Greetings The CPA911 Newsletter April 6, 2009 ------ > Contents < ------ Newsletter Changes QuickBooks Tips New Service From Intuit to Help Accounting Professionals Contact Info Subscription Info ------ > NEWSLETTER CHANGES < ------ Starting with this issue, we're changing the frequency of our newsletter to monthly (on the first Monday of each month) instead of every two weeks. Each issue will continue to provide lots of tips and news, and, by popular demand, we'll occasionally run our QuickBooks Puzzle where you can win a prize by solving the puzzle. We'll continue to send special newsletters in addition to the monthly newsletter to alert you about QuickBooks problems/bugs, or about fixes to problems. ------ > QuickBooks TIPS < ------ *** Sending a Customer's Payment to Another Vendor *** A reader wrote with the following question: "I did work for a customer, and referred other work for this customer to a colleague. We both sent invoices, but the customer sent me a check that included the amount due to both of us, asking me to forward the money due my colleague because she'd lost the invoice with his address. How do I record the amount my company is due and send the rest to the other person?" Go to Receive Payments and receive the amount due from the customer (ignoring, for the moment, the additional money). Be sure you send the payment to Undeposited Funds, not to a bank account. Then open the Make Deposits window, where the customer's payment is already listed. In the next blank line, record the overpayment using an Other Income account. Now your customer record is correct and the bank deposit is correct. Write a check (using Write Checks) to the other service provider, using the same Other Income account you used to deposit the money. (Technically, you should probably post the overpayment to a liability account, because it's money you're holding that isn't yours. However, if you're going to send the check immediately, it probably isn't worth creating a liability account for this purpose because you won't ever be able to get rid of it, since it's a balance sheet account.) *** Resending a Printed Check *** A reader had the following problem: "A vendor inadvertently destroyed a check I sent to him two months ago (it was in a pile of paper going through the shredder). The check was printed and sent in January and if I void it my January reports will change, and they've already been sent to the bank that holds my line of credit. How can I re-issue the check without changing anything in the reports?" Open the check and select the TO PRINT check box, and print it using the next check number. QuickBooks will just change the check number on that check; the date, amount, etc. stays the same. If you track the check numbers of voided check (so you don't have any missing check numbers), just create a check with the original number and void it. *** New Federal Tax Confusing? *** We've had quite a few e-mails from businesses that don't understand why last week's paychecks were so different from previous paychecks. For some hourly workers, there was no federal withholding at all. The new tax rates are due to the Recovery and Reinvestment Act of 2009, which changed withholding amounts for many employees. There are other changes in the new law, and you can read about them on the IRS website. ------ > New Service From Intuit to Help Accounting Professionals < ------ Intuit has launched a new service "Accountant Work Exchange", aimed at helping accounting and tax professionals grow their business by finding staff (if you're overwhelmed with work) or finding work (if you're looking for projects). The service lets users search by qualifications, expertise, geography, etc., and is limited to accounting and tax professionals. If you're interested in exploring the opportunities, you can post information (or just learn more about this new service) at http://workexchange.intuit.com. Accountant Work Exchange is free until April 15, 2009. ------ > CONTACT INFO < ------ Copyright 2009 CPA911. Comments or questions? Write to: editor@cpa911.com. Visit our web site: http://www.cpa911.com. ------ > SUBSCRIPTION INFO < ------ You can forward this newsletter to anyone, as long as you forward it in its entirety. If you received a forwarded copy, subscribe for yourself at http://www.cpa911.com/newsletter.asp.