Paying Employees Using QuickBooks

There are three choices for your QuickBooks Payroll Options.  Below is a brief discussion of each: Basic Payroll (Do it Yourself) – This service offers basic payroll runs.  It will calculate your taxes for you but will not provide or fill your forms or do any filing for you.  This service would be only for

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Consignments

There are different methods for handling consignments in various bookkeeping systems.  In QuickBooks, one very efficient way to account for consignments is to incorporate the use of Sales Orders.  Sales Orders are “non-posting” transactions, so they will not affect your financials or your Inventory on hand levels.  You can set up your QuickBooks Inventory system

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Employee & Contractor Timesheets

Entering time worked for employees and contractors into QuickBooks can be accomplished using one of two options: “Use Weekly Timesheet,” or “Time/Enter Single Activity.”  The Single Activity selection will allow you to track up-to-the-minute activity.  I always recommend using 15-minute increments in time entry to make both entry and other calculations easier to do.  The

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Understanding Double-Sided Inventory Items in QuickBooks

Inventory items are tracked items that you sell to your customers.  These items can also be used as parts to build inventory assemblies with. When creating your Inventory items, you should opt to make them “double-sided.”  This means that when you purchase an item, the appropriate expense/COGS account will reflect this item on your Income

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Closing Out Previous Years

In QuickBooks, all profits are closed out to Retained Earnings/Member Equity at the end of each tax year.  This allows a fresh start with new revenues & expenses for tax reporting for the new year. Much like your payroll from your job, the government wants to know your earnings for each year so they can

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Tracking Payroll Manually

There is a very simple method for tracking wages and payroll taxes in QuickBooks for those who are calculating employee payroll manually. Begin by creating two expense and one liability accounts: Employee Gross Wages (expense) – each time you pay your employees, you will allocate all gross employee wages, including the employee share of payroll

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Bookkeeping is Not for the Back Burner

You’re a small company.  You don’t have to worry about things like: Numerous inventory product & service items Numerous daily sales, receipts, & receivables Numerous vendor bills Lengthy monthly reconciliations from bank, credit cards, and other assets & liabilities Complicated business tax forms Payroll liabilities Do you really need to hire outside help to track

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Measure Twice, Cut Once

There is an old saying that warns one to “measure twice, cut once.”  It is meant for carpenters to save both time and money.  If you measure wrong, you will have to cut again.  If you cut too much the first time, you will have to use a new piece of wood.  The same thought

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