Allday Consulting's Peachtree and QuickBooks Support Boards

Hello,

I started my Company Profile back in 2005 When I used QB Pro Mac 2005. Now I've upgraded to the 2007 version with a vow to start using QB as it was intended, not just for invoicing and receiving payments, as I had been. I have been using excel for the rest of my record keeping.

I have several questions:
1- Since it's November, should I wait until 1-1-08 to start fresh?
2-Should I create a new company file?
3-My clients pay me on a retainer, so, for instance, November 1 they paid me for the whole month of November. How do I receive that in?
4-I don't have a biz checking a/c, I use my personal. This is making it a nightmare in QB. Any advice?

Your help is appreciated ))

merrickmgt wrote:Hello,

I started my Company Profile back in 2005 When I used QB Pro Mac 2005. Now I've upgraded to the 2007 version with a vow to start using QB as it was intended, not just for invoicing and receiving payments, as I had been. I have been using excel for the rest of my record keeping.

I have several questions:
1- Since it's November, should I wait until 1-1-08 to start fresh?
2-Should I create a new company file?
3-My clients pay me on a retainer, so, for instance, November 1 they paid me for the whole month of November. How do I receive that in?
4-I don't have a biz checking a/c, I use my personal. This is making it a nightmare in QB. Any advice?

Your help is appreciated ))

1 - Yes. That is probably a good idea, both for tax purposes (so you don't "cross" year divisions) and for simplicity's sake.

2 - Up to you. If you choose to do so, remember to copy-in your current outstanding balances. It might be wise to consult with a CPA/bookkeeper about this.

3 - That's kind of an "ask your accountant" question, which is outside the scope of these boards, I'm afraid. Note that, within QB, you can Receive a Payment that does not yet have an Invoice to be applied to. It will show up as a credit on your Customer's account. Whether you really *should* do that on a regular basis (under GAAP principles) is an accounting question.

4 - It might be wise to set up a second account, both at the bank and in QB. Again, this might be a question to ask your accountant, especially as something like this could affect (or be affected by) your tax setup/which forms you file, etc.