QB for Mac 2011 is out now - but requires OSX 10.6 (Snow Leopard) to run

For the period Oct 1, 2010, thru March 31, 2011, NYS sales tax exemption
for clothing and footwear under $110 has
been eliminated.

FINALLY a resource for QB Mac!
http://ping.fm/J2PCs
with link to v2011 ebook even
yay!

Everyone should have a budget. Everyone.

iPhone users beware when upgrading to the 4.0 OS you may loose all of your phone numbers and contacts. Be sure to backup before you upgrade

Miss the sales tax deadline? Memorize a $1 bill in QB as a reminder for when tax is due -then void and enter payment info in memo when paid

Smart Accounting Principals for Small Business

1. Use accrual-based accounting: Accrual basis better represents the financial condition of the organization than Cash basis accounting. (Note: QuickBooks allows you to see most reports on both Accrual and Cash basis)
Accrual accounting will help you:
- recognize revenue in the correct fiscal period and when related expenses occurred.
- restrict income to the period or purpose to which it was intended.
- highlight expenses paid in advance or due to be paid to recognize in the correct fiscal period

2. Use double-entry bookkeeping: for every transaction, the money has to come from somewhere (i.e. a checking account) and go to somewhere (i.e. office supplies). Since debits must equal credits, double entry provides a safeguard against error. (Note: QuickBooks is double-entry automatically)

3. Customize your Chart of Accounts: the Chart of Accounts is the key stone to your organizations finances. It should list every possible way for money to come in, go out, hang out in or move around in your organization. It should encompass what board, staff, management, and investors need to know. If your organization uses a budget, the categories of the budget should be the same as your Chart of Accounts. You can create sub-accounts to give you more detail and get a subtotal for types of expenses. (Note: QuickBooks also has Class codes to break out expenses by Program area without duplicating expense categories)

4. Print and review the Profit and Loss report and the Balance Sheet report on a regular basis (at least monthly) to catch errors and omissions.

5. Have a consistent bookkeeping system that standardizes when and how you enter data, summarize/report data, and reconcile data. A written "bookkeeping manual" can ensure continuity between bookkeepers.

6. Have internal controls and segregation of financial duties to prevent error or theft. Unless the owner of the business, the same person should not be responsible for cutting and signing checks and reconciling the bank accounts.

7. Petty Cash should be small amounts, carefully managed by at least two people, for short term use only.

8. Do not loan money to staff or board members. Do not use business funds for personal charges, even if you are the business owner - transfer money to your account instead.

Merch Service-enabled QB files must update in June to new password protection requirements for Payment Application Data Security Standards

Moving your office? NY Enterprise Report on making a smooth transition. http://ping.fm/mQRMh

Now all NY nonprofits must file a 990 with the IRS, even if revenue is below $25k Only affects NFP who have not filed previously.

Happy Cinco de Mayo!

WIBO NYC workshop: How to Use Financial Statements for Strategic Growth
RSVP required, limited to 20.
212-684-0854 x0534

QB error for AVG anti-virus fix:
http://ping.fm/3LMkU

Now you can get personal bank info (.QFX) into Quickbooks with the .QBO converter from Big Red Consulting $59 www.bigredconsulting.com

Better than merchant services? http://ping.fm/6KAug cheaper for sure at $.50 per transaction, no minimum. Exports to QB

NYReport @smallbizawards: Are you a non-profit looking to get noticed? Nominate Small Business Awards -more info. visit http://ow.ly/1uSvq

Testing out Mint.com as free personal finance manager - who has used it and with what success?

Looking at CRMs & reminding myself that success is driven by the biz, not the software (tho good software really helps!) Recommendations?

Ean speaking at Apple SoHo NYC tonight at 6pm about QB Mac v2010

Ean presents bookkeeping with QB Mac 2010 at Apple Soho on Friday March 5 @ 6pm
http://ping.fm/VwIap

Moxie partners with Carbonfund.org
http://ping.fm/j9yeD

I would unite with anybody to do right and with nobody to do wrong. - Frederick Douglass

www.biztoolkit.org, powered by James Hill Library, search everything needed for any size biz: demographics, templates, etc. Exceedingly cool

Know about WIBO? Great events for small biz
http://ping.fm/7taR3

Used http://ping.fm/Pcuz2 to decide that Partners In Health is best place to send $ to Haiti

Employee vs Contractor?
http://ping.fm/xUlqz

Did you get your 1096 form from the IRS? If not, request it. It needs to be filed with the red copies of your 1099s by March 1st, 2010.

Regular 1099s must be sent to individuals or unincorporated business you paid more than $600 for Service during calendar year 2009 by Feb 1

The Dow is up, but best things in life are free. Find 5 things under $5 that make you laugh out loud.