em t o t he selected category or subcategory.

5 When you re done assignin g t ax form line it ems, click the Close but ton [X] in the up per-right corner.

To learn about... Search the Help Index for...

categorizing t ransact ions categories, overview of

the Category List list s, Category List

u sin g t he st an dard Qu icken cat eg ories cat eg ories, st an dard cat eg ories

add ing new categories categories, creat ing

enter ing a t ransac t ion w it h m u lt i p le categori es sp l it t ransac t ions, ente ri ng


15/76


Create your own categories

You can custom ize your catego ries to track tax-related incom e and expenses for d ifferent kinds ofbu sinesses. The n ext t w o sectio ns describe h ow .

Add categories for rental property owners

If you follow ed Express Setup after you in stalled Quicken, then you w ere promp ted fo r wh ether you o wnrental prop erty. If you answered yes, then Quicken added rental prop erty categories for you . If you did

not have Quicken add t hese categories for you, you can add t hem n ow by follow ing t he procedure inAdd standard b usiness catego ries on page 9 (in step 3, select Rent als & Royalties). If yo u w ant to addadditio nal categories, you can set u p m ore at any tim e in t he Catego ry List.

1 Choose Tools menu > Category List .

Quicken displays the Category List w indo w.

2 In the b ott om left corner, click New .

Quicken displays th e Set Up Categ ory d ialogu e.

3 In the Name f ield, type a n ame.

4 In the Type area, specify w het her you w ill use th e categ ory for in com e or expense transactions.

5 In the Tax line item area, select Extend ed lin e item list, then select the approp riate self emp loymen ttax line assignm ent for t he catego ry you are add ing.

6 Click OK.

If a categor y doesnt p rovideenoug h det ail, you can createsubcategories wit hin thecategory.

To change th e categor y to asubcategory, select Subcategoryof and enter the name of theparent category in the field onthe right.


16/76

12 Quicken XG 2007

Add categories for farm finances

Repeat t he steps in th e preceding section Add catego ries for rental prop erty ow ners, but wh en itcomes time t o add the t ax line item select a T2042:Farming tax line items to t he list for yo u to choosefrom . (You can ad d catego ries here for Cost of Resale Livesto ck or Item s, Sales Proceeds from Livesto ck orItems, Agricultural Programs Payments, Insurance, Crop Insurance Proceeds Received, Feed, Fertilizer,Freigh t, Rent , Seed , Sto rage, Taxes, Uti lit ies, Veterin arian Expenses, and m ore.)

Assign categories when you enter transactions

To g et m eaningful data from th e tracking, reportin g, and analysis tools, assign a catego ry to everyincom e or expense transaction you en ter. You can assign a single category t o a t ransaction or d ivide upthe transaction amon g m ultip le categories (this is called a split transaction ).

Note: Always confirm yo ur choices by consulting w ith yo ur accountant or t ax professional. For m ore

inform ation , visit t he small b usiness and self-emp loym ent pages of t he CRA Web site. (Choose Businessm enu > Go t o Business cent re, and click th e Analysis & Repo rt s tab . In Int erne t Resou rces, click CRA Sm allBusiness centre.)


tracking t ax-related exp enses and assign ing t axschedule information to categories

categories, tax-related t ransaction s

dou ble-checking the tax form inform ation youassign ed to categ ories

Tax Catego ry Au dit

hand li ng t ransfers be tween farm en terp ri ses farm fi nances (t ransfers be tween en terp ri ses)

Note: To learn m ore abou t ent ering t ransaction s and assign ing categ ories, see the o th er usermanual th at comes with Quicken XG, Getting Started wit h Quicken. (Choose Help m enu > UserManuals.) For inform ation abo ut changing category op tions, choose Help menu > Quicken Help, clickthe Index tab, and enter categories, changing on transactions.

A transfertransaction.

A transaction w ith a

single category.

A transaction wit hmultiple categories(a split transaction).

To split a t ransactio nbetween twocatego ries, select thetransaction, t hen clickthe Split b utt on. Inth e Split Transaction

w indow , select thecategories you w antto use to categorizethe transaction .


17/76


Set up classesCatego ries help iden tify yo ur b usinesss incom e and expen ses. But w hat if yo u h ave several custom ers,each of w hom is a source of incom e in th e Gross Sales incom e catego ryw hich on e is th e mo st lu crativecustom er over th e course of a year? Or, w hat if you h ave several pro jects wit h t he sam e expensecategory, say, Mat erials and Supp lies w hich h as th e high est startup cost?

Use classes if you need to :

Track th e same in com e or expense catego ry for m ult iple jo bs, clients, or p roject s.

Track th e same incom e or expense category for m ultip le prod uct lines.Set up your classes based on t he typ e of reporting you w ant to do. For exam ple, if you w ork on m ultip lepro jects at on e tim e, set up a class for each pro ject. If you w ork w ith m ult iple client s, set up a class foreach client. Keep class nam es short, because th ey need t o fit next t o t he category in th e Category field.

Track multiple product lines or farm enterprises

You can also use classes to track mu ltip le prod uct lin es of a sing le business, or to track the p rofit abilit y ofseveral farm ent erprises on a single farm (t his is called ent erprise accoun tin g ). To see the p rofit abilit yfor each typ e of prod uct or enterprise bu t still keep consolidated n um bers for your tax return, you w oulduse Quicken classes. Here are som e exam p les.

Business type Examples of Quicken classes

consul tant or contractor wi th several c lients Rogers job

Ellis job

rental-p ropert y ow ner Oak St .

Market St.Condo

Business Examples of classes tracking a product line or farm enterprise

Carpent er or crafts personwit h several prod uct l ines

Furniture

Toys

Farm er Corn

Soybeans

Note: For m ore info rm ation abou t classes, see Track expensesshou ld you use classes or p rojects? o npage 22 an d Track projects/jobs on page 18.


18/76

14 Quicken XG 2007

Assign classes when you enter transactions

When yo u ent er a transaction for any o f t he p rodu cts lines, jobs, clients, or rent al properties for w hichyou h ave set up a class, simp ly enter t he t ransaction as usual in the account register, but after you enterthe category, follow it w ith a forward slash (/) and th en typ e the n ame of t he app ropriate class.

When you m ake a paym ent or depo sit incom e that applies to m ore than one prod uct line or job, you cansplit the t ransaction the sam e way you d o w ith catego ries. For exam ple, if you w rite a cheque for print ingservices for b oth th e Rogers project and the Ellis project, the split w ould look like th is:

To learn m ore about entering classes, choo se Help m enu > Quicken Help, click the Index tab, enterclasses, and dou ble-click overview of . See also Use classes for m ore det ail on p age 49 and Trackexpenses sho uld you u se classes or p rojects? on p age 22.

Identify the amoun t spent foreach job by class.


19/76

3

15

Manage accounts receivable(invoices)

You can use Quicken to track estim ates, invoices, and paym entsyou don t need aseparate pro gram . You can also custom ize th ese docum ent s for you r business.

If you u se accrual-basis bo okkeepi ng , you m ust track your accoun ts receivable (invoices)and p aymen ts in a Quicken invo ice accoun t. Invo ices are con sidered an asset even if yo uhavent received the fun ds yet, because they represent m onies owed t o your com pany.

Even if yo u u se cash-b asis bo okkeepin g, an invoi ces/receivables accoun t can h elp yo u

track cash flow and forecast incom e.

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


20/76

16 Quicken XG 2007

Use an in voices/receivables account to help you track am oun ts your custom ers ow e you. The processw orks like th is:

Add a new Qu icken invoices/ receivables accou nt . Set up invoice item s for th e prod uct s and services you sell. Set up the p rojects you w ant to track. Create estim ates in t he Estim ate form . Create invoices in t he Invoice form .

E-mail estim ates and i nvoices to custom ers. Record custom er paym ents.

Quicken m atches payment s to t he correspo ndin g p roject/jo b or invoice.

Add invoices/receivables accountsBefore you can create invo ices, you ll need a Quicken invo ices/receivables accoun t in w hich t o trackaccou nt s receivable.

1 Choose Business m enu > Go t o Business Centre .

2 On the M y Data tab, in th e Business Account s snap sho t, click Add Account .3 Select Invoices/Receivables, and click Next.

4 In the Nam e th is account f ield, enter a descriptive nam e for th e account , and th en click Next .

5 If you w ant to track sales tax, select Yes, click Next, then ent er your GST/HST registration num ber in theTax Reg. nu m ber field s. Click Next .

6 Click Done.

Set up items to include on invoicesWhat kind s of prod ucts or services do you include o n in voices to custom ers? Set u p invoice item s toreduce data entry and simp lify your bidd ing and invoicing p rocess. You can set up an item fo r any of thefol lowing:

Prod uct s you sell Hou rly rate for services you p rovid e (set u p an i tem for each service, such as con sult ing, writ ing , or

research)

Discou nt rates and special charges, such as surcharges or finan ce charges

SubtotalsTo set up a new item , choo se Business m enu > Invo ices and Estim ates > Invoice Item s.

Note: After add ing yo ur new invoices/receivables account , you can enter any previo usly issued b utunp aid invoices that you w ant to track. Follow the steps in Create invoices on page 20, but remember topredate th e invoice.


21/76

Manage accounts receivable (invoices) 17

An in voice item represents any prod uct you sell. You can u se invoice item s for tangib le goo ds or servicesth at you sell at a per it em o r hou rly rate. You can also use invoice item s for on e-tim e charges. Forexam ple, if you are a consultant, you m ight have a Consulting Fee item for you r hou rly bill ing rate, plus aMarketing M anual item for a product you sell. If you ow n an auto bo dy shop , you m ight have a Labo uritem for th eir hourly b ill ing rate, plus several item s for auto parts or produ cts you sell.

When you set up a new item , enter a nam e, descriptio n, and the am oun t you charge. For services, enteryou r hou rly billin g rate as a Per Item Rate. (For examp le, if th e item is an ho ur of d esign consulti ng , youcould en ter a per it em rate of $50.00.) And, if the item is taxable, select the approp riate sales tax from theTax field .

When yo ure ready t o create an estim ate or invo ice, much of you r w ork is already d one. Just select item sfrom your item list and ent er the quant ity Quicken calculates the t otals for you.

If you sell dozens of pro ducts or parts, just set up a few m ajor item t ypes, and th en edit the it em p ricewh en you ent er it on the invo ice. (If you n eed to track an extensive invento ry, consider upg rading t oQuickBooks. See Decide wh en to upg rade to QuickBooks on page 68.)

Set up discounts, special charges and subtotals

A discoun t o r special charge is one t hat adds a positive or negative p ercentage on th e item thatimm ediately precedes it. To set up a discount , in the New Item d ialogue, create a new item calledDiscou nt . Then select th e Percentage check bo x and ent er a neg ative percent in t he Per Item Rate field .The next tim e you w ant to discoun t any item , enter the it em as usual in th e Invoice form, and then addthe Discoun t item in th e line imm ediately following . Quicken calculates th e discount .

For a surcharge or finance charge item , follow th e same steps, but en ter a positive num ber in t he PerItem Rate field .

A subt otal item adds up th e am oun ts of all the item s above it. To set up a subt otal item , follow th e samesteps, bu t n ame th e item , Subt otal, and then select t he Sub tot al of th e Preceding Items check bo x.

To app ly a discount or special charge to several item s, enter th e sub tot al item before you enter th ediscoun t or special charge on th e invoice. To learn mo re abou t add ing n ew it ems or creating an it em list,choose Help m enu > Quicken Help, click the Index tab, enter invoices, and select items on an invo ice.

Invoice item s can include prod uctsor services.

You can also set up discount item sthat are used t o calculatediscount s on invoice item s.

To set up a 30 percentdiscount , select th ePercentage check bo xand enter -30 in thePer item Rate field.


22/76

18 Quicken XG 2007

Track projects/jobsThe Quicken Project/Job feature help s you track mult iple job s for a given custom er. For examp le, afreelance writer can u se pro jects/jo bs to invoice a client fo r consecutive writ ing assignm ents, or aplum bing subcon tractor can use them t o track jobs for a general contractor. A single p roject/job m ayhave a histo ry that includ es an estim ate and several invo ices, plu s paym ent s and p ossibly b ills forreimbu rsable expenses. Here are m ore examples of w hen you m ight use projects/jo bs:

If you m anage several apartm ent b uilding s, set u p the bu ilding addresses as custom ers and t heindivid ual apartm ents as projects/jobs.

If you invo ice again st p urchase ord ers, set u p each pu rchase order nu m ber as a project /j ob. If you have a practice or organization that sends one statement to a family to cover individual

m emb ers of t he family, set up the fam ily as th e custom er and family m emb ers as projects/jobs.

Quicken t racks your p rojects/jo bs using the Project/Job List, wh ich includes the jo b status, imp ortantdates, and end ing balance of invoices and p ayment s.

Youll learn h ow to create a project/job in t he next section. You can also create a sum m ary report of you rincom e and expenses, broken do w n b y payee and p roject. See Sum m arize all projects/job s on page 49for more information.

Create project/jobs

To create a new project/job:


2 On the Analysis & Repo rts tab , in Tools, click Project/Job List .

3 On th e too lbar, click New .

Quicken displays the New Project/Job dialogu e.

4 In the Customer f ield, select a custom er or type in a new one. For m ore inform ation abou t m anagingcustom er contact inform ation, choose Help m enu > Quicken Help, click the Index tab, enter AddressBook, and select overview of.

5 In the Project/Job f ield, enter a name for th e project.

6 In the Status list, select a statu s for you r proj ect/ job . If the status you w ant is not in t he list, click New/Edit to create your ow n status flag o r change an existing one.

7 In the Description f ield, typ e a description of th e project/jo b. (Optio nal)

8 In the Dates area, enter t he start and projected end d ates for your p roject/job .

9 Click OK.

If you create a new invo ice or estim ate before creating a new project/ job , Quicken op ens the NewProject/Job dialogue, and you can fill it in as described above.


23/76


Create estimatesWhen a custom er asks you t o b id o n a pro ject, use Quicken to create an estim ate that item izes th eprod ucts or services the custom er want s. You can eith er print and send th e estim ate to the custom er ore-mail it. If your custom er accept s your estim ate, you can convert it t o an invo ice when it comes tim e tosend th e bill. Quicken tracks you r estim ates in an Estim ate List.

Not e that estim ates, un like invoices, do n ot affect yo ur finan cial stat em ent , because th ere is noguarantee th at t he t ransaction w ill actually take place. They d o appear on the Project/Job List, so youshou ld assign an estim ate to it s specific project/job ; w hen you convert th e estim ate to an invo ice it willbe added to the l ist for th at project/ job .

To create a new estim ate, click New in th e Estim ate List (choo se Business m enu > Inv oices and Estim ates> Create Estimate.)

Heres an example o f a com pleted estim ate:

Convert estimates to invoicesWhen a custom er accept s you r estim ate, you can easily m ake any n ecessary mo difi cation s to it b eforeconverting it t o an in voice. The invo ice app ears in t he invo ice accoun t you select, wit h t he nextsequent ial invoice num ber. You can choo se to either delete t he estim ate from th e Estim ate List o r save itfor reu se.

1 Choose Business m enu > Go to Business Centre .

2 On the Analysis & Repo rts tab , in Tools, click Estim at e List .

3 Select th e estim ate youd like to con vert.

4 On th e too lbar, click Convert.

5

In the Convert it to the following account list, select an existing invoi ce accoun t.6 In th e After conversion area, specify wh ether you want to save th is estim ate for later use or delete it.

For examp le, if you w ill be pro vidin g t he same services to a custom er on a mo nt hly b asis, you can selectSave this estim ate fo r later use, then simp ly convert it t o a new invo ice each m ont h.

7 Click OK to convert t he estim ate to an invoice.

8 If th e invo ice is correct, click Save and Don e then close the Invoice form.

Select a custom er andproject from the lists.

Quicken fills in th ecustom er inform ationfrom your Custom erList.

Enter in voice itemshere.To create a new o ne,ju st t yp e a new nam eand fol low th einstructions.


24/76

20 Quicken XG 2007

Heres an examp le of a com plet ed Convert Estim ate to Invoice dialog ue.

Create invoicesWhen a custom er owes you m oney, you can create a Quicken invoice that it emizes th e prod ucts

or services the custom er bough t from you. You can then either print and send th e invoice to t hecustom er, or you can e-mail it. Quicken upd ates you r invoi ces/receivables register to show th e increase.

Create a new i nvo ice in th e Invoice form (choose Business m enu > Invoices and Estim ates > CreateInvoice). If you have m ore th an one in voices/receivables accoun t, Quicken pro m pt s you for w hich on eyou w ant to use to t rack this invoice.

Heres an exam ple of a com pleted invoice using t he default fo rmat.

You can use the Forms Design er described on page 26 to d esign t he invoice to include only th e fieldsand colum ns you n eed. You can also renam e or resize the fields and colum ns, reposition t he fields andyour com pany log o, and display your comp any address. To op en th e Form s Designer from th e Invoiceform , in th e Layout list in t he up per-right corner, select Custom ize. You can also open the Form sDesign er by cho osing Business m enu > Invo ices and Estim ates > Design Form s.

Note: Quicken t racks your estim ates in t he Estimate List and you r accoun ts receivable in t he invo icesaccount register.

Select th e account inwhich you want theinvoice to appear.

Indicate wh ether you wantto save this estim ate forlater use or delete it fromth e Estim ate List.

In the Item colum n, selectan existing i tem from your

invoi ce item s list, orcreate a new one.

This Quicken u ser app lieda nonprofi t d iscount forher services. She ent eredher fees, followed by asubtot al i tem, fol lowed byher discount it em (seeSet up discoun ts, specialcharges and subt otals o npage 17).

Items follow ing t he discount it em are full p rice. This item is taxable.


25/76


Fill out estimates and invoices

Because you convert estim ates directly to invoices, the tw o fo rms look very sim ilar and require you t o fil lin m ost of t he sam e inform ation, such as the custom er, date, and billing address. You also ent er detailsabou t t he p rod ucts and services you sell. These are called invo ice item s in Qu icken. For m oreinform ation abo ut invoice item s, see Set up items to include on invoices on page 16.

If you have set up invoice item s ahead of t im e, Quicken help s you fill in t he invoice. When you create anestim ate or invoice and begin typin g t he name of a prod uct or service in th e Item colum n, Quickenchecks to see if the item already exists. If it do es, Quicken fills in all the item info rm ation for you ,

including category, rate, description, and w heth er or not the it em is taxable. If the it em d oes not alreadyexist, Quicken asks if you w ant t o create a new one and helps you set it up .

In additio n t o using it ems to fil l out estim ates and in voices m ore quickly, Quicken u ses item s to trackcustom er charges and your incom e in m ore detail. Use the Item colum n to add th is detail rather thanadd ing n um erous incom e categ ories. For examp le, because Pats int erior design b usiness sells m oreitem s th an she w ants to add to her Category List, she could have one incom e catego ry called DesignServices, and anot her called Prod uct Sales. She cou ld assign all of t he it em s she sells to custom ers(pillow s, display shelves, m irrors, and so on ) to t he Produ ct Sales incom e category, and assign th eservices she p rovid es (design consult ing , sketches, and so o n) to th e Design Services catego ry. When she

later creates a pro fit and loss stat em ent , Quicken repo rts the inco m e from Prod uct Sales separately fromth e incom e from D esign Services.

Keep sales tax repo rting in m ind w hen you set up catego ries. Figure out w hich inform ation you n eed toreport t o th e CRA so th at youll get th e inform ation you need from the Quicken reports you create.


t racking accounts receivab le accounts receivab le, overview of

creat ing est im ates or invoices invoices, creat ing

changing est im ates or invo ices invoices, ed it ing

using sales tax accounts sales tax, account

Assign an incom e categoryto pro du ct sales. Be sure touse a category w ith t hecorrect tax form line itemassigned t o it , in th is case,Gross Receip ts o r Sales (seeSet up bu sinesscategories on page 8).

When you add t axableitem s to an invoice,

Quicken promp ts you foryour sales tax rate.


26/76

22 Quicken XG 2007

Schedule future invoices

You can arrange t o hand le invoice and payment transaction s ahead o f tim e, and have Quicken rem indyou b efore they're due or record t hem for you. For example, you can schedule recurring transactionsthat you request p ayment fo r at the same tim e every mo nth , such as paym ent from renters. For m oreinform ation about scheduling transaction s, see Schedule futu re transaction s on p age 46.

Track expensesshould you use classes or projects?

When you bil l expen ses to clients, Quicken can h elp yo u t rack actual costs versus estim ates, segreg ateincom e and expen ses (for exam ple, by rental pro pert y), and t rack expenses by jo b, project , ordep artm ent . This m akes Quicken valuable t o m edical, legal, consult ing , and ot her pro fession al servicefirms, as w ell as to prop erty m anagement , job-shop m anufacturin g, construction , and similar b usinesses.

You can track expen ses w ith th e Project/ Job List o r by u sing classes:

Using th e Project /Job List t akes th e least t im e, bu t g ives you less info rm ation in you r repor ts. You n eedto assign b ills to t he correspo ndin g p roject/job to see your expenses for that p roject/job in th eProject/Job List and t he project/ job b y project report . For m ore inform ation abou t creating projects/jo bs, see Track projects/jo bs on page 18.

Using classes takes m ore tim e, bu t it gives you m ore info rm ation in you r repor ts. You n eed to assignclasses to all your expen se transaction s, and t o get a com plet e pictu re of a part icular project /jo b, you

sho uld assign classes to all your in com e transactio ns as well. For m ore info rm ation abou t u sing classesto create det ailed Quicken repo rt s, see Use classes for m ore detail on page 49. To learn abou tassigni ng classes to tran sacti on s, see Assign classes w hen you ent er transactio ns on page 14.

Invoice customers for reimbursable expenses

Many b usiness ow ners (especially consultant s) incur expen ses on b ehalf of custom ers w hile w orkin g onpro jects. These expenses item s such as delivery fees and t ravel expenses are called reim bu rsableexpenses. You can select th ese expenses as reim bu rsable w hen you ent er th em in Qui cken. Then, whenyou in voice a custo m er, you can h ave Quicken display a list o f reim bu rsable expen ses, and yo u can selectwh ich ones you w ant to include on t he invoice.

Whenever you ent er a reim bursable expense in Quicken (for example, in your Quicken chequ ing account

register, credit card account register, or b ills register), you can click the Exp field t o iden tify t hattransactio n as a reim bu rsable expense. If only part o f th e transaction is reim bu rsable, you can iden tifythe app ropriate line in the Split Transaction dialogue o r th e Bill form . Quicken displays an E to show thatthis is an expense for w hich you plan t o invo ice a custom er.

You can also ent er a description of t he expense in the M emo field. This is then used as the d escription onthe invoice.

Click th e Exp field to m ark your expen ses as reim bu rsable.Quicken makes them available later to include on an invoice.


27/76


When you re ready to i nvo ice the custom er, click Expen ses in t he Invoi ce form (choo se Business m enu >Invoices and Estim ates > Create Invoice). Quicken show s you a list o f reim bu rsable expen ses no t yetinvoiced. To in clude an expense on th e invoice, click the Use field n ext to the reimb ursable expense, andclick OK. If you add a m arkup, change the am oun t o n t he invoice.

For cash-b asis repo rtin g, reimb ursable expen ses are recorded as incom e wh en you receive paym ent fo rexpenses. For accrual-basis repo rtin g, incom e is recogn ized wh en you b ill th e custo m er.

Track items bought for resale

When you bu y item s or m aterials th at becom e the p roducts you sell, youre usually in one of t hreegeneral situations:

You in voice custo m ers for item s or m aterials pu rchased on th eir behalf. You b uy for a part icularcustom er or job, and you invoice for tho se item s, with or w itho ut m arkup or sales tax. For example, aninterior d esigner m ay buy fu rnitu re at w holesale and sell it to the client at retail. For t his situation , see

Invoice custom ers for reimb ursable expenses o n p age 22.

You neith er maint ain invento ry no r invoice custom ers for specific items pu rchased o n t heir beh alf. Youbu y item s or materials for resale in th e imm ediate futu re. If you bu y item s for a particular custom er orjo b, you d on t in vo ice fo r t hose it em s separately f ro m other ch arg es. For exam ple, a caterer m ay b uyfood for an event bu t invoice for a general price per person, wit hou t separating foo d costs from labour.Or, a custom furnit ure maker may buy w ood for a com m issioned jo b, but sell the finished p iece for aprice that includes materials and labo ur.

If this is your situation, you can use one o r m ore expense accoun ts for th e item s and m aterials youbu y for resale. When you en ter a bill (or credit card or chequ e) in Quicken fo r th e purch ase of resalegoo ds, simp ly select t he app ropriate expense category in the Category field. Make sure you in cludeship pin g charges and any sales tax you p ay in the am ou nt of th e transactio n. Tho se charges are partof you r cost o f resale goo ds.

You m aintain inventor y. You b uy item s or materials and h old them in invento ry unt il th ey sell. If this isyou r situ ation , you shou ld p urchase QuickBooks. QuickBooks tracks th e value of your inven to ry andkeeps an u p-to-d ate count of t he nu m ber of item s in stock. For d etails, see Chapter 7, Find resou rces forgrow ing your bu siness.


t rackin g reim bu rsab le exp en ses reim bu rsab le exp en ses

app lying m arkups m arkup item on invo ices

These expenseshave not yetbeen invoiced.

Select t his checkbox to comb inetwo or moreexpenses.


28/76

24 Quicken XG 2007

Track and pay sales tax

If you sell pro ducts, you p robably collect sales taxes from custom ers, which yo u m ust later pay to agovernm ent agency. Quicken let s you add the approp riate sales tax directly to your custom er invoices,and i t record s th e taxes you ve collected in a liabilit y accou nt called Sales Tax. (Quicken adds th is accountwh en you add your in voices/receivables accoun t.)

If you o nly p ay GST to t he CRA, the Sales Tax liabilit y accou nt is all you need . However, if you hand lem ore th an on e tax rate, for exam ple GST and PST, you n eed t o add a separate liabilit y accou nt for eachrate.

1 Choose Business m enu > In voices and Estim ates > Create In voice.

2 From t he Tax 2 Accoun t field, choo se New .

3 Ent er a nam e for th e t ax accou nt such as PST or QST, and , if youd like, a descript ion .

4 Click OK.

Create sales tax codes

To ap ply sales tax t o yo ur it em s or services, app ly th e Quicken d efault Sales Tax Cod es to th e form s andit em s. To view th e def ault sales tax codes cho ose Business m enu > Business Lists > Sales Tax Cod e List. Ifyou w ish t o create a new Sales Tax Cod e, for exam ple t he Queb ec sales tax, sim ply create a new code.

1 Choose Business m en u > Business Lists > Sales Tax Cod e List.

2 Click New . In th e Tax Code field, typ e a lett er such as Q, and ent er a descriptio n such as QST.

3 In the Tax Rate 2 field, enter th e 7.5 percent t ax rate.

4 If you w oul d like Tax Rate 2 to b e calculated on th e tot al amo un t p lus Tax Rate 1, select Calculate TaxRate 2 on Tax Rate 1 - pigg yback.

5 Click OK.


29/76


Pay GST/PST to the government

When i t com es tim e to p ay the sales tax youve collected to t he go vernm ent , create a GST/PST repo rt.The GST/PST report sho w s the am ou nt of GST/HST or PST you h ave paid an d received du ring a specifiedtim e period. You can u se th is report to com plete you r GST/HST remit tance form s that you send to CRA oryour PST forms that you send t o t he p rovincial Minister of Finance.

Create a GST/PST report

1 Choose Reports m enu > Business > GST/PST Repo rt .

2 If the p reset date range d oesnt include t he p eriod you want , select ano ther d ate range.

3 To chang e the sales tax th at is inclu ded in t he repo rt, click Customize and then the Accounts tab.Cho ose the Business account gro up and, in t he Business Tax sectio n, choo se th e sales tax account youwant included on the report.

4 Click OK.

Note: The CRA requ ires businesses to rep ort th e GST/HST on an accrual basis. If you ru n your bu siness ona cash b asis, be sure th at you gen erate th is repo rt o n an accrual basis so you h ave accurate to tals. From th e

GST/PST rep or t, click Preferen ces and deselect t he Cash-b asis rep or tin g if ap pl icable ch eck bo x. Click OK.


entering sales tax on an invoice sales tax, app lying

add ing new liab ilit y accounts liab ilit y accounts, adding to Quicken


30/76

26 Quicken XG 2007

Customize estimates, invoices, and credit memos

Use th e Form s Design er to cu sto m ize Estim ate, Invo ice, or Credit fo rm s to suit you r needs. You can add ,remove, or rename it ems, or change t heir size and position; likewise you can add , remo ve, or change t hesize of colum ns. You can also repo sition your com pany log o and print your com pany add ress.

If you need m ore than o ne typ e of form at (for example, you m ay use one for services and anot her forpro du cts), Quicken let s you d esign and save each form at as a separate layout . You can nam e each layou twh en you design it and then select the layout you w ant from the Layout l ist w hen you create the form .

1 Choose Business m enu > In voices and Estim ates > D esign Form s.Quicken d isplays th e Forms Designer.

2 On the t oolb ar, in th e Layout list, select New .

3 In the Select a Layout Typ e field , select Invoice, Estimate, or Credit .

4 In the Enter a New Layout Nam e f ield, enter a descriptive n ame for the form you are creating.

5 In the Orientation area, choose wh ether you w ant th is form t o be p rinted in Portrait or Landscapem ode, and th en click OK.

6 On t he left side of t he Form s Designer w indo w, select t he fields you w ant t o in clude. Click to clear anyfields you do no t w ant to include in the form.

7 On th e right side of the Form s Designer w ind ow, select any field you w ant to change, and th en m ove

or resize it .a To resize a f ield, mo ve the pointer to the edge of the side you w ant to shorten or length en. When

the po inter changes to a two -sided arrow, hold t he left mou se butt on do w n, drag the field edgeunt il it is the size you w ant, and th en release the m ouse butt on.

b To m ove a f ield, select the f ield and m ove the pointer inside it . When the po inter changes to afour-sided arrow, hold the left m ouse butto n do w n, m ove the field to the location you w ant, andthen release the mo use bu tt on.

8 When th e form looks the way you w ant, on t he toolb ar, in the Layout list, select Save.

9 To check your changes, righ t-click the do cum ent an d select Print from th e menu, and thenclick Preview .

To learn abou t layout s, choo se Help m enu > Quicken Help, click th e Index tab, enter invoices, andselect designing, or ent er estimates, and select overview o f.

You can add your o wnlogo in bitm ap format (agraphics file with a name

ending in .BMP).

Select the estim ate orinvoice fields you want t oinclude.

Click and drag to changethe size or location o f afield.


31/76


E-mail estimates, invoices, and credit memos

When t he tim e comes to send estim ates, invoices, and credit m emo s to your custom ers, you can eitherpr int out and send the form s or e-mail them.

One w ay to e-mail fo rm s is as PDF att achm ent s. Quicken in stalls the soft w are you n eed t o create PDFs, soyoure ready to use this m ethod w henever you want . One advantage of t his m etho d is you can previewthe form and m ake a few m inor adjustment s before you create it.

If your e-mail prog ram is MAPI-com pliant, you also h ave the op tion to e-mail form s as HTML attachm ents(recomm ended ), or as HTML or text in t he bo dy of the e-m ail itself. One advantage of th is m etho d is thatyou can create and send att achm ents directly from th e form s you w ant t o send. How ever, any logos thatare part of t he form w il l not b e included in t he e-m ail.

E-mail forms as PDF attachments

1 Display the form you w ant to send.

2 In the fo rm dialogue, click Print .

Quicken displays th e Print d ialogu e.

3 In the Printer list, select Quicken PDF Printer.

4 If you want to see what t he PDF docum ent w ill look like, click Preview . (Optio nal) When youre done,click Close. Youll have to click Print again to display th e Print dialog ue.

5 Change the page orientation or select the optio n to p rint th e information o n one page. (Opt ional)

6 Click OK. Quicken d isplays th e Save to PDF File d ialogu e.

7 In the Save in f ield, navigate to t he location w here youd like to store th e PDF documen t. (Optio nal)

8 In the File nam e field, typ e a nam e for t he PDF.

9 Click Save.

10 Open yo ur e-m ail applicatio n, create a new e-mail, att ach th e PDF, ent er the custom ers e-mail add ressand any other approp riate inform ation, and t hen click Send.

E-mail forms as HTML or text

1 Display the form you w ant to send.

2 In the fo rm dialogue, click E-mail/Clipboard.

3 In th e Form at area, select a form at supp orted by your e-m ail program: HTML (Recomm ended) or PlainText . (HTML is recomm ended for b etter reprod uction of you r form .) Be sure to select E-mail to:, andent er th e custo m ers e-mail add ress.

4 In th e Outp ut area, select As File Attachmen t (Recomm ended ) or As Me ssage Text .

5 Click OK.

6 In your e-mail program , verify the inform ation, and th en click Send.

You can send you r invoiceas the t ext of t he e-mail,an att ached document , orboth .

Check that the recipient se-mail ad dress is correct.


32/76

28 Quicken XG 2007

Record payments from customersWhen you receive a paymen t from a custom er, use the Custom er Payment fo rm to specify the invoicesto w hich t he paym ent should apply. From the in voices register, click Create New and t hen selectCustom er Payment .

When you ent er a custom er nam e and p ayment am oun t, Quicken auto m atically app lies the amo unt tothe o ldest in voice. To app ly the p ayment to a d ifferent in voice, click the Pay colum n n ext to t he invoiceto remo ve the check m ark, and then cl ick next t o th e invoice you to wh ich you w ant to apply thepayment . (You can apply fu ll or p artial p ayment s Quicken calculates and keeps track of th eout standin g balance for each invo ice.)

When you record a paymen t, three th ings happen:

The value of your invoices/receivables account decreases by t he amo unt of t he p ayment. The value of your bank accoun t increases by t he amo unt of th e payment . If you use cash-b asis accoun tin g, you h ave an actual increase in incom e.

Enter down paymentsIf a custom er sends you a dow n p ayment in advance of a job, there is no in voice to w hich you can app lypaymen t. You should enter th e dow n p ayment in th e Custom er Payment form as usual. Quicken d isplaysthe entire payment amount in the Total to Apply f ield. Quicken holds the un applied amou nt with thecustom ers name, so t hat w hen you do have an invo ice for this custom er, you can apply th e dow npayment amount .

The next tim e you ent er this custom ers nam e in t he Custom er Payment form , Quicken d isplays theprepaid am oun t in t he Existing Credits field. Click Apply Existing Credits to apply it to an o utstandinginvoice.

When you enter a custom ername, Quicken displays thecustom ers balance andout standing invoices.

From t he list of out standin ginvoi ces, select t he on e towh ich this payment applies.


33/76


Track cash register sales or other undeposited funds

There may be t im es w hen you receive payment s for invoices or cash sales but havent had t he tim e todepo sit t he paym ents into you r bank accoun t. If you receive paym ent in full at th e tim e of sale, youllwant to track the item s youve sold. You do nt n eed to record such sales in you r invoices/receivablesaccou nt because youve already b een p aid. (See Add invoices/receivables account s on page 16 fo rm ore inform ation abo ut using an invo ices/receivables accoun t.)

You can m ake a holding account to t rack the m oney unt il you dep osit it at t he bank. Add an assetaccount and nam e it som ething like Und eposited Fund s. Then w hen you record a paymen t in Quicken,

select Un depo sited Fund s as the d eposit accoun t. When you actu ally deposit the m oney at you r financialinstit utio n, sim ply ent er a transfer transaction in Quicken from the Und eposited Fund s account to t hebank account (click Transfer on th e Und eposited Funds account too lbar).

For cash regi ster sales, you co uld eith er ent er each cash sale ind ividu ally or ent er a sum m ary at the en dof t he d ay. In either case, you d ont have to enter a custom er name, because th ere is no balance due.How ever, if you u se a name such as Daily Receipts or Cash Custom ers, you r repo rts and g raph s w ill usethat n ame to ident ify the source of this salesin come.

Handle overpayments and returns

When a custom er overpays an invoice or returns a prod uct, you can cho ose to credit t he custom ers

account or refund th e amount .

To record a credit for returned goods:


2 On the My Data tab, in th e Business Account s snapshot , in t he A /R Accou nt s (Invoices) area, click th eaccount that con tains th e invoice.

3 On the to olbar, in th e Create New list, select Credit .

4 Enter t he custom er name, the job (if app licable), item s returned, and any additio nal inform ation.

5 Specify how t o deliver th e information .

Click Print to p rint t he credit m emo to p aper or to a PDF.

Click E-mail/Clipboard to e-m ail it directly from t he form as an HTML attachment .6 Click Enter. Quicken associates a credit wit h t hat custom ers nam e, so t hat w hen you enter the

custom ers nam e in t he Custom er Payment form , the credit is displayed in th e Existing Credits field.

To record a credit and issue a refund for returned goods:


2 On the My Data tab, in th e Business Account s snapshot , in t he A /R Accou nt s (Invoices) area, click th eaccount that con tains th e invoice.

3 On the to olbar, in th e Create New list, select Credit .

4 Enter th e custom er name, item s returned, and any addition al information .

5 Click Refund . Quicken d isplays th e Refun d form .

6 In the Accoun t to Pay From f ield, enter the account from w hich you want t o pay the refund.

7 Enter any addition al information you w ant to include, and th en click Enter.

8 In th e invoices register, select t he credit and click Form . Quicken d isplays th e Credit fo rm .

9 Click Receive Pmt . Quicken d isplays the Custo m er Payment fo rm show ing t he amou nt of th e credit.Verify that there is a check mark next to t he refund t o w hich th e credit should b e app lied.

10 Click Enter.


34/76

30 Quicken XG 2007

To issue a refund for overpayment:


2 On the M y Data tab, in th e Business Account s snap sho t, in t he A/ R Account s (Invoices) area, click th eaccount that contains the invoice.

3 On the t oolb ar, in th e Create New list, select Refund .

4 In the Accoun t to Pay From f ield, enter the account from w hich you want t o pay the refund.

5 In the Customer list, select th e custo m er name.

6 In the Amount f ield, enter the refund amou nt.

7 Enter any add itional inform ation you w ant to include, and th en click Enter.

8 In th e invoices register, select th e paym ent , and click Form .

Quicken displays the Custom er Payment form , which lists the invoices and t he refund .

9 Click th e Pay colum n (next to t he Date colum n), and th en click Enter.

Create accounts receivable reportsOne benefit of u sing Quicken t o keep track of your custom er invoices (accoun ts receivable) is th e

inform ation you can gath er by creating a report. Quicken lets you create reports that show: Custom er payment history. Unpaid invoices. Sales by cu stom er. Unpaid balances on all invoices, broken d ow n b y custom er.

View unpaid balances by customer

The d efault accoun ts-receivable-by-custom er report sum m arizes mont hly end ing balances forcustom ers in t he invo ices/receivables accoun ts.

To view th e report , choo se Repo rts men u > Business > Accou nt s Receivable.


custom izing reports report s, custom izing

accounts receivab le reports accounts receivab le, reports


35/76


Track the history of customer payments

Quicken can t rack how prom pt ly a custom er has paid each invo ice. In t he Invoice form , click PaymentHistory t o see the paymen t h istory fo r the current invoice. To create a custom er payment history repo rt:

1 Choose Reports men u > Banking > Transaction.

2 Click Customize.

3 In the Date range f ields, set th e date range to cover the period you w ant.

4

On the Display tab, in th e Sort b y list, select Payee.5 To create a report t hat show s your receivables by w eek, in t he Subt otal by li st, select Month . (Optio nal)

6 Click th e Accounts tab, and select on ly your i nvoices/receivables accoun ts.

If you have on ly b usiness account s, click Clear All, and t hen select onl y your invo ices accoun ts. If you have several typ es of account s, click All Account s on t he left, and th en click Clear All. Next

click Business on t he left, and select on ly your invoices accou nt s.

7 Click OK.

Quicken displays the t ransaction repo rt.

8 Click Save Repo rt , type a uniqu e name for t he report , select o r create the fold er in th e Saved Report sarea wh ere you want to save th e report, and click OK. (Optio nal)

The next t im e you w ant to open the saved report, you can do so in th e My Saved Report s list o n t heright side of t he Report s & Graphs wind ow.

I f you move your pointerover report tot als wit hdetails available, the poin terturns into a m agnify ingglass. Dou ble-click to zoo min on t he details.


36/76

32 Quicken XG 2007

Display a list of unpaid invoices

Unp aid in voices are listed in t he Unp aid Invo ices w ind ow (choose Business m enu > Business Lists >Unpaid Invoices List). Quicken show s you th e amo unt of each invoice, the balance, aging inform ation,and t he tot al am oun t o f all your unp aid invoices. Doub le-click a custom er name to see the invoicedetails.

Create alerts for past due invoices

Alerts keep you in form ed abou t fin ancial events you m ight oth erwise forget, such as past d ue invoices.You can set th e Past Du e Invoice alert to not ify you w hen an in voice has not been com pletely paid b y thedue d ate specified on t he invo ice. When an in voice becomes past d ue, Quicken not ifies you in the Alertssection of t he Quicken Ho m e page and Business Cent re. To create a rem ind er for past due in voices:


2 On the M y Data tab, in th e Business Alert s snapshot , click Set Up Alerts.

3 If necessary, on th e Setup tab , click t he PLUS sign (+ ) next to t he label for General alert s.

4 Select th e Past du e invoices check box to activate the alert and, on the right side of the wind ow, enterthe condit ions under wh ich you want Quicken to alert you.

A check mark next to the alert m eans that th e alert is active; click the check box again if you w ant t o

clear it.5 Click OK.

To learn m ore about alerts, choose Help m enu > Quicken Help, click th e Index tab, enter alerts, and selectoverview of.

Report on sales by customer

This report sum m arizes your sales incom e from each custom er during the d ate range of t he report . Tocreate it, you custom ize th e sum m ary report to look at o nly sales incom e (ign oring paymen ts and salestax collected).

1 Choose Reports menu > Banking > Banking Summ ary.

2 Click Customize.

3 In the Title field, typ e a nam e such as Sales by Custom er.

4 In the Date range f ields, set th e date range to cover the p eriod you w ant.

5 Click th e Accounts tab, and select on ly you r invoi ces/receivables accoun ts.

If you have on ly b usiness account s, click Clear All, and t hen select only you r invoices accoun ts. If you have several typ es of account s, click All Account s on t he left, and th en click Clear All. Next

click Business on t he left, and select only you r invoices accou nt s.

6 Click th e Advanced tab.

7 In the Transfers list, select Exclude all.

The amo unt s show n in t he report do n ot in clude sales tax or any other item s that are transfers toanoth er Quicken accoun t.

8 Click OK.


37/76


Create customer reminder statements

After creating an account s receivable report , you m ay find it useful t o create rem inder statement s forsom e of you r custom ers. A custom er remind er statem ent sum m arizes a custom ers accoun t w ith yourcom pany. It lists recent invo ices, credit m em os, paym ent s received, and finan ce charges. Use remin derstatements when you use invoices to bi l l your custom ers and w ant to rem ind t hem about late payments.

To create t he remin der statem ent, Quicken uses the in form ation you have already ent ered, so you don thave to do any extra work. Review th e inform ation t hat appears on t he statem ent and p rint it.

1 Choose Business m enu > Invoices and Estim ates > Print Statem ent s.2 In the Layout l ist, select the layout you w ant t o u se.

3 In th e Custom ers area, select wh ether you w ant t o p rint statement s for on e, all, or a list o fselected custom ers.

If you select One, select t he nam e from th e list. If you select Selected , click Choose, and th en select t he custom er names from the list.

4 In the Da tes From and To f ields, set th e date range to cover the period you w ant.

5 In the Statement D ate f ield, enter th e statem ent d ate. Quicken p rints tod ays date on the statem entby d efault . You can m anually ent er a dif ferent d ate if necessary. (Optio nal)

6 If you w ant on ly statemen ts for custom ers th at have an o utstandin g b alance, click to clear the Dont

Print Statem ents with a Zero Balance check box.7 Click Print.

8 M od ify any available op tio ns in th e Print Invoice dialog ue. For examp le, you can select Quicken PDFPrinter to prin t t o a PDF.

9 Click OK to pr int t he statements.

10 If you are print ing to a PDF, enter a n ame for t he PDF w hen Quicken requ ests this inform ation, navigateto w here you w ant t o save th e PDF, and click Save]


f inance charges finance charges

statem ent layouts form layouts


38/76

34 Quicken XG 2007


39/76

4

35

Manage accounts payable(bills)

If you u se accrual-basis bo okkeepi ng , you m ust track your accoun ts payable (bills) in aQuicken b ills/payables accoun t. If you u se cash-b asis bo okkeep ing and p ay your bil ls assoon as you receive them, th en you do not need t o add a bills/p ayables accoun t. Just useth e Quicken Schedu led Transaction feature to remind you to pay your bills. The accoun tspayable repo rts may still be h elpful, thoug h, for managing your cash flow and trackingunp aid bills.

Note: For m ore inform ation abou t scheduled t ransactions, choose Help m enu > QuickenHelp, click the Ind ex tab, enter scheduled transactions, and select overview of.

Track bills with bills/payables accounts 36

Add bills/payables accounts 36

Record bills 36

Pay bills 38


40/76

36 Quicken XG 2007

Track bills with bills/payables accountsThe p rocess for t racking account s payable in Quicken loo ks like th is:

Add a bills/p ayables account , with a zero op ening balance. When you receive a bill, record it in the b ills/p ayables account, and t hen schedule the p ayment. Create an Account s Payable repor t to fin d out w hich vendors you ow e mon ey to and how m uch you

owe them.

Add bills/payables accountsBefore you can ent er bills from your vend ors, add a bills/p ayables accoun t.


2 On the M y Data tab, in th e Business Account s snap sho t, click Add Account .

3 Select Bills/Payables, and click Next .

4 In the Nam e th is account f ield, enter a name for the account, and t hen click Next .

5 Click Done.

Quicken d isplays th e accoun t and add s a link to th e accoun t to th e Business Account s snap sho t andth e Accoun t Bar list. Click the accoun t t o o pen your b ills/p ayables register and enter any un paid b illsyou h ave, make payment s that are due, or enter any credits you have from a vendor.

Record billsTo get t he m ost benefit from tracking accounts payable, use the follow ing p rocedure to record bills inthe bills/p ayables register as soon as you receive them . Then, to have Quicken rem ind to you pay th evendor in tim e, you can schedule th e payment (see Schedule futu re transaction s on p age 46).


2 On the M y Data tab, in t he Business Accoun ts snapsho t, in t he A/ P Accoun ts (Bills) area, click theaccount t hat contains the bill.

3 On the t oolb ar, in th e Create New list, select Bill.

4 In the Vendor f ield, enter the nam e of the vendo r you're paying.

If this is th e first t im e you've entered a bill fo r thi s vend or, QuickFill m em orizes th e nam e and add ress.Next tim e you can select t he vendo rs name from th e list.


b ills/ payab les reg ister report accounts payab le, reports

accounts payab le detail report accounts payab le, reports

ove rdue accoun ts payab le by vendor repor t b i ll s (f rom vendors), repor t s


entering a t ransaction in the bi l ls/p ayablesregister

accou nt s payable, enterin g transactions


41/76

Manage accounts payable (bills) 37

5 In the VENDO R ADD RESS field, enter t he vend ors add ress. (Opt ion al)

6 To associate a pro ject/ job w ith t he bill , click Assign Project/Job, select t he approp riate project/job ,and click OK. (Optio nal)

7 In the DATE field, change t he d ate if n ecessary. (Optio nal)

8 In the DU E DATE f ield, enter the expected date of p ayment.

For examp le, if you receive a bill on May 1 and t he p ayment terms are Net 30 (meaning the b ill is duew ithin 30 days), the d ue d ate is May 31.

9 In the P.O. NU M BER f ield, enter a p urchase order n um ber for tracking purp oses. (Option al)

10 In the Category colum n, select a b usiness expen se catego ry.

11 In the DESCRIPTION colum n, enter a description of t he service or item. (Opt ional)

12 In the E colum n, click if this is an expensable item t hat you w ant to include on a customerinvoice.(Optional)

13 In the AMOUNT column, enter the amoun t.

14 Click th e approp riate but ton :

Save and D one records th e bill transaction in t he bil ls register. Save and N ew records the b ill transaction in the b ills register and lets you record anot her bill. Create Paymen t open s a paym ent dialogu e wh ere you can record t he payment transaction in th e

register right now . Select t his option only if you w ant to record b ills and p ayments at t he sametime. Continue with step 9 in th e next section , Pay bills.


paying vendors b ills (from vendors), paying

scheduling paym ents scheduled t ransact ions, overview of

reim bursab le expenses reim bursab le expenses

If th is bill is forexpenses incur redfor a custom ers

project o r job, clickAssign Project /Job,and th en assign it toone from yourProject/Job List.

Click in the E column to ident ifyan expen se as reim bu rsable.

Ent er a bu sinessexpense categor yfor each item on t hebil l .


42/76

38 Quicken XG 2007

Pay billsQuicken m akes it easy to p ay the bill s you h ave already ent ered in Quicken. When yo u p ay a vend or, usethe Payment to Vendo r form t o enter th e payment details. Quicken up dates the b alances in your b ills/payables account and the chequing account from w hich you w ithdraw t he payment.


2 On the My Data tab, in Business Accoun ts snapsho t, in th e A/ P Accou nt s (Bills) area, click t he accoun tthat cont ains th e bill.

3 Select t he b ill you w ant to pay, and click Form . Quicken d isplays the Bill form .

4 Click Create Paymen t . Quicken displays the Payment to Vendo r form .

5 In the Withdraw From f ield, select th e accoun t to w ithd raw t he payment from .

6 In the M e m o f ield, enter additio nal inform ation abou t t he vendor, or enter a note to rem ind you rselfabout the reason fo r the b ill. (Opt ional)

7 If you are paying t he bill w ith a cheque, in th e Number f ield, enter the cheque nu m ber for tracking

purposes. (Optional)

8 In the Amount f ield, enter the payment amount .

Click Formto openthe bi l l .

You can at tach im ages such as cheques, receipt s, or ot her

im ages to a tran sactio n. Or, if a transactio n requ iresfollow -up or m ore informat ion, you can also add flags,not es, and alert s. Just click Attach t o get start ed.

The Payment toVendor for mshows the vendo rname and unpaidbalance you ow ethis vendor, plusthe amount dueon t he specific bill

you opened forpayment.


43/76

Manage accounts payable (bills) 39

9 Quicken d isplays a list o f your out stand ing bills from t his vendor in Outstanding Bills area. Click in th ePay colum n to select only the bills this payment shou ld apply to.

10 You can reapply t he p aym ent t o ot her bills: (Option al)

To app ly th e payment to a different bill, click Clear Pmt s, and th en click the Pay column next to thebills you w ant to p ay.

To h ave Quicken app ly the p ayment to the o ldest out standin g b ills for th is vendor, click ClearPmts, and th en click Auto Apply.

11

If you have existing credit fro m this vend or and w ant to apply it t o th is bill, click App ly Existing Cred its.(Optional)

12 Click Enter to record t he payment.

Quicken u pd ates th e balance in your b ills/p ayables register and th e accoun t you selected t owith draw the payment from.

To see your current o ut stand ing b alance by vendo r, custom ize th e accoun ts payable report . SelectEarliest t o dat e for th e date range, and th en create the repo rt. You can also set up separate bil ls/p ayablesaccount s for m ajor vendors that you d on't always pay in full.

You can set up alerts to rem ind yo u abo ut past due b ills. To learn m ore abou t u sing alerts, choo se Helpmenu > Qu icken Help, cl ick the Index tab, enter alerts, and select overview of.

You can also schedule bi l l and p ayment t ransactions ahead of t ime, and have Quicken rem ind you b eforethey're due or record them for you. For m ore information about scheduling transactions, see Schedulefuture transactions on page 46.


edit ing b ills or paym ents b ills (from vendors), ed it ing

delet ing b ills or paym ents b ills (from vendors), delet ing

Check that th evendor name iscorrect.

Click here toselect th e billsthis payment

applies to.


44/76

40 Quicken XG 2007

Receive credits from vendors

Som etim es you receive credit from a vendor for return ed go ods or to comp ensate for a billing error. Acredit reduces the t otal amo unt of t he bill. To record t his type of transaction, use the Credit and Refundforms.


2 On the M y Data tab, in t he Business Accoun ts snapsho t, in t he A/ P Accoun ts (Bills) area, click theaccount t hat contains the bill.

3 On the t oolb ar, in th e Create New list, select Credit .

4 In the Vendor f ield, enter th e name of t he vendo r.

5 To associate a project/ job w ith th e credit , click Assign Project/Job, select t he app ropriate project/ job,and click OK. (Optio nal)

6 In the Category colum n, select an expense categ ory.

7 In the AMOUNT column, enter the amo unt of the credit .

8 Click Enter. Quicken ent ers th e credit in t he bi lls/p ayables register.

If the credit was a refund, fil l out a Refund form to record t he dep osit in your b ank account . Use theRefund form only if you h ave already ent ered an associated credit.


2 On the My Data tab, in th e Business Account s snapsho t, in t he A/ P Accoun ts (Bills) area, click th eaccount t hat contains the bill.

3 On the t oolb ar, in th e Create New list, select Refund .

4 In the Account to D eposit To f ield, select th e accoun t into w hich you want to d eposit the refund.

5 In the Vendor f ield, enter th e name of t he vendo r.

6 Click Address if you w ant t o ent er an add ress for th is vendor. (Opt ional)

7 In the DATE field, Quicken displays to days date b y default . You can m anually ent er a differen t d ate ifnecessary. (Optional)

8 To associate a project/ job w ith th e credit , click Assign Project/ Job , select t he app ropriate project/ job,and click OK. (Optio nal)

9 In the Amount f ield, enter the amou nt of t he refund.

10 In the M e m o f ield, enter additio nal inform ation abou t t he vendor, or enter a note to rem ind you rselfabout th e reason fo r the refund . (Opt ional)

11 If the refund w as in th e form of a cheque, in th e Number f ield, enter the chequ e num ber for trackingpurposes. (Optional)

12 Click Enter.

Quicken records the refund in t he accoun t you selected and u pd ates the bills/p ayables register.


45/76

5

41

Manage cash flow(income & expenses)

When you o rganize your bu siness transactions in Quicken by project/ job or assigncatego ries and classes to them , youve got a wealth of info rmatio n at your fing ertips. Thetop ics in th is chapter show you h ow to u se the features in Quicken to examin e and useth e data that youve collected.

Youll learn how to:

Create business cash flo w repor ts, as w ell as ot her repo rts that p rovid e inform ationabout your incom e and expenses.

Forecast your cash flow . Prepare for tax tim e.

Track cash flow with reports 42

Plan and forecast your cash flow 46

Report on projects and jobs

quickensetup07 business

Documents