This article addresses the concept of grossing up a paycheck and touches on how to do this within the QuickBooks Desktop payroll platform. Grossing up payroll means that you are going to pay an employee based on the NET wages and not on the gross wages. Typically, when you process payroll, you already have
Read MoreNote: This article assumes you do NOT have the “Automatically apply bill payments” setting turned on in your QuickBooks company settings. Let’s say you process an Unpaid Bills report and get the following results for one of your vendors: Vendor has an unpaid bill in the amount of $300. Vendor ALSO has an unapplied credit
Read MoreThis method of entering transactions into QuickBooks Desktop requires that you have the Accountant’s version of QuickBooks Desktop. Also this method is not the same as a bank feeds connection to your financial institution. Please be aware that the instructions for batch entry into the QuickBooks Online version are NOT the same. So, the first
Read MoreFor businesses, such as legal and professional design services, that collect retainer fees upfront, here is a report you can build in QuickBooks Online without having the need to create lots of retainer other current liability accounts in your chart of accounts. Be sure you do have one Client Retainer (other current liability type) account
Read MoreIf you have to purchase and track the actual part items used later on for building your final inventory to sell, then here are basic instructions to construct inventory builds in QuickBooks Desktop: Note: this is not for Group type of items. First, to build a basic part inventory (sub) item (note: some item fields
Read MoreIf you are having to submit pre-payments for inventory on order (and thus not received yet), then you will need to deduct these prepayments upon receipt of the inventory and corresponding vendor bill. First let’s create the prepayment: Create a new other current asset type of account called “Prepayments on Inventory” (or something like this)
Read MoreOpen 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. Click on Payroll Item at the bottom of the screen, or simply select Ctrl+N. Select Custom Setup and click Next.
Read MoreOpen 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. Click on Payroll Item at the bottom of the screen, or simply select Ctrl+N. Select Custom Setup and click Next.
Read MoreNote: This is assuming the customer deposit was already booked BEFORE the payment was actually applied to the customer’s open invoice. Note: This is assuming you do not have your preference setting that makes QuickBooks automatically apply customer credits to open invoices. Be sure that the pre-existing customer deposit is actually booked correctly for
Read MoreNote: Be sure you understand what information to enter for both payment and 1099 purposes. Go to your vendor center in QuickBooks Online (Expenses>Vendors) and then click “New Vendor” in the upper right corner. You will notice the fields First, Middle, Last name AND also the Company AND the field “Display name as”: For payment
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