Setting up your accountant system is not hard. There are only a few basic concepts and terms for you to understand. Knowing these will clear up any confusion you may have had when talking with your CPA or Accountant. We like to use technical terms not to confuse people but it just how we talk. IT...
Working your business, selling your products and dealing with your clients, takes up the majority of a your time. And when it comes to accouting details... ie. information is entered into my accounting software and at the end of the month I get reports... You may be wondering exactly what these reports are for and what are they trying to tell me?!
Well, to start... Your Financial...
1099 or employee that is always the question the small business owners faces when hiring. You can 1099 people you hire. If you aren't doing salaries then you may want to treat them like1099 independent contractors and compensate that way but keep in mind that there are specific tests involved for this that the IRS will hold you to in an audit and THEY CAN BACK TAX YOU. You must determine if they can be an independent Contractor or an Employee....
Many times a company will change their name and you will not remember to make the change to the vendor in the system. Instead the same vendor will be set up under two different names. If that happens QuickBooks allows you to merge the two vendor names so that all the transactions are associated with just one name.
To merge two vendor names
1. Click the Vendor Center.
2. Click the Vendors tab.
3. Right-...
Setting a Default Expense Account with a Vendor
QuickBooks can pre-fill the expense accounts on payments to vendors, making it quicker and easier to accurately track expenses. For each vendor, you can choose up to three expense accounts that you typically use when you pay that vendor.
When you choose the vendor that you want to pay on the Write Checks, Enter Bills, or Enter Credit Card Charges windows, QuickBooks pre-fills the expense account names on the Expenses tab. You can then...
Kathleen "Kathy" Costello is to Be Profiled in the Exclusive Cambridge "Who's Who" Registry!
Owner of KCB Accounting & WeMakeBooksEasy.com, Kathy has been recognized by Cambridge's Who's Who for demonstrating dedication, leadership and excellence in...
While doing accounts payable have you ever wondered how much money you would save if you paid the invoice in time to take the discount? Or do you take the discount when you can?
A good way to track discounts is to record missed discounts in a Purchased Discount Loss account using the net-price method.
Your company receives and invoice for $2,000.00 with a credit term of 2/10, n/30. Under the net price method, the following entry is recorded:
Entry to...
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