Have you ever come across a situation when you wanted to know who posted a transaction in QuickBooks and why? Both the QuickBooks Desktop and QuickBooks Online platforms provide the answer of at least “who posted a transaction” in the form of an “Audit Log” for QuickBooks Online (Gear Icon>Tools>Audit Log) and an “Audit Trail”
Read MoreAll too often, I have taken over bookkeeping for clients whose books are in complete disarray for the current and previous tax years. The issue is further compounded due to tax returns having been filed for those same previous tax years that are in current disarray. There can be a multitude of reasons that the
Read MoreIt is always important to understand which types of reporting analysis will keep you moving to the next steps toward your ultimate goals. You don’t have to process the exact same reports that someone else finds helpful. You simply need to understand that making progress toward your financial goals will require ongoing, big-picture, realistic views
Read MoreHandling payroll in-house is a responsibility that should be handled with the utmost care. Among all of your bookkeeping tasks, payroll has the potential to produce some of the most negative repercussions for your business. The main reasons for this increased risk are: 1) you are submitting payments to your employees whom are a part
Read MoreAccuraBooks serves typical small businesses that gross approximately $5m or less in annual revenues. Most typical small businesses within this income range can get by with outsourced (contracted) bookkeeping services to handle recurring tasks. The most common among these tasks include bank/credit reconciliations, payroll, sales tax filings, and job-costing. Some additional tasks at this level
Read MoreAlmost every time I work at monthly or quarterly cash and credit reconciliations, there are inevitably transactions that I will have questions on and therefore need to obtain further clarification before booking to the appropriate account in the client’s financial database. I always like to book transactions to relevant accounts that have a useful purpose;
Read MoreTracking 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 MorePaper 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 MoreThere are lots of financial reports in QuickBooks you can process or create to assist you in your business analysis. Some reports are standard across the board and some reports can be customized to an individual’s desire. Once I verify which accounting method (accrual-based or cash-based) is typical for the client, I can create reports
Read MoreBoth 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
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