Tips and Tricks to Help You Use QuickBooks Better. | Hawkins Ash CPAs
In this edition
March 15, 2019

Faster ACH Payments Coming This Year

What’s the Difference Between an Invoice, Sales Order or Estimate in QuickBooks?

Protect Prior Year Data – Set a Closing Date Password

Updating SUTA Rates

QuickBooks 2016 to be Discontinued on May 31, 2019
Faster ACH Payments Coming This Year
In February 2019, QuickBooks Online rolled out next day ACH (bank transfer) payments. You will no longer have to wait two to five days for your money just because someone chooses "debit" instead of "credit." Earlier access to your money makes it easier for you to concentrate on what you do best – your business.

The rollout will not happen all at once. QuickBooks Online customers will receive their invitations by email over the course of 2019. How long before you receive your invitation depends on such factors as processing activity and history. After you are notified, acceptance is as easy as 1-2-3:

1.   Select the gear icon
2.   Select Account and Settings, then Payments
3.   Click "Upgrade" 

QuickBooks charges a fee of 1% of the transaction, topped at $10. If you lose the invitational email, your eligibility will remain inside of the payment screen. If you think you’ve missed the invitational email but are sure you would have received it, then under that same payment screen, look at your “Deposit Speed.” If you see “Upgrade”– there it is. If not, be patient, it will be coming to you.

New accounts don’t have this option yet, but it will be coming soon. Also, if you would like to maintain your current deposit rate, you will not be penalized. You are not required to accept the invitation.

Credit card payments will be unaffected, as they are already next day. There is also no additional fee from QuickBooks for next day credit card payment service. 
Contact: Steve Arnold , Certified QuickBooks Online ProAdvisor
Direct: 507.453.5962
Email: sarnold@hawkinsashcpas.com
What’s the Difference Between an Invoice, Sales Order or Estimate in QuickBooks?

An estimate is a quote you provide a customer for products/services. Once an estimate is saved in QuickBooks, that estimate can be turned into a sales order or invoice if the customer decides to accept your quote. Estimates are non-posting and not included in income.

To turn on the Estimate function in QuickBooks Desktop, click Edit (top menu bar), Preferences, Jobs & Estimates, Company Preferences.

Sales Orders
(only available in QuickBooks Desktop Premier and Enterprise versions)

A sales order is created when a customer places an order for products/services. A sales order is very helpful for manufacturers. Sales orders track the order before it is ready for delivery/billing to the customer. Pick lists, packing slips, shipping labels and invoices can be created using the Sales Order. Sales Orders are non-posting and not included in income.

To turn on the Sales Order function in QuickBooks Desktop Premier or Enterprise, click Edit (top menu bar), Preferences, Sales & Customers, Company Preferences. Check Enable Sales orders and choose the templates you’d like to use for the Packing Slip and Pick List.


An Invoice is created to record a sale from customers who make no or partial payment. Invoice item amounts are included in income as of the invoice date and will flow through to the Profit and Loss Report, if that is how your items are set up.
Contact: Emily Babbitt , Certified QuickBooks Online ProAdvisor
Direct: 507.252.6683
Email: ebabbitt@hawkinsashcpas.com
Protect Prior Year Data – Set a Closing Date Password
Neither QuickBooks Desktop nor QuickBooks Online requires you to close your books as part of year-end procedures. However, to prevent costly mistakes, you can limit access to a closed accounting period by setting up a closing date and closing date password. Follow these simple steps to ensure you don’t accidentally post transactions to a prior closed period.

Desktop instructions to set closing date password:

1.) From the top menu bar, select Company, Set Closing Date.
2.) Click Set Date/Password.
3.) Choose your closing date and set your closing date password.
4.) Select OK to close the Set Closing Date and Password window.

Online instructions to set closing date password:

1.) Choose the Gear icon.
2.) Under “Your Company” Choose “Account and Settings.”
3.) Choose Advanced.
4.) In the Accounting section, click on the Edit icon (the pencil).
5.) Check the box labeled “Close the Books.”
6.) Enter a closing date. Note: Transactions dated on or before the closing date cannot be changed without warning.
7.) Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:
  • Choose ”Allow changes after viewing a warning” to make a warning message appear.
  • Choose “Allow changes after viewing a warning and entering a password” to require the user to enter a password as well.
8.) Enter the password in the fields below.
9.) Click Save, then Done.

Note:  The company Admin will be able to make changes to closed periods by entering the closing date password. Other users may be able to make changes depending on their user access (type and permissions in the Online version). Either way, QuickBooks will warn you if you try to make a change prior to the closing date.

We are here to help. Please contact one of our ProAdvisors should you have questions.
Contact: Jennifer Kiehne, Certified QuickBooks ProAdvisor
Direct: 507.252.6682
Email: jkiehne@hawkinsashcpas.com
Updating SUTA Rates
With the first quarter of 2019 coming to a close, make sure you have the current SUTA tax rate updated in your QuickBooks file. This can be done in October of the prior year; however, this is often overlooked.

In the QuickBooks file, click Lists (top menu bar), Payroll Item List. Once in the list, scroll down to the state unemployment item. Double-click the item and click Next two times. This will bring you to the Company Tax Rates for 20XX window. Enter the tax rate for the current year, click Next until you can click Finish. In October each year there will be an additional field for the 1 st quarter of the next year. 

The State of Wisconsin Department of Workforce Development (DWD) sends the new tax rate notices during October. 

Minnesota Unemployment Insurance sends its tax rate notices at the end of November or beginning of December. 

Both states offer the option to potentially lower this rate. Wisconsin has a voluntary contribution and Minnesota has a tax rate buy down option. Contact your (or one of our) payroll professional to find out more.

If you are unsure of what your rate is:
Log into the website and follow steps below: 
Once logged in:
  1. click on View/Update Account at the top
  2. then click on View Rate Summary  
Log into the website and follow steps below: 
Once logged in:
  1. click Account Maintenance on the left
  2. then click View Tax Rate Determination

This screen will provide the current tax rate for Minnesota employers.
Contact: Jodi Burton, QuickBooks Online Certified ProAdvisor
Direct: 920.337.4531
Email: jburton@hawkinsashcpas.com
QuickBooks 2016 to be Discontinued on May 31, 2019
Each year QuickBooks discontinues a desktop version in preparation for the newest release.

If you use any of the following services in the 2016 version, you will want to upgrade prior to May 31, 2019.

  • Payroll Services
  • Assisted, Basic, Standard and Enhanced Payroll
  • Workers’ Comp Payment Service
  • QuickBooks Workforce (formerly known as ViewMyPaycheck)
  • Credit Card Processing
  • Merchant Services and Merchant Service Deposit
  • Recurring Payments
  • E-Invoice
  • Check Solution
  • Accountant Copy Transfer Service
  • Exchange Rates Downloads
  • Online Banking, Online Payment Processing, and Bill Pay Services
  • Technical Support
  • Critical Security Updates

If you would like assistance with your upgrade, please contact one of our QuickBooks Certified ProAdvisors.
More Resources from CPA-HQ
Hawkins Ash CPAs Ranks among Top 25 Accounting Firms in Greater Milwaukee Area
Check out our ranking among the largest CPA firms in the Milwaukee area by the Milwaukee Business Journal.
Fewer Taxpayers to Qualify for Home Office Deduction
Beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction.

Find out why.
Podcast: Pre-Tax Deductions for Employees
Listen to this podcast about payroll taxes and how taking advantage of your employer’s benefits can reduce the tax.

Hawkins Ash CPAs
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