Gomola & DiBella, LLP, CPAs -- QuickBooks News

Important Notice

Brian DiBella has left the firm.

Gary Gomola and all of the other staff members
have merged with Mahoney, Sabol & Company

www.mahoneysabol.com

We are now located at 213 Court Street, Suite 204, Middletown CT 06457
Phone: 860-344-8883 Fax: 860-346-3057

QuickBooks News - September 2002

The information contained in this newsletter is designed to keep our clients and friends informed of developments and ideas which we feel are important. Should any subjects be of interest please call one of us. The articles contained in this newsletter are not intended as a substitute for legal, accounting or tax advice. You should seek professional advice on the particular issues which concern you.

Year End Tip

Once you are done with your fiscal year, and have sent your accountant a backup disk to start your year end work, do not enter any additional transactions dated in the prior year, or make changes to prior year transactions. Doing this creates many problems for all concerned. If you find errors there are ways to correct them in the current year without affecting the prior year general ledger. In these cases you should make entries in the general journal, or use a debit or credit memo, dated in the current year. Please call us if you have any questions.

Intuit To Drop QuickBooks 99 Support

Intuit has announced that they will not support QuickBooks version 99 or earlier after December 31, 2002. If you are using the payroll feature, then you will no longer be able to purchase the tax tables for those prior versions. If you have 2000, 2001 or 2002, you will still be able to purchase the tables.

This means you need to take a serious look at upgrading to version 2002. However, your computer may not be capable of using the 2002 version. Listed below are some of the minimum hardware and software requirements.

QuickBooks 2002 Requirements

* Processor speed of 200 MHz (350 MHz or higher recommended) 800 MHz ideal.
* RAM of 48 MB (64 MB or higher recommended).
* Available hard disk space: 130 MB for QuickBooks and 70 MB for Microsoft Internet Explorer 5.5 or higher (which is required).
* Internet connection for payroll.
* CD-Rom drive.
* Operating system at Windows 98 or higher. Although version 2002 will run on Windows 95, you may run into some difficulties.

If you are going to be using the Pro or Premier version and want to use the QuickBooks letter feature, you will need Microsoft Word 97 or higher. If you are going to use the Excel export feature, you will need Microsoft Excel 97 or higher.

You can check how your system stacks up for most of the above items by clicking the My Computer icon on the desktop, go to Control Panel, then System, or by consulting your original documentation. Most computers that are 2 years or newer should meet the above requirements. If your system falls short, it may be time to upgrade or replace your computer.

New Features For Version 2002

* Apply a single payment from a customer to more than one invoice.
* Establish sales tax codes to classify types of non taxable sales (needed to complete the Connecticut sales tax form), with Pro or Premier version.
* Ability to fax and email invoices with company logos.
* Ability to create multiple estimates per job, with Pro or Premier version.
* Improved creating and customizing invoices, and tracking customer payments.
* Searching for a specific transaction is easier.
* Manages payroll processing and direct deposit if you choose this feature.
* Easily tracks sales tax.
* Customize email forms with company logo & information.
* Improved reconciliation reporting; (Premier only) ability to go back and print prior bank reconciliation reports.

Upgrading

The cost to upgrade your current version of QuickBooks is $99.95 for Basic, $179.95 for Pro version, and $379.95 for Premier version.

If you are using the payroll feature and your tables haven’t expired yet, you may want to wait until you need to renew them before upgrading. If you upgrade too soon and you use the payroll feature, you will not be able to process payroll without signing up for a payroll feature. Check and see what date your tax tables need to be renewed and upgrade then. Otherwise you may be losing what you already paid for your current tables.

Installation of Upgrade

Upgrading is simple. Just insert the program CD and follow the prompts on the screen. QuickBooks will automatically update your current version, and maintain your settings. Or, if you feel uncomfortable, we can do it for you.

Coming Soon

For non-profit organizations, QuickBooks does not currently have the capabilities to run a large organization. Intuit will soon have a program called Fund-Ware available. The program runs the same way as QuickBooks, but it has the capacity to let you open as many accounts and funds as you want.

Intuit is also offering a new program for retailers. It’s called Point of Sale. The hardware/software bundle includes bar code scanner, credit card reader, cash drawer, and receipt printer. All your sales will be recorded in the Point of Sale Software and then it can be downloaded into your QuickBooks program. It will make your business run smoother and you won’t be bogged down entering in daily sales sheets.

Support

If you have any questions, please do not hesitate to call our office. Barbara A. Culver (barbarac@ctcpas.com), a para-professional on our staff, has completed the required training and testing by Intuit Inc., and has received their designation as a Certified QuickBooks ProAdvisor.

QuickBooks, ProAdvisor and the Certified QuickBooks ProAdvisor logo are trademarks and/or
service marks of Intuit Inc., used with permission.

The articles contained in this newsletter are not intended as a substitute for legal, accounting or tax advice. You should seek professional advice on the particular issues which concern you.

Written by Barbara A. Culver - Edited by Gary R. Gomola, CPA, CVA September 2002