How to run a profit per invoice returns in QuickBooks

In this video, I demonstrate how to extract data from QuickBooks into Microsoft Excel and produce reports such as a Profit per Invoice report. I also show you that once the data is in Excel, you can produce many useful reports, such as gross profit per product, gross profit per customer and more. This is also a video that can serve as a primer into using pivot tables.

If you have any questions, please feel free to leave them in the comments below. Thank you and have a nice day!


Customized Accounting Reports Emailed Automatically – QuickBooks Online Tutorial

This is a new video I published demonstrating one of my favorite features in QuickBooks Online, the automated sending of accounting reports. This feature is such a powerful tool when combined with accurate and up to date accounting records. I hope you find this video helpful.

Using the new Bundle Feature in QuickBooks Online – Video Tutorial QuickBooks Online

This is a new video I published today demonstrating how to use the new Bundle feature to create Group items for creating a list of commonly used items on Invoices, Sales Receipts, Estimates and Bills. This feature is very useful in a variety of business processes. How would you use this in your business? We  would love to know, please leave a comment below. Thank you and have a nice day!

Using Window Envelopes with QuickBooks Online

The following is a quick guide on how to set up the use of window envelopes in QuickBooks Online.

  1. Go to the Custom Form Styles List. Do this by clicking the Gear Icon and under the Your Company Column you will find the Custom Form Styles Link.



  1. In the list window, you can choose to edit an existing form template or create a new one using the New Style button on the top right hand side.
  2. Currently there are five layout templates that Intuit allows you to choose from. Three of them are window envelop compatible (Airy, Modern, Friendly) and two are not (Fresh, Bold). Choose a compatible template you would like to use.
  3. Finally, in the Appearance tab, make sure the Window Envelope Compatible Box is checked.customformstylesscreenshot2



Too many accounts on your chart of accounts – QuickBooks Online

I am going to be launching a new series of articles that is set to help business owners and accounting professionals get more out of their financials. In this series I will identify common mistakes that I see and how to resolve the situation.  In our demonstrations we will be using QuickBooks online for our accounting software but the theory and concepts would apply to any accounting software. Let’s get started!

One extremely common error I see is the utilization of too many accounts in the company’s chart of accounts. For a brief overview of the chart of accounts, watch our YouTube video “What is the Chart of Accounts?” (

Having too many accounts on your chart of accounts can actually hinder the amount of information provided by the Profit and Loss and Balance Sheet. For example, when analyzing financial statements you often want to perform trend analysis, in other words look for increases, decreases or baseline for certain items. But this can be extremely difficult if there are too many accounts since there is an increased chance of the same expense appearing in two separate accounts.

There are a number of different solutions to resolve this problem, as outlined below.

Delete the Account

The first option would be to delete unnecessary accounts. Don’t worry deleting an account will NOT delete all of the previous transactions that used that account. In fact it will not even actually delete the account (even though it is labelled that way in QBO). What QuickBooks actually does when you delete an account is make the account inactive, which will eliminate that account as an option in future transactions.

Use Sub-accounts 

The option on our road to clear and concise books is the utilization of sub accounts. A sub account is used when you want to break down a general account into more detailed accounts. For example, we can have a general (aka Parent) account “Auto Expenses” with sub accounts “Lease payments”, “Fuel” and “Maintenance”. Note, when you are using sub accounts correctly you should never be categorizing any transactions into the Parent account, all transactions should be coded to the sub account. The beauty in using sub accounts is the option to expand or collapse the accounts on any report that includes them. So continuing with the above example of Auto Expenses, we can choose on the fly whether we wish to see total auto expenses or a break down of the sub accounts whenever we run a report.

Merge Accounts

The last option is to merge accounts. This option should be used if there are two or more accounts that basically consist of the same type of transaction. In this case there is no need to have the transactions in separate accounts, in fact they should be in the same account to better track trends and project them over time. An example would be if you have an account for Cell Phone Expense and a separate account for Telephone Expense. You can really just merge these two accounts into one account called Communications Expense or Phone Expense etc. To merge accounts, you need to edit the account from you chart of accounts and change the name and detail type of one account to the information of the account you are trying to merge it with. This will change all of the previous or historic transactions. Warning, once two accounts are merged you cannot reverse or unmerge them.

QuickBooks Online Desktop Application – Initial Review

Hello everyone!

Recently released is a Windows Desktop application that allows you to access your QuickBooks Online Company file on your desktop. You will still need an internet connection and an active company file. The application is free to download, I will post a link to the Intuit Blog which describes the application in more detail and has a download link. The application is free to download and I strongly encourage QBO users to try out the application.

The benefits of using the desktop application rather that using an internet browser really boils down to ease of use and convenience. I personally noticed an improvement in speed while using the application versus the browser. Also those of you that are accustomed to using the tradition Desktop versions of QuickBooks (Pro, Premier and Enterprise) will be happy to be able to use the drop down menus to access your reports, transactions and other common areas in QBO.

The following is a link to the blog post and download link.

Direct vs Indirect Cash Flow Projection

This is another video lesson I recently published. I give a brief overview of the differences between a direct and indirect cash flow report. Followed by a quick cash flow forecast using the direct method with information from QuickBooks Online.

If you have any questions, feel free to e-mail us at [email protected]

We are also available to help your small business project it’s cash balances.

Thank you for watching and have a nice day!

Marking an Invoice as Pending and Removing the Pending Status Stamp

There may be times where you want to issue an invoice to a customer, but do not want to recognize the revenue because you have not yet earned the revenue. According to generally accepted accounting principles, you should recognize revenue when it is earned if you are doing accrual basis accounting. Marking the invoice as pending will save the invoice for you to finalize in the future and will NOT record any accounting in the background (will not record sales or a receivable).

To mark an invoice as pending, fill out the invoice fields as usual then click the Mark as Pending button shown in the image below.



If you preview the invoice, after marking it as pending, you will notice that it has a Pending Status Stamp on the invoice (see image below).



If you wish to remove this stamp, you will need to edit the template. You do this by clicking the lists menu then choosing templates from the top menu bar. Then you select the template you want to edit and right click it and choose edit template. In the Basic Customization window shown below, make sure to uncheck the box labeled Print Status Stamp.



Click OK to save the change to the template and now your pending invoices will print without the Pending Status stamp.

If you have any questions please feel free to leave them in the comments below this post. Thank you for reading and have a nice day!

Job List in QuickBooks Desktop – Report Customization

I was having a consulting session with one of my clients and they wanted to know how to get a list of jobs out of QuickBooks Desktop. There doesn’t exist a default report that will give you a list of jobs in QuickBooks, but using some advanced customization options you are able to get a detailed job list.

The first step in our customization will be to start with the default Customer Contact List.
Reports>List>Customer Contact List



You end up with the following report that shows all of your customers and jobs.



From here we made a few key customization changes to come up with the report we wanted. Click the Customize Report button and select the columns you want to see.  In our case, we wanted to see the job description, the customer, start date, projected and actual end date. (see the following image)Columns


Next, I wanted to filter the report so that it only shows Jobs. I did this by including the Customer:Job Level filter. I filtered for the level to be greater than one.



Finally, I changed the header to reflect that this is a Job List.



The result was a nice Job List report with meaningful information that the client can memorize for future use.



Book Review – Profit First by Mike Michalowicz

71VbPsg3rfL._SL1500_I recently finish reading the book Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz and wanted to publish my review of the book. 

Let me start by saying that the book was very easy to read and I enjoyed the author’s writing style quite a bit. It was a quick read that delivered deep content in a surprisingly light manner. The author, Mike Michalowicz, has a good sense of humor and at some points I was literally LOL. The book was well organized and whenever a new concept was brought up in a chapter, the author did a good job clarifying and always providing examples of even the simplest of concepts. In addition to his thorough explanations, at the end of every chapter you will find a detailed, numbered action plan/ directions to implement the subject of that particular chapter.

In this next part of the review I want to discuss the content. First off let me give you a little bit of background about myself so that you know where I am coming from. I am an accountant by trade and love reading business books, always looking for those golden nuggets of knowledge that I can use to provide value to my clients or use in my own business. I believe there were definitely some great ideas and concepts in this book that I would love to share with some of my clients, and that is part of the reason I am writing this review. Although the author’s system could technically work for everyone, it does take discipline and some extra leg work to implement and customize to your business. Luckily as I mentioned earlier, the book does a great job directing the reader how to go about customizing the system for your business.

As an added bonus the author also included a chapter about how you could apply this system to your personal finances, which is much the same way you would with a business.

I think this book is  a great read for any business owner. There is some great content to be found and it is very easy to read. I would particularly recommend this book to readers that are having cash management issues, as the author has a great system to remedy that. Even if you decide not to apply the book’s system, I believe that the book still points out some information that every business owner should be aware of.

If you wish to purchase the book I included a link below to the Amazon page. I bought the Kindle version, so I can attest to the hardcover or audio versions. If you decide to purchase the book, or have previously read it, please leave some comments below, I would love to discuss. As always thank you for reading and have a nice day!