Retail Solutions

How Do I Reinstall a 2010 QuickBooks Product If My Original CD or Download Has Become Damaged?

Chief Mechanic · September 5, 2010 ·

If you need to reinstall any of the 2010 series of products (QuickBooks 2010, Enterprise Solutions 10.0, Point of Sale 9.0, or Cash Register Plus 2010) but your original CD or download has become damaged, you’ll need to re-download your QuickBooks product. Download links appear below.

To complete the installation using the software you download from these links, you’ll need both the product code and the license number from your original purchase. If you originally downloaded your product, this information would have been included in your email from Intuit following your purchase; otherwise, it would have been included on a label on your CD envelope.

Visit one of the links below to re-download your paid-for version of QuickBooks:

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How Do I Reinstall a 2009 QuickBooks Product If My Original CD or Download Has Become Damaged?

Chief Mechanic · September 5, 2010 ·

If you need to reinstall any of the 2009 series of products (QuickBooks 2009, Enterprise Solutions 9.0, Point of Sale 8.0, or Cash Register Plus) but your original CD or download has become damaged, you’ll need to re-download your QuickBooks product. Download links appear below.

Visit one of the links below to re-download your paid-for version of QuickBooks:

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What Are the Latest Release Notes For QuickBooks POS?

Chief Mechanic · September 5, 2010 ·

Intuit summarizes the changes to the releases for QuickBooks Point of Sale (POS) in these articles:

For POS 6.0:

Note that updates to a program are referred to as releases, which are usually available at no cost. Replacing QuickBooks 2007 with QuickBooks 2009, is an upgrade of the version, which does carry a charge.

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How Should I Use a Receiving Voucher In POS?

Chief Mechanic · September 4, 2010 ·

A receiving voucher in POS is used to update the Average Unit Cost, Order Cost, and On-Hand Quantity of items received that are not on a purchase order. How receiving vouchers should be used depends in large part on how POS integrates with your GL accounting software (typically, QuickBooks Pro, Premier, or Enterprise Solutions).

POS has a setting that determines where you enter vendor billing information: in POS or QuickBooks itself. By default, POS is configured for you to enter vendor billing information in QuickBooks rather than POS. In other words, the Enter vendor billing information in Point of Sale is not checked. If you are not using QuickBooks of if you prefer to enter receipts in POS, you can change this preference. A screenshot from the Edit->Preferences->Company window is shown below.

If this preference is not checked, vendor billing fields will not appear on voucher forms.

Here’s a portion of the New Receiving Voucher window where the preference Enter vendor billing information in Point of Sale is not checked:

QuickBooks POS 8 New Receiving Voucher Vendor Bill Off

And here’s that same area with the preference box checked. Note that Billing Information can now be entered in POS.

QuickBooks POS 8 New Receiving Voucher Vendor Bill On

Next, you need to consider whether you’re integrating POS with QuickBooks at all. POS is not a general ledger program, and therefore doesn’t produce financial statements. Since most businesses require financial statements and recognize that an integrated solution is the best approach, integrating POS with QuickBooks is the most common configuration.

When you run QuickBooks with POS together, your inventory is not synchronized. You should use POS to manage inventory items and use QuickBooks itself to manage and pay vendors.

Entering a receiving voucher in POS will always debit your inventory asset account on your QuickBooks general ledger. Other accounts affected depend on your preference setting for Enter vendor billing information in Point of Sale discussed above and on the values you enter on the New Receiving Voucher window if that preference is checked.

If the Enter vendor billing information in Point of Sale preference is not checked, POS will credit your AP account and increase the vendor balance by the amount of the receiving voucher.

If the Enter vendor billing information in Point of Sale preference is checked, the entries that POS makes depends on whether billing information (i. e., Invoice/Ref #) has been entered in POS. If billing information has not been entered, POS credits the Unbilled Purchases liability account; the vendor balance is not changed. If billing has been entered, POS credits your AP account and increases the vendor balance by the amount of the receiving voucher. Similarly, if billing information is not entered when the receiving voucher is first created but is entered later, POS debits the Unbilled Purchases liability account (reversing the earlier entry), credits AP, and increases the vendor balance by the amount of the receiving voucher.

If the Already Paid checkbox is checked, POS sends the voucher to QuickBooks as an item receipt. POS credits AP and increases the vendor balance by the amount of the receiving voucher. Presumably, a payment has already been recorded in QuickBooks (which is why the receiving voucher is Already Paid).

If you’re an existing business with inventory on hand setting up POS for the first time and you have already used QuickBooks financial accounting software to record at least some vendor purchases for that inventory, we recommend that you first get your retail inventory accurate in QuickBooks itself before using POS to record live data or checking the Use with QuickBooks Financial Software preference in POS. Once you turn that preference on in POS, you won’t be able to manage retail inventory in QuickBooks. Any changes you make to inventory in POS will affect vendors and AP in QuickBooks. Even if you record transactions in POS with that preference turned off and later turn it on, those transactions will be exchanged with QuickBooks. That in turn will modify vendor balances and AP in QuickBooks. For an existing businesses with at least some inventory, it’s far easier to get inventory balances and balance sheet account balances correct in QuickBooks and then turn on the the Use with QuickBooks Financial Software preference in POS.

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What Are the Procedures and Journal Entries To Record a Customer’s NSF or Bounced Check?

Chief Mechanic · September 4, 2010 ·

If you process enough transactions, sooner or later you’ll have to account for a returned check. A check that is returned unpaid is given many labels (such as NSF or bounced check) but the accounting treatment is the same.

The procedures outlined below work effectively for POS users in both single stores and chains. Activities such as receiving bank notices of fees and returned items typically take place at the headquarters rather than the store level, so these tasks are performed in QuickBooks financial software rather than POS. However, in POS a payment can be accepted by clicking the Take Payment button at the bottom of the New Sales Receipt window. This allows a customer to replace a returned check at any store in a chain. When POS exchanges data with QuickBooks, the customer’s account will be updated.

For this example, let’s assume we received a returned check for $50 from a customer named Customer with check returned unpaid. For handling the returned item, the bank charged a $25 fee, and we’ll only seek to recover from the customer the actual bank charges. Rather than investigating each fee separately, some firms set a fixed fee to charge customers. Hopefully, this customer will replace the unpaid check with another one, but we’ll need to record the activity in our cash account before that takes place.

Here are 2 methods to account for the returned check:

create a new invoice to the customer for the amount of the returned check and fees your firm adds and a general journal entry for the expense of the fees the bank charged
use 1 general journal entry for the entire process

Although the second method appears simpler, we recommend the first method because it preserves normal accounting procedures and provides a better paper trail by creating an invoice that can be sent to the customer to assist collecting the bounced check.

Method 1 – Re-invoice the Customer

Before accounting for this specific returned check, set up 2 new Other Charge Items on the Item List. These Items will only be set up once.

The first other charge will be used to invoice the customer for the amount of the returned check. At this point, it should be set to a $0.00 amount and have a Tax Code that is non-taxable. An Item Name of Returned Check will serve as a reminder for how this charge will be used. The Account must be set to the bank account into which the original returned check was deposited. Later, the amount of the returned check will be entered when the customer is invoiced for the returned check, along with any applicable bank charges. If you make deposits into multiple bank accounts, you’ll need a separate item for each bank account; in this case, include a reference to the bank account in the Item Name.

QuickBooks Premier 2009 New Item Returned Check

Next, add a second other charge for possible bank charges. Like the other charge for the check amount itself, this charge should have a Tax Code that is on-taxable. The amount can be set to either $0.00 (to indicate it varies depending on the situation) or a fixed fee representing a firm’s standard returned check fee. An Item Name of Returned Check Bank Charges will be a good reminder of how this charge will be used. The Account should be set to either an other income account or the expense account used for the original bank charge. In this example, we created an other income account for reimbursed bank charges.

With the other charges properly set up, make a general journal entry for just the charge the bank deducted from your bank account. To do that, click the Company->Make General Journal Entries… menu and enter the actual bank charge as a credit to the bank account and a debit to bank charges expenses as follows:

QuickBooks Premier 2009 GL Make General Journal Entries NSF 1

Next, click on the menu Customers->Create Invoices (or use the keyboard shortcut Ctrl + I) to invoice the customer for both the amount of the returned check and the fee charged by your firm. In our example, the returned check was $50, and the bank charges are $25.

Here’s the Create Invoices window:

QuickBooks Premier 2009 Create Invoices for Customer NSF Check

This invoice will be reflected on the customer’s account and will provide a document to present to the customer to collect payment. Hopefully, the customer will replace the returned check. At that point, use the normal procedure for recording a customer payment (Customers->Receive Payments) to record the replaced payment and depositing the funds (Banking->Make Deposits).

QuickBooks Premier 2009 Receive Payment for NSF Check

This approach has some important benefits. It creates an invoice to help collect both the unpaid amount and the bank charges. It also preserves the normal work flow for processing payments and making deposits. It’s also the approach recommended by Intuit in the documentation for QuickBooks.

To review the debits and credits of each step, press the Journal button (or Ctrl + Y). The general journal entry we first entered accounted for the actual bank charge. When we recorded the invoice, we produced a debit to AR in the amount of $75, a credit to our bank account for the $50 check, and a credit to an other income account for $25. The invoice in effect reduced the bank account by the amount of the returned check, so at this point, our bank balance is accurate.

Method 2 – Make 1 General Journal Entry

Some prefer to accomplish all of the above in just a single general journal entry. To do that, click on the Company->Make General Journal Entries… menu and make these entries:

AR: debit of $75 with the customer’s name entered in the Name field
Bank account: credit of $50 to reduce the bank balance
Bank account: credit of $25 to reduce the bank balance
Bank service charges (expense): debit of $25
Reimbursement income: credit of $25 to record the revenue (optionally enter the customer’s name in the Name field)

Ideally, although it’s not shown in the screen shot below, the debit to AR should be entered on the first line of the general journal entry.

QuickBooks Premier 2009 GL Make General Journal Entries NSF 2

The steps outlined above for recording a customer payment (Customers->Receive Payments) and depositing the funds (Banking->Make Deposits) are then used to complete the accounting when the customer replaces the returned check.

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Retail Solutions

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