As you wrap up your business books for the end of the calendar year, it’s time to prepare to file your 1099 forms. Beginning in 2017, the due date for submission to IRS has changed. In order to deter the filing of fraudulent tax returns, both W-2s and 1099-MISC for Box 7 Nonemployee Compensation are now due to not only the recipients by January 31, 2018, but also to IRS for 1099s and to the SSA for W-2s.
The other change is an increase in the penalties for not filing information returns, filing with incorrect EINs, or for filing late.
That means that now is the time to prepare for your information return filings.
Reconciling your bank and credit card accounts is the most important accounting process you should complete in Quickbooks. QB has a built-in “Reconcile” process that you can access in the “Banking” section on the home page.
You have a choice to record your bank account expenditures in QB using either the Write Checks icon on the Home Page in the lower right BANKING section or by choosing to start with Enter Bills in the top section on the Home Page titled VENDORS.
This example relates to the QB desktop version but the same principles apply in QB online.
When working in QB, are you sometimes mystified about questions it asks you, account names it uses or what certain data fields are for? You’re not alone. In this article, I’ll address one of the more common questions I am often asked, both from clients and from tax preparers: “What is the account called “Undeposited Funds” all about?” To explain Undeposited Funds, I will also address many of the icons presented in the middle of the Home Page.
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Whether you are the owner, the in-house accountant or the outsourced accounting department, obtaining the documentation you need to process transactions and reconcile accounts can be time consuming and frustrating. As an outsourced accounting department, my team and I are especially pleased with Hubdoc, a third party application in the QuickBooks ecosystem. Here are some of the reasons we like Hubdoc:
“Everyone is going to the cloud! QuickBooks Online is marketed heavily. I use QuickBooks Desktop. For various reasons, I don’t have any plans to move to QBO any time soon. How do I keep using my QB desktop version, but still have access similar to what I would have by moving to QBO? “
I hear the above comments quite a bit. For those of us who still use QB Desktop, we want remote access without changing to QBO. In my firm, about 50% of my clients have still chosen to use desktop vs online. In this continuation of my articles about Automation with QuickBooks, I’ll share one of the solutions I use to access clients’ QB Desktop files remotely.
Automating your bookkeeping with QuickBooks is easier now than ever. There are so many great third party apps in the marketplace. In this article in my Automation with QuickBooks series, I will share one of the apps I am currently using. I'll also show you how combining it with features in QuickBooks saves me time and money.
As anyone with employees knows, capturing employee time efficiently and accurately can sometimes be a bear. This is especially true if you are always running down late time sheets. I switched my timekeeping system to TSheets several years ago and love it, and so do my employees.I also have clients on TSheets, and I can easily tailor a variety of features to meet each client’s particular needs.
Using QB 2015 for PC/Desktop
In QuickBooks it is very easy to pull up reports to monitor where your money is being spent. The problem I see most often is that the data is not relevant because the transactions were posted incorrectly. Before you start analyzing the data, you want to know that the expenses to the Profit and Loss Report are accurate.
Step four in the Achievable Ten-Step Plan to Winning Financial Success in Business is to create a financial forecast. Financial forecasting helps you know where your business is headed in order to prepare for the future. Let’s discuss how to use QuickBooks reports for forecasting (using Quickbooks Desktop 2015).
Topics: Accounting & Finance