Considering QB


W

William

Have a one man sub S business and been using daceasy accounting and payroll
for some years now and then I have an accountant do my year end corp returns
, K etc etc..I present him with my printouts and he moves it to the IRS
forms...not much labor on his part but a pretty fee for me and reducing
expenses is now an issue for me.

In reading the intuit web site I get the impression that QB can do returns
and also the quarterly payroll stuff. If true I may save myself some $$ and
pay a more reasonable annual fee to Intuit. Penny wise pound foolish?

Anyone moved from Daceasy and what if any pitfalls or advice would you give
in making the switch.

Also at present daceasy doesn't allow for much customizing of forms like
invoices, statements and I am tired of waiting for them, not to mention
their huge upgrade fees...

Thanks for any input

Bill
 
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H

HeyBub

William said:
Have a one man sub S business and been using daceasy accounting and
payroll for some years now and then I have an accountant do my year
end corp returns , K etc etc..I present him with my printouts and he
moves it to the IRS forms...not much labor on his part but a pretty
fee for me and reducing expenses is now an issue for me.

In reading the intuit web site I get the impression that QB can do
returns and also the quarterly payroll stuff. If true I may save
myself some $$ and pay a more reasonable annual fee to Intuit. Penny
wise pound foolish?
Anyone moved from Daceasy and what if any pitfalls or advice would
you give in making the switch.

Also at present daceasy doesn't allow for much customizing of forms
like invoices, statements and I am tired of waiting for them, not to
mention their huge upgrade fees...

Thanks for any input
We switched three years ago.

I got tired of asking for financial reports/comparisons from the bookkeeper
and being met with glares. Several days later I eventually got something
remotely similar to what I wanted. Subtle suggestions to switch, over a
five-year period, were met with even more steely glares, defiance, and even
tears. Finally, I put my foot down.

We investigated a conversion service - mucho bucks (about $2k to convert Dac
Easy files to QB). Ended up doing the conversion ourselves. Here's what we
did:

1. Added minimal customer info to QB (just the name). We filled in the rest
as necessary, like when we needed to send them an invoice, over the next few
months.

2. Started each customer with an opening balance as shown by the Dac Easy
(D-E) year-end report.

3. Essentially copied the Chart of Accounts from D-E, along with the D-E
balances.

We (the bookkeeper and I) were able to get QB up and running, with current
data, in one day.

Points to ponder:

A. You need to be intimately familiar with QB or have access to someone who
is. You can't be learning the program during the conversion process. I
strongly suggest a Learning Annex or community college course or, in the
alternative, a QB expert who can mentor you. QB is a full-featured, powerful
system that has more than two knobs.

B. There is much you can do before the cut-over date: Learn the system, of
course. But you can build the COA, customer records, inventory items, etc.,
before the switch.

C. You may need to adjust your thinking if you are used to viewing
everything in terms of debits/credits and off-setting transactions. D-E is a
bookkeeping system; QB is much more user-friendly and doesn't conform to the
quill-pen methods of 200 years ago (for example, QB lets you easily void an
issued invoice, or any other transaction).

D. QB can prepare routine payroll reports to the feds and your state. It
can't print a tax return, though! You'll still need to send stuff to your
accountant. BUT: QB-savy accountants have a special program from Intuit that
takes your QB backup file and does most of the work!

You simply burn a year-end QB backup to a CD and send it along (with the
accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax
return comes back from your accountant ready for your signature. Your
accountant will also return a sheet of transactions for you to enter
(depreciation amounts, write-offs, fudge-factors, etc.) to make your records
current.

When we converted, we elected to NOT enter any prior transactions. This
worked amazingly well. You will still need to keep D-E available in case you
need to re-print an invoice from last year or review some complicated series
of events, but the instances of this were remarkably few. After the first
year, we've not had to run the D-E program even once.

Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is more
clever. QB simply quits supporting versions more than 3 years old (including
payroll data), so you have to buy a new version - or upgrade - about every
two to three years.

Bottom line: Our bookkeeper, who had resisted the change-over forever, gave
the ultimate approval: "We should have done this years ago!"
 
W

William

HeyBub said:
We switched three years ago.

I got tired of asking for financial reports/comparisons from the
bookkeeper and being met with glares. Several days later I eventually got
something remotely similar to what I wanted. Subtle suggestions to switch,
over a five-year period, were met with even more steely glares, defiance,
and even tears. Finally, I put my foot down.

We investigated a conversion service - mucho bucks (about $2k to convert
Dac Easy files to QB). Ended up doing the conversion ourselves. Here's
what we did:

1. Added minimal customer info to QB (just the name). We filled in the
rest as necessary, like when we needed to send them an invoice, over the
next few months.

2. Started each customer with an opening balance as shown by the Dac Easy
(D-E) year-end report.

3. Essentially copied the Chart of Accounts from D-E, along with the D-E
balances.

We (the bookkeeper and I) were able to get QB up and running, with current
data, in one day.

Points to ponder:

A. You need to be intimately familiar with QB or have access to someone
who is. You can't be learning the program during the conversion process. I
strongly suggest a Learning Annex or community college course or, in the
alternative, a QB expert who can mentor you. QB is a full-featured,
powerful system that has more than two knobs.

B. There is much you can do before the cut-over date: Learn the system, of
course. But you can build the COA, customer records, inventory items,
etc., before the switch.

C. You may need to adjust your thinking if you are used to viewing
everything in terms of debits/credits and off-setting transactions. D-E is
a bookkeeping system; QB is much more user-friendly and doesn't conform to
the quill-pen methods of 200 years ago (for example, QB lets you easily
void an issued invoice, or any other transaction).

D. QB can prepare routine payroll reports to the feds and your state. It
can't print a tax return, though! You'll still need to send stuff to your
accountant. BUT: QB-savy accountants have a special program from Intuit
that takes your QB backup file and does most of the work!

You simply burn a year-end QB backup to a CD and send it along (with the
accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax
return comes back from your accountant ready for your signature. Your
accountant will also return a sheet of transactions for you to enter
(depreciation amounts, write-offs, fudge-factors, etc.) to make your
records current.

When we converted, we elected to NOT enter any prior transactions. This
worked amazingly well. You will still need to keep D-E available in case
you need to re-print an invoice from last year or review some complicated
series of events, but the instances of this were remarkably few. After the
first year, we've not had to run the D-E program even once.

Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is
more clever. QB simply quits supporting versions more than 3 years old
(including payroll data), so you have to buy a new version - or upgrade -
about every two to three years.

Bottom line: Our bookkeeper, who had resisted the change-over forever,
gave the ultimate approval: "We should have done this years ago!"

Many thanks for the time and effort for your advice. You have raised some
salient points. I am basically a reseller and do not carry inventory. For
this I set up products like "each' ; 'box'; 'ctn' etc and leave the
description line blank, and fill it in when I do invoices. This has
eliminated the purchase step.

Converting would then be a matter of moving D-E ending balances over to QB
opening and then ensure they balance.

Based on what you said I would still need an accountant and this is what I
would like to eliminate of possible.

I couldn't find a demo at intuit to look at the software, but I think I
could handle it, having a strong PC/software background.

Thanks again for your great input. I have printed same for guidance.

Bill
 
A

Allan Martin

William said:
Have a one man sub S business and been using daceasy accounting and
payroll for some years now and then I have an accountant do my year end
corp returns , K etc etc..I present him with my printouts and he moves it
to the IRS forms...not much labor on his part but a pretty fee for me and
reducing expenses is now an issue for me.

In reading the intuit web site I get the impression that QB can do returns
and also the quarterly payroll stuff. If true I may save myself some $$
and pay a more reasonable annual fee to Intuit. Penny wise pound foolish?

Anyone moved from Daceasy and what if any pitfalls or advice would you
give in making the switch.

Also at present daceasy doesn't allow for much customizing of forms like
invoices, statements and I am tired of waiting for them, not to mention
their huge upgrade fees...

Thanks for any input

Bill

If you switch to QB you will be able to say good-bye to your accountant,
your lawyer and if you ever get sick, just swing the retail box around your
head three times, scream like a chicken and you will be cured. I remember
when I first switched over to QB. The next day I could speak a second
language, play guitar and the chicks really started digging me.
 
W

William

Allan Martin said:
If you switch to QB you will be able to say good-bye to your accountant,
your lawyer and if you ever get sick, just swing the retail box around
your head three times, scream like a chicken and you will be cured. I
remember when I first switched over to QB. The next day I could speak a
second language, play guitar and the chicks really started digging me.
Well I already play the guitar, keyboards, drums, and chicks dig me a lot
so I guess I am ahead :)

Bill
 
A

Allan Martin

William said:
Well I already play the guitar, keyboards, drums, and chicks dig me a lot
so I guess I am ahead :)
Then I for you the ability to leap tall buildings in a single bound. By the
way I was just kidding about the saying good-bye to your accountant. After
investing in QB you will not wake up the next moring with the years of
education and training your accountant has. Also accountants (at least this
one) does not simply move your information to the tax forms any more than an
artist simply moves the paint from the tubes to the canvas.
 
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G

Golden California Girls

HeyBub said:
We switched three years ago.

I got tired of asking for financial reports/comparisons from the bookkeeper
and being met with glares. Several days later I eventually got something
remotely similar to what I wanted. Subtle suggestions to switch, over a
five-year period, were met with even more steely glares, defiance, and even
tears. Finally, I put my foot down.

We investigated a conversion service - mucho bucks (about $2k to convert Dac
Easy files to QB). Ended up doing the conversion ourselves. Here's what we
did:

1. Added minimal customer info to QB (just the name). We filled in the rest
as necessary, like when we needed to send them an invoice, over the next few
months.

2. Started each customer with an opening balance as shown by the Dac Easy
(D-E) year-end report.

3. Essentially copied the Chart of Accounts from D-E, along with the D-E
balances.

We (the bookkeeper and I) were able to get QB up and running, with current
data, in one day.

Points to ponder:

A. You need to be intimately familiar with QB or have access to someone who
is. You can't be learning the program during the conversion process. I
strongly suggest a Learning Annex or community college course or, in the
alternative, a QB expert who can mentor you. QB is a full-featured, powerful
system that has more than two knobs.

B. There is much you can do before the cut-over date: Learn the system, of
course. But you can build the COA, customer records, inventory items, etc.,
before the switch.

C. You may need to adjust your thinking if you are used to viewing
everything in terms of debits/credits and off-setting transactions. D-E is a
bookkeeping system; QB is much more user-friendly and doesn't conform to the
quill-pen methods of 200 years ago (for example, QB lets you easily void an
issued invoice, or any other transaction).

D. QB can prepare routine payroll reports to the feds and your state. It
can't print a tax return, though! You'll still need to send stuff to your
accountant. BUT: QB-savy accountants have a special program from Intuit that
takes your QB backup file and does most of the work!

You simply burn a year-end QB backup to a CD and send it along (with the
accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax
return comes back from your accountant ready for your signature. Your
accountant will also return a sheet of transactions for you to enter
(depreciation amounts, write-offs, fudge-factors, etc.) to make your records
current.

When we converted, we elected to NOT enter any prior transactions. This
worked amazingly well. You will still need to keep D-E available in case you
need to re-print an invoice from last year or review some complicated series
of events, but the instances of this were remarkably few. After the first
year, we've not had to run the D-E program even once.

Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is more
clever. QB simply quits supporting versions more than 3 years old (including
payroll data), so you have to buy a new version - or upgrade - about every
two to three years.

Bottom line: Our bookkeeper, who had resisted the change-over forever, gave
the ultimate approval: "We should have done this years ago!"
Above, you have it from the horse's mouth.

Below, you have it from the horse's ass.
 
J

John

Wow! Not often I get to LOL to three message in a row :eek:)

But hay William, No kidding . . . I learned Quickbooks in about a week
buy just reading the users manual during my 2 hour lunch break every
day. QB was my first Financial Software package so you should learn it
faster than I did. Before that I used a pencel and paper ledgers for
20 years and still never needed an accountant. But I did take an
accounting class in collage (35 years ago). _And_ I read a lot of IRS
publications.

If your a one-man-band you could get rid of your accountant if you
want to but you have to be certain that you understand everything he
has ever done for you in the past. If you don't understand the what
and why of what he does than you still need him.


Above, you have it from the horse's mouth.

Below, you have it from the horse's ass.
-
____ _
| __\_\_o____/_|
<[___\_\_-----<------------------<no spam please><
| o'
 
A

Allan Martin

Golden California Girls said:
Above, you have it from the horse's mouth.

Below, you have it from the horse's ass.

Well at least I know now, for sure, that I have your ear.
 
W

William

I have many years in banking (commercial credit and audit) so accounting
procedures etc is not new to me. As for learning the software that would not
be too difficult either.

I got hooked up with an accountant because our sons both played for a junior
football team so I thought it nice to give him some business. I know the IRS
pubs can be a nightmare to read and sort through, but my business isnt that
complicated that I could not do it myself. I got the impression from the QB
specs that the program could or would complete the basic IRS forms. But no
biggie if it doesnt.

Appreciate the input
Bill



John said:
Wow! Not often I get to LOL to three message in a row :eek:)

But hay William, No kidding . . . I learned Quickbooks in about a week
buy just reading the users manual during my 2 hour lunch break every
day. QB was my first Financial Software package so you should learn it
faster than I did. Before that I used a pencel and paper ledgers for
20 years and still never needed an accountant. But I did take an
accounting class in collage (35 years ago). _And_ I read a lot of IRS
publications.

If your a one-man-band you could get rid of your accountant if you
want to but you have to be certain that you understand everything he
has ever done for you in the past. If you don't understand the what
and why of what he does than you still need him.


Above, you have it from the horse's mouth.

Below, you have it from the horse's ass.
-
____ _
| __\_\_o____/_|
<[___\_\_-----<------------------<no spam please><
| o'
 
K

Kent Finnell

William said:
I have many years in banking (commercial credit and audit) so accounting
procedures etc is not new to me. As for learning the software that would
not be too difficult either.

I got hooked up with an accountant because our sons both played for a
junior football team so I thought it nice to give him some business. I
know the IRS pubs can be a nightmare to read and sort through, but my
business isnt that complicated that I could not do it myself. I got the
impression from the QB specs that the program could or would complete the
basic IRS forms. But no biggie if it doesnt.

Appreciate the input
Bill
You've gotten some good advice and met the resident clowns. Allow me to add
to that good advice.

Spend the extra $100 and get the Premier edition that comes closest to your
business description or the Premier Accountant edition which covers the
whole gamut. Get the CPA911 book "Running QuickBooks 200x Premier Editions"
by Kathy Ivens (assuming she will write the 2006 version). The book that
comes in the Premier box from Intuit sucks.

One piece of advice from her is, assuming an accrual basis, to put open
individual transactions at the end of the year in both accounts payable and
receivable instead of lump sums. Her books are easy reads. Oddly Intuit
uses her to write the Standard and Pro in the box books but not the Premier
book.

While QuickBooks don't actually prepare the Federal income tax forms, you
can assign the tax form line numbers within the program. Then you install
the proper year TurboTax for Business which can then import the QuickBooks'
figures.
 
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W

William

Kent Finnell said:
You've gotten some good advice and met the resident clowns. Allow me to
add to that good advice.

Spend the extra $100 and get the Premier edition that comes closest to
your business description or the Premier Accountant edition which covers
the whole gamut. Get the CPA911 book "Running QuickBooks 200x Premier
Editions" by Kathy Ivens (assuming she will write the 2006 version). The
book that comes in the Premier box from Intuit sucks.

One piece of advice from her is, assuming an accrual basis, to put open
individual transactions at the end of the year in both accounts payable
and receivable instead of lump sums. Her books are easy reads. Oddly
Intuit uses her to write the Standard and Pro in the box books but not the
Premier book.

While QuickBooks don't actually prepare the Federal income tax forms, you
can assign the tax form line numbers within the program. Then you install
the proper year TurboTax for Business which can then import the
QuickBooks' figures.
I guess every NG has them or at least one :)

Advice noted with thanks

Bill
 
A

Allan Martin

William said:
I have many years in banking (commercial credit and audit) so accounting
procedures etc is not new to me. As for learning the software that would
not be too difficult either.

I got hooked up with an accountant because our sons both played for a
junior football team so I thought it nice to give him some business.

So you engaged a professional for the sake of team sprit. All I can say is
Bulla Bulla.


I know the IRS
pubs can be a nightmare to read and sort through, but my business isnt
that complicated that I could not do it myself.
You know this isn't like my Louis Pasteur imitation, where if I get it
wrong, no one will know the difference. The IRS is watching you very
closely. Beware!



I got the impression from the QB
 
H

HeyBub

William said:
Many thanks for the time and effort for your advice. You have raised
some salient points. I am basically a reseller and do not carry
inventory. For this I set up products like "each' ; 'box'; 'ctn' etc
and leave the description line blank, and fill it in when I do
invoices. This has eliminated the purchase step.
Cool. Don't maintain an "inventory" if you can avoid doing so.
Converting would then be a matter of moving D-E ending balances over
to QB opening and then ensure they balance.
Yep.


Based on what you said I would still need an accountant and this is
what I would like to eliminate of possible.
Bill,

You may not NEED an accountant, but you sure should USE one. Here's why:

1. You pay the accountant to prepare the tax forms. Whatever you pay him,
it's far less than YOUR time is worth. We pay, for a regular "C"
corporation, a bit over $500 for our annual returns. And this is paid to a
CPA/Tax Attorney.

2. The accountant will spot areas where savings can be made. One of my
associates got into a snit with the IRS and hired a tax attorney to sort it
all out. He paid the attorney $5,000. The attorney got the tax bill reduced
from $280,000 to $3,000 (I'm not kidding!). In the process of fooling with
all the financials, the attorney discovered my friend was paying too much
local property tax and got his annual LOCAL property tax bill reduced by
OVER $5,000 per year. My friend is way ahead. Because he hired somebody who
knew more than he.

3. Most importantly (in my judgement), the preparer's signature at the
bottom of the form is crucial. The IRS maintains a list of righteous
preparers and if your preparer's name is on the form, the return is passed
without inspection, requests for more information, audits, penalties,
interest, or contract killings. Your signature *alone* at the bottom of the
return generally yields cries of "Fresh Meat!" and "I made quota!" around
the IRS office.
 
W

William

HeyBub said:
Cool. Don't maintain an "inventory" if you can avoid doing so.


Bill,

You may not NEED an accountant, but you sure should USE one. Here's why:

1. You pay the accountant to prepare the tax forms. Whatever you pay him,
it's far less than YOUR time is worth. We pay, for a regular "C"
corporation, a bit over $500 for our annual returns. And this is paid to a
CPA/Tax Attorney.

2. The accountant will spot areas where savings can be made. One of my
associates got into a snit with the IRS and hired a tax attorney to sort
it all out. He paid the attorney $5,000. The attorney got the tax bill
reduced from $280,000 to $3,000 (I'm not kidding!). In the process of
fooling with all the financials, the attorney discovered my friend was
paying too much local property tax and got his annual LOCAL property tax
bill reduced by OVER $5,000 per year. My friend is way ahead. Because he
hired somebody who knew more than he.

3. Most importantly (in my judgement), the preparer's signature at the
bottom of the form is crucial. The IRS maintains a list of righteous
preparers and if your preparer's name is on the form, the return is passed
without inspection, requests for more information, audits, penalties,
interest, or contract killings. Your signature *alone* at the bottom of
the return generally yields cries of "Fresh Meat!" and "I made quota!"
around the IRS office.

Fully understand and appreciated.....

Thanks again.
Bill
 
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A

Allan Martin

HeyBub said:
Cool. Don't maintain an "inventory" if you can avoid doing so.


Bill,

You may not NEED an accountant, but you sure should USE one. Here's why:

1. You pay the accountant to prepare the tax forms. Whatever you pay him,
it's far less than YOUR time is worth. We pay, for a regular "C"
corporation, a bit over $500 for our annual returns. And this is paid to a
CPA/Tax Attorney.

2. The accountant will spot areas where savings can be made. One of my
associates got into a snit with the IRS and hired a tax attorney to sort
it all out. He paid the attorney $5,000. The attorney got the tax bill
reduced from $280,000 to $3,000 (I'm not kidding!). In the process of
fooling with all the financials, the attorney discovered my friend was
paying too much local property tax and got his annual LOCAL property tax
bill reduced by OVER $5,000 per year. My friend is way ahead. Because he
hired somebody who knew more than he.

3. Most importantly (in my judgement), the preparer's signature at the
bottom of the form is crucial. The IRS maintains a list of righteous
preparers and if your preparer's name is on the form, the return is passed
without inspection, requests for more information, audits, penalties,
interest, or contract killings. Your signature *alone* at the bottom of
the return generally yields cries of "Fresh Meat!" and "I made quota!"
around the IRS office.
Actually the IRS maintains a list of the questionable preparers and returns
prepared by them are more likely to be subject to audit. On the other hand
it is Santa Claus that keeps a list of those preparers that are nice.
 
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