As you purchase equipment, supplies, products, and services to run your business, you will receive bills that need to be paid. Entering these bills in QuickBooks enables you to not only track information about your purchases, but also to pay these bills. You can run reports that reflect your unpaid bills at any given point, […]
When you receive a payment form a customer, you can either deposit the payment into a bank accounting immediately, or you can wait to make the deposit at a later date. To make a deposit, follow these steps: Choose the Banking menu and select Make Deposits from the drop-down. In the Payments to Deposit window, […]
When you receive money from a customer, you must receive the payment in QuickBooks so that it records the transaction and marks the invoice as paid. Upon receipt of a payment, the accounts receivable records are updated, and the payment is ready to be posted as a deposit into an account (i.e., generally a bank […]
When your customers don’t pay you in full at the time you provide the product or service, you should keep track of the amount owed. You can use invoices to keep track of amounts owed from your customers (i.e., your “accounts receivable”). Invoices list all the details about the sale, including the services you’re providing […]
To process paychecks and prepare tax documents for your employees, you need to neter specific information about each of your employees in Quickbooks. Important Note: If you are a Quickbooks Payroll subscriber, you will be prompted to add all of your employee information during payroll setup. Use the following procedure to edit employee information or […]
As an employer, you have specific payroll responsibilities that are required by government agencies. These agencies can be federal, state, or local. Some of these responsibilities include, but are not limited to, withholding amounts from your employees’ compensation to cover income tax, Social Security, Medicare, and other payments. Choosing a Payroll Service To use […]
If you are looking for Part I of the QuickBooks Guide to sales tax, here is a link to that post. Setting Up Sales Tax Setting up sales tax is a multi-step process, divided into three main parts: Part 1: Sales tax payment schedule Part 2: Sales tax codes to track taxable status of items […]
Depending on a number of factors, you might be required to collect sales tax for the products or services you sell. If you collect sales tax, you must pay it to a tax agency on a regular schedule. Quickbooks helps automate your sales tax tracking so you can keep accurate records about the sales tax […]
In Quickbooks, an item is anything that your company buys, sells, or resells to run your business. Items are your products, services, and things such as shipping and handling charges, discounts, and sales tax. When you select an item from the Item list, Quickbooks fills in a description of the line item and calculates […]
Quickbooks uses the vendor list to store information about the people and companies you by goods and services from to run your business. For example, this list could include the phone company, your office supplies vendor, and your tax board. You can add new vendors at any time. To add a vendor, follow these […]
