Express vs Custom Installation for Quickbooks Desktop: What’s the Difference?

Unless you plan on using a third-party hosting service, you’ll have to install Quickbooks Desktop on your computer. There are third-party service providers that can provide you with access to Quickbooks Desktop. You can sign up for their service, after which you can access Quickbooks Desktop over the internet. Without this service, though, you’ll have to install Quickbooks Desktop locally on your computer.

When installing Quickbooks Desktop on your computer, however, you’ll have two options: express and custom. Both express and custom installation will place the necessary files on your computer so that you can run Quickbooks Desktop. With that said, express and custom installation aren’t the same. They are designed for different purposes and require different steps to perform. What’s the difference between express and custom installation exactly?

What Is Express Installation?

Express installation is exactly what it sounds like: It’s the fastest way to install Quickbooks Desktop. Intuit recommends express installation when installing Quickbooks Desktop for the first time, reinstalling Quickbooks Desktop, or when moving Quickbooks Desktop to a new computer.

When installing Quickbooks Desktop, you should see an option for “Express.” For Express Installation, click this option and select “Next,” followed by “Install.” The accounting software will then install itself on your computer. Once the installation is complete, you can select “Open Quickbooks” to launch the accounting software. Express installation is the fastest, as well as easiest, way to install Quickbooks Desktop.

What Is Custom Installation?

Custom installation, on the other hand, allows you to choose specific options when installing Quickbooks Desktop. It requires a bit more work, and it takes longer than the express installation. Intuit recommends custom installation when hosting company files on a server or when using a multi-user network.

To perform a custom installation, choose “Custom and Network Options” during the installation process. You can then select the option that best describes how you intend to use Quickbooks Desktop.

Unlike with express installation, custom installation allows you to choose where the Quickbooks Desktop files are installed. This is done by selecting “Change the install location.” With this option, you can select the directory on your computer’s storage drive where the files will be installed. Custom installation allows for a higher level of customization than express installation. The downside is that it takes longer and requires a bit more work.

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What Are Centers in Quickbooks Desktop?

Quickbooks Desktop has become one of the most popular accounting solutions for businesses. It’s the locally installed version of Intuit’s signature accounting software. Intuit offers Quickbooks Online and Quickbooks Desktop. The former is cloud based, whereas the latter is locally installed. When using Quickbooks Desktop, though, you may encounter Centers. What are Centers in Quickbooks Desktop exactly, and how do you use them?

The Basics of Centers

Centers are portals for specific types of information in Quickbooks Desktop. There are three specific Centers available in Quickbooks Desktop. They consist of the Customers Center, the Vendors Center and the Employees Center.

You won’t find Centers in Quickbooks Online. Rather, this feature is exclusive to Quickbooks Desktop. Centers are designed to help business owners, as well as accounts, access information in Quickbooks Desktop more quickly.

How to Use Centers

By using Centers, you can access information more quickly. You won’t have to click or navigate through a bunch of links. Instead, you can pull up the Center for the information that you are trying to access. To access information about your business’s customers, for example, you can pull up the Customers Center. To access information about your business’s employees, on the other hand, you can pull up the Employees Center.

Using Centers is pretty straightforward. Just pull up the Center for the information that you are trying to access. As previously mentioned, there’s a Center for Customers, Vendors and Employees, each of which contains information about the respective group of users.

When you pull up a Center, you’ll see a list of names in the right-hand column. These are the names of the users added to the Center. For the Customers Center, you’ll see a list of all of your business’s customers in the right-hand column. Selecting a name and clicking the “Transactions” tab at the top will reveal all of the transactions for that user. You can also edit the user’s information in the top-right corner. If the user’s information is wrong or outdated, clicking the pencil icon will allow you to edit it.

In Conclusion

Quickbooks Desktop is loaded with features that can streamline your accounting efforts. One of these features is Centers. There are three Centers in Quickbooks. You can use Centers to quickly view, as well as edit, information about your business’s customers, vendors and employees.

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The Beginner’s Guide to Operating Costs in Accounting

Operating costs are an essential part of accounting. In the world of business, you have to spend money to make money. Regardless of what your business sells — physical products, digital products, services, etc. — it will incur costs. Failure to track your business’s operating costs may result in decreased cash flow and lower profit margins. Alternatively, your business may fail to turn a profit if it has high operating costs. What are operating costs exactly, and how do you lower them?

What Are Operating Costs?

Also known as operational costs, operating costs encompass all ongoing and expected expenses associated with a business’s operations. Most businesses don’t have a single operating cost. Rather, they have multiple operating costs. Common types of operating costs include rental payments, insurance, product inventory, advertising, utilities and payroll. All of these costs occur on a regular basis. Therefore, they are considered operating costs.

You can calculate your business’s operating costs by adding up its cost of goods sold to its operating expenses. This simple formula will reveal your business’s operating costs. Alternatively, you can use accounting software to calculate your business’s operating costs. Regardless, you can’t ignore operating costs. Operating costs is an essential part of accounting, as it reveals how much your business spends to perform its daily operations.

Operating Costs vs Non-Operating Costs

Operating costs aren’t the same as non-operating costs. Non-operating costs involve expenses that aren’t directly associated with a business’s operations. One of the most common types of non-operating costs is interest fees. If your business has a line of credit or a loan, it will likely incur interest fees. Interest fees allow lenders to make money from loans and lines of credit. When paying interest fees, your business will incur non-operating costs.

How to Lower Your Business’s Operating Costs

There are several things you can do to lower your business’s operating costs. Shopping around, for instance, may offer cost-savings benefits in the form of lower operating costs. If your business has an insurance plan, try contacting several other insurance providers to inquire about a quote. Another provider may offer the same level of coverage at a lower cost. You can also negotiate bulk discounts with vendors. If you order products from vendors, for example, see if they are willing to offer your business a discount on bulk purchases.

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How to Apply Early Payment Discounts in Quickbooks

Want to encourage more customers to make early payments? If so, you should consider offering them a discount. You can reward customers who make early payments with a discount. Discounts will incentivize customers to make early payments. In Quickbooks Desktop, you can apply early payment discounts such as this in just a few simple steps.

The Basics of Early Payment Discounts

An early payment discount is exactly what it sounds like: It’s a discount that’s given to customers who pay their invoice before the specified deadline. When you send an invoice to a customer, he or she won’t have to pay immediately. Invoices allow customers to pay by a specific date. With early payment discounts, you can reward customers who satisfy their invoices by paying before this date.

Step #1) Pull Up the Customer’s Payment

To apply an early payment discount to a customer in Quickbooks Desktop, you’ll need to pull up his or her payment information. You can find this information by clicking “Customers,” followed by “Receive payments.” You should then see a “Receive Payments” window. In this window, enter the customer’s payment.

Step #2) Choose ‘Discount Info’

Once you’ve entered the customer’s payment, choose “Discount Info.” This option will automatically apply a discount to the customer’s payment. Keep in mind that Quickbooks Desktop automatically applies early payment discounts based on the payment terms and the date on which the customer made the payment. The sooner a customer pays his or her invoice, the higher the discount will be. With that said, you can customize the discount amount. Maybe you want to increase the discount amount, or perhaps you want to decrease it. You can specify the exact amount of the discount in the appropriate field.

Step #3) Choose the Tracking Account

While optional, you may want to track early payment discounts. Quickbooks Desktop supports tracking via custom account names. You can create a custom account that’s designed specifically for early payment discounts. When applying an early payment discount, you can then select this tracking account. All of the early payment discounts assigned to this account will then be curated. You can access the account to view the early payment discounts. Quickbooks doesn’t require the use of a tracking account. You can apply early payment discounts without a tracking account. Nonetheless, using one will result in cleaner records by organizing all of your early payment discounts.

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What Is Unearned Revenue in Accounting?

When researching accounting-related terms, you may come across unearned revenue. Revenue is the money that businesses generate from selling their respective goods or services. All businesses generate revenue. With that said, revenue may be considered unearned depending on whether the purchased goods or services have been delivered to the customer.

The Basics of Unearned Revenue

What is unearned revenue exactly? The term “unearned revenue” refers to revenue generated from the sale of goods or services that haven’t been delivered to the customer. A customer may pay for a product or service upfront. Construction services, for instance, often require customers to pay for at least some of the total cost upfront. Earned revenue consists of prepaid revenue such as this. Revenue is simply classified as unearned if the purchase product or service hasn’t been delivered to the customer.

Unearned vs Earned Revenue: What’s the Difference?

Unearned revenue isn’t the same as earned revenue. Also known as accrued revenue, earned revenue is revenue from the sale of goods or services that have been delivered to the customer. In comparison, unearned revenue involves the sale of goods or services that haven’t been delivered to the customer.

Some businesses only generate earned revenue. Local retail stores typically fall under this category. Most local retail stores will transfer their products to their customers at the time of the payment. When a customer pays for a product, the local retail store will exchange the product for money. As a result, local retail stores don’t generate unearned revenue; they only generate earned revenue.

Tips on Recording Unearned Revenue

If your business generates unearned revenue, you’ll need to record it. Both types of revenue need to be recorded. You can record unearned revenue in several ways. One of the easiest ways is to add a credit to one account and a debit to another account. This method is known as double-entry bookkeeping.

You can create a new account specifically for unearned revenue. Upon generating unearned revenue, add a credit for the amount of the unearned revenue to this new account. You can then add a debit to a separate cash account. With double-entry bookkeeping, recording unearned revenue is a breeze. You just need to add a credit to one account and a debit to the other account.

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When to Use Adjusting Journal Entries in Quickbooks

Not all journal entries are the same. In Quickbooks, you can create journal entries that change the balance of a given account. Known as adjusting journal entries, they’ll directly change the balance of the account for which they are created. When should you use adjusting journal entries exactly? Below are several common instances in which journal entries can prove useful.

Record Bank Fees

You may want to use adjusting journal entries to record fees. Banks charge fees for different reasons. You may incur an overdraft penalty fee, for instance, if you attempt to pay for a product or service without a sufficient amount of money in your bank account. Whether it’s an overdraft penalty fee or any other fee, though, you can record them with adjusting journal entries. Creating an adjusting journal entry for a bank fee will change the account to the appropriate amount.

Record Credit Card Interest

In addition to bank fees, you can use adjusting journal entries to record credit card interest. Nearly all credit cards charge interest on the unpaid balance. You can avoid this interest by paying off your credit cards at the end of each month. Of course, most business owners and consumers will carry at least some balance on their credit cards. For business-related credit card interest, you may want to use adjusting journal entries. Adjusting journal entries will allow you to record both bank fees and credit card interest fees.

Record Deprecation Expenses

You can use adjusting journal entries to record deprecation expenses. Fixed assets lost their value over time. Just because you pay a specific amount of money for an asset doesn’t necessarily mean that it will hold that value indefinitely. Most fixed assets will gradually lose their value. It’s a process known as deprecation. With adjusting journal entries, you can record expenses associated with asset deprecation such as this.

How to Create Adjusting Journal Entries in Quickbooks

You can find create adjusting journal entries by using Quickbooks Online Accountant. From the “Go to Quickbooks” menu, choose your business and select the “+ New” option. You can then choose “Journal entry,” followed by ticking the box for “Is Adjusting Journal Entry?”

On the next screen, you can enter the information for the adjusting journal entry. Clicking “Save and close” will then add the adjusting journal entry while automatically updating the account with which it’s used.

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How to Change a Recurring Payment in Quickbooks

Does your business sell subscription-based products or services? If so, you may have recurring payments. Recurring payments are common with subscription-based products and services. They consist of regular payments that are automatically deducted from customers’ accounts.

While recurring payments are automated, you can still change certain information about them. Quickbooks Desktop makes it easy to change recurring payments. To learn more about recurring payments, including how to change them in Quickbooks Desktop, keep reading.

What Is a Recurring Payment?

As previously mentioned, a recurring payment is a series of automated payments that’s dedicated from a customer’s account automatically. When a customer subscribes to a product or service, he or she will typically agree to make regular payments over a given period. The subscription may consist of monthly payments, or it may consist of annual payments. Regardless, recurring payments are deducted automatically from the customer’s account. When the billing date rolls around, money will be transferred from the customer’s account to your business’s bank account.

Steps to Change a Recurring Payment in Quickbooks Desktop

How do you change a recurring payment in Quickbooks Desktop exactly? When logged in to Quickbooks Desktop, visit the Online Service Center and choose “Processing Tools,” followed by “Manage Recurring Payments.” You can manage all of your business’s recurring payments in this section.

Maybe you want to change the frequency of the recurring payment, or perhaps you want to change the customer’s name or billing address. Regardless, you can modify information such as this from the “Manage Recurring Payments” section. Just click the customer’s current name, at which point Quickbooks Desktop will reveal several customizable fields. Go through these fields until you find the information that you want to change. You can then click the “Edit” button to customize the field with new information.

Keep in mind that when you change the terms of a recurring payment, you’ll need to obtain reauthorization from the respective customer. Increasing the amount of a recurring payment, for instance, will require authorization from the customer. Regardless, you can easily change a recurring payment in Quickbooks Desktop. You just need to find the customer in the “Manage Recurring Payments” section and edit the appropriate field or fields. Depending on the type of information that you change, the customer may have to authorize the change.

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Quickbooks Online and Web Browser Cookies: What You Should Know

Quickbooks Online has become one of the most popular accounting solutions. It’s a cloud-based software service that you can use to manage your business’s finances. As a cloud-based software service, though, Quickbooks Online uses web browser cookies. It will store certain types of data in these temporary files. To learn more about Quickbooks Online and how it uses web browser cookies, keep reading.

What Are Web Browser Cookies?

Also known simply as cookies, web browser cookies are files that are designed to store data for a specific website or web page. They are typically created automatically. When you visit a website, the site may create one or more cookies while simultaneously sending those files to your web browser. Your web browser will then store the cookie or cookies.

Why Quickbooks Online Uses Web Browser Cookies

According to Intuit, web browser cookies allow Quickbooks Online to run faster. Quickbooks Online is a cloud-based software service. In other words, it’s accessed over the internet. And just like other websites, Quickbooks Online creates web browser cookies. It will store data about your account in these files, allowing for improved usability.

Problems can occur with web browser cookies, however. Normally, you’ll only have to sign in to your Quickbooks Online account a single time. Cookie-related problems, though, may require you to sign in multiple times. After entering your username and password, Quickbooks Online may ask you to sign in again. Alternatively, you may struggle to access specific features in Quickbooks Online if there are problems with your web browser cookies.

How to Fix Cookie-Related Problems

Fortunately, you can easily fix cookie-related problems. Whether you’re forced to sign in to your Quickbooks Online multiple times, or if you’re unable to access specific features, you can delete your web browser cookies to fix problems such as these.

When you delete your web browser cookies, you’ll lose certain types of data related to your Quickbooks Online account. Don’t worry, though. You won’t lose any important data. The data will typically consist of personalization settings as well as your login credentials. You can delete these cookies from your web browser’s settings menu. Different web browsers have different settings menu. Nonetheless, they all allow you to delete cookies. After deleting your web browser cookies, restart your web browser and log back in to Quickbooks Online.

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Certified Financial Planner (CFP) vs Certified Public Accountant (CPA): What’s the Difference?

Many business owners assume that Certified Financial Planners (CFPs) and Certified Public Accounts (CPAs) are the same. When they need assistance recording and tracking transactions, business owners may use the services of a CFP or CPA. CFPs and CPAs offer their services to business owners. While both CFPs and CPAs focus on financial services, though, they aren’t the same. What’s the difference between a CFP and CPA exactly?

What Is a CFP?

A CFP is a professional financial advisor who offers strategic advice on how to budget, pay down debt, invest and manage assets. As their name suggests, their goal is to help clients “plan” their finances. CFPs are financial planners. Their clients can consist of business owners as well as consumers. Business owners and consumers who need help planning their finances may partner with a CFP.

What Is a CPA?

A CPA, on the other hand, is a professional accountant. CPAs are typically regulated by the state in which they practice. To work as a CPA, for instance, individuals must obtain a license from their respective state’s regulatory board. CPAs perform accounting tasks on behalf of their clients. Some of the accounting tasks performed by CPAs include tax preparation, expense and revenue tracking, generation of financial statements and consulting. CPAs offer their services primarily to business owners, but some consumers may use their services as well.

Differences Between a CFP and CPA

CFPs and CPAs aren’t the same. CFPs offer financial planning services, whereas CPAs offer accounting services. As a business owner, you can partner with either of them. When choosing between a CFP and CPA, though, you must consider your business’s needs.

If you need help tracking your business’s expenses and revenue — or help preparing your business’s taxes — you should typically partner with a CPA. CPAs specialize in accounting. Taxes, of course, are an essential part of accounting. A CPA can provide accounting services for your business to ensure all its expenses and revenue are properly tracked.

A CFP is a better choice if your business needs help planning its financial strategy. If your business is struggling with poor cash flow, for instance, you may want to partner with a CFP. CFPs can provide consultation services that allow you to pay down your business’s debt and, ultimately, increase your business’s cash flow.

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How to Upload Receipts to Quickbooks

Accounting requires the use of receipts. When you purchase products or services from vendors, you’ll probably receive a receipt revealing the transaction. Vendor transactions such as this are expenses. Therefore, you can use receipts to track your business’s expenses for accounting purposes. If you use Quickbooks, though, you might be wondering how to upload receipts to your account. Quickbooks offers several solutions for uploading receipts, which you find listed below.

Upload Receipts From Your Computer

You can upload receipts directly from your computer. Whether it’s a digital receipt — such as a receipt emailed to you from a vendor — or a scanned copy of a paper receipt, you can upload it to your Quickbooks account from your computer. In Quickbooks Online, click the “Transactions” menu and select “Receipt.” You should then see an option for “Upload from computer.” Selecting this option will allow you to choose the receipt on your computer so that it uploads to your Quickbooks account.

Upload From Google Drive

Quickbooks Online supports receipts from Google Drive. You may want to store your business’s receipts in Google Drive rather than your computer. Google Drive is simply a cloud storage platform. By using it, you won’t have to consume storage space on your computer. To upload receipts from Google Drive, go back to the “Transactions” menu and select “Receipt.” Rather than choosing “Upload from computer,” though you’ll need to choose “Upload from Google Drive.” You can then choose the receipt from your Google Drive, which will be automatically uploaded to your Quickbooks account.

Upload From a Smartphone

Another option is to upload a receipt from your smartphone. Regardless of what type of smartphone you own, it probably has a built-in camera. You can use this camera to take a picture of a receipt, after which you can upload the photo to your Quickbooks account.

To upload a receipt from your smartphone, you’ll need the Quickbooks Online mobile app. It’s available free to download for Android and Apple devices. Once downloaded, open the Quickbooks mobile app and tap the menu icon, followed by “Receipt snap.” You can then take a photo of the receipt, followed by choosing “Use this photo.” The photo will be uploaded to the app, which will transfer it to your Quickbooks account for accounting purposes.

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