Using Custom Fields in QuickBooks Online Advanced to Track Liability Insurance Certificate Expirations

Using Custom Fields in QuickBooks Online Advanced to Track Liability Insurance Certificate Expirations

QuickBooks Online Advanced has some great features: custom user permissions, multiple invoice entry, importing invoices and custom fields. This article is going to show you how to use Custom Fields in QuickBooks Online Advanced to track liability insurance expirations.

We’ll do a step by step walk-through to show how to setup and run a report.

First, we want to create an account to use for the item we’ll use to track liability insurance certificate expiration dates. From the the left nav, click Accounting > Chart of Accounts >  green NEW button in the top right corner > choose Other Current Liabilities from the drop down for Account Type and Detail Type.

Give it a name (below I named it “Liability Ins Cert Expirations” and then used the description to explain what the purpose of the account is. The balance will always be zero for this account because we’ll only be using Purchase Orders to using custom fields in QuickBooks Online Advanced to track liability insurance certificate expirations, and PO’s are non-posting transactions. Balance in the account setup screen will be zero.

Screen Shot 2019 09 17 at 10.05.05 AM

Next, we need to create a Liability Insurance Certificate item in our products and services list. From the left nav, click Sales > Products and Services > green NEW button in the top right corner > choose Service for the type of item.

Give it a name (below I named it “Liability Certificate”), and DO NOT CHECK the box next to “I sell this product/service to my customers”. DO CHECK the box next to “I purchase this product/service from a vendor”. We’re doing this so that the item cannot be used on any customer transactions.

Assign the account the new account we just created. In my example, I’m using Liability Ins Cert Expirations.

NOTE: Since this will be an item used for internal purposes only, and only on Purchase Orders, so you could indicate that in the item name, ie: Liability Certificate (FOR PO USE ONLY)

liab cert exp 01

Last part of setup is to create the Custom Field for Liability Certificate Expiration date.

Click on the Gear icon, then Custom Fields in the Lists column:

 

 

Then click the green Add Field button in the top right corner > Transaction info > click “Use on purchase orders”, enter a name and choose Date for the Type.

liab cet 05

Now we can start entering Purchase Orders to track liability insurance certificate expirations!

Click our Quick Create (aka Spinny Plus) button. I really like to watch that spin, so I had to create this gif:

 

 

Now choose Purchase Order in the Vendor column:

 

Once we have the Purchase Order form open, we want to choose the vendor, enter the date you’ve received the liability insurance certificate, enter the expiration date from the certificate in the Custom Field, choose the item we created, and mark the Purchase Order as closed (so that it doesn’t show up in Open PO reports).

 

Next, attach a PDF of the insurance liability certificate to the purchase order, by scrolling to the bottom of the PO form and dragging/dropping the file from your computer:

 

Now that we have the setup completed for using Custom Fields in QuickBooks Online Advanced to track liability insurance certificate expirations, you’ll want some reporting on it, so let’s create a custom report to track this.

From the left nav, click on Reports > Standard Reports and search for the “Transaction List by Date” report (which happens to be my favorite starting point for most custom reports.)

By default, this report will show you all transactions for the current month. We want to click the Customize button and choose the following customizations:

Dates: All dates

Rows/Columns: Show the following columns Date, Transaction Type, Num, Name and the Liab Cert Exp custom field

Screen Shot 2019 09 17 at 11.39.39 AM

Filter: Transaction Type > Purchase Order, Amount > 0.00

Header/Footer: Change the report title (ie: “Liab Ins Cert Expiration Dates”

 

NOTE: You cannot filter by Custom Field (ie: this month, next month or a specific date). If you choose to filter by date, it’s going to filter by the date of the Purchase Order, and we don’t want that.

Once you have the customizations down, I recommend sorting by the Liability Insurance Certificate Expiration date Custom Field in Ascending order so that the certificates that are close to expiring (or already expired) show at the top:

 

After you’ve sorted, click the green “Save customization” button and create a custom report that you can run (or schedule to be sent via email on a regular basis) whenever you need to review the liability insurance certificate expiration dates. Name it and choose Firm Only under “Share with”:

liab cert 12

Now you have a simple way to use Custom Fields in QuickBooks Online Advanced to track liability insurance certificate expirations!

 

 

Add Customer Notes in QuickBooks Online

Add Customer Notes in QuickBooks Online

This recently came up in a few different places, so I thought I’d share a few ways to add customer notes in QuickBooks Online.

This first method is the easiest, and will work for any QuickBooks Online user. It’s a simple way to document customer notes in QuickBooks Online, for ongoing issues, special circumstances, etc.

Click on the Sales tab in the Left Nav bar, then the Customers tab, then click on the name of the customer/client to which you need to add notes. This will bring up the client detail page:

 

You have two ways to enter the notes. Either just click the notes under the name, or click the Edit button, then the Notes tab in the customer record:

 

There are different ways to add Customer Notes in QuickBooks Online and QuickBooks Online Accountant

 

If you’re an accountant user and you’re using QuickBooks Online Accountant, you can use the Work tab to add Customer Notes in QuickBooks Online Accountant.

In QuickBooks Online Accountant, click the Work tab, then the Create Project button, to add a “project” . This doesn’t have to be anything that NEEDS to get done, it could just be some general notes that you want to keep, so keep that in mind when you’re setting a due date. In this case, I called the project “~Client Name~ Notes”

 

If you DO need to assign some follow up to anything related to the notes, you can add a Task to the the notes “project”, and assign that task to a specific team member. Here I am searching the project, opening it by clicking the name, then clicking the Add a task button and assigning it to another team member.

So there you go! No need for additional apps to keep track of customer/client notes. You can add Customer Notes in QuickBooks Online or use Work in QuickBooks Online Accountant to add them and assign follow up to your team members!

 

Price Rules in QuickBooks Online

Price Rules in QuickBooks Online

Price Rules in QuickBooks Online are here!. Price rules/Price levels are one of the few features that I’ve said I need in order to put all of my clients on QuickBooks Online and then never look back at QuickBooks desktop. (Unless it’s to convert to QuickBooks Online).

For the record, the other features are:

  1. Integrated direct labor costing. This one… I have nothing to say about it right now. It’s still the one thing that keeps my contractor clients from making the jump. Let’s just not talk about it and move on to the good stuff.
  2. Progress Invoicing. I’m actually doing beta testing for this. SQUEEEEE.
  3. Receive Partial Purchase Order. We now have that! Check out that article here.

This post, my friends, is about Price Rules in QuickBooks Online. Known in Desktop as Price Levels, so let’s dig into how we can set them up and use them.

First we want to click on the Gear Icon in the top right corner, then choose Account and Settings.

price rules 01

Once we have the preference turned on, we can (yay!) start using Price Rules in QuickBooks Online.

First, we’ll create a general price rule. This one is a just a blanket 10% discount that can be used for any customer on any product or service:

 

We’ll use it on a sales transaction:

price rules 03

 

We can also create a new rule when we edit an item from our Products and Services list. In this example, I’m setting up a 15% discount on installation services, that will only run through the weekend.

 

Here’s how it looks when used on a sales transaction:

price rules 05

One last example of price rules in QuickBooks Online that I want to show is when you have pricing per item, per customer.

We’ll go Gear Icon > Products and Services, then click that drop down on the More button to choose Price Rules. Once you see the list of your price rules in QuickBooks Online, click the green New price rule button.

Here I am setting this up, and instead of choosing to set the price or rate by percentage or fixed rate across all of the items, I chose Select Individually and then adjust each item, per the contract. Because I chose to have this price rule only apply to one customer, it won’t be available when I create sales transactions for other customers.

 

The last thing I want to show is that you can make any of the prices rules in QuickBooks Online inactive, so that they cannot be used when creating Sales Transactions.

If you go back to the same place we just were: our price rules list, we can click on the Edit button in the action column and make any of them inactive. PRO TIP: if you’re logged into your account, here’s a shortcut to the list of price rules in QuickBooks Online: https://qbo.intuit.com/app/pricerules.

price rules 07

So there you have it! A nice overview of how price rules in QuickBooks Online are created and used.

InvoiceSherpa, the easiest way to manage accounts receivable

InvoiceSherpa, the easiest way to manage accounts receivable

Looking for an easier way to manage accounts receivables? Then you need to check out InvoiceSherpa.com. This app first hit my radar a few years ago, when I met the founder, Shaun Clark, at the California Accounting Show. Hands down, I think InvoiceSherpa.com is the easiest way to manage accounts receivables, and I’ll give you 4 examples. 

One great feature that I want to point out is the Customer Portal. This is a way for your customers to “view, pay and ask questions about all of their invoices”. One question I get often about QBO is whether customers are able to pay more than one invoice using the QBO Invoice Portal… and the answer is no. InvoiceSherpa.com’s Customer Portal DOES allow for this!

 

Manage Accounts Receivable with InvoiceSherpa.com

InvoiceSherpa.com’s customer portal

 

Here are 4 examples of industries that could benefit from using InvoiceSherpa.com to manage accounts receivables.

 

Consultant – We have a number of clients that do various types of consulting work, and the one thing they all have in common is having to chase down their money. Here’s how they’re using InvoiceSherpa.com to manage accounts receivables.

Before the invoice is due, you can let the client know they have an invoice, as well as schedule reminders a few days before it’s due (using email and/or text). You can also send them an automated thank you when they pay!

Manage Accounts Receivable with InvoiceSherpa.com

Use InvoiceSherpa.com to automate how invoices are sent and reminding your customers about upcoming due dates

 

With reminders, you can ALSO gently nudge them (as many times as they need it) if their invoice(s) becomes past due, and even schedule reminder phone calls!

Using InvoiceSherpa.com to manage accounts receivable

Schedule email or text reminders to clients or internal team members, and schedule reminder phone calls too!

 

InvoiceSherpa.com makes it easy to manage accounts receivables.

 

Property Management – Automate late fees. As a former landlord, I could set up recurring sales receipts to charge their debit/credit card or draft their bank account, if my tenants agreed to that. If they didn’t, I could still have their invoice automatically sent. What I couldn’t do, however, was automate any late fees once they 10th of the month rolled around. When using InvoiceSherpa.com to manage accounts receivables, late fees are a snap!

The late fees are calculated based on your criteria (you can have multiple late fees, based on percentage or flat fee), and they’re added to the corresponding invoice:

Using InvoiceSherpa.com to manage accounts receivable

InvoiceSherpa.com adds late fees to the appropriate invoice in QBO

 

 

Home Appraiser – I love the customer portal for this industry; whomever has ordered the appraiser (often an appraisal management company) has one central site in which to login, view and pay all of an appraiser’s invoices. 

Using InvoiceSherpa.com to manage accounts receivable

Customers get an invite, and have one central location to view & pay all of their invoices

 

 

Medical Provider – We have a couple of medical provider clients at Kildal Services that don’t accept insurance – they’re cash only, and they often get asked by patients for payment plans. While you can do it in QBO with recurring transactions, it’s SO MUCH EASIER with InvoiceSherpa.com.

Using InvoiceSherpa.com to manage accounts receivable

InvoiceSherpa.com helps you manage accounts receivables with easy to create payment plans

 

So there you have it – 4 great reasons to use InvoiceSherpa.com to manage accounts receivables. To learn more, you can check out the QBOShow.com interview with founder, Shaun Clark here. Better yet, just go to apps.com and give it a try – free for 30 days!

StacyK’s Step by Step: Post QuickBooks Desktop to QuickBooks Online Conversion Sales Tax Clean Up

StacyK’s Step by Step: Post QuickBooks Desktop to QuickBooks Online Conversion Sales Tax Clean Up

My friend and co-host of The QBO Show, Woody Adams and I have been working out the best way to manage post QuickBooks Desktop to QuickBooks Online Conversion Sales Tax Clean Up.

Yay for you! You’ve made the move from QuickBooks Desktop to QuickBooks Online. All of your reports match, but you’ve noticed some goofy stuff in your Chart of Accounts and Products and Services list, and it all relates to your Sales Tax.

Don’t fret, I’m here to give you the step by step instructions on doing a little bit of Sales Tax clean up in QuickBooks Online after you’ve converted your QuickBooks Desktop file. I mentioned this briefly in my post called StacyK’s Step by Step: QuickBooks Desktop to QuickBooks Online: “After conversion  you’ll most likely see multiple sales tax payable accounts on the Chart of Accounts in QuickBooks Online. There will be one account in QuickBooks Online for each Sales Tax Payable account you had in desktop. In addition, QuickBooks Online, by default, will create a Sales Tax Agency Payable account for each sales tax jurisdiction the desktop file had.  To clean this up, you’ll need to make the accounts that came from desktop inactive (delete them) and use the new accounts in QuickBooks Online to track sales tax  – make sure you make the proper adjustments to zero out the balances in these accounts.”

First thing you’ll notice are some new accounts in your Chart of Accounts. If you’ve recently signed up for a new account, you’ll head to your left nav bar and hit Accounting – this is the most likely situation if you’ve just converted. (For an older QBO account, you’ll want to go to left nav bar and choose Transactions > Chart of Accounts):

chart-of-accounts-2016-12-08-19-37-25

There will be one account in QuickBooks Online for each Sales Tax Payable account you had in desktop. In addition, QuickBooks Online, by default, will create a Sales Tax Agency Payable account for each sales tax jurisdiction the desktop file had.

 

The thing is, you can’t delete/inactivate these accounts just yet. If you try this, you’ll get this message:

Well, FINE. I didn’t really want to anyway. I have other things to do!

Well, FINE. I didn’t really want to anyway. I have other things to do!

Unlike QuickBooks Online, QuickBooks Desktop uses Sales Tax SERVICE ITEMS, and since these new accounts in QBO are connected to those services in our QuickBooks Online account. This means we have to take care of those before we can clean up the chart of Accounts.

Unlike QuickBooks Online, QuickBooks Desktop uses Sales Tax SERVICE ITEMS.

 

To delete/inactivate these items, you’ll click the Sales tab in your left nav bar, and then the Products and Services tab (for older QBO accounts, hit the Gear Icon then under Lists, choose Products and Services).

I think the easiest way to find the QuickBooks Desktop sales tax service items is to click the Type to sort the list, then scroll until you find the service items you need:

products-and-services-2016-12-08-20-07-33

 

Here are all of our Sales Tax Items, and all we have to do is click the drop down next to Edit and choose Make Inactive for each one:

screen-shot-2016-12-08-at-8-13-19-pm

Now that we have those deleted/inactive, we can go clean up our Chart of Accounts, so let’s head back there.

I generally make the account that came in from QuickBooks Desktop inactive first, but make note of the account number, so that I can add numbers to the accounts that QuickBooks Online created.

screen-shot-2016-12-08-at-8-19-45-pm

Remember, in QuickBooks Online: DELETE = INACTIVE.

Remember, in QuickBooks Online: DELETE = INACTIVE.

 

Now let’s get rid of those sub accounts with the zero balance. To do this, we have to click the drop down next to Register and choose Edit:

screen-shot-2016-12-08-at-8-23-06-pm

 

Then we change it from a sub account to a parent account:

chart-of-accounts-2016-12-08-20-25-43

 

Now we make THAT one inactive:

screen-shot-2016-12-08-at-8-30-36-pm

 

Since I have two of these sub accounts, I’ll do all of this to the other one, but spare you the screen shots.

To clean things up just a bit more, I’ll edit the two Sales Tax Payable accounts that QuickBooks Online needs to track my two sales tax rates and add the account numbers. Now I have a nice clean Chart of Accounts:

chart-of-accounts-2016-12-08-20-34-59

 

The last thing I want to do is make sure that all this clean hasn’t affected my balances, so I need to pull a Balance Sheet in both QuickBooks Desktop (here, I’ve used QuickBooks for Mac) and QuickBooks Online. I want to set the report to Accrual basis and the date range to All:

stacyk-academy-kildal-services-quickbooks-online-2016-12-08-20-50-48

 

If the numbers don’t match, please note #5 and especially #6 below, in Woody’s checklist of Post QuickBooks Desktop to QuickBooks Online ConversionSales Tax Clean Up:

  1. Go to products & services list and delete all unwanted service items that are really the sales tax items from QBD.
  2. Make all sub Sales Tax Payable accounts as parent accounts
  3. Delete the sales tax payable accounts
  4. Merge the sales tax agency accounts into the Sales Tax Agency Payable account, if needed
  5. Sales tax center may still be jacked up, so make an adjustment.
  6. Draw line in sand, move on, stop over-analyzing.

Bottom line, the process isn’t too difficult – once you know what to do. However, it can be pretty frustrating if you’ve never done it before, or don’t have someone with whom you can obsess over all of it via email and text, like Woody and I did recently.

 

 

 

 

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