“7 Tips to QuickBooks Success!”
Jim Merritt – President and CEO of QuickTrainer Inc. explained tips and tricks for getting the most out of QuickBooks Financial Software. And…how business owners can make informed decisions by looking at key reports found in QuickBooks. QuickTrainer Inc. specializes in QuickBooks classes, one-on-one training, bookkeeping and Point of Sale.

“Succeed on Your Own Terms by Learning to Stretch Your Money”
Jackie Reynolds - SunTrust V.P. and Bank Manager, specializes in helping business owners manage growth, leverage their time and maximize their profits. Jackie offered three keys to business owner success:

1. Measure, manage, and forecast cash: Make a plan (30, 60 and 90 days ahead), take advantage of simple tools and learn to optimize your cash.

2. Extract additional investment capital: offer an incentive for early-pay to your customers, ask for payment options and discounts from your vendors, invest your spare cash and share your resources to reduce capital expenses.

3. Create a capital plan before you need it: Plan ahead by establishing lines of credit when times are good and cash is flowing well, include your banker as an extension of your team and…ask for referrals from everyone!

“10 Biggest Sales & Marketing Mistakes…and How to Avoid Them!”
Reggie Shropshire – ActionCOACH BusinessCOACH discussed marketing “do’s and don’ts”. Reggie challenged attendees to defy the odds of small business by avoiding the most common mistakes. Several tips included learning how to become a marketing genius, how to create a niche, how to write ads that sell, and the first step in building a marketing campaign.

Jim Merritt, Owner, QuickTrainer Inc.
910-338-0488
jim.merritt@quicktrainer.biz
www.quicktrainer.biz

Reggie Shropshire, ActionCOACH BusinessCOACH
910-796-6734
reggieshropshire@actioncoach.com
www.coachreggiewilmington.com

Jackie Reynolds, SunTrust V.P and Bank Manager (Ogden)
910-686-1017
7081 Market St Wilmington, NC 28411
jackie.reynolds@suntrust.com
www.suntrust.com

I’m often asked, “What is the best manner to convert my COA to the one used by QuickTrainer?” Along these same lines, I’m often asked, “How can I use the QuickTrainer COA when I setup my new QuickBooks file?” The answer to each of these two questions deserves two separate responses.

Converting your COA to our format requires numerous steps. Though the steps required are not difficult, it might be said this action is for the more experienced user. The steps I follow when conducting this conversion are as follows:

1.     Make a backup of your QuickBooks data. Making a backup of your QuickBooks data should ALWAYS be a standard operating procedure anytime you are making drastic changes to your data.

2.     Delete every account which QuickBooks will allow you to delete. NOTE: QuickBooks will NOT allow an account to be deleted if the account is tied to ANY transaction or is associated with ANY Item within QuickBooks. Therefore, this action is completely safe. To determine if an account can be deleted, highlight an account and then, while holding down the “ctrl” key, press the letter “d” (this sequence of keystrokes is a standard QuickBooks keyboard shortcut and is also known as Ctrl +A). Again, perform this action on every account.

3.     Next, make sure QuickBooks is configured to include account numbers. To check this preference setting, click on “Edit”, “Preferences”. Then click on “Accounting” and then “Company Preferences”. On this screen you will see the option “Use account numbers”. Make sure this box is checked. Then click “Ok”. NOTE: You must be logged in as the Admin in QuickBooks to perform this action.

4.     From here, beginning at the top of the accounts, edit each account while assigning each account the proper name and number. For a list of the proper names and numbers, click here http://www.quicktrainer.biz/coa.pdf  to download a PDF file of the Chart of Accounts used by QuickTrainer. I personally find the above method works well on the asset, liability, equity, income and cost of goods accounts. However, once you encounter the expense type accounts, I recommend changing the approach slightly. The reason is you are likely to encounter numbers already in use by other accounts.

5.     To remedy this, I suggest editing each expense type account and removing the numbers associated with each of these accounts. Next, begin assigning the proper numbers to the existing accounts.

6.     At this point, you should have the proper account number and name for each of your existing accounts. However, you are likely missing some very useful accounts. To remedy this, continue to the next step.

7.     Right click here http://www.quicktrainer.biz/coa.iif and select “Save Target As” to download QuickTrainer’s COA.IIF file. This is a file comprised of the majority of the accounts found in QuickTrainer’s standard COA. Download this file to your desktop. Next, open this file using Excel. When opening in Excel accept the default messages and the file will open without issue.

8.     Now here’s the trick. In order to eventually be successful with the importing of the missing accounts, you need to rid the COA.IIF file of all accounts which already exist in your QuickBooks file. Otherwise, each time an import is attempted the import process will come to a halt when it encounters a duplicate name or number. To solve this, print a list of your existing COA.

9.     To print this list, click on “Reports”, “List”, “Account Listing”. The only columns you should keep are “Account”, “Type” and “Account Number”. Now, print your list.

10.   Comparing the COA.IIF file opened in Excel to your printed list, remove all rows from Excel found on your printed list. Once done, from within Excel, click on “Save”. Click “Yes” when prompted to save. Then, close Excel. When prompted with “Do you want to save the changes you made to COA.IIF”, select “NO”.

11.   You are now ready to import your COA.IIF file into QuickBooks.

To do so, from within QuickBooks, go to “File”, “Utilities”, “Import”, “IIF Files…” Navigate to the location where you stored your IIF file (Desktop, if you followed the directions above). Select your file and choose “Open”. If all goes well, your accounts within the COA.IIF file will be imported. If, by chance, you left an already existing account in the COA.IIF file, you will receive an error on line “x”, where “x” is the number of the line within Excel. In this case, re-open the COA.IIF file, and delete the subject offending row PLUS all rows above the offending line, with the exception of the very first row (which is the header row).

The best way to setup a new QuickBooks file which includes the QuickTrainer Chart of Accounts is to simply email us at info@quicktrainer.biz. While it is very possible to import the COA.IIF file described above, in its entirety, the more simple approach is to email us and we will email you back a QuickBooks portable file which already contains the subject COA. Think of this file as a blank canvas, with which you can simply restore, giving it the file name of your choice and begin working with.

I was inspired today by my experience in watching Jim solve a sales tax issue for a client.  For approximately two hours I observed as Jim patiently and expertly found a solution for what turned out to be a very complicated mess! After careful analysis of all the potential problems, he began trying different options to fix them. It took a lot of trial and error to get this straightened out!! He reassured our client that during the time it took him to analyze the issues and devise a plan, they were not being charged for his time.

There were several things that really impressed me about watching Jim work. One thing was just the high level of experience and skill that Jim possesses! Another thing is the way that he happily relieved his client of the “learning curve time”. All of that, to me, is impressive; but what I really feel like expressing is what inspired me about the experience.

I was inspired by the fact that Jim kept at it until the problem was solved. In other words, he persevered! He made lots of attempts that didn’t work out. He simply went back to the beginning and started over until he was satisfied with the results. Many people - probably even most people, would have become frustrated and possibly even given up. I have been inspired to strive for this patience and “controlled stubbornness”  when I approach problems in the future.

While Jim was working he mentioned that if he wasn’t able to find a solution, he would contact his mentor for advice. I don’t know if Jim is aware of this, but that is what he has become to me - not just my employer, but my mentor.

We are in a growth mode and are in need of a professional Relationship Builder resource to help take our business to the next level.

We need a go-getter; someone who can work independently without a lot of supervision; a person who can produce results. Other characteristics we are seeking include: honesty and high moral values, a good listener, energetic & enthusiastic, even-tempered, helpful, loyal, charming, and one loves interacting with people on the phone or face-to-face.

The duties of this position will include: interaction with prospective clients and existing clients via telephone, email and in person. You will need to conduct some of your own prospecting, but we will also provide you with leads. Additional duties will include attending local networking functions and calling on local small businesses.

Necessary skills for this position include strong relational skills, computer skills and strong verbal communication skills as you will spend a lot of time corresponding with prospective clients.

This position is commission based with residual commissions. If you don’t mind working, this should not intimidate the right person. In fact, it should inspire the right person, as QuickTrainer offers an extremely rewarding commission plan. If you can produce, you can reasonably expect to earn $40 – $50K your first year, and continue to grow this number each subsequent year.

If you believe you are an excellent candidate for this position, please call (910) 338-0488 x4.

If you believe you know someone that may be an excellent candidate for this position, please forward this message to them.

Click to learn more about http://www.quicktrainer.biz/.

On this evening, two other women were there. One, Arlene, I’ve scrapped with several times. She’s a very sweet, giving woman.

The other woman, was Paige (on the right-Judy’s on the left). This was the first time I had scrapped with Paige. She was very sweet too.

The topic of what we do always tends to come up in conversation. So, I always have the opportunity to tell others that I am a QuickBooks consultant/bookkeeper. When Paige heard this she got all excited! You see, her husband has his own small business, puts in a lot of hours and uses QuickBooks to keep up with his financials. She, like most wives, would love to be able to spend more time with her husband.

So, Paige and I had a discussion about how we, QuickTrainer, could help her get more time with her husband. She went right home and started talking us up. I’ll be hearing from Paige soon.

This scrapbooking hobby of mine is sometimes expensive, but you know what? I’m making good contacts. As a matter of fact, I met one of our current bookkeeping clients, Proficient Learning, there. Pam, co-owner of Proficient is a fellow scrapbooker.

So, we never know where we’ll find a new QuickBooks client.

Business Is Good

The workshop was well attended by local business owners, or in some cases, persons wishing to start a business. The workshop was hosted by QuickTrainer, Inc., Jim Merritt; ActionCOACH, Reggie Shropshire; and special guest hostess, Margaret B. Hunter, CPA PA.

Here’s a couple of photos from the workshop:

Jim, Margaret and Reggie before the attendees arrived.

Attendees taking notes during the Question and Answer session of the workshop.

7 TIPS TO QUICKBOOKS SUCCESS!

Jim discussed tips and tricks for getting the most out of QuickBooks financial software. And…how business owners can make informed decisions by looking at key reports found in QuickBooks. QuickTrainer specializes in QuickBooks classes, QuickBooks 1-on-1 training, QuickBooks bookkeeping services and QuickBooks point of sale.

10 BIGGEST SALES & MARKETING MISTAKES…AND HOW TO AVOID THEM!

Reggie discussed marketing “do’s and don’ts”. He challenged attendees to defy the odds of small business by avoiding the most common mistakes. Several tips included learning how to become a marketing genius, how to create a niche, how to write ads that sell, and the first step in building a marketing campaign.

SOLID BUSINES FUNDAMENTALS

Margaret explained the various business entity options (e.g., Sole Proprietorship, S Corps, LLC). She also offered helpful information for business owners on many topics including tax planning, preparation and successful business financial management.

Jim Merritt, QuickTrainer, Inc.

910-338-0488

jim.merritt@QuickTrainer.biz

www.QuickTrainer.biz

www.QuickTrainer.biz/blog/

Reggie Shropshire, BusinessCOACH, ActionCOACH

910-796-6734

reggieshropshire@ActionCOACH.com

www.CoachReggieWilmington.com

www.CoachReggieBlog.com

Margaret B. Hunter, CPA, PA

910-392-1900

margaret@WilmingtonCPAs.com

www.WilmingtonCPAs.com

According to Wikipedia, the COA is a list of all accounts tracked by a single accounting system and should be designed to capture financial information to make good financial decisions. Each account in the chart is assigned a unique identifier, typically an account number. Each account in the chart is classified into one of the five categories: assets, liabilities, equity, income and expenses. I would add one additional category to this list; Cost of Goods Sold. Though I am confident the Wikipedia definition included COGS within the expense category, I like to break it out on its own.

Allow me to simplify the above as it relates to QuickBooks. Suppose you are writing a check. When you bring up the check writing screen, a default bank account will appear, meaning this is the bank account in which you plan to write this check from. The primary place you need to be aware of the COA is when you go to record the “what is this purchase for?” In other words, is this purchase for Office Supplies, Rent, Auto Maintenance & Repairs, Expensed Computer H/W, etc.?

QuickTrainer uses a standardized COA for each and every client for which we (a) setup, (b) cleanup or (c) perform Bookkeeping Services. When I say “standardized”, you should interpret this as meaning 99% of all accounts you will ever need. There will always be some customizing done to the COA depending on the business type and the subjectivity of the business owner(s). This typically includes the manner in which income and cost of goods sold accounts are configured. Using the QuickTrainer COA, you will quickly see our structure uses both account numbers and account names and is laid out in a very logical manner.

If you want to save money with your CPA and put a smile on his or her face at the same time, click here http://www.quicktrainer.biz/coa.pdf to download a PDF file of the Chart of Accounts used by QuickTrainer.

Happy Accounting!!!

http://quickbooks.intuit.com/product/add-ons/time-tracking-software.jsp

after a labor intensive day this past sunday, denise and i took our girls for some fun time. we setout down college road heading for the trolly stop. what use to be a simple, good ole fashion hotdog joint, has evolved into something a little more complex, in that they now sell, in addition to hotdogs, hamburgers, nachos, french fries, grilled cheese, etc, etc. when it comes to the hotdogs alone, you now have to select from beef dogs, fat-free dogs, chicken dogs, turkey dogs, smoked sausage dogs, beef & pork dogs… it’s confusing. ok, not really… i just wanted a good ole fashion hotdog from the days when i didn’t really know what i was eating. and, i got it.

much more important to the food i consumed, was the time we were sharing with our kids. denise and i have both been so consumed by the time we spend at our business, that we have to be extremely careful not to get so caught up in the business we miss our kids growing up. for the most part, i believe we have managed this well. however, it’s simply been on my mind a lot lately to make even more time for them. it’s hard enough already realizing that our first born, makayla, has recently turned 13, entering the 8th grade this coming school year. jackie, our 2nd born, is 9, soon to be 10 in october. yet, it feels just like yesterday each of them was coming home from the hospital as infants. but i digress.

at the trolly stop, we chose a comfortable spot on the patio to eat. just the four of us, a family, sitting and listening to each other. i elected to mostly listen, something i am working on doing more… listening. makayla has the gift of making people laugh. she is bright, energetic and has a great sense of humor. jackie has the gift of observance (common sense). she say’s things frequently that make me think to myself, “that is so logical; 9 years old don’t think like that”. denise, my beautiful bride of almost 22 years, is rock steady; consistent always in her demeanor.

as i observe all of the above, i think to myself, “what a lucky and blessed person i truly am, to have all of this”. i am determined to make the absolute most out of all that god has blessed and gifted me with.

as we depart the trolly stop, we head for the river; the cape fear river, for a casual stroll down market street, along the river on water street and eventually, back up market street where we will stop along the way for a scoop (or two) of ice cream in a freshly made waffle cone.

again, while the ice cream was very good and everything i don’t need, i was there to observe my family. to watch, listen and learn. it was all good. i confess, towards the end of our time, i got mad at something i now was really silly, a miscommunication between denise and i. even when i found myself angry and upset, i kept thinking to myself, “jim, this is stupid; don’t ruin this time together”. i didn’t. i apologized for my stupidity as we drove home. afterwards, we all continued to laugh and say silly things.

i am committed to more of these times. times where we do nothing more than spend time together. it doesn’t need to cost a cent. our girls are still content to go to the park; to walk, to play and just have fun. i am learning to grab my camera and go and simply take it all in and enjoy each and every precious second.

the good news is, i have been working hard not to work nearly as much on the weekends. this has freed up time to get some things done for my mother, while still leaving ample time to spend with denise, makayla and jackie.

for instance, this past weekend, i managed to cut the grass for my mother. in the past, mom has always seemingly enjoyed cutting her lawn. but at 68 years young, and then add the heat and humidity, i would rather my mother have someone do this for her. a lot of times, makayla, our 13 year old daughter takes care of this for her grandmother. this past weekend, our girls were spending the night with good friends. therefore, it was an honor to do this for her.

feeling motiviated after saturday’s lawn cutting, i decided to carry on in this direction on sunday. denise and i decided to lay a perimeter of wire in order to get the dog fence working again. maggie, long ago discovering there is no “hot” perimeter any longer, has begun making a daily visit across the street. not a huge deal, since she has tags and i’ve watched her cross the street (she looks both ways, really). but one of our bitter and nosey neighbors will make it a “big deal” in a heartbeat.

sunday was hot (as robin williams would say, “damn hot”). but with the encouragement of my beautiful wife, we persevered and finished the task. it even works again.

i don’t know if maggie will appreciate the work we did nearly as much as my mother. everytime we put “the collar” on maggie, she has this look of concern. while chilling out, watching us work yesterday, she had a look of disgust on her face, as if she knows what’s coming. i try to explain to her, as best i can, we’re doing this for her own good and one day she will thank me for doing this.

with this project complete, i’m already looking at my next two projects. one is to fix a small leak around the well pump used to water my mother’s lawn. this project should take me all of a 1/2 hour. but then again, those simple projects don’t always go as planned, do they?

my second, and a little more involved project… replacing the pictured sliding glass doors with french doors. the sliding glass door is simply wore out and a regular door will serve better for the heavy traffic this door gets.