Q. What’s the best way to review outstanding client
invoices?
A The new Collection Manager in C&P X is a one-stop
window for improving how to get paid. It’s like a Daily Job
Status window for unpaid invoices, listing everything owed to you.
Track the status of each by choosing from 13 preset payment statuses.
Notes can be added to each invoice to supplement its payment status
(like a job diary entry). The Collection Manager report groups invoices
by client, making it a convenient to-do list for AEs to track down
the cash.
Q. Help! It’s past December 31st
and I’m not ready to close the year.
A. Depending on which version of C&P you’re
using, you have from 3 to 12 extra months in which to close. In
C&P Classic, use the 3 extra months to continue working into
the new year. During that time, prepare for closing last year. When
you’re ready, Clients & Profits closes the year, then
takes all the data from the new year and makes it current.
Q. My boss is now worried about security.
What’s the best thing I can do to safeguard our work?
A. Backup your database every day. Have at least
a week’s worth of backups available (two weeks is better).
Restore once in a while to check for reliability. Keep backup CDs
off site for redundancy. And make sure that more than one person
knows how to make and restore backups! |
Q. If I’m ordering from a vendor one time, do I need
to add them to the vendor file for 1099 purposes?
A. No. Use an overhead or job cost check to pay
a one-time vendor. Add information you’ll need for a 1099,
e.g., full name, address, social security number, directly to the
check and click the 1099 checkbox.
Q. When it’s time to print the 1099s,
how do I know who should get one?
A. C&P X knows; you don’t have to. Print
a 1099 Preview report first to review all the potential candidates.
Each posted check (whether it’s for a regular vendor or a
one-time vendor) appears on the Preview report.
Q. What’s the difference between the
retained earnings account and the year-to-date net income account?
A. Retained earnings tracks net income (or loss)
from previous accounting years. This account is only used at year-end
closing and for adjustments as directed by your CPA. The year-to-date
net income account (which is always GL#999999) is calculated each
time a financial report is printed. You can’t post entries
directly to this G/L account.
Q. Our accounting staff is busy getting
ready to close our year. Should our production staff be busy doing
something in C&P X as well?
A. Not really. Jobs, POs, and time sheets are not
affected by the year-end closing process. However, they can’t
work while its closing.
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