Quicken & Other Budget/Accounting Software/QuickBooks Startup


Hello Linda. I am installing QuickBooks in a small, cash-basis company. My QuickBooks experience is limited and not recent, so I am fumbling a bit. I have the basic setup completed and have entered data for the first month (January 2013). I have three questions; any help you can provide on them will be greatly appreciated.

1. While entering transactions for the months before the current month, I have the Preference item "Use Undeposited Funds as the default deposit to account" left UNchecked, because all these receipts have already been physically deposited in the bank. However, I then recorded a customer payment before I had set up the bank account, so that payment went into the Undeposited Funds account anyway. Now that the bank account is set up, how can I correct this? Can I delete the transaction and try to record it again, hoping it will go directly to the bank account?

2. In creating the bank account, I somehow did it twice, complete with opening balance. Of course, the offset is in "Opening Balance Equity." In a panic, I inactivated one of the two bank accounts and proceeded with the rest of the month's transactions. I don't want to leave the inactivated account there, so how can I remove it and the offset in Opening Balance Equity?

3. The company is a property management company, with leases that renew at different dates in the year. Is there some way to set up reminders for each customer that will prompt us when the lease comes up for renewal?

Again, I will certainly appreciate any help you can provide and thank you in advance.


Hi Dennis,
Sorry for the delay, I missed this notification in my inbox.

1. When you make a deposit slip to go to the bank, you can put 1 customer check
  on a deposit ticket,  or you can group all your customer checks and put them
  into the bank on one deposit ticket.

  By allowing all your customer payments to post to undeposited funds, you can
  group those payments together to match your deposit that went into the bank account.
  this makes for a much easier Bank reconciliation.

  To move the customer check from undeposited funds,  
  Go to the Banking menu > Make deposit >  select the payments to deposit, click OK
  and in the next window select the bank account these funds were deposited to.

2. List menu > chart of accounts >  in the bottom of the screen, select show inactive accounts
   check box >   double click on that account,  if there is a transaction in that account, a
  click on it, then click the EDIT menu and select edit to open that transaction.
  Once the transaction is open,  Select the edit menu and select Delete transaction

  Return to the chart of accounts window,  highlight the inactive account , from the
  edit menu > select delete account

3. To set your preferences for reminders:
  Edit menu > preferences > reminders

  To create a reminder
  Company menu > to do list > click on the to do button in the lower left
    window to Create new to do (reminder)

  I think you might have an easier time if you edit the customer name and at the
  end of the customer name put the YY-MM to represent when the lease is up
  And each year, updating that 5 digit code at the end of their customer name.  

  For example  lets say you had 2 properties with 1 rental unit  

  the customer name with subjobs  would be
  14 Main street
     Smith, Sally 14-06  (current renter whose lease expires in June 2006)

  Under the bill to window you would put
   Sally Smith
  excluding the 14-06

  So the only place you would see the lease renewal date is in your reports.

  There are other ways to handle this,  but I think the above should get you going.

Linda Saltz, CPA
Advanced Certified QB Advisor

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Linda Saltz, CPA, QBalance.com


QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com


Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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