Last week, Intuit gave me a demo of their new ProLine Tax Import product. Even though the last thing I want to do is prepare income taxes, I do work with many CPA's and tax preparers who need help cleaning up their clients' Quickbooks files and I could immediately see how this product will save them an enormous amount of time!

Tax Import uses two technologies to easily populate a return. The first technology reads clients’ data from scanned source documents and imports it into Lacerte and ProSeries. Tax professionals first scan the documents, send the file to Intuit for processing and then import the data into the tax return. ProLine Tax Import includes data from a variety of documents, including consolidated brokerage statements, W-2s, 1099s, and Schedule K-1s.

The second ProLine Tax Import technology downloads tax data directly from financial institutions into Lacerte and ProSeries. Intuit’s innovative direct data feed technology distinguishes ProLine Tax Import from all other offerings in the market. Once the client approves the transfer of data to the tax preparer, this unique technology downloads data directly from financial institutions through a secure website to Intuit professional tax applications. Currently, the following financial institutions are supported by this product: Bank of America, Charles Schwab, E*Trade, Edward Jones, Fidelity, Morgan Stanley, Morgan Stanley Smith Barney, Scottrade, TD Ameritrade and UBS.

ProLine Tax Import is scheduled to be available free for a limited time to Intuit Lacerte Tax customers starting September 1, 2010. ProLine Tax Import will be available to ProSeries customers later in tax year 2010.

Here's information about how to get a free trial or check out the demo:

ProLine Tax Import Website:  http://lacerte.intuit.com/products/tax-import/index.jsp. There is a button on the upper right side that says “Try It Free,” which takes you to a web site that shows a short video. At the bottom of that page (http://learn.intuit.com/learncenter.asp?id=178421&page=89), there is a three-step process to get the free trial.
 
ProLine Tax Import Demo:  http://learn.intuit.com/learncenter.asp?id=178421&DCT=1&page=89. There is a short video demo that summaries the materials that Kristi and Luis showed you today.

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Written by Ruth Perryman, CMA, CFE, CFM, MBA, DPA (ABD)

Ruth is the president of The QB Specialists, an Intuit Solutions Provider that has helped thousands of businesses throughout the United States, Canada and even the Caribbean get the most out of QuickBooks since 1996. Ruth has over 20 years of industry experience, including 5 years as a Chief Financial Officer. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and Enterprise.

For more QuickBooks Tips & Tricks, subscribe to her monthly newslettter.

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Question:  Good morning!  Hope you are healthy and happy!  When expensing prepaid expenses, is it best to do a journal entry or just change the expense account? How do I create a good trail?

Answer:
Journal entries will give you the best trail because it leaves the original prepaid transaction intact.  If you need to prepare several entries for the same amount, like monthly prepaid insurance, you can memorize it by going to Edit > Memorize General Journal and even have it entered automatically.  Just make sure to set an ending date so it doesn’t continue after the prepaid is exhausted. 

 

If we helped solve your problem, please consider spending a minute or two posting a review for us. ____________________________________________________________

Written by Ruth Perryman, CMA, CFE, CFM, MBA, DPA (ABD)

Ruth is the president of The QB Specialists, an Intuit Solutions Provider that has helped thousands of businesses throughout the United States, Canada and even the Caribbean get the most out of QuickBooks since 1996. Ruth has over 20 years of industry experience, including 5 years as a Chief Financial Officer. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and Enterprise.

For more QuickBooks Tips & Tricks, subscribe to her monthly newslettter.

Looking for QuickBooks Point of Sale or Enterprise? Call 800-707-0940 or email us to save up to 46% off!

Enjoyed this post? Subscribe to QuickBooks Tips & Tricks via RSS Feed or via Email and receive free daily QuickBooks tips.

Question:  I can set "undeposited funds" as the default holding account but it does not carry through to the actual working of the donor receipt transaction.  All QuickBooks will let me use is "petty cash".  No matter what I choose, when I do the actual deposit, the location of donor transactions shows up as "petty cash".  While I don't think that's actually a big deal -- my executive director is flipping out over using petty cash.

 

Answer:
Do you mean when you go to Banking > Make Deposits that the Deposit To account keeps defaulting to your petty cash?  This defaults to the top bank account in your chart of accounts, but you can always change it in the dropdown list to the right of the Deposit To box

You can change the default account for Make Deposits, as well as Write Checks, Pay Bills and Pay Sales Tax by at Edit > Preferences > Checking.

 

If we helped solve your problem, please consider spending a minute or two posting a review for us. ____________________________________________________________

Written by Ruth Perryman, CMA, CFE, CFM, MBA, DPA (ABD)

Ruth is the president of The QB Specialists, an Intuit Solutions Provider that has helped thousands of businesses throughout the United States, Canada and even the Caribbean get the most out of QuickBooks since 1996. Ruth has over 20 years of industry experience, including 5 years as a Chief Financial Officer. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and Enterprise.

For more QuickBooks Tips & Tricks, subscribe to her monthly newslettter.

Looking for QuickBooks Point of Sale or Enterprise? Call 800-707-0940 or email us to save up to 46% off!

Enjoyed this post? Subscribe to QuickBooks Tips & Tricks via RSS Feed or via Email and receive free daily QuickBooks tips.