Posted on June 28, 2015
In Quickbooks Pro Manufacturing Edition are you seeing Purchase Orders on your Open PO report in Quickbooks that have been received in full. Are you seeing the “Received In Full” stamp on these PO’s when you open them to try to determine the cause of the error.
Here is a little trick that I have found works well for me. Open the purchase order that is in question (be sure to keep track of the PO number), change the date of the PO to the year 2030 and save and close it. Use the “Find” feature with the PO number or locate it in the Customer center if you no longer see it on the report. Re-open the PO and change the date back to the correct year and save and close it.
Give this a try and please comment on whether or not it has fixed your problem. It has worked well for me and I am curious to find out if others have the same result. Yes, I admit, it’s just a treatment and doesn’t really diagnose why this is happening.
Posted on June 20, 2015
What exactly makes pick one mortgage loan package and leave the other? What attracts you to your favourite package? The fact is you’ll in all circumstances repay the loan amount plus interest to the lender regardless of the amount in question. Am sorry my learned fellows .In all posts in this blog my target is the common /ordinary person who needs to live, borrow and prosper just like others though they lack enough knowledge about the lending, credit and finance sectors.My language therefore is the simplest and friendly only to ensure that one get at least something for survival tomorrow.
Back to the topic.When I talk about mortgage, it’s all about houses and owning a house.So, if you’ll be looking to own a house or building or buy a house for business or residential purpose ,what are you going to consider leaving out majority of the terms used in real estate?
Whoever the lender might be , I have a collection of some of the preliminary characteristics of a favourable mortgage plan for a startup:
1. Extent of financing.
How much is the lender ready to give in relation to the cost of the house or building? Majority of lenders will finance upto a given percentage for example 80% and cover the rest yourself.As for me I think 100% financing is better. Let there only be the pain of repaying the loan when it’s due.The thing is ,if you want a house let you see a house but not iron sheets, timber , sand and no bricks! This drives me to my second characteristic; real estate company involvement.
2.Real Estate company involvement.
Real estate companies are the experts in matters concerning building houses with the right experience. The thing is these people will show you a house.what am I saying? Good mortgage givers enter into partnerships with real estate companies to give mortgage loans to their clients. Here , even the convincing power is high because the customer can view the real house on site. The advantage again is that you can right away start using the house for your residential or business purposes. Let there only be the pain of waiting for full ownership rights when the loan is fully settled. What will I do with a plot I would like to develop? Simple, let the lender develop it for you through a real estate company.
The minimum deposit comes in when the loan can’t finance the cost of the building 100%. The percentage left (in reference to characteristic number 1, the minimum deposit will be 20%) is termed as the minimum deposit required for a borrower to qualify for that mortgage. A good mortgage should have a small or no minimum deposit altogether.
4 . Insurance
Okay ,this is complex but it good to know. What will happen to you if the house you were loaned get consumed by fire or brought down by a hurricane? All the property used as collateral will be gone! Therefore, to avoid this , consider a mortgage package that has an insurance plan incorporated in it.The monthly premiums will save your collateral property.
5.Duration of maturity.
When will the loan be fully repaid? Currently in Kenya, majority of lenders give upto 7 months ,that’s a duration of six years. This is the best duration for a good mortgage loan.Why? Because the amount of monthly instalments will be very low .Are you not happy paying just small amounts of money for a big mansion?
The above characteristics of a favourable mortgage loan are the main ones according to ‘Loans Kenya’. There are other factors too which apply to all loans .These are ; loan interest rate, secured or unsecured and valuation fees and stamp duty.
Posted on June 12, 2015
Property investor loans
On of the interesting sub-sets to this data series is the breakdown of property investor loans by state.
Posted on June 5, 2015
I know you are used to the famous AAR insurance company in Kenya which covers everybody against diverse calamities in life.Yes your are right but the company is growing. Apart from collecting premium which is the major source of benefits gained by insurers ,AAR developed a new limb, long enough and prepared to reach for ‘interest’ hence the origination of AAR Credit. But what is ‘Bright? I have talked much enough to give an clear overview about AAR Credit.Bright or Bright Technologies Limited is a fast growing tech company based in Nairobi Kenya specialising in selling digital gadgets.
Then why did the two companies come together? What loan package came out of their partnership? Stop asking too many questions.The thing is AAR wanted to collect interest from its borrowers while Bright on the other hand wanted to get buyers for their goods.You know the objective of this blog ‘Loans Kenya’ is to inform borrowers of anything concerning loans or credit so that they can quickly take advantage of it.
So, what does the package carry?Okay. This package covers everybody from salaried individuals to self employed to SMEs to corporates. Where do you belong?There are laptops, desktops, smartphones and more other gadgets all on credit.Thinking of starting a cybercafé or bring in computers in your corporate offices? A aah just mentioning some examples.
How it works? Visit Bright Technologies premises in Nairobi at Ground floor, old mutual building, Kimathi street and ask for the loan application forms after choosing the item or items you wish to buy on credit. The filled in forms will be forwarded to AAR Credit for evaluation.
What you need to know now?
1)The loan will cover 70% of the total value of the gadgets. Therefore, you must provide 30% as deposit.
2) The minimum loan amount is ksh15000
3) The loan will be repaid within a period of 1 2 months at an interest rate of 2.5% per month.
4) There’s a processing fee of 4% and 3.01% as premium for the gadget because it’s going to be insured.
5) As usual with lenders ,you’ll need to provide ID or Passport ,payslips ,PIN certificate for businesses/corporates, bank statements.
The loan processing will be within one week. Disapproved loans will get applicants refunded their deposits.
I have been advising people for some time now and what I know is that people fear much when so many documents get mentioned by the lenders.That should not get one afraid because some of them are in your reach.
You are now updated!
Posted on May 29, 2015
New home finance up
Westpac expects to see solid employment growth of around 1.75 per cent per year based on its Jobs Index, which has been steadily improving since November last year.
However, the seasonally adjusted unemployment rate is still considered likely to come in at 6.2 per cent or even higher.
Posted on May 20, 2015
Q.) Im working in a Multinational Pharmaceutical company that operate in the Gulf as in many other countries, and my Region role is to market the products we don’t keep inventory ,we don’t sell, we don’t collect payments, even we don’t prepare balance sheets. We forward our expenses (allocated by account) to HQ’s and they do the rest. Our expenses are as follows
2 office related ( rent, courier,telephone,etc)
3 marketing related (meetings,gifts,,, etc)
My role is to prepare expenses formats, make payment to suppliers, control expenditures and prepare a lot of reports shows how much we spend and on which products are alike and prepare expense formats to be sent to HQ’s as well.
I dont have a tool to manage all of these , so i use excel which in fact very poor tool to manages all of these tasks. Can Quickbooks help me to prepare monthly statements per account to be sent to HQ’s and also help me to prepare internal reports that can help the team to wisly spend on marketing actvites and give me control over spendings against budgets?
A) Even though you don’t generate any financial statements you can use Quickbooks to create a budget for your spending, track how your spending compares with your budget, create spending reports by sales rep, location, etc.
Since you are paying vendors you can use Quickbooks to track what you expense and owe. In addition, it sounds like you have a checking account that Quickbooks can assist you in balancing.
I agree, Excel is probably a very time consuming way to track all of this. Even so, Quickbooks allows you to export just about every transaction and report into Excel so you can easily manipulate it, while having accurate numbers. Most of the reports can be modified extensively and run in many different ways to include a lot of different information.
I think with some time, and experimentation you would find it very useful.
Q) Can I set up cost centers , like for Every Product a seprate cost center where i can charge them for any marketing actvities and generate the reports to show how much each product (cost center) is spending against budgets for its own?
In case this is possible, which edition of QB’s i should use, Non profit ,pro?
A) Use the “Class” feature in Quickbooks to create your Cost Centers. Quickbooks Pro should work for you. I don’t think the non-profit edition applies but you can use it and make changes to suit your reporting needs.
With the class feature you can create a separate budget and track all of your expenses. Each transaction you enter will give you a “class” column. Remember this one important thing…you have to enter the information correctly to get it reported back to your correctly. You can turn on a “reminder” in Quickbooks that will let you know if you forgot to enter the Class(Cost Center) in a transaction.
Posted on May 6, 2015
Five sentences or graphics which sum up the Financial Orbit output over the last 24 hours across the website, twitter account and anything else thought about…
1. Far too much on Greece today…This IMF blog however has many of the answers/issues although more seem to be upcoming all of the time…
2. I was quite impressed that Metro AG of Germany managed to sell their department store divisional business for around x14 historic EV/ebit…but the market was more cautious about the use of funds, a majority of which it appears will be used to help expand/deepen the remain cash & carry plus supermarket businesses.
3. I spent part of this afternoon (UK time) listening to the Imperial Tobacco webinar on its recent US acquisitions which included the below graphic on US cigarette market share. You can read my full report here.
Posted on April 29, 2015
Posted on April 21, 2015
Here are six things the IRS wants you to know about self-employment:
- Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job.
- If you are self-employed you generally have to pay Self-employment Tax. Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using a Form 1040 Schedule SE. Also, you can deduct half of your self-employment tax in figuring your adjusted gross income.
- If you are self-employed you generally have to make estimated tax payments. This applies even if you also have a full-time or part-time job and your employer withholds taxes from your wages. Estimated tax is the method used to pay tax on income that is not subject to withholding. If you don’t make quarterly payments you may be penalized for underpayment at the end of the tax year.
- You can deduct the costs of running your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year.
- To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.
- For more information see IRS Publication 334, Tax Guide for Small Business, IRS Publication 535, Business Expenses and Publication 505, Tax Withholding and Estimated Tax, available at http://www.irs.gov or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).
- Publication 334, Tax Guide for Small Business (PDF)
- Publication 535, Business Expenses (PDF)
- Publication 505, Tax Withholding and Estimated Tax (PDF)