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WOW! So, I bet you still have schoolwork and textbooks that you had in grade school like me! So, here are some options for you:

1 - There is an archive function in QuickBooks - under the File Menu, Utilities, Clean Up Company Data. This does not officially reduce the size of your file, however, this is what can - When you start this process, it will ask you to Verify Your Data - make sure you do that first! Make sure there are no errors in the QuickBooks file. If there are errors in the file, it is going to ask you to Rebuild the Data file - which that is going to take a really long time on a file that old. So...make sure when you start this process, you move your QuickBooks data file OFF of the server onto your hard drive. If you try doing this on your hard drive it is going to take a really long time. Once you have no errors in the file, you can back it up and save it under a different name so you always have that data if you need it. Then it will walk you through purging transaction history for whatever year you want to. It will leave the Trial Balance in the file for each year - but it will not have detailed invoices from 1998...

2 - After you run the Clean-up Company Data utility, then create a portable company file. Then close the data file. Find the Portable Company File you saved and restore it to a QBW file. Your file should have reduced in size a bit by doing this.

3 - There are clean-up tools from Baystate Consulting as well that will help you delete transactions from a file and then we would run through this same process of creating portable company files. However - you really should have a Consultant involved with those tools so that you don't delete something you need.

Hope that helps!

This is something you need to speak with your Tax Accountant about. They need to advise you based on your personal situation, if they want to amend it or not. Depending on their decision, that would affect the entry you would record in your QuickBooks file.

Well, typically the time consuming mistakes happen throughout the year. If you are not vigilant in having your accounting reviewed on an ongoing basis throughout the year, you could end up with a lot of work in cleaning it up.

Also, if you did not take the time to set up the QuickBooks file properly with a QuickBooks ProAdvisor or your Accountant, you may find a lot of errors when it is time to do your taxes. Here are some things that you should do throughout the year:

• Bank Reconciliations every month
• Sales Tax Returns, if applicable, every month or quarter. Make sure if you file sales tax returns, no one affects a prior transaction that has already been filed. If there is a change to a prior month invoice, it should be dealt with in the current month as a credit memo or additional invoice so Sales Tax reporting still ties
• Physical Inventory each month, if applicable
• Make sure Undeposited Funds has been properly grouped to a deposit. Many errors or found when invoices are recorded, payments are received against the invoices, but the payments are never grouped to a deposit. Instead, a manual deposit is entered to an income account so a Bank Reconciliation can be completed. So, income is counted 2x. That has to be fixed as soon as you find that.
• Ending balance given to your tax accountant were changed throughout the year. Make sure to set a Closing Date and Password in QuickBooks so that you can protect these balances from being affected after a year is closed out.
• Open Bills were not paid with a manual check instead of a Bill Payment Check in QuickBooks
• Make sure Sales Tax was paid with a Sales Tax Payment Check and not a manual check in QuickBooks
• Make sure that Payroll Taxes - if using Intuit Payroll - is paid with Payroll Liability Check and not a manual check

That should give you a start!

You will go to your Edit Menu, Choose Preferences, Choose Finance Charge.

When you enter in the Finance Charge amount - it is an annual interest rate - not monthly. So you would enter 1.5 * 12 - 14.4%

You will also need to code this to the income account you want it routed to.

When you are ready to assess Finance Charge, you will go to Customers menu, Create Statements, then Assess Finance Charges.

It will give you a list of the open invoices and you can select who you want to assess charges to. It creates an invoice for each of those Finance Charges you create to each customer.