Set Up New QuickBooks File For Both Business & Personal Bookkeeping

New QuickBooks file designed to be used for both business and personal record keeping with the use of QuickBooks class tracing feature.
It is generally recommended to have two QuicKBooks files, one business and one personal, and two bank accounts so that we keep business records as separated as possible. However, some small business owners may want to track personal and business expenses in one QuickBooks files.
We will set up a QuickBooks file designed to track both business and personal expenses and use the class tracking feature to show how such a system could work.
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How To Track Personal Charitable Contributions In Our Business QuickBooks File To Make Taxes Easier

Method to track tax related deductions for charitable contributions, in one QuickBooks file, to make year end tax filing much easier.
It is generally good advice to keep personal transactions completely separate from business transactions, keeping two separate set up books, and having two separate checking accounts.
There are benefits, however, to tracking some personal items using our business account. Once benefit is that it keeps the items we need to track for taxes in one location and tax preparation and compliance if often one of the main goals for small businesses. The business QuickBooks account is often much more organized then the personal records because special focus has been spent on tracking the accounts and on using the bank account for guidance.
If we can use the same QuickBooks account for tax related items we must track it can simplify our lives. We do run the risk, however, of combining business and personal records in a confusing way so we do need to be very careful.
For more accounting and QuickBooks Information see accounting website.
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Payroll Item Setup Dental Insurance Employee Paid After Tax in QuickBooks

Payroll Items are items QuickBooks uses to help run the payroll process and direct the journal entries and accounts that will be effected by processing payroll.
We will add payroll items related to dental insurance. When adding dental insurance payroll item to QuickBooks we will have multiple options. The insurance can be employer paid, employee paid, and if employee paid can be before tax or after tax. We will add dental insurance that is employee paid after taxes in this example and compare it to other insurance options in future videos.
For more accounting and payroll information see accounting website.
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What Month End Documents Should A QuickBooks Bookkeeper Provide To Client

List, description, and formatting of month end documentation for a small bookkeeping business. We will list out forms and documents a bookkeeper can provide to a client at the end of each month.
The forms a bookkeeper provides are the end product and service provided and it is best to format them in as presentable a way as possible.
When working with small clients and even large clients the main concert of the bookkeeping client is often year end. The monthly Quickbooks documents help to provide assurance that the QuickBooks bookkeeping client is in good hands.
The bookkeeper will need to generate standard financial statement type documents including the balance sheet and profit and loss, or income statement.
The bookkeeper may also generate accounts receivable detail reports from QuickBooks, as well as deposit and check detail. QuickBooks also has the capability of generating some graphs and charts that can look nice in the monthly documentation. If the bookkeeper in running payroll or working with a payroll company payroll reports and helpful as well.
Once the reports are generated from Quickbooks, the bookkeeper needs to decide how to deliver them. The bookkeeper can mail the reports or provide them in some kind of digital format. The bookkeeper can e-mail the reports with PDF file attachments.
When e-mailing it is nice to zip the file for easier client use. QuicKbooks also allows the bookkeeper to export reports to Excel and we can use the Excel report to generate one PDF file with multiple reports which can help with the presentation of the financial information.
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5 Most Common QuickBooks Bookkeeping System Problems

We setting up a new QuickBooks bookkeeping system for a new company file we need to outline how the process will work, how we will enter data into the system, how we will sort data, and how we will give the data to clients. When designing a bookkeeping system there are many problem areas we can anticipate and think about how we will deal with them. Inventory is one area that we need a plan for. Does the company have inventory? Do we want to track inventory in QuickBooks? Credit card payments and tracking outstanding balances is another area we need to consider. How will we enter credit card payments into the system. Payroll is an area of concern and one we need to plan for in our bookkeeping system. For more accounting and bookkeeping information see accounting website. http://accountinginstruction.info/

 

Simple Way to enter credit card payment QuickBooks

Simple way to enter credit card payments into the QuickBooks accounting software by using the check register. The method for entering credit card payments to QuickBooks is a shortcut and it has its pros and cons. It will be a faster method but we loose some detail we would have if we used a more complex method. If we enter data into the QuickBooks system from the bank, using the bank statement or bank feeds, we will see the credit card payments as we pay them. We can record the payment directly into the check register. The challenge is to categorize the other account effected. For this we will need the credit card statements. We can enter more then one expense account into the check register by selecting the split option. We can then categorize the vendors we payed on the credit card statement to the proper expense accounts and write the vendor name in the memo section. If we did not pay the full balance we can enter the difference into credit card payable, a liability account. This method is fast but does lack some detail. For one, it will not record the expenses at the date they were incurred but rather at the date the check was paid. It will also not show vendor detail for the credit card payments by vendor.
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Easy Way To Record Insurance QuickBooks

Easiest way to record insurance payments in QuickBooks. Insurance is an account that usually requires an adjusting entry at the end of the time period. In other word, even if we record insurance perfectly we will usually need an adjustment at the end of the period to make it correct on an accrual basis for financial reporting in an accrual system. When recording insurance for a small business we may have different needs for our bookkeeping records. We may need financial statement preparation or our primary need may be year end tax preparation.
We are usually taught to record interest as prepaid asset called insurance expense and then adjust the expense portion at year end. When entering transactions into QuickBooks, however, and when considering tax preparation, it may be easier to enter the insurance as an expense and let our accountant or tax preparer adjust the portion that is prepaid if needed. One reason for this method is that the tax return may be on a cash method with record to insurance payments. Another reason for this method is that it will show insurance on the income statement, making it less likely for a tax preparer to miss.
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QuickBooks Pro 2019 Enter Loan Payments From Amortization Table

Enter principle deduction and related interest for loan payments on an installment note in QuickBooks Pro 2019. We will first generate an amortization table. The amortization table is often not given in a loan agreement but is needed to break out interest and principal portions of a loan. The payments of most installment agreement will be the same each period but the allocation of interest expense and principal will very. We will also talk about other options for entering the loan payment into QuickBooks and making adjusting entries at the end of the accounting period. Once we have created the amortization table we will enter the first two payment into QuickBooks. We will enter the first payment into the check register using the split option to enter multiple accounts. We will enter the second payment into the check form. We will then check the financial statements. We will see cash going down for the amounts paid, interest expense going up but not being the same for the two payments and the loan balance going down but not by the same amount for the two payments. We will then check that the loan balance in QuickBooks matches the balance on the amortization schedule.
For more accounting and QuickBooks information see accounting website.

 

QuickBooks Online v QuickBooks Desktop 8.80 Payroll

We will enter payroll transaction into QUickBOoks Online and QuickBooks Desktop 2018 comparing and contrasting the two accounting software. There are many different ways we can deal with payroll. QuickBOoks has at least three levels of paid payroll and we could have payroll done by a third party. Whether we use QuickBooks to process payroll or have a third party process payroll we need to have some understanding of the accounting transaction related to payroll. We will calculate payroll and then enter the transaction into QuickBOoks Online 2018. We will then analyze the effect of the financial transaction on the financial statements. For more accounting information see our website. http://accountinginstruction.info/

QuickBooks Online 7.80 Generate Report & Export to Excel

We will generate standard reports within QuickBooks Online 2018 after having entered a month worth of financial transactions. We will generate and export to excel the profit and loss or income statement and balance sheet. We will also generate the transaction report by date, an excellent report for checking our data input for the time period. For more accounting information see our website. http://accountinginstruction.info/