Sales Tax in Quickbooks

Tracking sales tax in QuickBooks can be made very easy or more difficult, depending on your needs. Very Easy Method – The relatively simple sales tax tracking in QuickBooks is best for those who do not invoice their clients directly from the QuickBooks software. For example, let’s say you are a retailer with an in-house

Read More

Tracking Paper Investments in Quickbooks

Paper investments, such as stocks, bonds, mutual funds, money market accounts, etc., are probably best tracked in a personal financial software such as Quicken because the auto-feeds capability of Quicken can handle and book these sophisticated entries to recognize events such as reinvested dividends, capital gains and interest income. However, not all of us are

Read More

Factoring and Job Costing

Factoring Factoring is collateralizing (putting up as collateral) your accounts receivable to a financial institution in return for a loan or line of credit.  There will be extra fees to pay for this continuous service.  There will also be a need for meticulous maintenance of your accounts receivable and other balance sheet accounts while this

Read More

Bookkeepers – How to Choose

Finding and choosing the right bookkeeper to maintain your business and personal financials can be a daunting task.  This very important decision should be researched and made with much care.  Choosing the correct team player can mean that you can provide the extra time and resources your family needs instead of pouring over and stressing

Read More

Dealing With Auto Bank Downloads in QuickBooks

Both QuickBooks Online and QuickBooks Desktop versions offer tools for processing automatic bank feed downloads.  QuickBooks Online has a good advantage over QuickBooks Desktop with its intuitive user interface and the flexibility of its renaming and allocation rules for auto bank feed downloads.  When trying to set up renaming and account allocation rules, however, the

Read More

How to Host QuickBooks for Multi-User Access

Multi-user access is a great option if you need two or more users accessing your QuickBooks company file at the same time.  You must begin by assessing how many simultaneous users your QuickBooks software license will allow.  To find this information, press the F2 key within your QuickBooks Desktop file.  Your information will be displayed

Read More

Organizing Your Chart of Accounts

Nearly every time I begin working with a new client, I have to modify their Chart of Accounts.  There is generally a lack of proper organization, and a misuse of Balance Sheet and Income Statement type accounts that requires my assistance.  There are usually three issues found in the misuse of the accounts: Redundancy –

Read More

Draws vs. Payroll

A popular question that is often asked by small business owners is whether they should pay themselves through a taxed payroll system or simply take the money from the business through Owner’s Draws. My CPA recently answered a client as follows: “As long as you are NOT a C Corporation, then you can withdraw funds

Read More

Accrual-Based Reporting vs. Cash-Based Reporting

Every business owner needs to understand recognition methods and choose the one that will best fit their company structure.  In making this decision, you will answer WHAT you will be recognizing as earned revenues/sales and expenses.  This is an important decision, as your recognized numbers are the ones you report to outside agencies, such as

Read More

Delayed Charges

Working with Delayed Charges can sometimes be a challenge in QuickBooks Online, especially if you need to reuse a Delayed Charge that has been “closed.” I recently had this issue when I used a Delayed Charge (entered previously) on a customer’s invoice and then realized that the invoice was incorrect only after having emailed it

Read More