Bookkeeping Tips

How to Set Up an Employee Deduction Health Insurance Payroll Item in Quickbooks Desktop

Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. You will need to create a new payroll item for the employee deduction portion of an employee’s health insurance plan,

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How to Set Up H.S.A. (Health Savings Account) Contribution Match Item in QuickBooks Desktop Payroll

Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. You will need to create a new payroll item for the employer contribution match portion of an employee’s Health Savings

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Bookkeeping – Payroll Health Insurance Accounts

Offering Health Insurance benefits through your company payroll can be an attractive benefit to obtain and retain employees, however the bookkeeping for BOTH health insurance paycheck deductions and company contributions is something that has to be monitored quite continuously, even if your do not alter any wages during the year. This is because the cost

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How to Apply Vendor Credits to Open Bills in QuickBooks Online

Note: This article addresses only applying old credit balances to newer open vendor bills. Note: This article assumes you do NOT have the “Automatically apply bill payments” setting turned on in your QuickBooks company settings. If one of your vendors currently has a credit (negative) balance in your books, then let’s create a new bill

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How To View Unpaid Bills and Open Accounts Payables in QuickBooks Online

There are different ways of viewing a report in QuickBooks Online that will show open vendor liability and credit balances. Please note: Your QuickBooks Online subscription may prevent you from having access to certain reports. So let’s begin: Go To>Reports>Reports Scroll down to the section under “What you owe” Click on Unpaid Bills Note: when

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Bookkeeping – Maintaining Loan Accounts

This article addresses the bookkeeping maintenance of a typical cash loan, mortgage or line of credit account. It does NOT address the maintenance of credit card accounts. Updating and reconciling a loan account is just as important as maintaining your bank and credit card accounts in your bookkeeping records. I say this because so many

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How to Write Off Uncollectible Accounts Receivables (Bad Debt Expense) in QuickBooks

There are different ways of handling the issue of writing off open Accounts Receivables due to customers not paying you for whatever reasons. This issue can also be resolved differently if you are an accrual or cash basis tax filer and also if the Accounts Receivables to be written off (to a Bad Debt Expense

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The Profit & Loss Value of Maintaining Accounts Receivables & Payables

When you process an overall company health financial statement such as the Profit & Loss or a Balance Sheet, you may find inaccurate balances due to the fact that your Accounts Receivables and Payables need attention. In my experience, it can be quite common to see a business owner disregard the value of each detailed

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Issue Overpayment Refund in QuickBooks Desktop

Here are instructions to receive a customer overpayment then issue a check refund for the resulting credit balance using QuickBooks Desktop. Note: This is not the same as creating a credit memo. Menu: Go to Customers>Receive Payments. Choose the customer in the “Received From” field. Fill in the Payment Amount. Be sure to choose an

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The Value of Bank Reconciliations

Periodically reconciling all of your banking, credit card, lines of credit and even accounts that only accumulate accrued interest is always the first step in bookkeeping maintenance and ensuring your financial reports are accurate. I have seen too many times where the books (even the most complicated books) are maintained like clockwork with expertise, however

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