Accounting Software: Keep it up to date

Regardless of whether you use a simple accounting software program like Quickbooks, that costs a few hundred dollars, or something more complex that costs thousands of dollars for the original licensing, keeping your software up to date is very important. If you use your accounting software to do payroll, this is especially important. Payroll tax laws are always changing and being updating. If you don’t keep your payroll software updated throughout the year, you many end up with incorrect withholding from employees or filing outdated tax forms with the federal or state revenue departments. Read More »

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1099 Vendor Setup in Quickbooks

In addition to selecting all your appropriate accounts under the 1099 setup preferences, discussed in our previous post, you will need to set up your 1099 vendors properly as well. Under each vendor’s setup there is an Additional Info tab. On this tab, you will find a check box labeled “Vendor eligible for 1099”. Right above this check box is a field for entering the vendor’s tax ID number. For every vendor who provides services for you, and is not incorporated, you should have the 1099 box checked and their tax ID number recorded. This includes vendors whom you haven’t paid, or don’t expect to pay, $600.00 or more. It will also be important to have their mailing address in your vendor setup for 1099 purposes as well.
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Tags: 1099 Form, Amp, Info Tab, Mailing Address, Payables, Precious Time, Preference, QuickBooks, Setup Preferences, Tax Id Number, Vendor Setup, Year End

Add Sex Appeal to Your Financial Reports by Formatting in Excel

Quickbooks reports can all start to look the same after awhile, making it hard to find the one you are looking for in your stack of financial reports for the month. If you’ve ever wished you could add some custom formatting to make one report stand out from another, Excel is the perfect solution.

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Handling Credit Card Processing Fees (or PayPal Fees) in QuickBooks

There is always that never ending problem, where you just don’t get all of your income

Many merchant accounts (these are the people that permit you to accept credit cards) just take a monthly debit out of your bank account at the end of the month, these are easy to account for, you simply enter a withdrawal in your account register for the amount debited and categorize it as Merchant Processing Fees, which should be a COGS or an Expense (this varies by where you are located and your industry, check with your accountant if you are unsure).

However, what about those merchant accounts that take the percentage before you even get the money, similar to Paypal? This makes it more difficult to track, however, I do have an answer.

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Tags: Accountant, Accounting, Cash Receipts, Chase Paymentech, Checking Account, Checkout, Cogs, Credit Card Processing, Credit Cards, Google, Invoices, Lump Sum Fees, Matter Of Fact, Merchant Account, Merchant Accounts, Monies, Paypal Account, QuickBooks, Three Ways, Worry