REAL ESTATE MANAGERS, REAL ESTATE OWNERS & REALTORS

For Realtors QuickBooks is a viable solution to your business management needs.For realtors QuickBooks can track sales by sales person, create forms 1099-Misc and track income and expense by non-employee salesperson.QuickBooks can even track sales by geographic area, residential vs. commercial or by referral source.

Real estate managers and real estate owners of rental properties can benefit from QuickBooks ability to track income and expense by property (and/or property owner for real estate managers).By using the “Class” feature to identify a property and posting income and expenses properly QuickBooks can give the reports required.Below is a sample of the Profit & Loss Statement produced by QuickBooks.

Notice that the properties are reported individually and then totaled by owner. The real estate manager can even produce a Profit & Loss Statement for each owner with a breakdown by property (see below).

For the rental property owner who manages his own properties the Property Owner Classes would not be needed.

Get professional QuickBooks setup and reap the benefits.  To contact me click here.

FREE QUICKBOOKS CHECKUP

Are you frustrated with QuickBooks®?  Is your QuickBooks® file slow?  Get a free checkup to assess the health and condition of your QuickBooks® file by email or by phone.

Before contacting me you need to gather some information.  Open your QuickBooks® file and press F2.  The following screen will open.

Press the Ctrl and PrtScn keys on your keyboard.  Now open Microsoft Word.  Click on the blank document and press the Ctrl and V keys.  This will add the above screen display to your word document.  Save the document to your Desktop and add the file name "QuickBooks Checkup" and save the word document.

This is the only information that I will need to complete your free QuickBooks checkup.  Now email a copy of the document to me with your contact information or call to set up an appointment.

I will not use your contact information for any other purpose than the service described above.

Phone 302-540-0429
Email john@johnwessells.com

New from QuickBooks Premier - Balance Sheet by Class

One of the new features in QuickBooks Premier is the ability to print Balance Sheets by Class.  If you are tracking Income and Expenses by class you may want to think about preparing a Balance Sheet by Class.  Who would want to use this new feature?  Companies with more than one profit center, departments, store locations, and Real Estate owners or managers (track your Balance Sheet by property).  Below is a sample of a Balance Sheet by Class. 

If you would like to test anything with QuickBooks without endangering your company file - do the following.  When you purchased your QuickBooks and loaded the program you also loaded some sample companies.  To access these sample companies open your QuickBooks program and click on “File” in the upper left corner of your window and select “Close Company File”.

The screen that you now see has a list of company files that you have opened in the past.  Across the bottom portion are three boxes, click on the third box “Open Sample Company”.  Next pick one of the sample companies (you will be warned that this is a sample company and not to use it for your transactions).  Here you can do anything you want and not worry about messing up your company file.  When you are done “playing” simply click on “File” at the top left of your window, select “Open Previous Company” and select your company.

If you have already been using classes for your Income and Expenses then you have already turned on the preference to use Classes (go to “Edit” at the top of your screen and select “Preferences”, “Accounting”, “Company tab” and “Use Classes”).  Now when you enter “Bills” or “Deposits” be sure to use the “Class” field not only for Income and Expense accounts but also for Balance Sheet accounts.

Note:  If you have an ongoing business and have been using QuickBooks, you will need to identify the beginning balance of each Balance Sheet account by Class and create an adjustment to enter the detail.  And then edit each Balance Sheet transaction from the beginning of the year to present and add the class.  Get assistance from your QuickBooks advisor and/or accountant.

Contact me by e-mail john@johnwessells.com, by phone 302-540-0429 or visit my web site www.johnwessells.com.

2008 QuickBooks goes off in the Sunset

If you are currently using QuickBooks for Windows 2008, QuickBooks 2007 for Mac, see the information below. 

If you should need to upgrade go to  http://www.johnwessells.com/services.html  for Windows or Mac versions or if you are using an on-line version go to  http://www.johnwessells.com/QuickBooks--On-Line.html.

QuickBooks service discontinuation policy and upgrade information 

 Live technical support and add-on business services such as payroll, credit card processing, QuickBooks Email, and online banking were discontinued for QuickBooks for Windows 2008, QuickBooks 2007 for Mac, and a few other products as of May 31, 2011.
We are committed to developing easy, straightforward financial tools that help you today and grow with you tomorrow.  But it's a balancing act - making QuickBooks better and easier to use while still supporting older versions.  So we offer support for the current version of QuickBooks and the two previous versions.

This article explains what service discontinuation means to your business and provides information on upgrading to the latest version of QuickBooks. 
 
 
If you are using a product affected by service discontinuation and want to maintain access to live technical support and add-on services, you’ll need to upgrade to the latest version of QuickBooks as soon as possible. What service discontinuation means Products affected by service discontinuation as of May 31, 2011, are listed in the table below.  If you don’t make use of live technical support or any of our add-on services, and are happy with your current version of QuickBooks, you can continue to use it (not recommended).  

If you are using a product affected by service discontinuation and want to maintain access to live technical support and add-on services, you’ll need to upgrade to the latest version of QuickBooks as soon as possible. Fully supported products	Products for which services were discontinued on May 31, 2011
QuickBooks Pro and Premier (Windows) 2011, 2010, and 2009 QuickBooks Simple Start (Windows) 2010 and 2009	QuickBooks Pro, Premier and Simple Start 2008
QuickBooks Enterprise Solutions 11, 10, 9	QuickBooks Enterprise Solutions 8
QuickBooks for Mac 2011, 2010, 2009	QuickBooks for Mac 2007
Point of Sale 10, 9, 8	Point of Sale 7
Credit Card Processing Kit 2010, 2009	Credit Card Processing Kit version 3
Invoice Manager 2010, 2009	Invoice Manager 2008

As services to older versions are scheduled to be discontinued, we notify affected customers in advance by mail or email and through in-product notifications, such as this article.  Please keep an eye out for updates on our future plans as they become available.

We want to work with you to make sure that your upgrade experience is easy, fast, and as cost-effective as possible.  
 Upgrade as soon as possible to regain access to the following add-on services and live support. Click any service below to learn how it is affected by service discontinuation. QuickBooks Pro, Premier, and Simple Start 2008 and QuickBooks Enterprise Solutions 8

QuickBooks Payroll services
Credit Card Processing
Bill Pay
Billing Solution (formerly QuickBooks Online Billing)
Online Banking
QuickBooks Email
Third-party products
Enterprise Solutions Full Service Plan (FSP) Live technical support and Online Backup QuickBooks for Mac 2007 Online Banking Live technical support Credit Card Processing Kit version 3 Online Banking
Billing Solution Live technical support Invoice Manager 2008 Merchant Service
Billing Solution Live technical support Point of Sale 7.0 Live technical support Technical support plans—All QuickBooks productsSupport for installation, upgrades, error messages, and product defects
Active QuickBooks Care Protection Plan with automatic renewal
Live telephone support on a pay-per-use basis  Registration and downloads of older, non supported products  We make every effort to provide customer support for registration and licensing for older versions of QuickBooks under Intuit's standard terms and conditions, if that data is available.  Unfortunately, we cannot assure that we will be able to register, provide keycodes, or offer data and password recovery for older versions of QuickBooks.
Similarly, although we are not able to provide replacement CDs, disks, or manuals for unsupported versions of QuickBooks, we do provide

Upgrade considerations System requirements. Check the system requirements to learn whether your current system will support the latest version of QuickBooks:

• QuickBooks 2011 and Enterprise Solutions 11 system requirements
• QuickBooks for Mac 2011 system requirements

Difference between the 2008 and 2011 products. QuickBooks 2011 has new tools and features that give you faster access to the information you need and make your everyday tasks more efficient.  Find out what’s new since your version on the What's New page for QuickBooks 2011 for Windows or Mac.  You can also watch videos about QuickBooks 2011 and find out more about how it can help your business.  Visit the Intuit QuickBooks Channel on YouTube. 

Learning QuickBooks 2011.  You will notice a few changes in appearance, but the basic tasks and methods are still the same.  You can take advantage of the Learning Center Tutorials in QuickBooks 2011 to learn features that are new to you.

Company file conversion.  When you upgrade, you are prompted to convert your company file so it will work with your new product.  We take great precautions during this process to protect your data.  For example, QuickBooks verifies the integrity of your data file and helps you perform a backup before the upgrade process begins. 

Upgrade process and assistance.  After you complete your order for QuickBooks 2011, you will receive an email with a download link and instructions.  You can also refer to step-by-step instructions on the Install Center.  You can always call 866.676.9670 for help if you need assistance getting started.  Frequently Asked Questions about Installing QuickBooks may also be helpful. 

Time required.  In most cases, you can update QuickBooks and your company file in less than an hour.  The larger your company file, the longer it takes.  After you install QuickBooks 2011 or QuickBooks for Mac 2011, you will be prompted to register.download files back to QuickBooks 2005.
Affected services

Credit Repair Scams

People are being bombarded with credit repair claims on the radio, in newspapers, on TV, and the internet which tout:

      •      "Credit problems? No problem!"

·      "We can erase your bad credit-100% guaranteed."

·      "Create a new credit identity-legally."

·      "We can remove bankruptcies, judgments, liens, and bad loan from your credit file forever!"

All these claims are false. The only way to improve the credit report is through a conscientious effort and by repaying debt on a timely basis.

Warning signs of a scam credit repair scam include:

1.       The company requires the client to pay for  the credit repair  service before any services are provided.

2.        The company does not advise the client about their legal rights and how they can improve the report themselves.

3.       The company recommends that the client does not contact the company directly.

4.        The company suggests that the client get a new credit report by applying for an Employer Identification Number to use for credit submissions rather than a Social Security Number.

5.       The company advises the client to dispute all information in the credit report or take an illegal action such as creating a new credit identity.

Warning: An individual can be prosecuted for mail or wire fraud if they use the mail or telephone to apply for credit and provide false information. It's a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.

By law, credit repair organizations must give the client a copy of the "Consumer Credit File Rights under State and Federal Law" before any contract is signed. The contract must be in writing and spell out the client's rights and obligations. Credit repair companies are not allowed to:

1.       Make false claims about their services.

2.       Charge the client until they have completed the promised services.

3.       Perform any services until they have the client's signature on the contract and have completed a three-day waiting period. During this cooling off period, the client can cancel the contract without paying any fees.

The credit repair contract must specify:

1.       The total cost of the services

2.       A detailed description of the services performed

3.       How long it will take to achieve the results

4.       Any "guarantees" they offer

5.       The company's name and business address

Anyone with issues regarding credit repair scams should contact their local or state consumer protection agency, State Attorney General, or Better Business Bureau.

TO BUDGET OR NOT TO BUDGET…..THAT IS THE QUESTION

Growing up as one of four children, I came to realize that my parents were able to provide for all of us even though our family was not the richest in the land.  They  had lived through the Great Depression, and had learned how to stretch a dollar.  I don’t know which one of them had devised the family budget, but it was simple and it worked.  My Mother had ten to twelve #10 envelopes in the top china closet drawer.  Each was clearly labeled.

1.      Mortgage

2.      Electric/Utilities

3.      Insurance

4.      Groceries

And so on.  Below the label was the monthly estimated expense or payment.  Below that was the amount needed each week to reach the monthly total.  At the end of each week the net pay received was divided up among the envelopes.  

While in college (studying accounting) I learned that businesses also needed to know how to create a budget.  Somehow over the years people have forgotten the importance of personal and business budgets (or ignored the need because times were good).  Now we are in the throws of the worst recession since the Great Depression that my parents had guided our family through.  I can’t help but wonder how much better off all of us would be now if so many people had not thrown caution to the winds when buying homes that they could ill afford.  If these people had only setup a budget and adhered to it, how many would still own their over sized homes.

It is time for communities and businesses to join forces to teach anyone willing to learn (the easy way) how to setup and manage a budget.  We need knowledgeable volunteers willing to give up a few hours a week to teach.  And those who cannot teach help purchase supplies so that others may learn.  Help your employees learn to budget and they will thank you.  You can help relieve the stress that your employees are experiencing due to money woes.

Also, business owners need to put aside their pride (or arrogance) and learn how to budget and compare that with actual results.  I can’t tell you how many times a business owner has told me over the years “I know how my business is doing by how much money I have left over”.  Only to ask “What happened”?  By not listening to their advisers, they spelled their doom.

Quicken (for individuals), QuickBooks Pro, QuickBooks Premier and Enterprise Solutions (for your busness) are all capable of producing budgets.  There are no excuses for not having a budget for home or business.

So the answer is “TO BUDGET”.  Now get to it!

INTERNET NETWORKING IS KING OF THE HILL…..OR IS IT!

You can effectively use Twitter, Facebook, LinkedIn or any of the other internet networking sites to promote your business.  And can quickly amass a large army of contacts using the internet.  These contacts come from all over the world to connect with you.  And the great advantage is that none of them can tell you from the big boys.  But, are you connecting with "Peggy" or someone who can help you?

However, I have found that face to face networking is still more effective.  There is no replacement on the internet for a firm hand shake and eye to eye contact. 

 You can form a bond with someone when you get to know them.  And you can only get to know someone when you are able to speak with them face to face.  Join your local Chamber of Commerce.  Look and listen for other groups that meet regularly.  Some are relatively inexpensive.  You can find them if you are looking for them.  Use the internet networking sites to find groups.  Or form your own group and Tweet about in on the internet.

I feel that using both internet and face to face networking is the key to successful networking.  Invite a Twitter, Facebook or LinkedIn contact to a lunch meeting.  Turn your contacts into (unpaid) additional sales force.  Pick and choose carefully which contacts that you want to meet face to face.  Ask yourself:

1.      Is this person in the geographic area that you want to promote your business?

2.      Is this person well respected (a good or bad reputation is important)?

3.      Will you be able to promote his/her business?

4.      Should you offer a commission or reward for referrals that become clients?

So, if internet networking is the “King” face to face is the “Queen” of networking.  Together the “King” and “Queen” can help you rule the world of your business.  Build an army of contacts that know you.

In closing remember our heros.  Who ever they may be and where ever they may be.

Free Credit Report?

In August 2005, the Federal Trade Commission announced that it had settled with Consumerinfo.com, Inc..  The FTC charged that the company had deceptively marketed free credit reports in violation of federal law.  According to the FTC complaint, Consumer info, which does business as Experian Consumer Direct, drove consumers to their www.freecreditreport.com and www.consumerinfo.com websites using deceptive radio, television, email, and Internet ads that promised free credit reports' and a bonus-free trial of a credit-monitoring service.  The ads made claims such as: FREE credit report online in seconds!!!

The site failed to adequately disclose that the consumer would be charged $79.95 if they didn't cancel the service within 30 days.  Many consumers thought that the company was requesting a credit card number only to verify their identity for purposes of accessing the credit file.  As part of the settlement, Comsumerinfo was required to pay reparations to deceived consumers and refrain from deceptive and misleading claims about "free" offers.  In addition, the settlement required the Company to pay $950,000 in ill-gotten gains.

As a side note, the website www.freecreditreport.com is still heavily advertised.  Don't get caught with your pants down. 

You should know that the only mandated free credit report site is www.annualcreditreport.com.  Other sites that claim to offer free credit reports are often subscription services with a "free trial period."  

Note: While these credit reports are free, the report is an individual report from the requested agency.  A combined report from all three credit bureaus or a free joint report with a spouse is not available. Accordingly, a married couple will need to request six credit reports to obtain their complete credit report information without a fee.

Whenever something is FREE take a close look before you leap.

DOES A SMALL BUSINESS NEED POLICIES AND PROCEEDURES?

The simple answer is YES.

POLICIES are similar to laws.  They are a directive announcing what should and should not be done.

PROCEEDURES are the how to instructions to follow when complying with a policy.  They give direction or point the way.

Policies and Procedures can apply to how to do a specific job, employee behavior employee relations, or the office environment.  Here are two examples:

WHAT TO DO WHEN YOUR QUICKBOOKS FILE IS RUNNING SLOW.

Your Wake Up Call.

HELP MAKING A BUSINESS PLAN

If you are a new business you need a business plan to give you direction and let others know what you are doing, when you plan to start and how you plan to reach your goals.  If you have been in business for some time a business plan can be used to forcast the effects of new product lines or the elimination of one.

CAN YOU AFFORD A MANAGEMENT TEAM?

Thursday, March 24, 2011

CAN YOU AFFORD A MANAGEMENT TEAM?

All of the large companies on the stock exchanges have a Board of Directors and skilled professionals on retainer to help with the business decisions that manage the company.  Small business people can’t afford this luxury.