July 2006
Message from Doug Sleeter

Doug Sleeter

This month, we’re reviewing more of the QuickBooks Add-on software products that will be demonstrated at the QuickBooks Consultant’s Conference November 7-10, 2006 in Las Vegas, NV. This conference brings together a community of QuickBooks Consultants and QuickBooks Software Developers to network and learn from each other.

Speaking of communities…last month we started a monthly Web Conference for our own community of QuickBooks professionals: The Sleeter Group Consultants Network. This month’s topics included remote client support issues and QuickBooks online timesheets. Our Consultant’s Network has become an influential group in the QuickBooks community. We are always recruiting new members, I hope you will consider joining us.

Portable Company Files

The Portable Company file (.QBM ) is much smaller than the QuickBooks data file (.QBW) and depending on the size of the QBW file, it could be as small as one sixth of the size of the QBW file.


Troubleshooting Slow Multi User Performance in QuickBooks

Check out Doug Sleeter’s regular column “The QuickBooks Advisor” in the CPA Technology Advisor magazine.

This month’s article is Troubleshooting Slow Multi User Performance in QuickBooks 2006


2006 QuickBooks Consultant’s Conference attendees will receive a free one year subscription to the CPA Technology Advisor.

Sales Tax Pro from PASH LLC

Most professionals who work with QuickBooks clients know first-hand that every setup as it relates to sales tax seems to be different. Some use sales tax items, others use sales tax groups, and sales tax codes (added to QuickBooks in 2002) add yet another dimension to tracking sales tax. With all these alternatives, it would appear that automating the process of preparing sales tax returns would be next to impossible.

Legrand CRM Software

No matter what business you’re in, most likely you and your office colleagues are constantly in touch with prospects, customers, vendors, and partners. And if you’re smart, you keep a database of some type in which you track all of your contacts.

QuickBooks for Not-for-Profit Workbook on Sale

40% Discount!

For a limited time our QuickBooks® for Not-for-Profit Organizations – Version 2005 workbook will be on sale at a whopping 40% discount!

This 450 page book provides detailed step-by-step instructions on how to use QuickBooks in a Not-for-Profit environment. Written by Christine L. Manor, CPA and Doug Sleeter, the Not-for-Profit book will help your organization use QuickBooks properly and provide management with the data needed to make informed decisions.
Buy it Now!

Do You “Touch” Your Customers Enough to Create Lasting Loyalty?

Michael Alter
President
SurePayroll

Developing a strong accounting practice means accountants have to move outside of their comfort zone into the world of marketing. Accountants who start their own practices often lose sight of this basic fact. They focus on servicing the accounting needs of their clients at the expense of new client acquisition and relationship building with existing clients. How strong are your accounting firm’s marketing capabilities? A quick analysis of your customer touchpoints can give you insights into how you are doing relative to other firms.




2006 QuickBooks Consultant's Conference Update

The Sleeter Group’s annual QuickBooks Conference will be held November 7-10 in Las Vegas, NV. The main conference is a three day event (11/7-11/9) plus “Post-Conference Optional Sessions” on Friday 11/10/06.

We have recently posted New Session Information
to the conference web pages. We are continuing to add more information daily so check back frequently!

It is not too late to Win Three Nights Free Accommodations!
Register for the main three-day conference before July 30, 2006 and you will be entered to win three nights lodging at the conference hotel. Already registered? No problem – you are also eligible to win.

Welcome New Conference Exhibitors
Legrand CRM Software Inc, Pash LLC, American Riviera Software, and BankServ. Visit our conference web page and click on “Exhibitors” to check out all conference exhibitors. (We still have a few exhibitor spots open, contact us immediately for details).

New Conference Giveaways
Conference attendees will receive a free copy of keynote speaker Michael Gerber’s bestselling book: The E-Myth Revisited. Mr. Gerber will be available to sign books after his keynote session. Conference attendees will also receive a one-year subscription to the CPA Technology Advisor magazine.

We have just completed our 2006 conference flyer and all of our clients will be receiving one in the mail soon. If you do not already receive mailings from us – sign up for our mailing list at
http://www.sleeter.com/mailinglist

View our Conference/Seminar page for full details.

QuickBooks Point of Sale Seminar

In addition to our three day conference in Las Vegas, we are offering an in-depth training session on QuickBooks Point of Sale Consulting on Friday, November 10th. (We are offering two other sessions on 11/10: Train the QuickBooks Trainer and the QuickBooks Consultant’s University). You do not need to attend the conference to attend these sessions (but conference attendees receive a great discount).


Below is a highlight of some of the topics from the Point of Sale seminar.

  • Overview of QuickBooks Point-of-Sale
  • Is POS right for your client?
  • How QB POS interfaces with QuickBooks Financial Software
  • Setting up QB POS properly – the first time!
  • Importing data from other vendors and other software into QB POS
  • How QB POS Items differ from QuickBooks Items
  • Setting up QB POS merchant account processing
  • Troubleshooting common problems with QB POS
  • Expanding your practice with POS installation services
  • Many more topics – view complete description

Visit our QuickBooks Point of Sale Seminar Page for full details.

Tricks of the Trade

Every day, members of The Sleeter Group’s Consultants Network tackle the day-to-day problems of their clients in the real world. The following are some of the more general problems and solutions that surfaced this month on our “Sleeter Group’s Consultants Network Forum”.

Factoring Receivables
Does anyone have experience with this in QB? We have picked up a client who does all kinds of gyrations to move this money around but I was thinking it is a lot simpler than what they have done. Looks like you would just receive payment against the invoice and back out fees and reserve on the face of the deposit. Any charge backs would go back into receivables. Am I missing a step?

Chuck Vigeant responds:
I have had more experience with factoring companies than I care to expound on. However, here is the reason it is not a simple transaction.

Generally a factoring company only pays a percentage of the total invoice that they buy, and the remaining portion is held in an escrow account until the factoring company actually receives the money from the client. At that time, the appropriate money is taken from the escrow account, with the remainder available to you. I have always had to reconcile up to three accounts: the escrow account, the bank account of the factoring company (if it exists), and the operating account.

When you receive the payment from the factoring company, the invoice is paid off, and appropriate sales tax calculations ensue. (I make the deposit to the correct account, and use the cash back account for the escrow amount held, as a shortcut in lieu of a journal entry) However, if the factoring company never receives the money from the client, the money is charged back (against the escrow account), and you post back to receivables. Then you need to adjust your sales tax calculations – this is the only caveat of the whole process that needs manual monitoring.

I have enclosed a t-account example I used for my clients over the years and I still refer to it.

Also I still preach caution when dealing with factoring companies. It can become an “addicting” process. As time goes on, and if your clients pay late, you end up selling invoices just to cover minimum escrow requirements - not to put money in your pocket.

Jim Beddow adds:
It’s worth reiterating what Chuck is saying about factoring companies. In our business, we have two big reasons to consider collecting retainers from clients after we’ve formed a relationship with them. The first is failure to pay their payroll taxes and the second is factoring their receivables. Both are a clear sign that the company has grossly insufficient working capital. If you’re working for a company that’s factoring their receivables, I have one piece of advice: Get Your Money Up Front.

To find a Sleeter Certified Consultant in your area, please visit:
http://www.sleeter.com/consultants/directory/search

If you would like to learn more about The Sleeter Group’s Consultants Network, please visit:
http://www.sleeter.com/membership

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