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In Part One of this series, we discussed the initial contact with the auditor in response to the notification of your upcoming audit. In Part Two, we will cover two of the main areas that the auditor will be examining to find errors in tax filings: use tax payments on purchases and collections of sales tax on your own sales.
Yes, Quickbooks is meant to simplify accounting functions to enable anyone to use it. However it is amazing just how big of a mess you can end up with if you don’t understand basic accounting principals.
This is a true account and not a hypothetical situation of what can happen when your day to day transactions are not recorded correctly.
As an Accountant, I have more than a few pet peeves, some of which I will talk about from time to time here on our blog.
Today’s pet peeve is the “you must itemize your revenue/income accounts for Uncle Sam”. FICTION!
Let me explain, I am not saying it is a bad idea. As a matter of fact, it is a good idea for managerial purposes (I will tell you why a bit later) but for IRS or Tax Reporting Requirements it is not required.
