QuickBooks 2007 - What's New?

In this podcast I’ll be discussing what’s new in QuickBooks 2007. Later, I’ll also tell you about some potential problems users of older versions of QuickBooks may experience with Internet Explorer 7 and Windows Vista.

QuickBooks 2007 is making it easier than ever for small business and accountants to succeed. 2007 reduces data entry errors, improves security, and goes beyond accounting.

For those who might not be familiar with QuickBooks, it is the premier small business accounting program on the market today. There are 3.7 million active QuickBooks users today, with 1.4 million copies of QuickBooks sold in 2006 alone. Intuit, the maker of QuickBooks, holds 92% retail market share.

Improvements in the 2007 release include:
Improved install and setup process
Easier installation wizard
New Wizard walks you through getting the right database “hosting” mode set for your situation
Offers Expert installation option for power users
Easy Step Interview Improvements
Easier to choose start date
Simplified Chart of accounts setup
Create New Account Wizard

Money In Improvements
Price levels on estimate
Auto-display Time/Costs windows on invoice
Easier forms customization
Credit limit warning on estimates and sales orders
You can now record a negative credit card deposit for when your returns
are more than your sales
New credit limit warning when creating estimates and sales orders
Know when customers are going to be over the limit

Money out improvements
Auto remember accounts for vendors
Open bills warning
Pay bills warning
Sales tax common tasks combined
Improved handling of incorrectly printed checks


Improved Security and Controls
Audit trail improvements
Past/future date warning
Support for limited user accounts
Backup and restore wizard

Google integration
Help with the biggest problems facing small business today –
Finding new customers!
Google integration includes:
Google search
Google Maps
Google Adwords
QuickBooks Product Listing Service


An area of concern in the QuickBooks world right now has to do with the way QuickBooks works with Internet Explorer 7 and the upcoming Windows Vista operating system.

Updates to recent versions of QuickBooks improve handling of both Internet Explorer 7 (IE7) and Windows Vista -- at various levels.

The following QuickBooks financial software products will now work with Internet Explorer 7.
• QuickBooks 2007 and QuickBooks Enterprise Solutions 7.0 was okay with R1 but update to R4 recommended
• QuickBooks 2006 and QuickBooks Enterprise Solutions 6.0 update to R7 required and to R9 recommended
• QuickBooks 2005 and QuickBooks Enterprise Solutions 5.0 update to R9 required.
• QuickBooks Online Edition
• QuickBooks Point of Sale versions 4.0, 5.0 and 6.0
Intuit recommends that you take the following steps, depending on the oldest version of QuickBooks that you use:
My oldest version of QuickBooks is
• QuickBooks 2007 or (QuickBooks Enterprise Solutions 7.0) – good to go (R4 recommended)
• QuickBooks 2006 (or QuickBooks Enterprise Solutions 6.0) – good to go with R9
• QuickBooks 2005 (or QuickBooks Enterprise Solutions 5.0) – good to go with R9
• QuickBooks 2004 or earlier – decline or remove IE7 and restore IE6. R11 recommended

Internet Explorer 7.0 Resource Center. Intuit created this resource at
www.QuickBooks.com/support/IE7
The site answers general questions on IE7 with special resources aimed at users of QuickBooks 2004:
• Which QuickBooks 2004 operations are affected by IE7.
• How to remove IE7 and restore IE6.
Windows Vista to Broadly Released in January 2007. As widely reported in the industry press, Windows Vista was shipped to large corporate users several weeks ago and is expected to be released more broadly through retail and other outlets by the end of January.
You Do Not Need Windows Vista to Run QuickBooks 2007. QuickBooks 2007 and Enterprise Solutions 7.0 do not require Windows Vista to operate. QuickBooks 2007 runs on Windows Vista, Windows XP (SP2 or later strongly recommended), and Windows 2000 SP3 or later (SP4 or later strongly recommended). Even if you receive QuickBooks files from someone running Windows Vista, you will be able to use your current operating system as long as it supports QuickBooks 2007.
QuickBooks 2006 and Earlier Are Not Supported on Windows Vista. QuickBooks 2006 and prior versions were developed on pre-Vista technology and will not run properly on Windows Vista. Intuit is looking at the third party solutions that Microsoft has suggested could be used to deal with issues of backwards compatibility. These solutions attempt to emulate the earlier Windows environments. However, Intuit is still testing these solutions and is not yet ready to give on a stamp of approval.

Please visit our website. Questions, comments info@quickbooksgal.com Thank you and please join me again next time.

Peachtree 2007 - What's New?

Hello. I’m Jayne Miller.

Today I want to discuss a 3 issues related to the new Peachtree 2007.

As a bookkeeper and trainer, I keep multiple versions of Peachtree on my computer. As a power user, I was originally frustrated with the new user interface, but after using the program for several months now, I really like it. The new dashboard is great. My clients are really happy with the program.

I’ve only found one thing I don’t like: in this version, you can enter an invoice today that is dated in a prior period. An onscreen warning appears, as usually does, but you now can bypass the warning and enter the invoice with the prior period date. I’m sure this move is an attempt to compete with QuickBooks. However when I use Peachtree, this is one of the features that I consider when I select this software versus QuickBooks.

This year, Peachtree 2007’s new Pervasive Data Base, which is great by the way, presented a problem for me as a bookkeeper with clients using older versions
:
· How do I work in prior versions of Peachtree without using the new database and potentially causing my clients to upgrade to the higher version? I don’t want to return data to them that is no longer compatible with their older version?

The answer is that you can turn off the PDB. You should have an icon in you system tray that will allow you to STOP ENGINES AND EXIT the PDB. If you right click on the icon and select the stop engines command before you open prior version of Peachtree, you can continue to work and the data you return to your client will be perfectly compatible.

If you for some reason don’t have this icon in your database, you may need to go online to obtain the latest Ptree updates. If that doesn’t add the icon, you can go to my blog for a printed version of a simple command that will accomplish the same thing.

If you have recently upgraded to Peachtree 2007, be sure to go online to get the latest updates. There were some problems with statement reporting in the original release. SR-1 fixed that. SR-2 and SR-3 are out now. I really like the new Peachtree now that most of the “bugs” have been fixed in these service releases.

If you are using Peachtree version 2007 to process payroll and W-2’s, you should be aware that the forms you need to purchase have changed This is only if you use version 2007. With the new Print-N-Sign capabilities in version 2007, the federal, state and employer copies of the W-2 and the W-3 can be printed and submitted on stock blank paper. Employees copies of Form W-2 (Copies B, C, and 2) have to be printed on IRS approved perforated paper, with individual filing instructions pre-printed on the back. The paper is perforated vertically and horizontally, printing 4 copies of an employee’s W2 on one sheet, making this the only form that needs to be purchased. If you use Peachtree Version 2005 or 2006, you will continue to order the same preprinted W2 and W3 forms as prior years. You can go to http://www.peachtree.com/ptchecksandforms/ to order forms online or call Peachtree forms - 800-344-7071 – to order the proper forms.


If you would like a printed version of today’s pod cast or would like to learn more about our services, classes, product discounts, class schedules or pricing, please visit our website at www.quickbooksgal.com. We welcome your emails, questions and comments.

I’m Jayne Miller. Join me next time to learn about the new features in QuickBooks 2007.

W2s and 1099s - End of Year

Hello. Welcome to QuickBooks Gal. My name is Jayne Miller, Certified QuickBooks ProAdvisor, Enterprise Solutions Provider, Sleeter Certified QuickBooks Advisor, Peachtree AccountCare Partner and Microsoft Partner.

I'm the owner of Custom Business Solutions, a firm specializing in QuickBooks, Peachtree and Microsoft Small Business Accounting software support. If you've got a QuickBooks Mess, call us for training and support. We offer bookkeeping, payroll and QuickBooks classes. Send your questions and comments to info@quickbooksgal.com or call me at 775-348-9225.

Today I’ll discuss getting ready to process W-2’s and 1099’s.

As a business owner with employees or subcontractors you will be required to issue W-2's to employees and 1099M's to non incorporated, non-employee service providers. Subcontractors and service providers who are not incorporated must provide a form W-9 to you. You'll use this information to issue a 1099 to them if they were paid $600 or more in the tax year. You can download form W-9 at IRS.GOV. I generally mail this form to all subcontractors with their first payment. If you haven't done this yet, then it would be a good idea to mail or fax these out now so you will be prepared to process forms next month.

Form W-2 for Nevada employers is a 4 part document. You will issue 2 copies to the employee, keep one file copy with your payroll records and submit one copy along with transmittal form #W-3 to the Social Security Administration. Form 1099 in Nevada is a 3-part document. One copy remains with your payroll or vendor records, one is mailed to recipient, and one copy along with a transmittal form #1096 is mailed to the IRS. Employee and vendor copies must be distributed or postmarked no later than 1.31.07 and federal transmittals are due no later than 2.28.07.

With that in mind, there are some things you can do now to assure easy processing next month. Here's a check list of "to do's" that I follow in my own bookkeeping and payroll practice:

Purchase or order forms in advance. Don’t wait until 1.15.07 to purchase your supplies. Plan now, buy now. Your local office supply store will have IRS compliant forms in stock after December 1st or you can order forms from my website and other online services. Office supply stores will not, however, offer W-3 transmittals or 1096 transmittals separate from kits or bundles. When you purchase a package of 50 w-'s or 1099's, the manufacturer includes 1 or 2 transmittals. I like to order extra transmittals directly from the IRS at 800-829-FORMS; they're free. By the way, you can order any tax related form from the IRS, but remember, they are not computer friendly! Pay for the forms; order the transmittals only from the IRS. Note: If you need 1099 Interest forms or any other 1099 form except 1099 M, you'll need to order from my website, another online service or the IRS. Office supply stores do not carry any 1099 forms except Miscellaneous. Again, the IRS forms, while free, are not computer friendly.
If you are using Peachtree version 2007, please be aware that the forms you need to purchase have changed – only if you use version 2007. With the new Print-N-Sign capabilities in version 2007, the federal, state and employer copies of the W-2 and the W-3 can be printed and submitted on stock blank paper. Employees copies of Form W-2 (Copies B, C, and 2) have to be printed on IRS approved perforated paper, with individual filing instructions pre-printed on the back. The paper is perforated vertically and horizontally, printing 4 copies of an employee’s W2 on one sheet, making this the only form that needs to be purchased. If you use Peachtree Version 2005 or 2006, you will continue to order the same preprinted W2 and W3 forms as prior years.
Confirm employee/vendor addresses, social security numbers (or in the case of vendors – Tax Payer ID). I have created a ½ page form for employees that I ask them to complete every December and if I don’t have one on file, I request a W-9 for vendors and subs that may be eligible for 1099’s.
Compare the information on the end of year employee information forms with the information in your payroll file and make any necessary corrections.
Compare the information in your vendor file with the information on the submitted W-9 forms. In QuickBooks and Peachtree, you must indicate in the vendor profile that the vendor is a 1099 vendor and enter his/her taxpayer id #. If you don’t enable this option, you will not be able to print a 1099 vendor report or 1099 for vendors.
This next step is very important for QuickBooks users. When you print 1099’s in QuickBooks, you will have to set the preferences. In QuickBooks there are 3 important questions you must address:

Is vendor set up as a 1099 vendor?
Did this vendor earn $600 or more in the tax year?
What expense categories do you wish to make eligible for 1099’s? QuickBooks selects 1099 eligible vendors by the first two, and then prints forms only if you have indicated expense categories to be considered in Box 7 on the 1099 form.

The first question is addressed when you properly set up the vendor profile
The second question is answered by virtue of the payments made to the vendor in the tax year…QuickBooks only picks up those who meet or exceed the $600 minimum.
The third question will be addressed when you set up preferences prior to printing 1099’s. It is a good idea to create a spreadsheet of 1099 vendors with their names and the expense categories you used throughout the year now so you will have that information handy when you run 1099’s in January. A good example of this need would be if you have several subs or service providers who are categorized to various expenses. For example: A home builder may categorize his subs according to their services in order to have a Profit & Loss that reflects how much he paid for Electrical subs, Framing subs, Installers, and so on. Additionally, he may have a computer consultant or software trainer who is eligible for a 1099. In QuickBooks, you will have to select all expense categories used for these vendors in order to print 1099’s and assure that you have picked up all vendor disbursements. If you have specific questions about this, please send me an email at info@quickbooksgal.com and I will be happy to go into more detail.
Print a trial run. It is a good idea to print a trial run of W-2’s and compare the totals to your payroll records. QuickBooks and Peachtree will alert you if you have incomplete information before allowing you to print forms, so this is a great way to double check and to preview forms onscreen.
I’m Jayne Miller. Join me next time to learn about the new features in Peachtree 2007.