Ask the Accountant

Harriet Gatter, owner of Accounting Support LLC, was an ad specialty distributor for 23 years and an adjunct professor of accounting at Neumann University. She sold her ad specialty business in 2012, became certified as a QuickBooks ProAdvisor, and now works exclusively with ad specialty distributors nationwide on their QuickBooks, order management and accounting needs.

Question: Can you clarify "Customers," "Vendors," "Employees" and "Other Names?" Too often I use "Other Names." Is that right? Answer: No. It is best to set these up correctly from the beginning. Fixing later is difficult. In this section, QuickBooks allows a name to be used only one time. If you put everyone in "Other…

Question: Do I need to make changes to my supplier’s PO to match the supplier invoice? Answer: Yes, and making this adjustment is a standard and absolute best practice in our industry. The supplier’s invoice almost always differs from the original purchase order, and it is the final invoice numbers that need to be correctly…

Question: Why do I have supplier purchase orders that show as open in QuickBooks Premier even though I know I have paid them? Answer: There could be two explanations. First, there are times that your supplier purchase order does not mark all items as closed even though they are paid. To check this, open the…

Question: My accountant wants me to buy some business insurance. Is that something I should have? Answer: I, too, advise my clients to purchase business liability insurance. It can protect you and your assets in the event of a lawsuit. If you are a sole proprietor, your personal assets are at risk with a lawsuit.…

Question: I have a few company files set up in QuickBooks Premier from businesses I started but no longer run. How do I delete them from the list of companies to open? Answer: These companies can be hidden but technically not deleted. Select "File," "Open Previous Company" to see the list of all the companies…

Question: I use QuickBooks Premier for my distributorship. I also run another small business. Can I use my QuickBooks program for that, too, or do I have to buy Premier again? Answer: You can set up another company or companies in QuickBooks Premier at no additional charge from QuickBooks. You do not have to purchase…

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