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 […]
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 […]
Customers are the lifeline of your business. By entering detailed information in Quickbooks about the people and companies to whom you serve, you can personalize their bills, send invoices easily, and quickly view the status of their accounts. You can add new customers at any time. To add a customer, follow these steps: Click the […]
Quickbooks can be modified in many ways to suit the needs of your business and your personal style of working. From the Preferences window, you can define preferences in over a dozen different categories. For example, you can configure general preferences such as whether or not Quickbooks prompts you before editing or deleting a transaction, […]
When you set up your company file, Quickbooks sets up certain accounts for you automatically. However, as your business grows or changes, you might need to add new accounts to your chart of accounts to better organize your finances. Or, you might need an account that was not provided during setup. For example, you might […]
QuickBooks accounting software is an effective, user-friendly application commonly used by small businesses for maintaining their financial information. Accountants frequently recommend it to clients for maintaining cash receipts and disbursements, receivables and payables, payroll, sales tax, and more. Users enjoy the flexibility in the software’s application to a dynamic work environment, and they are often satisfied with its intuitive design, push-button reporting features, and overall […]
Bookkeeping is defined as the activity of keeping records of the financial affairs of a business. Practically speaking, the bookkeeping function exists to assist management in carrying out a broad range of duties and achieving firm objectives, including: Managing the company through financial analysis, Tax reporting and compliance, Financial reporting to lenders and investors, and Business […]
