10/24/13 Scary Books Halloween Edition

QuickBooks Online Tweet Chat – Scary Books Halloween Edition

Storify by
IconisGroup
Thu, Feb 01 2018 16:48:06

QuickBooks Online Tweet Chat – Scary Books Halloween Edition

10/24/2013 #QBOchat Transcript

  1. Welcome everyone to our weekly #QBOchat. Please introduce yourselves to the group -> Name, location and yrs using @QBOnline.
  2. I am Brent, ownere of Keeping Books & Computing Consulting LLC in Utah #qbochat
  3. @TransactionPro Yes, Bat Dad outfit required for you. Can you tweet in the same voice?! #qbochat
  4. Karen from Transaction Pro in Nashua NH 7 years using QuickBooks Online #qbochat
  5. Hello from the @Tsheets offices! We are ready to be spooked! #qbochat
  6. Tonight we are going to be talking about #ScaryBooks! We want everyone to share their stories of some common errors in bookkeeping #QBOchat
  7. Hey everyone! Cathy Iconis here from Atlanta, GA. Been using @QBOnline since @eholtzclaw told me to for his biz! #qbochat
  8. Cindy from Chicago. Using QBO about a year but a lot more new clients on it the last couple months. #qbochat
  9. @CathyIconis sure am! bringing back the memories I tried so hard to suppress LOL πŸ˜‰ #qbochat
  10. Muahahahaha! Welcome! RT @tsheets Hello from the @Tsheets offices! We are ready to be spooked! #qbochat
  11. My husband is dropping knives in the other room in honor of #scarybooks #qbochat
  12. That’s awesome! RT @BrightBooks Cindy from Chicago.Using QBO about a year but a lot more new clients on it the last couple months. #qbochat
  13. goodness, careful! RT @CathyIconis My husband is dropping knives in the other room in honor of #scarybooks #qbochat
  14. Remember, you can join #QBOchat on #twubs using your twitter account to get a live feed of this chat. t.co/YlwyGA9Dsk
  15. @heidithorne you guys are everywhere. Love the youtube video with your theme song. #qbochat
  16. Something else scary is my daughter went to a farm today (field trip) and saw cows “on top of the other” #qbochat
  17. K, I will get it started, years ago I was hired as bookkeeper for a construction company that had just had its best year ever #qbochat
  18. They were already in the new fiscal year, but had not done taxes for the previous #qbochat
  19. They had spent over a million dollars on new equipment,of course, had expensed it all, thought they were in great shape tax-wise #qbochat
  20. Ended up owing hundreds of thousands in taxes that they hadn’t expected #qbochat
  21. Tip from @KeepingBooksCC – Don’t expense a million dollars of new equipment! #scarybooks #qbochat
  22. This is already scary! RT @KeepingBooksCC Ended up owing hundreds of thousands in taxes that they hadn’t expected #qbochat
  23. Haha, right! RT @CathyIconis Tip from @KeepingBooksCC – Don’t expense a million dollars of new equipment! #scarybooks #qbochat
  24. Large purchases have to be “capitalized” which means a portion of the cost needs to be expensed each year. a/k/a depreciation #qbochat
  25. I see many companies that have multiple QuickBooks desktop files working in the wrong file yikes #qbochat
  26. @KeepingBooksCC Sharing some solutions with my followers too based on the #scarybooks stories #qbochat
  27. #scarybooks! RT @TransactionPro I see many companies that have multiple QuickBooks desktop files working in the wrong file yikes #qbochat
  28. RT @CathyIconis Large purchases have to be “capitalized” which means a portion of the cost needs to be expensed each year… #qbochat
  29. Q1: What common mistakes do you run into when viewing financial statements? #QBOchat #ScaryBooks
  30. Balances in undeposited funds! RT @IconisGroup Q1: What common mistakes do you run into with financial statements? #QBOchat #ScaryBooks
  31. RT @TransactionPro I see many companies that have multiple QuickBooks desktop files working in the wrong file yikes #qbochat
  32. how on earth? RT @TransactionPro I see many companies that have multiple QuickBooks desktop files working in the wrong file yikes #qbochat
  33. A1: Balances in clearing accounts, sometimes years old! #qbochat
  34. I actually don’t use the undeposited funds on my clients. #scarybooks #qbochat
  35. A1: negative AR, positive AP, undeposited funds balance, adjustments to retained earnings, petty cash expense?! #qbochat
  36. You have a business credit card, but no liability account setup on your balance sheet #QBOChat
  37. RT @taxgrl A1: negative AR, positive AP, undeposited funds balance, adjustments to retained earnings, petty cash expense?! #qbochat
  38. RT @KeepingBooksCC A1: Balances in clearing accounts, sometimes years old! #qbochat
  39. RT @CathyIconis I actually don’t use the undeposited funds on my clients. #scarybooks #qbochat
  40. RT @taxgrl A1: negative AR, positive AP, undeposited funds balance, adjustments to retained earnings, petty cash expense?! #qbochat
  41. Petty cash is not an EXPENSE! It is a “bank account” and you have to track the purchases. #scarybooks #qbochat
  42. A1 Supersized chart of accounts which include many duplicate accounts, items, and even vendor names. #qbochat
  43. RT @CathyIconis Petty cash is not an EXPENSE! It is a “bank account” and you have to track the purchases. #scarybooks #qbochat
  44. RT @CathyIconis Petty cash is not an EXPENSE! It is a “bank account” and you have to track the purchases. #scarybooks #qbochat
  45. A1: tracking business credit card in one file, business checking in another #qbochat
  46. RT @BrightBooks A1 Supersized chart of accounts which include many duplicate accounts, items, and even vendor names. #qbochat
  47. That is a pain! RT @BrightBooks Supersized chart of accounts which include many duplicate accounts, items, and even vendor names. #qbochat
  48. Scariest One β€œ@TransactionPro: I see many companies that have multiple QuickBooks desktop files working in the wrong file yikes #qbochat”
  49. Love it! ->RT @BrightBooks A1 Supersized chart of accounts which include many duplicate accounts, items, and even vendor names. #qbochat
  50. I tell clients their P&L shouldn’t be longer than a page. Use subaccounts if you “need” the detail. #scarybooks #qbochat
  51. Welcome!! Share you #scarybooks stories with us! RT @qbexpertchicago Hello first twitter chat for me #qbochat
  52. A1 cont.: also, payroll is commonly booked wrong #qbochat
  53. I tell them to have as few accounts as possible then zoom in on balances then total by vendor if needed #qbochat
  54. You have a bunch of negative balances in your cost of sales accounts #QBOChat #Scarybooks
  55. RT @qbexpertchicago I tell them to have as few accounts as possible then zoom in on balances then total by vendor if needed #qbochat
  56. Yeah, love that one too, misses the whole concept RT @CathyIconis A1: How about “Sales Tax Expense”? #scarybooks #qbochat
  57. RT @qbexpertchicago I tell them to have as few accounts as possible then zoom in on balances then total by vendor if needed #qbochat
  58. @qbexpertchicago Agreed! Run into accounts labeled the same as the vendor sometimes. #scarybooks #qbochat
  59. Be sure to organize the chart of accounts using sub accounts to make the financials easier to read #QBOChat
  60. @CathyIconis Haha, same company I mentioned before, they had a COGS account for each construction equipment machine they had! #qbochat
  61. You have a mortgage account in your current assets portion of the balance sheet #QBOChat
  62. Using a different item on invoices for every customer in QuickBooks Online #qbochat
  63. No! RT @KeepingBooksCC same company I mentioned before, they had a COGS account for each construction equipment machine they had! #qbochat
  64. Iconis a lot of qb users don’t understand the 2 sided item It sounds like their sales are reducing cogs instead of increasing sales #qbochat
  65. Yep! #ScaryBooks! RT @TransactionPro Using a different item on invoices for every customer in QuickBooks Online #qbochat
  66. Yikes! β€œ@KeepingBooksCC: A1: tracking business credit card in one file, business checking in another #qbochat”
  67. Q2: What do you think are some of the easiest mistakes to fix in @QBOnline? #QBOchat #ScaryBooks
  68. What?!?! RT @BrightBooks Yikes! β€œ@KeepingBooksCC: A1: tracking business credit card in one file, business checking in another #qbochat”
  69. Welcome to Twitterverse Mark. β€œ@tsheets: Nice to have you! RT @qbexpertchicago Hello first twitter chat for me #qbochat”
  70. Yah, again, same company! A1: tracking business credit card in one file, business checking in another #qbochat
  71. Merging vendors to make sure the vendor list is under control is super easy. #QBOChat
  72. A2 I love fixing undeposited funds account, it is better then soduko. #qbochat
  73. @IconisGroup Merging and watching the lists shrink is pretty satisfying, makes my OCD feel awesome πŸ™‚ #qbochat
  74. @IconisGroup Merging and watching the lists shrink is pretty satisfying, makes my OCD feel awesome πŸ™‚ #qbochat
  75. Thanks Cindy. BTW Cindy is now on the Intuit Advisory Board. WTG Cindy you rock #qbochat
  76. RT @taxgrl @IconisGroup Merging and watching the lists shrink is pretty satisfying, makes my OCD feel awesome πŸ™‚ #qbochat
  77. RT @KeepingBooksCC Yah, again, same company! A1: tracking business credit card in one file, business checking in another #qbochat
  78. Seriously? RT @BrightBooks A2 I love fixing undeposited funds account, it is better then soduko. #qbochat
  79. Congrats!! RT @qbexpertchicago Thanks Cindy. BTW Cindy is now on the Intuit Advisory Board. WTG Cindy you rock #qbochat
  80. RT @qbexpertchicago Thanks Cindy. BTW Cindy is now on the Intuit Advisory Board. WTG Cindy you rock #qbochat
  81. That’s a little twisted…HA! RT @BrightBooks A2 I love fixing undeposited funds account, it is better then soduko. #qbochat
  82. Setting up and customizing a proper invoice in #QBO is easy and saves headache later #QBOChat
  83. @BrightBooks Hi Cindy, you are my new buddy! {said with a guilty face, since I haven’t emailed u back yet :/} #qbochat
  84. HAH!RT @tsheets That’s a little twisted…HA! RT @BrightBooks A2 I love fixing undeposited funds account, it is better then soduko. #qbochat
  85. @taxgrl Awesome!! I didn’t get to do buddies since I was preggers last year. #qbochat
  86. Setting a closing date and password protecting it can “fix” most mistakes before they start #QBOChat
  87. RT @IconisGroup Setting a closing date and password protecting it can “fix” most mistakes before they start #QBOChat
  88. Welcome!! Are you ready to be frightened?! muahahaha! RT @accountingpeace Boo! Sorry I am late! #qbochat
  89. @accountingpeace Do you have any #scarybooks stories or just scary stories of working with me back in the day? #qbochat
  90. Q3: What are some common mistakes when it comes to bank and credit card transactions? #QBOchat #ScaryBooks
  91. @CathyIconis Got to admit… your advanced knowledge of the cloud was spooky at first. #qbochat
  92. Someone told me the other day they have a bunch of A/R. Sounds like they were just recording deposits straight to revenue. Eek! #qbochat
  93. RT @accountingpeace @CathyIconis Got to admit… your advanced knowledge of the cloud was spooky at first. #qbochat
  94. @accountingpeace Your comfort zone was in one country and I was on the other side of the world. #sorry! #qbochat
  95. @accountingpeace Or, you can say you were grounded and I was way up in the clouds! πŸ™‚ #qbochat
  96. A3 other day a fairly new client called because he couldn’t figure out what he was doing wrong recording a payment to credit card #qbochat
  97. You don’t reconcile your bank accounts because it just takes too long. #QBOChat #Scarybooks#qbochat
  98. I was planted! RT @CathyIconis @accountingpeace Or, you can say you were grounded and I was way up in the clouds! πŸ™‚ #qbochat
  99. I once handed my accountant 2 shoe boxes of receipts for a year of business. I am the #scarybooks story! #qbochat
  100. I had an employee record credit card payments back to the credit card account. I didn’t even know you could do that! #qbochat
  101. A3 He was putting the credit card account in both the from and to fields #qbochat
  102. MT @KeepingBooksCC A3 other day a new client called because he couldn’t figure out why he shouldn’t record a payment to credit card #qbochat
  103. A3: Not understanding how to properly use Undeposited Funds. #qbochat
  104. A3 , and it was driving him crazy every time he tried to delete one line in the register, it deleted the other too! #qbochat
  105. Me too! But I hired that mistake :/ RT @KeepingBooksCC A3 He was putting the credit card account in both the from and to fields #qbochat
  106. @CathyIconis sorry. Got distracted. How about 2 people inputting in the same file. One entering bills and then the payments #QBOChat
  107. had a client reconcile all accts, just don’t know what they reconciled TO. everything was so wrong but payroll was weirdly perfect #qbochat
  108. @CathyIconis the other entering everything through write checks. The result EVERYTHING WNTERED TWICE! For a 3 yr period!! #QBOChat
  109. MT @SherrellTMartin @CathyIconis Got distracted. How about 2 people inputting in same file. One entering bills, then the payments #QBOChat
  110. How about entering everything as “Received Payment” but never entering an invoice? #scarybooks? #qbochat
  111. MT @taxgrl a client reconcile all accts,don’t know what they reconciled TO. everything was so wrong but payroll was weirdly perfect #qbochat
  112. RT @CathyIconis How about entering everything as “Received Payment” but never entering an invoice? #scarybooks? #qbochat
  113. Do you have a long list of unreconciled transactions from previous periods on your bank rec report? #QBOChat
  114. Haha β€œ@JessieSpeck: I once handed my accountant 2 shoe boxes of receipts for a year of business. I am the #scarybooks story! #qbochat”
  115. Seen it! RT @IconisGroup Do you have a long list of unreconciled transactions from previous periods on your bank rec report? #QBOChat
  116. @jessiespeck – shoe boxes don’t scare me! It’s the perfume packets that come with some credit card bills that scare me! #qbochat
  117. We know you have good ones! RT @CathyIconis @nerdenterprises Come and join us for #scarybooks stories for the next 20 minutes!!! #qbochat
  118. Finding out a clients has expensed payments to LOC for years without ever setting up a liability. #scarybooks #qbochat
  119. You have a mortgage account in your current assets portion of the balance sheet #QBOChat
  120. Not exactly #scarybooks, but I once looked over some “audited” financials & realized the guy fraudulently signed them as a CPA! #qbochat
  121. β€œ@accountingpeace: Finding out a clients has expensed payments to LOC for years without ever setting up a liability. #scarybooks #qbochat”
  122. @SherrellTMartin ohhh nooo!!! I hope you didn’t loose your shirt on that. #qbochat
  123. The due to/ from accounts between companies is always the scariest. #qbochat
  124. Q4: What are some common mistakes when it comes to accounts receivable and invoicing? #QBOchat #ScaryBooks
  125. client who sublet their office space, leaseholder didn’t pay the bill, client could not get their records…EVER #qbochat
  126. Another #scarybooks story: Saw someone collect sales tax on invoices, but never filed a return. #qbochat
  127. Yes. that was how they lured me in. Lol RT β€œ@CathyIconis: @SherrellTMartin That sucks! Did you get to charge them for the cleanup? #qbochat”
  128. Makes me cry everytime. RT @BrightBooks The due to/ from accounts between companies is always the scariest. #qbochat
  129. Makes me cry everytime. RT @BrightBooks The due to/ from accounts between companies is always the scariest. #qbochat
  130. Yes. Always tread lightly. β€œ@BrightBooks: The due to/ from accounts between companies is always the scariest. #qbochat”
  131. I had one collecting higher sales tax then what they paid in and they couldn’t see the problem with that. #qbochat
  132. Your invoices don’t have your company name on them. #scarybooks #QBOChat
  133. #Scarybooks: When you record your car payment and mileage in your accounting system. #oneortheother #qbochat
  134. #Scarybooks: When you record your car payment and mileage in your accounting system. #oneortheother #qbochat
  135. Seen it!! RT @IconisGroup Your invoices don’t have your company name on them. #scarybooks #QBOChat
  136. Putting things like “services rendered” as the description and then wondering why they don’t get paid #qbochat
  137. AR is unusually high and you can’t trust your AR aging schedule #QBOChat
  138. @BrightBooks I hate that! I can’t work with those types of clients. The system is not there for you to abuse. #qbochat
  139. Terms were “pay only when you actually are able” What the heck is that? #qbochat
  140. NO!!! RT @BrightBooks Terms were “pay only when you actually are able” What the heck is that? #qbochat
  141. Ha ha! so funny it made me cry RT @accountingpeace #scarybooks: Client doesn’t understand your JE so they delete it. #qbochat
  142. a NFP? RT @BrightBooks Terms were “pay only when you actually are able” What the heck is that? #qbochat
  143. Fabulous! β€œ@accountingpeace: #scarybooks: Client doesn’t understand your JE so they delete it. #qbochat”
  144. RT @BrightBooks Terms were “pay only when you actually are able” What the heck is that? #qbochat
  145. I try to get my clients to stop the multiple invoicing on one project to “help” their clients. #qbochat
  146. More likely a “For Loss” RT @rabshaka21 a NFP? @BrightBooks Terms were “pay only when you actually are able” What the heck is that? #qbochat
  147. @CathyIconis: OK I’m here. Now what? πŸ™‚ #qbochat Did you see my new promo video on Facebook? t.co/3ZjBzXpMxc
  148. @rabshaka21 I think when you pledge to some churches/temples, the money is then required/expected. That’s scary in other ways. #qbochat
  149. Tax planning for a cash basis taxpayer. RT @BrightBooks Terms were “pay only when you actually are able” What the heck is that? #qbochat
  150. #QBOChat Make sure payments are applied to invoices, if not….
  151. AR Summary has a lot of lines with a zero or a small balances will appear #QBOChat
  152. @nerdenterprises Do you have any #scarybooks stories to share with the group? *errors that screw books up a lot!* #qbochat
  153. A legend at what? RT @CathyIconis @nerdenterprises Welcome!! <— Everyone this dude is a legend!!! #qbochat
  154. @KeepingBooksCC He’s one of the first people I started following on twitter back in the day. #qbochat
  155. RT @CathyIconis @KeepingBooksCC He’s one of the first people I started following on twitter back in the day. #qbochat
  156. Gotta match up invoices to payments! RT @IconisGroup AR Summary has a lot of lines with a zero or a small balances will appear #QBOChat
  157. Can’t wait to see @nerdenterprises live at Sleeter conference. Peanut butter jelly time. #qbochat
  158. RT @BrightBooks Can’t wait to see @nerdenterprises live at Sleeter conference. Peanut butter jelly time. #qbochat
  159. RT @BrightBooks Can’t wait to see @nerdenterprises live at Sleeter conference. Peanut butter jelly time. #qbochat
  160. @CathyIconis #qbochat probably too long for twitter but I’ll do my best. Last year a client was referred to me I was told (1/2 or 3)
  161. Q5: What are some common mistakes when it comes to the accounts payable process? #QBOchat #ScaryBooks
  162. client thought I was a hero that I fixed that in 10 min, didn’t tell it was with CDR RT @IconisGroup AR Summary has a lot of lines #QBOChat
  163. We’ew in! RT @BrightBooks Can’t wait to see @nerdenterprises live at Sleeter conference. Peanut butter jelly time. #qbochat
  164. Ah, so that is what makes on a legend RT @CathyIconis @KeepingBooksCC He’s one of the first people I started following #qbochat
  165. @CathyIconis #qbochat all expenses were on the books. I just had to record all deposits to income. One problem.. (2/2 or 3)
  166. RT@KeepingBooksCC client thought I was a hero that I fixed that in 10 min, didn’t tell it was with CDR RT @IconisGroup #QBOChat
  167. SHH that’s a secret. β€œ@KeepingBooksCC: client thought I was a hero that I fixed that in 10 min, didn’t tell it was with CDR #qbochat
  168. @CathyIconis #qbochat He didn’t know that the check #’s in QB had to match the ACTUAL check #’s he wrote! OOPS! (3/3)
  169. #QBOCHat If your AP is high and expenses are high, it could be a sign that…
  170. #QBOCHat If your AP is high and expenses are high, it could be a sign that…
  171. you need to use “Bill Payments” instead of writing checks when sending in payment #QBOChat
  172. you need to use “Bill Payments” instead of writing checks when sending in payment #QBOChat
  173. A5 Enter bill and also write check for duplicate expense is my personal favorite. #qbochat
  174. Check numbers? What? Those don’t mean anything (sarcastic) #qbochat
  175. Nah! RT @rabshaka21 Check numbers? What? Those don’t mean anything (sarcastic) #qbochat
  176. Yes! RT @BrightBooks A5 Enter bill and also write check for duplicate expense is my personal favorite. #qbochat
  177. RT @BrightBooks A5 Enter bill and also write check for duplicate expense is my personal favorite. #qbochat
  178. Me neither!! RT @BrightBooks: Can’t wait to see @nerdenterprises live at Sleeter conference. Peanut butter jelly time. #qbochat
  179. That is why it is so important to reconcile every month and review your uncleared transactions. #qbochat
  180. RT @CathyIconis That is why it is so important to reconcile every month and review your uncleared transactions. #qbochat
  181. Which build on themselves when they don’t reconcile RT @IconisGroup RT @CathyIconis Duplicateentries are far too common #scarybooks #qbochat
  182. They will always need us. β€œ@CathyIconis: Duplicate entries are far too easy and common in #QuickBooks files. #scarybooks #qbochat”
  183. RT @BrightBooks They will always need us. β€œ@CathyIconis: Duplicate entries are far too easy and common. #scarybooks #qbochat”
  184. @BrightBooks I think @taxgrl needs to create an app to strip files of all duplicates! #qbochat
  185. RT @CathyIconis @BrightBooks I think @taxgrl needs to create an app to strip files of all duplicates! #qbochat
  186. Anyone else hate it when you reconcile one dup in one account and the other in the other bank account – like transfers? #qbochat
  187. #qbochat I like to sort my register by order entered a lot to see if I have duplicates or any other odd things.
  188. #qbochat I also always have a mem rpt for all transactions “entered or modified today” to review before I am finished for the day.
  189. RT @nerdenterprises #qbochat I like to sort my register by order entered a lot to see if I have duplicates or any other odd things.
  190. Two minutes left for #qbochat, but the #scarybooks stories will go on! Keep on sharing them through Halloween next week!!
  191. Great idea! β€œ@IconisGroup: RT @CathyIconis @BrightBooks I think @taxgrl needs to create an app to strip files of all duplicates! #qbochat”
  192. Do you get paid for those or something? :-)RT @IconisGroup Remember to sign up for our weekly reminder emails here #QBOchat
  193. will mark it on my ideas list! RT @CathyIconis @BrightBooks I think @taxgrl needs to create an app to strip files of all duplicates #qbochat
  194. RT @CathyIconis Two minutes left for #qbochat, but the #scarybooks stories will go on! Keep on sharing them through Halloween next week!!

QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBO’s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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