QuickBooks Pro 2013 OLSU-1022 Error Message Solution

PROBLEM DESCRIPTION

I did a fresh install of QuickBooks Pro 2013 on a new machine and noticed I was getting an error message when I was trying to “Set Up Online Services”.

An Error occurred while updating the branding files!

Please restart the Online Banking Setup Wizard to initiate the update process again.

Then I’ll hit the “OK” button only to proceed to this error message:

An unexpected error occured. A critical file that contains the financial institution data is not in the correct format or missing.

Error message number: [OLSU-1022]

Press OK to have QuickBooks download this file for you. After the download, restart the Online Banking Setup Wizard.

SOLUTION

The QuickBooks given solution didn’t work for me. Then I remembered I had perfectly working files on other computers, so I just copied the files from the working computers to mine.

STEP 1
Download the four files I’ve shared here:

  • FIBlueprint.xml
  • PopularFIs.ini
  • index.ini
  • fidir.txt

STEP 2
Go to the following folder on your computer and move your downloaded files to that directory:

C:\ProgramData\Intuit\QuickBooks 2013\Components\OLB\branding\filist

STEP 3
Right click the four selected files in the designated folder in STEP 2 and select “Properties”. Then make sure the “Read-Only” option is checked, and you should be good to go!

Many of my banking institutions don’t have QuickBooks files (.QBO) to use Quick Connect with and only offer the Quicken files (.QFX). I’ll cover how to convert QFX files to QBO files in a different post.

Accounting, Human Resources, Payroll Overview for Start Up Businesses in California

This guide assumes you know 0% about all the numerous laws, best practices, etc., about running a business.  I obviously can’t cover everything, but I can at least bring to your attention some of the most important aspects to minimize your liability (AKA the risk of you getting sued).

 

Accounting

Payroll

Human Resources

– Break Even Analysis

    — Fixed Expenses

    — Variable Expenses

    — Income Sources (variable vs. fixed)

    — Break Even Point

FIRST OFF

Do you have:

    – Need an Federal EIN http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online

 

    – Need a State Employer ID

https://www.ftb.ca.gov/businesses/faq/701.shtml

ACCOUNTING

I’ll actually break accounting up into multiple parts:

 

– Accounts Payable

    – Credit Cards

    – Checks

 

– Accounts Receivable

    – Timeframe

    – Keep Track of Accounts and Review

 

– Bookkeeping

    – Quickbooks

    – Download Transactions Online

    – CATEGORIZE!!!

    – Look at Reports to adjust your “break even” analysis to be more accurate

PAYROLL

– In house, or Outsource (http://www.amesoft.com/)

    – Payroll Taxes

– Hourly / Salary

 

– Overtime:

    http://www.dir.ca.gov/dlse/faq_overtime.htm

 

    – Meal periods:

        http://www.dir.ca.gov/dlse/faq_mealperiods.htm

 

    – Paid Break

 

    – Rest Periods:

        http://www.dir.ca.gov/dlse/faq_restperiods.htm

 

– Time management software for clock in and clock out times

    – May come with payroll company

    – TimeTrex (open source)

    – Numerous other options

 

– WHY do this?

 

– Unemployment:

http://jeffersonkim.com/2012/09/20/unemployment-from-a-business-owners-perspective-in-california/

 

http://www.edd.ca.gov/UIBDG/default.htm

 

http://www.edd.ca.gov/pdf_pub_ctr/de2088c.pdf

 

Write Ups and notifications.

 

DOCUMENT EVERYTHING!!!

HUMAN RESOURCES

 

– Protected Classes

http://www.nolo.com/legal-encyclopedia/california-employment-discrimination-31690.html

– Applicable to Hiring, Firing, EVERYTHING

 

– At Will Employment

    http://en.wikipedia.org/wiki/At-will_employment

 

– Employee Handbook not 100% necessary at this stage

 

– New Hire Packet

    W-4

    I-9

    Lunch & Break Notice

    MPN Notifications

    Healthcare Notifications (http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf)

“Evergreen” Contracts and Contract Negotiation with Tellecommunications

I prefer month-to-month contracts as much as possible, especially in areas of technology.  This is to give me the freedom to cancel with the vendor in case they aren’t working out financially.  It’ll allow you to cancel after the month without any repercussions.  Perhaps you find someone cheaper or you may discover their services aren’t really needed.

Make sure you’re reviewing ALL contracts in the fine print and renegotiate the fine print.  If you don’t like it, walk away and check with a new company if many companies offer similar services.

Often contracts will have provisions that automatically renew the original term of the contract unless you cancel at least 90 days prior to the end of the term.  These are “evergreen” clauses and I HATE them.  Some contracts will even state you can’t cancel earlier than 180 days before the end of the term.  That means you only have a 90 day window to cancel a contract that may automatically renew another 5 years!!!

I will often try to do a standard term on the contract, and then once the term ends, have the contract month-to-month.  Or if it’s an evergreen contract, I will send them a cancellation letter the first month or as early as possible so that it’ll force them to come back to the table to renegotiate the terms at the end of the term, rather than automatically renewing.  You still need to be on the ball upon renewal time.

The most notorious companies are the ones that deal with technology.  Month-to-month is the way to go or at most an annual contract because technology and pricing is constantly shifting downward.  You have to be on the ball and paying attention to these because often times you have a small window to cancel.

Companies to consider: telephone, Internet, and television.  Or basically any company that you started services with more than 3 years ago.

I’ve saved hundreds of dollars per month by trimming bloated telecommunications contracts from 2004.

How I Got Over $600,000 for Selling my Cell Tower Leases

Some hotels have cell phone towers on their hotels. Consider yourself lucky because YOU JUST HIT THE JACKPOT!

AT&T, Sprint, T-Mobile, Verizon, Metro PCS, and whatever other cell phone provider basically pays out thousands of dollars per month to property owners for the permission to put cell phone towers on their roofs. Most of the time, the property owner doesn’t need to pay for electricity.

That’s a pretty sweet deal. You get thousands per month for doing pretty much nothing.

There are some companies that will offer you a lump sum of cash in exchange for the monthly payment from these cell towers (40-year term). So for example, for a $2,000 / month cell tower lease, you can get a lump sum of about $192,000 (more or less)!

The break even for this is about 8 years, but seriously, how many hotel owners actually keep their hotels for 8 years? And when a hotel brings in millions per year in revenue, a couple thousand is a drop in the bucket during selling time. A person who buys a hotel buys a hotel for its ROOM revenue and is not so concerned about a cell phone tower lease.

I got competitive bids from multiple companies, and we ended up going with UnisonSite.com We got the highest bid from them and they processed the cash relatively quick. Their lawyers also helped us get rid of an erroneous Mechanic’s Lien on our Title. Definite bonus points for that added perk!

Have you had experiences (good or bad) with different lease buyout firms? Have a better idea to best utilize your cell towers? Let me know below.

 

How I Became a Paperless Office Using a Document Scanner

I currently use the Fujitsu ScanSnap S1500 as a document management tool. I basically scan any document into this machine, and then it turns it into a searchable PDF document. This means that I can later do a word search and the results will bring up any document with the words I look for.

The time saved on not having to file and pull up documents is well worth the $400 investment. Just make sure you auto back up the folder housing all your saved documents! I’ve been using a document scanner since I first started in 2007.

Imagine: NO MORE FILE CABINETS!!!

Support Software

1) Adobe Acrobat – It comes with the scanner so you can create your own PDFs and separate the PDFs you scan in into individual pages for emailing purposes.

2) SyncBack – This is a freeware program that you can use to schedule automatic backups of your scanned documents. (Advanced Tip: I bought the pro version and setup a freeware FTP server off-site using FileZilla.)


How I Saved $83,112.09 on Property Taxes and You Can Too (Orange County, CA)

If you look at your annual property tax from Orange County (go http://tax.ocgov.com/tcweb/search_page.asp if you don’t have it on you), you’ll see a line item for “OCSD SEWER USER FEE” This fee is to maintain the sewer system in Orange County. One of the things with this fee is that it only an ESTIMATE based off of some formula I don’t understand. I think it may have to do something with the square footage.

This means, that if you send the OCSD (Orange County Sanitation District) the actual amount of water you use, they can calculate what the ACTUAL fee is and can adjust your bill. If it’s lower, they’ll give you a refund for the past 3 years of taxes, and if the actual bill is higher, they WILL NOT charge you more :]

Win-Win I say. And all it takes is for one simple form to be filled out here:

http://www.ocsd.com/civica/filebank/blobdload.asp?BlobID=8346

Now there are some “agents” out there who will do the paperwork for you and take 40% of the savings from you. Or you can just do it yourself and keep all the savings for yourself.

Or, if you really want, you can contact me and I can do it for you and I’ll only charge 25% of the savings I get you. :]

 

CASE STUDIES:

Howard Johnson Hotel – Saved $83,112.09

Red Roof Inn, Buena Park – We were undercharged, but we didn’t have to pay extra