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If you’ve been using your Quickbooks software diligently all year, when tax time rolls around, it should be a no brainer. You are certain that you have recorded everything correctly and will sail through tax season. However, are you sure that you have done everything possible to get the most tax benefits and avoid overpaying? The only way to be sure is to have a qualified consultant review your Quickbooks file for you to look for things you may have missed and help save you money.

One way an error can happen when a business owner contributes their own money to their business. It happens now and then that you may have to use your money for a business expense. If this money is simply recorded as income, it will be taxed. This type of income must be specified as an owner contribution to the business within your Quickbooks file in order to avoid being taxed.

Don’t make this mistake and find yourself paying tax on your own money.

Sometimes it is necessary for a business owner to loan personal money to their business. This is money that will be paid back to owner, not money that is being given to the business. Once again, if this money is simply classified as money coming in, it will show as income and will be taxed. Sales tax only needs to be paid on sales to customers. This type of credit must be recorded as a loan so that it is not mistaken for income, and taxed.

If a credit card is used for your business purchases, it is necessary to categorize the purchases in your Quickbooks file. If you simply make charges and then record the payment to your credit card, you are missing out on important tax deductions. Suppose you purchase new software for your computer to be used for your business.

This should be specified as an office expense and is a tax deduction for your business. It is worth the time it takes to record the individual transactions when tax time comes and the deductions start adding up.

Quickbooks is a great tool to when it comes time to pay your taxes to the state comptroller. Unfortunately, this is another time errors can occur. If sales tax paid by customers is not recorded correctly, you risk overpaying sales taxes to the state. Also the amount you pay to the state comptroller needs to be recorded correctly through the ‘Pay Sales Tax Liability’ window. Otherwise, Quickbooks will not give an accurate recording of what you owe.

Another mistake people often make both in personal and business finance is incorrect recording of ATM or debit card purchases. A good way to think of it is to consider each transaction with your debit card the same as writing a check, and record them each time. It’s easy to swipe your card and not think about it again, but detailed recording is a necessity to run a successful business.

If you use Quickbooks for your business bookkeeping, don’t make the mistake of assuming everything is done correctly when tax time rolls around. Finding an experienced Quickbooks help consultant is crucial to be certain you maximize your tax savings and get your business in the best financial situation possible.

Nancy Froelich has what it takes for your Quickbooks help in San Antonio. Contact her to find out how you can be sure your Quickbooks files are right on the money. You can reach her at 210.525.1852.

Question by : How to link a written check to a bill in Quickbooks?
I entered a bill in quickbooks that has accts rec invoices attached to it. Our owner wrote the check for the bill but did not link the two so it still looks like it needs to be paid. How can I link them without messing up the accts rec already created?
I tried to do that but it tells me that there is another check out there with the same check number? What do I need to do?

Best answer:

Answer by GinsingMiss
Go into Pay Bills, and select the bill that your boss already paid. Select Check for payment method and click on the “Assign Check Number” option. Then Pay Bill. That way you can assign the check number that your boss wrote.

Know better? Leave your own answer in the comments!

Question by Pay Roll: Can I do payroll from Quickbooks Professional? What’s the difference between that and Quickbooks Payroll?
Can I do payroll from Quickbooks Professional? What’s the difference between that and Quickbooks Payroll?
It seems that the professional edition has everything you need to do payroll – am I wrong?

Also, on additional note, do I need any other Quicken software other then professional services for a law firm?

Best answer:

Answer by capwest5a
I can’t answer all your questions. But I’ve used Quickbooks for years (all the way back to 1988). Never had to do payroll with it though. (I worked for small businesses who paid via 1099 forms to independent contractors). [As an aside, not sure that was/is entirely legal - probably not]. But I had comandeering bosses and I caved in. [As another aside, I recently stopped working - for all of them. Asking me to manipulate the books was not right and my conscience finally got the better of me].

But anyhoo, I believe that Quickbooks Pro will completely be able to handle a law firms accounts – the payroll thing is this – you have to subscribe to a yearly subscription from Intuit in order to activate the payroll module – they do this 1) to make money obviously, and 2) your business needs yearly updated tax tables to properly prepare the payroll.

From what I could tell, Quickbooks Payroll is kind of a stand-alone thing. But it would almost definitely need a paid upgrade each year as well.

I think you would be better off using QB Pro and subscribing to the payroll upgrade service. That would link the programs together and be so much easier to maintain. My opnion.

Know better? Leave your own answer in the comments!

Question by Heather H: How can I change a deposit date in Quickbooks 2006?
I need to change a deposit date in Quickbooks under a customer that was entered in wrong. The deposit was already “made” (or showing up as such) in Quickbooks but the date is wrong. How can I do this? Thanks!

Best answer:

Answer by capwest5a
Just find the transaction in the general journal, double-click to open it, change the date, and click yes when the program asks if you want to change the transaction.

Know better? Leave your own answer in the comments!

QuickBooks Enterprise Solutions Training:  The Importance

While the price point of Intuit’s QuickBooks accounting software is well below that of even their closest competitors, and the value provided is far superior, a small investment in training can take the ROI from investing in QuickBooks Enterprise from great to incredible!  While Intuit’s industry leading accounting software is already the most cost effective business accounting platform on the market today, proper training can make the value proposition even better.

QuickBooks Training:  Defining the Value

Just because QuickBooks Enterprise Solutions 9.0 has all of these incredible new features does not mean your employees will know how to use all of them.  The benefits of investing in the software are significantly reduced if your company is unable to benefit from their proper use.  This is where QuickBooks training can really juice your project ROI.

There are many features in the latest version of QuickBooks Enterprise designed around improving efficiency and thus productivity.  In other words, when the software is utilized properly, it should be able accomplish more with less.  Proper QuickBooks training, which means training from someone certified by Intuit, ensures your employees will be trained in optimal utilization of QuickBooks in accordance with Intuit best practices, enhancing the likelihood of your implementation achieving the desired ROI.

QuickBooks Training:  What to Look For

Now that we have outlined the benefits of QuickBooks training, we need to determine what qualifications would be required of our training vendor.  There are plenty of individuals, consultants, and companies offering training for QuickBooks Enterprise.  The questions is what credentials should they have in order to be sufficiently qualified to train your employees?  The simple and short answer is that they company or firm your hire should be a certified Intuit Solutions Provider.  This should be a minimum requirement, but you should not stop there in your quest for training excellence.

QuickBooks Training:  Where to Find the Best!

Just like anything else in life, the best QuickBooks instructors are the ones that have been doing it the longest (i.e.

the most experienced) and the ones with the best credentials (i.e. Certified QuickBooks Solutions Providers).  With regard to experience, you should demand a firm with 10 years experience minimum.  Honestly, there are not a ton of firms with this kind of experience around, but if you find one you can rest assured they likely have a pretty big head start on their peers.

Also, make sure to find a firm doing high volume in QuickBooks sales, as this is a direct indication of the company’s success.  The resellers doing the highest sales volume in QuickBooks do it for a reason, which is that they typically offer a greater “value proposition” as compared to their competitors, meaning they likely offer higher quality training.  You can usually get sales volume data from Intuit of from the solutions provider themselves.  Last but not least, make sure to check referrals from other customers and examine their testimonials.  You will be amazed by how much valuable information can be gained from these.  If you follow these guidelines, you will almost certainly procure the best QuickBooks training available!

Question by Mountain Goats: What are applications like Quickbooks that you might require a clerk to be proficient in?
I know that you generally need to know Word, Excel, Powerpoint, Photoshop, and Outlook. But one job opening mentioned knowledge of Quickbooks and I was wondering if there are other applications/software besides that that would be useful to learn.

Best answer:

Answer by Brendan
Quickbooks is just one of hundreds of accounting/bookkeeping packages available. They all have their own various methods of operation but they all end up with the same result. A better idea, in my opinion would be to study a basic bookkeeping course to learn the theory and practice of bookkeeping. In this way, mastering any commercial package would be very easy for you.

Add your own answer in the comments!

Question by christina_m_taft: How can I use Quickbooks to fill out tax form 1120S or what reports can I use to give me the info I need?
I’m using Quickbooks Premier: Contractor Edition 2005 and filing as an S-Corp (I’m a LLC in Mississippi). It seems like the program is set up to make you pay someone else to do something I should be able to do. Is there a way to make the two compatable, or at least, can someone tell me what reports will give me what I need?

Best answer:

Answer by tma
For starters, you will need a “Balance Sheet” at 12/31/06 and a “Profit and Loss” statement for the year ending 12/31/06.

However, these reports can be printed on the ‘cash’ basis or ‘accrual’ basis, depending on what accounting method you’re on. There are book to tax differences too, like depreciation. Some expenses you may have paid for on your books may not be deductible for tax purposes, like penalties. Some items have to be reported individually to the shareholders’ K-1s, like charitable contributions, health insurance, etc.

If you do not have experience preparing corp. tax returns, I would suggest that you go to a professional.

Add your own answer in the comments!

Question by georgina_cee: How do I account for credit card expenses on quickbooks online basic?
How do I account for credit card expenses on quickbooks online basic?
And how to treat credit card charges?

Best answer:

Answer by Bud Johnson
You have 2 options:

Create an expense account called credit card charges and move all credit card expenses into this account.

Charge all bank charges including credit card charges to an account called bank fees or bank charges.

I am a proponent of less accounts in QuickBooks and more combining of expenses into one account if possible so I would charge credit card charges to an expense account called bank fees. In other words don’t create a new account for your land line phone and your cell phone combine the two charges into an account called telephone expense.

What do you think? Answer below!

Question by paul m: What percentage pass the first time taking the quickbooks proadvisor certification?
also, if you had no qualifications at all to do say some businesses books and learned quickbooks in say the boston area what would the pay be per hour vs say getting the quickbooks proadvisor certificate. i have no experience with quickbooks yet.

Best answer:

Answer by kapn
26%………….

Know better? Leave your own answer in the comments!

Question by Ted: How do I pay an expense in Quickbooks when there is no vendor? It is just a business expense?
I need to record a payment as a business expense for monthly web hosting to godaddy in quickbooks. I added godaddy to the list of business expenses. The problem is that I didn’t list them as a vendor, just a business expense category. Should I be making them a vendor to pay them? It is confusing because they are considered a monthly expense and not sure how to record payment of the bill.

Best answer:

Answer by Richard M
Set it up the same way you do the electric bill or the rent. Yes, they are vendors and you are purchasing a service from them.

Add your own answer in the comments!