May LUNCHEON MEETING MINUTES
taken by Holly Adamscheck, Secretary

The Santa Barbara Bookkeepers Association met May 21^st for it’s monthly meeting 11:30 a.m. at Mulligans Café.  The meeting was social/business in context.  We had no guests; however, three new members joined us; Scott Borie, Nicole Blum and Nancy Gomez.  Luncheon was, as usual, EXCELLENT!  A quiche with fresh salad was served buffet style. 

Vicki announced part of our present Board of Directors (Ken as Treasurer, Holly as Secretary and Vicki  as Co-President) and asked them to briefly describe their responsibilities.  Pam Allman, Director and Founder gave a brief history and background of the SBBA.  Pam pointed out that the first meeting had around 20 members and membership is now 105.  Julie Raffety outlined Newsletter work.  There was also discussion about Committee work and it’s importance to the SBBA.  Pam had some ideas about our Summer event and the Ropes Group.

From the Kiplinger Tax Letter

Submitted by Roxanne Russell

IRS can be barred from reclassifying contractors as employees. Under a 1978 law, IRS cannot classify independent contractors as employees if the company filed 1099 forms for them and also had a reasonable basis for treating them as contractors…an industry practice, a court decision, a prior IRS payroll-tax audit and didn’t alter the workers’ status, etc.  A firm hired doctors to run rehab centers and treated them as contractors.  The Revenue Service balked at that…said the physicians were employees.

The company had a reasonable basis for contractor treatment, a district court says…relied on the advice of its lawyer and accountant.  Also filed 1099 forms for the physicians.  Thus, the Service was barred from reclassifying the workers as employees (Select Rehab, D.C., Pa.).

Four Editions of QuickBooks Now Available  

The QuickBooks product line now includes four separate software products (editions). The new product names are QuickBooks Basic, QuickBooks Pro, QuickBooks Premier, and QuickBooks Premier: Accountant Edition.

QuickBooks Basic 2002

$179.95 ($99.95 upgrade)

QuickBooks Basic is the upgrade of QuickBooks non-pro and is comparable to the 2001 version in its feature set and functionality. The highlights of the Basic product include enhancements to Sales Tax Tracking, Payroll Processing, Accounts Receivable Tracking, Email Form Customization, and Emailable Statements. As with earlier non-pro versions, QuickBooks Basic 2002 does not include Estimates, Job Costing, Time Tracking, or two-sided Sales Items (other than Inventory Items). For a complete comparison of QuickBooks Basic and QuickBooks Pro see the comparison chart on the QuickBooks website. In our opinion, only the most simple businesses should consider the Basic product, and in general we think that nearly all businesses should purchase the Pro version at a minimum. QuickBooks Pro and Premier are reasonably priced and both provide growing companies with the additional features they will need as their bookkeeping becomes more complex.

QuickBooks Pro 2002

$279.95 ($179.95 upgrade) 5-user $799.95 ($649.95 upgrade)

QuickBooks Pro 2002 includes all of the improvements to QuickBooks Basic as well as enhancements to Estimates, Price Levels, and more.

The most significant enhancement for 2002, available in the Pro and Premier versions only, is that software developers can now integrate their software solutions with QuickBooks through an XML link (QBXML). This dramatically expands the feature set and report capabilities of QuickBooks, enabling it to meet the needs of a much broader range of small businesses. For a complete list of software solutions that currently integrate with QuickBooks 2002, go to http://marketplace.intuit.com.           

 QuickBooks Premier 2002           

$499.95 ($379.95 upgrade) 5-user $1499.95 ($1349.95 upgrade)

QuickBooks Premier 2002 is a new QuickBooks product that includes all of the features of QuickBooks Pro plus several additional features such as reversing

journal entries, remote access (desktop sharing across the Internet), and exporting of report templates. Premier also includes new reports such as a Reconcile Discrepancy Report showing all changes made to reconciled transactions and a Closing Date Exception Report that shows all changes made to “closed” periods.

QuickBooks Premier 2002: Accountant Edition

$499.95 ($379.95 upgrade) 5-user $1499.95 ($1349.95 upgrade)

QuickBooks Premier: Accountant Edition is a new product that addresses several of the specific needs of accountants and consultants. The Accountant Edition includes all of the features of QuickBooks Premier plus several additional features. It includes a more versatile remote access feature that can access QuickBooks Basic and Pro files and it includes several accountant-friendly reports (e.g. Today’s Journal Entries). It also has an Accountant Navigator screen that includes:

• Special alerts on QuickBooks technical issues (e.g. new product releases and their effect on the data file).

• A list of special offers and opportunities available to consultants.

• A link for providing feedback and suggestions about the QuickBooks program.

• Links to various QuickBooks features that are commonly used by accountants.

Every accountant who is serious about QuickBooks consulting should obtain a copy of QuickBooks Premier: Accountant Edition. Intuit provides a free copy of the Accountant Edition to members of the Professional Advisor Program. 

Reprinted By Permission-Doug Sleeter of The Sleeter Group.  Visit their informative web site @ www.sleeter.com  for further QuickBooks information and schedule of the best seminars I’ve attended

Submitted By Monica Dittrich

Here's another important tip from your friends at Mark Schneiderman Insurance.

One way to accomplish paying less for insurance while still having the protection you need .…. believe it or not .…….is to have good credit.
It's true. Insurance actuaries (the statistics guys and gals) have actually discovered a relationship between good credit and good claims records. And people expected to have a good claims record pay less for their insurance. It's that simple.
So, here are some ways to make sure your credit history doesn't drive up your auto insurance rates:

Tip 1: Close charge accounts or lines of credit you don't use. Unused accounts or lines of credit are
red flags of possible future spending sprees. If you don't need the accounts, get rid of them. BUT ...
Tip 2: Don't do it all at once! If you do, a lender might think you are in some sort of financial trouble.
Tip 3: Don't max out your credit lines. In fact, try not to use more than 75% of your total credit capacity.
Tip 4: Frequent credit inquiries lower your credit score. So, as a general rule, you should not apply for credit to more than four or five places
in a six-month period.
Tip 5: Pay all your bills on time. I know that's easier said than done.  You can automate your payments whenever possible so you can't forget a payment. Just make sure there are sufficient funds in your account(s) for the automatic withdrawals.
Tip 6: If you're late with a payment, ask the payee to waive the late fee so it doesn't show up on your credit report. Personal experience .….this works - as long as you don't do it regularly.
Tip 7: Check your credit report. Often, these reports contain errors. It's advisable to check your credit report at least once a year, and you should definitely do so a few months before applying for a major loan. That way, you have time to correct any errors or improve your record before you try to take out the loan. 

You can order a copy of your credit report from any of the three major credit bureaus: 

  Equifax, (800) 685-1111, www.equifax.com
  Experian, (888) 397-3742, www.experian.com
  TransUnion, (800) 888-4213, www.transunion.com

These reports are free in some states and available elsewhere for less than $10.  Also, search the web for "online credit report".

There are lots of reasons to have good credit record. I hope these tips help you improve your credit history -- and lower your auto insurance
premium.

Sincerely, Mark Schneiderman
Mark Schneiderman Insurance
farmersins@bigplanet.com

Come and Learn

In keeping with Board policy and the stated purpose of this organization to provide an exchange of information and further the education of our members, the Newsletter Committee will maintain a calendar listing of educational opportunities available to members and the public.  THIS LISTING WILL CONTAIN INFORMATION THAT YOU SEND IN (again, please notice there isn’t any this month).  Please send your contributions to the editor prior to the fifth of the month to have them included in that month’s newsletter.