1099 Advice

Here are some tips to ensure that you process your 1099 Forms in the most efficient way THE FIRST TIME AROUND and by the January deadline: Always give contractors an updated W-9 form upon hiring.  This will help save you from scrambling to find their information at processing time. Decide ahead of time what types

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Backup Data

Having an up-to-date backup of your QuickBooks files (and any other important financial files) is crucial to maintaining your business books.  Technology fails us without warning, and sometimes entire systems go down and must be replaced.  If you do not have a current backup when this happens, you will spend precious time and considerable effort

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Reconciliations vs. “Clearing” the Transactions

It is good practice to reconcile to ending statement balances as often as possible for bank, credit card, line of credit, petty cash, and even some asset and liability accounts.  Comparing to these third-party “reality” statements is one of the best ways to verify that the numbers in your QuickBooks file are a true reflection

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Apply Payments Directly to Accounts Receivable

There are sometimes situations when it is not possible to apply a customer payment to an open invoice, such as when receiving payment up front, or an advance deposit.  In these types of situations, it is tempting to simply make a straight deposit that applies the payment directly to the Accounts Receivable account.  The issue

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Customizing Your Shortcut Icons in QuickBooks

Did you know that you can customize your Icon Bar in QuickBooks?  A useful Icon Bar will include icons for the actions that you will use consistently.  QuickBooks gives you an Icon Bar filled with items such as Feedback, Remind, User Licenses, App Center, Snapshots, etc.  Some of the more helpful icons may be Customers,

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Undeposited Funds Account

The Undeposited Funds Account is a place to receive funds and hold them until they are physically deposited at the bank.  When you receive a payment from a customer and apply it either to an Invoice or a Sales Receipt, it is placed in the Undeposited Funds Account until you make the deposit and tell

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QuickBooks and Inventory

My clients often ask me for help understanding and handling the Inventory process in QuickBooks.  I always assure them that Inventory in QuickBooks is not difficult to maintain if you are willing to take the time to learn the how’s and why’s behind the QuickBooks basic Inventory handling process. (Please note that QuickBooks BASIC handling

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Finding a QuickBooks Host Provider

When researching QuickBooks Host Providers, it is important to know what you are looking for and what you will need from your provider before you give them your business.  While there are certainly many considerations, such as price and reputation, there are two major characteristics to look for in your QuickBooks host: Communication Consistency Realize

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Using Timesheets to Enter Employee Payroll Information

Using timesheets to enter detailed employee time and job information is necessary if you want to run reports in QuickBooks showing all time worked per customer/job.  Timesheets are not necessary if you only want to know the monetary value of the time worked for your customers/jobs.  If you only need the monetary value information, you

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Building a Helpful Chart of Accounts

If you have already been in business for a while, chances are your Chart of Accounts needs a little help.  I have developed a category system to describe the three main pitfalls I find when reviewing a new client’s Chart of Accounts: Sahara Desert Accounts – These are accounts that may have never been used

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