I’ve been writing a lot about QuickBooks 2011 lately, and my article on the smaller, less publicized changes drew a lot of attention (see QuickBooks 2011: Other Changes I’ve Noticed). Here is a list of MORE small (but important) changes in the 2011 product. My thanks to Laura Madeira for pointing many of these out to me (see Laura’s blog Getting The Most from QuickBooks, an excellent resource).
I got very excited when I came across this, as I thought that it was going to be a major improvement. After digging in, not so big. But it will be appreciated by some people.
QuickBooks allows you to enter a receipt of an item before you enter the bill. This is a common occurrence, and the ability to do this is important. You need to have accurate inventory quantities in QuickBooks, and you don’t want to let a slow bill create problems. Here is an item receipt without bill as an example.
The items are received in inventory and can be used.
At a later date the bill arrives and you will select Enter Bills Against Inventory. The bill has a date, and most people will enter the bill date on the bill. That makes sense, that is the date that the bill was received. However, this changes the date of the inventory receipt as well, and that can cause many problems.
In QuickBooks 2011 we have a new option, to use the item receipt date for the bill date.
Unfortunately, this does not separate the bill from the receipt. It just sets the default date for the bill to remain as the original receipt date, instead of changing the date of the bill to be the current date. So, if you enter the bill at a later date, the program leaves the transaction date at the original date of receipt (unless you manually change it). That helps, as you don’t move the item receipt to the later date accidentally.
The problem is that the due date of the bill is still calculated based on the receipt date. So your due date might not be calculated the way you want. The receipt and bill are still tied together as one transaction.
Payment Stubs with Credit Card Payments
If you select Pay Bills you have the option to pay the bill with a credit card or a check. If you select credit card, we have a new option – Print Payment Stub.
This is a nice option, as it gives you a printed record of the payment that you can file.
If you set your Reminders preferences to show the list (details) of Inventory to Reorder, the Reminders window will now show the purchase description of Inventory Part items that are listed. In prior versions, the description did not show. Unfortunately, they didn’t extend that to Inventory Assembly items, even if you mark them as being purchased. In prior releases just the item name appeared.
In addition, Inactive Items won’t be listed here. They were included in prior years, which cluttered up the list.
The Account Balances window will now display the Accounts Payable and Accounts Receivable balances, along with your bank and credit card balances.
General Journal Entry Memo
If you are entering a General Journal Entry, you can enter a memo in each line. The memo that you enter in the FIRST line is then automatically copied to any subsequent line you enter. In prior years, if you entered a different memo on the second (or later) line, when you add the NEXT line it would still default to the original memo from line one.
With QuickBooks 2011 this is changed – if you enter multiple lines, the memo is copied from the prior line, not the first line. So in the example below, when I entered the memo for the Bank Service Charge, when I added the fourth line the memo defaults to the memo from the third line, not the first line.
Void Invoice Stamp
Up until now, if you voided an invoice (right click on it, select Void Invoice), the invoice would be stamped as Paid. This was really annoying – you would have to make a special “void” template (see my article on voiding invoices in QuickBooks for details).
At last, they have fixed this. In QuickBooks 2011 if you void an invoice it is stamped as Void.
About the Author (Author Profile)
Charlie Russell is the founder of CCRSoftware. He’s been involved with the small business software industry since the mid 70’s, focusing on inventory and accounting software for small businesses. Charlie is a Certified Advanced QuickBooks ProAdvisor. Look for Charlie’s articles in the Accountex Report blog, as well as his California Wildflower Hikes blog.