QuickBooks Tips & Tricks

Why do I have Accounts Receivable/Accounts Payable balances on my cash basis balance sheet (CBBS)? There are several reasons this may occur. If you have a transaction that is linked to a balance sheet account instead of an income or expense account, that transaction will appear as an open invoice or bill in Accounts Receivable or Accounts Payable. If you enter an invoice or bill and then enter a deposit without a payment or write a check instead of creating a bill payment, the transactions will not have a link to clear their balance and these transactions will also appear on the cash basis report as open transactions.

To fix these problems there are some reports you can run that will identify the transactions that need to be cleared.

Open Invoices report

1. Choose Reports > Customers & Receivables > Open Invoices.
2. Click the Date drop-down arrow and select the correct date.
3. Click Modify report, Advanced, and then click As of Report Date.

The payments that appear on the report (included in the CBBS) have been received but not applied to an invoice.

Unpaid Bills report

1. Choose Reports > Vendors & Payables > Unpaid Bills Detail.
2. Click the Date drop-down arrow and select the correct date.
3. Click Modify report, Advanced, and then click As of Report Date.

The bill payment checks that appear on the report (included in the CBBS) have been entered but not applied to a bill.

Customer Transaction Detail report

Each customer with a nonzero subtotal is affecting your A/R balance. To identify customer transactions that are causing an A/R balance to show on your CBBS, run the following report:

1. Choose Reports > Company & Financial > Balance Sheet Standard.
2. Click Modify Report.
3. On the Display tab, for Report Basis select Cash.
4. Delete the From date, keep the To date, and click OK.
5. To bring up the Transactions by Account report, double-click (QuickZoom) the A/R amount.
6. Click Modify Report.
7. On the Display tab, delete the From date and keep the To date.
8. Click Advanced, select the Open Balance / Aging Report Date option, and click OK.
9. Select Customer in the Total by field.
10. Click the Filters tab:
           a. In the Filter list, click Account.
           b. Click the Account drop-down arrow and select All Accounts Receivable.
           c. Select No for Include Split Detail.
           d. In the Filter list, select Paid Status, select Open, and then click OK.
           e. (Optional) Click Memorize to save this report to use again.

Vendor Transaction Detail report:

Each vendor with a nonzero subtotal is affecting your A/P balance. To identify vendor transactions that are causing an A/P balance to show on your CBBS, run the following report:

1. Choose Reports > Company & Financial > Balance Sheet Standard.
2. Click Modify Report.
3. On the Display tab, for Report Basis, select Cash.
4. Delete the From date, keep the To date, and click OK.
5. To bring up the Transactions by Account report, double-click (QuickZoom) the A/P amount.
6. Click Modify Report.
7. On the Display tab, delete the From date and keep the To date.
8. Click Advanced, select the Open Balance / Aging Report Date option, and click OK.
9. In the Total by field, select Vendor.
10. Click the Filters tab:
       a. In the Filter list, click Account.
       b. Click the Account drop-down arrow and select All Accounts Payable.
       c. For Include Split Detail, select No.
       d. In the Filter list, select Paid Status, select Open, and then click OK.
       e. (Optional) Click Memorize to save this report to use again.

Please call any of our QuickBooks ProAdvisors at (850) 435-8300, if you would like more detail on these tips or if you have any QuickBooks questions.

Lee Bell Quoted in Tampa Bay Business Journal

Tampa, FL -- Shareholder Lee Bell was quoted in an article reporting on community banks in the Tampa metropolitan area in the Friday, August 12 edition of the Tampa Bay Business Journal. 

Click Here to view the entire article, including Lee Bell's quote on bank portfolios.

Saltmarsh Hosts Anti-Money Laundering Seminar

Orlando, FL - Saltmarsh hosted (together with the Anti-Money Laundering Association and the Association of Certified Fraud Examiners) a seminar, Understanding and Detecting Money Laundering - for financial institution clients and friends.  The speaker was Jonathan Turner.  Mr. Turner has appeared on ABC News and CNN and is an expert in the investigation and documentation of financial fraud. He brought his entertaining and informative presentation about how money is laundered - great and timely information.

Stephen Macbeth, Dede Nolan, Suzi Fernandez, William Borde, Julie Sbrocco, Kristen Stogniew, Nathan Botts and Lee Bell of Saltmarsh, Cleaveland & Gund were in attendance as well. 

Protecting Your Financial Personal Information

Phishing sounds like something you might enjoy doing on a hot summer day.  Phishing, unlike fishing, can be dangerous…that is to your personal information.  Phishing is a scam typically carried out through unsolicited email or through websites claiming to be legitimate sites which lure the unsuspecting victims to provide personal information such as social security numbers, credit card numbers or passwords.  Be aware that the IRS does not initiate taxpayer communication through email or request detailed personal information through email.  If you receive a suspicious IRS communication, do not reply, open attachments, or click on links, instead simply forward to phishing@irs.gov and put "suspicious email or website" in the subject line and then delete the email.  The IRS tries to respond to these suspicious emails within 24 hours, but not necessarily with an email.  If a website was involved, check to see if it was shut down.

IRS Provides Limited Extension of August 31, 2011 Deadline for Offshore Voluntary Disclosure Initiative

Background

For U.S. taxpayers not fully disclosing their offshore financial accounts on required foreign bank account reports (FBARs) for part or all of the eight years 2003-2010, the U.S. Treasury Department has adopted a new Offshore Voluntary Disclosure Initiative (OVDI) limiting penalties on such late disclosures. This has been scheduled to close on August 31, 2011, by which date all documents must be submitted by the taxpayer.

Observation: This August 31, 2011 deadline has not provided taxpayers and their advisors much time to enter the new OVDI and provide all relevant documents to the Internal Revenue Service (IRS).

Limited extension of deadline

Recognizing that taxpayers may not be able to make a complete submission by August 31, 2011, the IRS has updated its Frequently Asked Questions and Answers under the OVDI as follows:

“FAQ 25.1. A taxpayer may request an extension of the deadline to complete his or her submission if the taxpayer can demonstrate a good faith attempt to fully comply with FAQ 25 [discussing submissions required to enter the OVDI] on or before August 31, 2011.”

Observation: The FAQ contemplates a maximum extension of up to 90 days, or until November 30, 2011.

The FAQ provides three conditions to such an extension:

1. Filing of properly completed and signed agreements to extend the period of time to assess tax (including tax penalties) and to assess FBAR penalties;

2. Including in the request for extension a statement of those items that are missing, the reasons why they are not included, and the steps taken to secure them; and

3. The request being made in writing and sent on or before August 31, 2011 to: Internal Revenue Service, 3651 S. I H 35 Stop 4301 AUSC, Austin, TX 78741, ATTN: 2011 Offshore Voluntary Disclosure Initiative.

Observation: The FAQ does not provide examples of reasons for missing items and steps taken to secure them, which will help demonstrate a good faith attempt to comply. However, many taxpayers and advisors have experienced difficulties or delays in obtaining complete details of foreign financial accounts, in spite of written and other inquiries to institutions holding those accounts.

If you have any questions regarding the above, please contact Saltmarsh, Cleaveland & Gund, (850) 435-8300.
© 2011 EisnerAmper LLP

This publication is intended to provide general information to our friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

Hager and Stogniew - Two Good Cops at the Florida School of Banking

Gainesville, FL - Two of our banking shareholders, Alex Hager and Kristen Stogniew kicked off the 2011 Florida School of Banking for it its Junior class today on the campus of the University of Florida. Alex and Kristen covered the topics of, "How to Survive a Safety & Soundness Exam" and "How to Survive a Compliance Exam". There was no 'good cop/bad cop' here as they worked together to shed light on regulatory compliance to the future leaders of Florida banking.