Journal Entries

Journal Entries are simple yet powerful means of adjusting your financial accounts.  You will normally use other methods to affect your accounts, such as entering a check payment or issuing a refund.  There are generally two main reasons to use journal entries in your QuickBooks file: When a financial transaction must be created and the

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Entering Point of Sale Expenses into QuickBooks Online

There is a convenient way to enter in those “on-the-fly” purchases (paid for at the time of purchase, such as at a retail store), into your QuickBooks Online company file.  This method is NOT available in QuickBooks Desktop. Starting from your QuickBooks Online home page, click on the plus sign at the top and then

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Reporting “Statement Charges” in QuickBooks Online vs. QuickBooks Desktop

What I am referring to by “Statement Charges” is the personal time that you accrue while working on client files (and track via time entries in QuickBooks), and then bill to your clients later on “invoicing day.” I use these charges in my own practice, and I run a report at least weekly to tell

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Customizing Outgoing Forms in Quickbooks Online

In order to customize your outgoing forms in QuickBooks Online you would click on the Gear Icon>Account and Settings>Sales>Customize Look and Feel (green bar)>New Style (or select the one you want if you already have some created),>(select which type of form you want to customize). There are four main tabs on this screen: Design (notice

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Job Costing and Profits

Briefly, job costing is simply applying your revenues and expenses to the customers and jobs (or projects) for which they were used.  In QuickBooks, for each bill, check, and credit card transaction related to a particular job, be sure to complete the Customer:Job column.  Remember to complete this column for both labor and materials. Once

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The Best Ways to Purchase or Upgrade QuickBooks

It is usually not a good idea to purchase your software directly from the software maker’s site, or from big box office supply stores.  These places usually charge full “MSRP” prices, and you can almost always find a better deal with just a little effort. One great resource is Amazon.com.  Not only does their sheer

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Petty Cash

Petty Cash is a bank-type account in QuickBooks, and you transfer (deposit) to this account each time cash is actually withdrawn from your bank to be kept in the office.  This cash is generally kept on hand to cover small, on-the-fly transactions such as office meals, landscaping, fuel, etc. A word of caution on using

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Misapplied Customer Payments

Every now and then a payment from a customer will be completely processed through QuickBooks before you discover that the payment was applied to the wrong Invoice (or even the wrong customer).  You will apply the payment, deposit it in the bank, and reconcile the payment on your bank statement.  Then your customer calls and

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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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