QuickBooksGal

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1755 E Plumb Lane, Ste 101

Reno, NV 89502

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IRS Increases Mileage Rate to 55.5 Cents per Mile

2011-06-29T10:09:00.000-07:00

IR-2011-69, June 23, 2011

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

"This year's increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices," said IRS Commissioner Doug Shulman. "We are taking this step so the reimbursement rate will be fair to taxpayers."

While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.

The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.

The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

The new rates are contained in Announcement 2011-40 on the optional standard mileage rates.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Mileage Rate Changes

Purpose	Rates 1/1 through 6/30/11	Rates 7/1 through 12/31/11
Business	51	55.5
Medical/Moving	19	23.5
Charitable	14	14

Nevada Child Support Info for Employers: "Need to Knows"

2011-05-04T13:43:00.000-07:00

Income Withholding Order/Notice

Income withholding is the court or administratively ordered deduction of a specified amount from a parent’s income for payment of child support. All employers must honor an income withholding order/notice for child support from any state. Out-of-state income withholding orders/notices are valid throughout the country including US Territories. All states are required to use a standardized withholding form entitled Order/Notice to Withhold Income for Child Support (OMB No. 0970-0154).

A child support income withholding order/notice must be paid before all other garnishments, with one exception. The only exception is a Federal (IRS) tax levy entered prior to when the child support order was established. It is the date the child support order is established, and not the date the withholding order/notice is served on the employer, that determines precedence.

The employer deducts the specified amount of child support each pay period and sends it to the:

State Collection and Disbursement Unit (SCaDU)
PO Box 98950
Las Vegas, NV 89193-8950

Payments must be by money order, cashier’s check or business check payable to SCaDU, including electronic funds transfer (EFT). E-Mail SCaDU for EFT Instructions.

The following information must be included with each payment:
Full Name of the employee
Social Security Number of the employee
Employer’s Name and telephone number
Amount withheld for each employee

$2 Income Withholding Fee Payable to State Treasurer

Employers are required to deduct an additional $2.00 fee from the income due the employee for each income withholding, not to exceed two withholding fees per month per employee.

These fees are sent to a different location! The fees are payable at least quarterly to:

Nevada State Treasurer’s Office
PO Box 749549
Los Angeles, CA 90074-9549

***NOTE: THIS IS A FEE AND IS NOT THE CHILD SUPPORT PAYMENT. CHILD SUPPORT PAYMENTS MUST BE SENT TO “SCADU” AS NOTED ABOVE***

If an employer receives notices to withhold income for more than one employee, the employer may consolidate the fee amounts payable to the State Treasurer and pay those amounts with one check.

Each payment to the State Treasurer must be attached to a statement which provides the full name and social security number of each employee for whom the fee is made, and the fee amount(s) transmitted for the employee.

Employer’s Cost Recovery

Nevada Revised Statutes (NRS) 31A.090 allows employers to deduct up to $3.00 for each withholding from the amount paid the employee as reimbursement for the employer’s cost of carrying out their responsibilities.

To recap:
1.     Deduct child support payment, send this to SCaDU
2.     Deduct another $2.00, send to the State Treasurer
3.     Deduct up to $3.00, employer keeps this amount

Source:
https://dwss.nv.gov/index.php?option=com_content&task=view&id=69&Itemid=171#FeetoState

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Differences Between Certifications in Quickbooks: Who are you trusting with your books?

2011-04-15T12:20:00.000-07:00

The Differences Between Certifications in QuickBooks

Why do you need a Certified QuickBooks ProAdvisor? Is this someone you can trust when you are starting your own business?

Many of these questions are asked everyday and as a small business, QB Doc understands your frustration. However, we can provide accurate information on who you need to trust when it comes to working with QuickBooks software. The information below gives you the general idea about the differences between the following: ProAdvisor, Certified ProAdvisor, Certified ProAdvisor Point of Sale, Certified ProAdvisor Enterprise, Advanced Certified ProAdvisor, and Intuit Solution Provider.

ProAdvisor: Generally, a bookkeeping or accounting professional who has signed up for Intuit’s ProAdvisor program and paid an annual fee. ProAdvisors are not listed on Intuit’s “Find a ProAdvisor” website and have not necessarily received any training or passed any certification.

Certified ProAdvisor: an individual who has passed the certification exam with a 85% or higher. Certified ProAdvisors are listed in the “Find a ProAdvisor” database and are permitted to use the Certified ProAdvisor logo.

Certified ProAdvisor Point of Sale: To become a Certified QuickBooks POS ProAdvisor, you must first become a Certified QuickBooks ProAdvisor. A Certified QuickBooks POS ProAdvisor can: Help retailers run a more successful business using QuickBooks Point of Sale. They offer local QuickBooks POS installation, setup, and training help that many retailers need.

Certified ProAdvisor Enterprise: A Certified QuickBooks ES ProAdvisor, must first become a Certified QuickBooks ProAdvisor. A Certified QuickBooks ES ProAdvisor can: help clients optimize their business operations by supporting larger and growing businesses by offering QuickBooks Enterprise Solutions consulting, installation, setup, and training.

Advanced Certified ProAdvisor: Advanced Certified ProAdvisors must demonstrate not only a high level of product knowledge, but advanced troubleshooting skills and the ability to handle complex scenarios and implementations. They must have at least three years of QuickBooks Certifications and must pass a rigorous testing process.

Intuit Solution Provider: An Intuit Solution Provider may or may not be a Certified ProAdvisor. Many ISP firms have one or more ProAdvisors on staff. Solution Providers offer sales and service for Intuit QuickBooks Enterprise Solutions and Intuit QuickBooks Point of Sale. Your local ISP is the best source from which to purchase your Enterprise software and Point of Sale software and hardware, as they have demonstrated advanced product knowledge and have specialized Intuit resources to support client needs.

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California EDD Changes Payroll Tax Filings

2011-04-08T11:41:00.000-07:00

Effective April 1, 2011, and beginning with all first quarter 2011 filings, the California Employment Development Department (EDD) is modifying the existing payroll tax forms and changing the filing frequency for the Contribution Return.

In summary, the changes are:

 The DE 7, Annual Reconciliation Statement, is being replaced with the DE 9, Quarterly Contribution Return and Report of Wages. The DE 9 must now be filed on a quarterly basis.
 The DE 6, Quarterly Wage and Withholding Report, is being replaced with the DE 9C, Quarterly Contribution Return and Report of Wages (Continuation). The DE 9C filing is still required quarterly.
 There is no change to the DE 88, Payroll Tax Deposit form.

What You Need to Do

Intuit Payroll is committed to keeping you up-to-date with your payroll service and making sure you have the latest information. If you currently file and pay to the California Employment Development Department using DE 6 and/or DE 7, here’s how the EDD changes may affect you:

 QuickBooks Basic or Standard Payroll subscribers: Use the information provided by the California EDD to understand the changes and get the new forms.
 QuickBooks Assisted Payroll subscribers: No action is required. The payroll service has made the necessary modifications to comply with these changes.
 QuickBooks Enhanced Payroll subscribers: Make sure you downloaded Payroll Update 21108, which was released in mid-March. This payroll update included the updates and modifications needed to comply with these changes.

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Payroll Filing Deadlines: Coming up soon!

2011-04-06T13:41:00.000-07:00

Upcoming Payroll Tax Filing Dates
and Federal Reserve Holidays to Remember

Payroll Taxes
May 2, 2011: Deadline to file Form 941 for first quarter 2011 if you did not deposit all taxes when due.
May 2, 2011: Deadline to deposit FUTA tax owed through March if more than $500.
May 10, 2011: Deadline to file Form 941 for first quarter 2011 if you deposited all required payments on time.
August 1, 2011: Deadline to file Form 941 for second quarter 2011 if you did not deposit all taxes when due.
August 1, 2011: Deadline to deposit FUTA tax owed through June if more than $500.
August 10, 2011: Deadline to file Form 941 for second quarter 2011 if you deposited all required payments on time.

Holidays
May 30, 2011: Federal Reserve Bank holiday—Memorial Day.
July 4, 2011: Federal Reserve Bank holiday—Independence Day.
September 5, 2011: Federal Reserve Bank holiday—Labor Day

August 1, 2011: Deadline to file Form 5500 or 5500EZ for 2010 if you maintain an employee benefit plan.

Accountants
April 18, 2011: Deadline to file 2010 federal individual income tax returns.
April 18, 2011: Deadline to file individual and corporate estimated tax payments for the first quarter of 2011.
April 18, 2011: Deadline for partnerships to file Form 1065 for 2010.
June 15, 2011: Deadline to file individual and corporate estimated tax payments for the second quarter of 2011.
September 15, 2011: Deadline to file individual and corporate estimated tax payments for the third quarter of 2011.

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Quickbooks Time and Billing Manager

2011-03-30T12:26:00.000-07:00

How efficiently do you keep track of your employees' work hours?
Intuit has developed a software that allows you to stay organized and do it fast. We highly recommend it!

SIMPLE AND ACCURATE TIME TRACKING!
•Use your time for invoicing, payroll processing, and job costing.
•Easily review, edit, and approve time activities for your business.
•Automatically integrates with QuickBooks and Outlook
•Create customizable time reports and PDF reports
•Review and approve your employees' time sheets to reduce errors

Click HERE for a deeper look, or watch the embedded video for more information.

Got a QuickBooks Mess?

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Custom Business Solutions

1755 E Plumb Lane, Ste 101

Reno, NV 89502

775-348-9225

jayne@qbgal.com

Payroll Update: Revised Tax Tables

2011-03-28T10:46:00.000-07:00

Intuit has released Payroll Update 21108, which includes revised tax tables.

Several forms updates are also included for Standard and Enhanced Payroll subscribers.

To see the complete contents of this update, click here.

Got a QuickBooks Mess?

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775-348-9225

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The QuickBooks Gal

Custom Business Solutions

1755 E Plumb Lane, Ste 101

Reno, NV 89502

775-348-9225

jayne@qbgal.com

IRS to Stop Mailing Additional Tax Forms! IMPORTANT!

2011-03-21T13:23:00.000-07:00

With the increased emphasis on e-filing, the IRS has been implementing plans to stop mailing tax packages to business taxpayers. Last fall, the IRS announced they would no longer mail annual income tax returns to businesses. In early March, the IRS added several forms and instructions to the list of discontinued mailings, most notably the Form 941, Employer’s QUARTERLY Federal Tax Return.

Click here to read the full IRS announcement and see the list of forms and publications that will be affected.

Got a QuickBooks Mess?

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1755 E Plumb Lane, Ste 101

Reno, NV 89502

775-348-9225

jayne@qbgal.com

Daylight Savings Time: It's almost HERE!

2011-03-07T10:02:00.000-08:00

Daylight Savings Time Already?

Daylight Savings Time starts next week. Yes, it is already here!

Here’s the schedule for this year and going forward to 2015:

2011         Starts       March 13, 2011        Ends        November 6, 2011

2012         Starts        March 11, 2012        Ends        November 4, 2012

2013         Starts        March 10, 2013        Ends        November3, 2013

2014         Starts        March 9, 2014          Ends        November 2, 2014

2015         Starts        March 8, 2015          Ends        November 1, 2015

Spring: 2 a.m. on the Second Sunday in March
Fall: 2 a.m. on the First Sunday of November

Got a QuickBooks Mess?

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Sales, Support, and Training

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The QuickBooks Gal
Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com

TAX TIME REPORTS TO TAX PREP PROFESSIONAL

2011-02-28T12:32:00.000-08:00

Getting ready to visit your CPA or tax preparer? Not sure what reports to send?

First thing you need to do is determine if you file your taxes on a Cash Basis or Accrual Basis. Take a look at last year’s tax return or give your tax pro a call…they can tell you which basis applies to your business.

QuickBooks allows us to print reports in either format, so you can easily print the reports your tax professional needs (and save money if you send the properly formatted reports). Simply select the Modify button inside the report onscreen and change the basis from Cash or Accrual as needed….easy! A report that doesn’t have that option is not affected by the Basis.

Here’s a list of the reports you should take to that meeting. (Cash Basis and Accrual Basis if you are not sure):

• Profit & Loss Standard for the tax reporting period from the Company & Financial report listing (Cash and/or Accrual Basis)

• Balance Sheet Standard for the tax reporting period from the Company & Financial report listing (Cash and/or Accrual Basis)

• Payroll Summary for the Calendar Year ending on December 31st

• Payroll Summary for the Fiscal Year if your tax reporting year ends on any date other than December 31st

• Accountant’s Trial Balance for the tax year from the Accountants Report listing (Cash and/or Accrual Basis)

• General Ledger (I make a PDF of this one because it is so large and send it on a cd) from the Accountants Report listing (I generally only do an Accrual Basis if I print this report, however if you are sending PDFs, go ahead and do both basis reports)

• W-2, W-3, 1099 & 1096 forms – send copies, never originals

• Quarterly payroll reports – send copies, never originals

• 12/31 Inventory Valuation report if your company has inventory

• 12/31 Aged Payables Summary

• 12/31 Aged Receivables Summary

• Updated Asset listing

• Sales Tax Report – December 31st report – copy, not original

You may want to contact your Tax Preparer in advance or fax a copy of this list to make sure there is nothing else required. The most important step is to determine the TAX REPORTING BASIS before you process any reports. Save your money and your tax professional’s time by sending the proper reports!

Got a QuickBooks Mess?

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Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com

Customize Forms in Quickbooks!

2011-02-18T11:58:00.000-08:00

You can change the format of many different forms in QuickBooks to fit your needs. Some examples include invoices, credit memos, sales receipts, purchase orders, statements and more! YOU decide which fields and columns are included, what they are named and where they are located on the form. You can also add images and other data fields!

How to Customize a New Form:
Select Lists:Templates from the menu.
Click the Templates button.
Select New from the menu.
Click the new form type in the Select Template Type window.
Click OK.
Click the Manage Templates button.
Enter the Template Name in the Manage Templates window.
Click OK.
Make appropriate selections in the Basic Customization window.
Click the Additional Customization button.
Select whether to include fields on screen by clicking the box below Screen. Select whether the print fields by clicking the box below Print.
Repeat step 11 for each tab in the Additional Customization window.
Click the Layout Designer button to change the appearance of the printed form.
Make changes to the printed template as appropriate.
Click OK in the Layout Designer window.
Click OK in the Additional Customization window.
Click OK in the Basic Customization window.

Got a QuickBooks Mess?

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Sales, Support, and Training

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The QuickBooks Gal
Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com

New RADIO AD running!

2011-02-14T13:57:00.000-08:00

Our new ad will be featured in Reno on KOH am 780 this week, and Magic 99 fm next week.

If you're in RENO and need bookkeeping help, you know who to call!

Got a QuickBooks Mess?

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775-348-9225

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Sales, Support, and Training

775-348-9200

The QuickBooks Gal
Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com

Quicken Crashed - Got Mint?

2011-02-09T10:16:00.000-08:00

Have heard of Mint - a new "Quicken alternative" by Intuit?

This program allows you to upload your activity directly from your banks, credit cards, mortgage, and more.

You'll have as much history as your financial institutions allow and you can always record anything you like manually as well.

This is a great way to assure that you never lose your files again and you can access your information from anywhere that you have internet access.

For a quick overview, check out the video below!

Got a QuickBooks Mess?

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Sales, Support, and Training
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qbdoc@qbdoc.com
www.qbdoc.com

The QuickBooks Gal
Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com

Peachtree AccountCare Partner, One-Write Plus Conversion

2011 1099 Regulations - Do You Know the New Rules?

2011-02-07T21:04:00.000-08:00

There are big changes in the 1099 process beginning January 1, 2011. Do you know what they are and how they affect your business? You can follow this link to the IRS current publication that explains these changes and includes a link to check for updates that may result from congressional changes.

Here's a link to a PDF fill in W-9 f orm that should be issued to all 1099-eligible vendors.

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Got QuickBooks Mac?

2011-02-07T15:16:00.000-08:00

If you are using QuickBooks for Mac, here's a great Blog Post with lots of useful info.

Reno QuickBooks Blog

Got a QuickBooks Mess?

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Bookkeeping Quiz & Answer Guide

2011-02-05T20:29:00.000-08:00

I found a Great Bookkeeping Quiz years ago that I would like to share with those who are looking for a bookkeeper and want a quick and simple quiz that will help you to assess basic skills and separate "clerks" from bookkeepers.

Try it! When you finish, use the Answer Guide at the bottom of this page to see how you or your potential staff member did!

Bookkeeping Quiz

1. What accounts make up the balance sheet?

2. What accounts make up the profit/loss statement?

3. What are the normal balances of the following? (Dr or cr)
_______Postage Expense    _______Accounts Receivable
_______Office Equipment     _______Accrued Payroll Taxes
_______A/R Allowance     _______Fee Income
_______Note Payable    _______Shareholder’s Equity
_______Payroll Advance    _______Accumulated Depreciation
_______Petty Cash    _______Depreciation Expense

4. Define or describe the following:
FUTA__________________________________________________________________
FWT___________________________________________________________________
TIN____________________________________________________________________
W-2____________________________________________________________________
W-4____________________________________________________________________

5. Solve the following problems by journal entry:

A. The accounts receivable g/l balance does not agree with the subsidiary ledgers. $1,000.00 was credited in error to notes receivable.

B. The payroll taxes were over deposited by $35.00 and a refund check was received for the overdeposit. The check was deposited in the bank and credited to miscellaneous income.

C. A payroll check was voided after it was posted to the general ledger. (Gross=$500, FICA=$35.75, w/h=$64.25, misc. deduction=$100, net=$300).

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Advanced Certified QuickBooks ProAdvisors
Intuit Solution Providers

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Sales, Support, & Training
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Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com
visit our blog: blog.qbgal.com

Peachtree AccountCare Partner, One-Write Plus Conversion

Bookkeeping Quiz Answers
1. Assets, liabilities, equity
2. Revenue, expenses
3. DR DR
   DR CR
   CR CR
   CR CR
   DR CR
   DR DR
4.
Federal Unemployment Tax: Deposit quarterly if over $100.00. Filed annually-form 941.
Federal Withholding Tax
Tax Identification Number
Form issued to employee: recaps annual compensation & taxes withheld.
Form completed by employee for employer indicating exemptions and deductions for payroll.
5.
A.
Notes receivable dr $1,000.00
Accounts receivable cr      <$1,000.00>

B.
Misc. Income dr $ 35.00
Payroll    cr               <$ 35.00>

C.

Cash                       dr   $ 300.00
Salary Emp (gross)    cr <$ 500.00>
Fica                          dr    35.75
Fed W/H                    dr         64.25
Misc. Deductions    dr       100.00

QuickBooks Support - From Shoe Box to Computer!

2011-01-26T13:51:00.000-08:00

Got a QuickBooks Mess?

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QuickBooks Tune-Up

Clean up problem areas, get ready for tax time, or just sit down with a QuickBooks Pro to review your file. Your personalized tune-up includes:

~ Correcting and modifying list items for optimum use of the software and customized to your industry needs.
~ Suggestions for improved use of QuickBooks software and office procedures to maximize productivity and efficiency.
~ Suggestions on internal controls to safeguard company assets.
~ Review QuickBooks forms customization
~ Clean up reports, transaction errors and other problem areas within QuickBooks and QuickBooks payroll.
~ Review payroll item, sales tax item, and chart of accounts set up
~ Set up the bank reconciliation feature for a smooth end of month close out.
~ Address (as time permits) your specific QuickBooks questions

775-348-9225
Advanced Certified QuickBooks ProAdvisors
Intuit Solution Providers

The QuickBooks Gal
Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com
visit our blog: blog.qbgal.com

Quick Blog: 2011 Standard Mileage Rates

2011-01-26T13:46:00.000-08:00

The following rates are meant for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.

Business*-- $0.51/mile

Relocation-- $0.19/mile

Medical-- $0.19/mile

Charitable Rate-- $0.14/mile

*Can be used only if taxpayer owns/leases a passenger auto, van, pickup or panel truck not fir hire (e.g., as a taxi) that was not depreciated under ACRS, MACRS or Sec. 179 in earlier years.

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2011 Payroll Rates and Bases --New year, new changes!

2011-01-24T14:27:00.000-08:00

Social Security Rates Have Changed!
Be sure you are using the right rates!

Soc. Sec. and Medicare Rates            4.20% EmployEE
                                                         6.2% EmployER

Social Security Wage Limit                $106,800

Medicare Wage Limit                         Unlimited

FUTA-taxable Wage Base                    $7,000

FUTA Rate                                         6.2%

FUTA Maximum Credit 5.4%

Minimum FUTA Deposit Rate 0.8%

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2011 FWT & Social Security Rate Changes

2011-01-21T17:20:00.000-08:00

Important Details: Social Security Rate Reduction
The Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 signed by President Obama in December includes a one-year reduction in the Social Security payroll tax for all workers. Effective January 1, 2011, the employee portion of the tax is 4.2%. However, the employer portion of the tax is unchanged and will remain at 6.2%. This means that the liabilities for employee and employer portions will not match for tax year 2011.

Employee Impact: New Federal Withholding Tables
The 2011 federal withholding tables do not include the Making Work Pay credit. This credit expired on December 31, 2010, which means that your employees may see an increase in their federal withholding taxes on their 2011 paychecks. For details on the 2011 withholding tables, see Publication 15 on the IRS website.

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Got Point of Sale? Want Point of Sale?
We have live versions in our office
Call to schedule a trial demonstration!
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Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502
775-348-9225
jayne@qbgal.com
visit our blog: blog.qbgal.com

Peachtree AccountCare Partner, One-Write Plus Conversion

End of Year Record Retention Guide

2011-01-14T15:35:00.000-08:00

End of Year Record Retention Guide

Getting ready to store your financial records for 2010?
Here's a handy guide to help you decide what to keep and what to toss.

Record Retention Guide
Type of Record	Retention Period
Bank Statements	7 Years
Business Licenses	Until Expired
Cash Register Tapes	3 Years
Check Registers	Keep Permanently
Canceled Checks	3 Years
Deeds, Titles, Title Insurance	Length You Own the Property
Financial Statements	Keep Permanently
General Ledger	Keep Permanently
Inventory Records	7 Years
Invoices/Bills - Accounts Payable	3 Years
Invoices - Accounts Receivable	3 Years
Phone/Utility Bills	3-6 Years
Property, Plant & Equipment Records	Keep Permanently
Purchase Orders	3 Years
Receiving Reports	3 Years
Tax Returns & Related Backup	10 Years Minimum
Time Cards or Tickets	3 Years
Travel Expense Records	7 Years

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Understanding Bookkeeping --Major terms you SHOULD know.

2011-01-14T11:09:00.000-08:00

Regardless of the size of your company, good bookkeeping practices are essential to keeping your business running smoothly. Accurately kept books do more than make it easy to file your annual tax returns. Banks may require you to submit a profit and loss statement or balance sheet so they can determine your credit-worthiness. A quick review of your books can show where you need to spend more or less money, who gives you the most business and who takes the longest to pay you, and how much you're paying out in commissions compared to how much you're selling.

Here are some general terms that are helpful to know:

ASSETS are things that you own or are owed to you: bank accounts, inventory, loans made to other companies or individuals, company cars, etc.

LIABILITIES are things that you owe: loans, accounts payable, payroll taxes, etc.

EQUITY is net income (sales less expenses), capital stock and owners/officers distributions.

EXPENSES are the things you pay for: business meals, gas for company cars, professional services, postage, etc.

REVENUE is money you earn from the sale of services or product, or from interest earned on a bank account, investment, or a lease or loan of your equipment or property.

COST OF SALES is any expense directly related to earning revenue: product purchases, freight or delivery, sales tax expense, etc.

We hope these general terms will help you better understand bookkeeping and help you start to take control!

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Reno, NV 89502
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WHY GOOD BOOKKEEPING?

2011-01-13T13:38:00.000-08:00

It's the NEW YEAR and it's the perfect time to get your personal or your business's finances in order. Whether you do your own bookkeeping, or you have a hired bookkeeper, why is it important to have good bookkeeping?

Mandated Reporting & Compliance
Budgeting & Forecasting
Loss and Waste Control
Collections
Helps you to determine when/if you need employees or more employees
The ability to see the BIG picture -- Know when to expande, when to hold steady or downsize
Provides the ability to demonstrate performance to future investors or lenders

What constitutes good bookkeeping? Where can you start? How can you make sure you're on the right track? Here are some quick tips:

Open a dedicated business checking account

Do NOT co-mingle funds --Spend only from the business account for business expenses; deposit business receipts only into that account; NEVER deposit directly into your personal bank accounts

Keep ALL receipts

If you must make purchases from personal funds, submit the receipts for reimbursement so the company will have a record of the expense

IF you are not able to control petty cash purchasing, get an ATM card attached to an independent business checking account, or if you have to the business checking account. When making petty cash purchases, use the ATM card so you will have receipts, a record from your bank statement of the purchases, and control of cash purchases. I prefer to have a dedicated checking account and then transfer funds from operating account to Petty Cash checking acct as needed. This is especially important if the person(s) spending are not kept aware of the funds in the bank account. Many times a partner will use the company ATM card for personal expenses. This is a great way to monitor spending.

Be aware of the state and federal rules that govern your company's entity type 0 sole proprietor, S-corp, C-corp or LLC.

When considering adding employees, understand the TRUE cost of employees and your obligations for timely tax remittals as the employer

Employee taxes and sales taxes are not your money --these funds should never be encorporated into your operating capital or counted on for operating.

Check back for more on the topic of good, efficient, bookkeeping! These are important ideas to be aware of and be familiar with!

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QuickBooks Accountant's Edition 2011 R5 Update

2011-01-09T15:05:00.000-08:00

If you are using QuickBooks Premier Accountant's Edition 2011 or QuickBooks Enterprise Solutions 2011 - Accountant 11.0 you should know that Intuit has released a manual update that you should download and install. It should be in the automatic updates soon, but for now, follow this link to download and install R5.

Some of the issues addressed are:

After updating to R4, you no longer see the vendor name under Client Data Review's Reclassify Transactions in QuickBooks Accountant 2011 and QuickBooks Enterprise Solutions—Accountant 11.0.

Unrecoverable Error 14867 99905 is displayed when trying to edit a template in R4.

A data problem prevents QuickBooks from continuing, during Verify data or Backup, after installing R4.

There is nothing wrong with the data or the file structure, QuickBooks is just more stringently reporting on the order of the elements in the file. If R5 does not resolve this error, it may be that there is damage in your company file. This can be repaired using the Rebuild Data Knowledge Base article.

You may also see, Error in reload.sql, when upgrading a company file to QuickBooks 2011 or Enterprise Solutions 11.0.

Hiring Do's and Don'ts: Part I

2011-01-05T13:58:00.000-08:00

It's the New Year so whether you're starting a new business, expanding, or rearranging, there are some ideas that will make your hiring process run more smoothly.

The ideal new employee will help grow your business, while the wrong choice can be an expensive mistake. Here are some tips:

1. Do pre-screen candidates on the phone.

2. Do prepare candidates for the interview. If you want to see samples of their work, let them know in advance.

3. Do interview several candidates—at least three if you can.

4. Do listen more than you talk.

5. Do be realistic—about job responsibilities, experience required, salary and benefits.

6. Do stick to the same evaluation process for each candidate.

7. Don't make promises of job security.

8. Don't hire someone just because you know them.
9. Don't be overly impressed by credentials from big corporations or well-known universities.
10. Don't be swayed by your first impression. Let the conversation flow. For important jobs, arrange for a second in-person interview with your top prospects before you make your final choice.

Jobs For Someone You Know

You may have already identified someone you'd like to hire—a friend, family member, former colleague, or someone referred to you by someone you trust. It might be someone who wouldn't fit a typical job description, but you know they can do a dynamite job. Small businesses often grow in the direction of key employees' talents and contacts. It's still important to create a job description. Look at your greatest needs and see which they're best suited for. This can be a collaborative process. A good job description helps both of you understand the scope of the job and what is expected of them.

More to come in this series about hiring! GOOD LUCK!

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Critical Payroll Alert For all QuickBooks Payroll Users

2010-12-30T22:02:00.000-08:00

Critical Payroll Alert For all QuickBooks Payroll Users

Payroll Update 21102: New Federal Withholding Tables, Tax Relief Act

Intuit has released Payroll Update 21102, which includes the federal withholding tables for 2011 and reflects the Tax Relief Act of 2010 signed by President Obama on December 17, 2010.

What do I need to do?

It's important that you receive everything in the Payroll Update to make sure that you are in compliance with legislation that affects your payroll. Just follow these three simple steps:

1. Check to see if you have Automatic Updates turned on.
-- Choose Help > Update QuickBooks.
-- On the Options tab, you will see either Yes or No selected for Automatic Update.

2. If Yes is selected, you should receive all Payroll Updates automatically when they are released the next time you are connected to the internet.

You can verify that you received Payroll Update 21102 from within QuickBooks. Go to Employees > Get Payroll Updates > Update. You should see a message that says, "You are using tax table version 21102."

3. If No is selected for Automatic Update, you need to download the update manually. Go to http://payroll.intuit.com/support/kb/1001166.html for instructions.

State Withholding Changes

What’s Included in Updates AND what you must do manually

Payroll Update 21102 WILL

Update your state’s SUI annual wage limit – if you have successfully downloaded or installed this update, 2011 wage limits will be adjusted for 2011 (note you will not see this change until Jan 1, 2011.)

Payroll Update 21102 WILL NOT

Update your individual company’s UI rates for 2011.

You will have to go into the Payroll Item List and manually change that and any other state rates such as SDI or SETT per the notice you should have received from the state in the past 30 days.

If you do not have that notice, you must contact your state Unemployment office before you run your first payroll and if you have a service preparing your payroll, you must inform them of the new rate(s) before the first payroll dated in 2011 is processed.

Got a QuickBooks Mess?
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What's New In Intuit QuickBooks Enterprise Solutions 2011

2010-10-25T13:44:00.000-07:00

Get Faster Access to Data

Advanced Inventory- In QuickBooks Enterprise Solutions 2011, users can now accuratley track the quantity and value of inventory in multiple locations from inside their QuickBooks software.
Enhanced Built-In Reports- Enhancements to several key QuickBooks reports give users valuable business insights. New and improved reports capture customer and sales insights that help small businesses make better business decisions.
More Combined Reports- QuickBooks Enterprise Solutions users can now create Profit and Loss by Class reports that combine data from multiple company files.
Balance Sheet by Class- QuickBooks Enterprise Solutions users who have several funds, departments, or locations can now track them separately within a single, easy-to-access report.
Customer Snapshot- QuickBooks makes prioritizing customers easy by offering a consolidated view of customers' purchase histories, average days to pay, and outstanding balances. This capability enables small business owners to make timely decisions on customer requests and identify top customers by revenue and payment consistency.
Customer/Vendor Transactions- QuickBooks users now have the ability to complete their transactions faster than ever with at-a-glance views of important customer and vendor details. With instant access to customer payment history, estimates, and past orders with vendors on one screen, completing transactions is easy and fast.
QuickBooks Search- Users can now quickly locate any account, report or invoice details within their QuickBooks repository with a simple keyword search.

Make Everyday Tasks More Efficient

Two Company Files- Users can now work in two instances of QuickBooks Enterprise Solutions simultaneously to save time switching between QuickBooks files.
Custom Reporting- Exclusive to QuickBooks Enterprise Solutions, users can now create custom reports using ODBC-complaint applications with a new way to directly access the QuickBooks database for maximum flexibility in report design.

QuickBooks has several new and improved features to help businesses get paid

Batch Invoicing- Small businesses who often invoice multiple customers for the same services can streamline the process with Batch Invoicing. Users create one template they wish to use, select the customers they wish to bill, and then Batch Invoicing automatically creates the full set of invoices.
Yahoo, Gmail, Hotmail Integration- QuickBooks integrates with popular webmail services Yahoo, Gmail, and Hotmail to make sending invoices, estimates, and other emails right from QuickBooks easy.
Collections Center- Users can quickly identify overdue and almost due invoices, and then email collection notices from their Outlook, Yahoo, Gmail, or Hotmail account in the Collections Center.

I'm Jayne Miller, The QuickBooks Gal

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Upgrading to QuickBooks 2011? Save 20% + Free Shipping

2010-10-14T21:12:00.000-07:00

QuickBooks 2011 is here! Lots of great new features!

Save 20% and get free shipping!

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On-site or in our office. We provide the QuickBooks help you need!
Whether it's setting up QuickBooks for the first time or cleaning up years of "QuickBooks messes," we can help!
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QuickBooks 2011

2010-09-16T11:48:00.000-07:00

Order from us today. Save 20% plus free shipping!

IRs Cracks Down on Independent Contractors

2010-04-10T17:17:00.000-07:00

(CNNMoney.com) -- If your business uses independent contractors, get ready for new scrutiny. Hoping to boost tax revenue, the IRS and many state governments are cracking down on how companies classify their workers.

When employers report wages for independent contractors on IRS form 1099, rather than a W-2, they aren't required to pay unemployment insurance, worker's compensation insurance or payroll taxes for them. But the rules governing which workers are genuinely "independent" are strict -- and often flouted....More

I found this article and think it is a great resource. Check it out! Make sure you are in compliance.

I'm Jayne Miller, The QuickBooks Gal

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Minimum Wage In Nevada - New Rates, New Rules

2010-04-07T17:18:00.000-07:00

The Minimum Wage in Nevada Changes July 1, 2010

Know the Rates
Know the Rules

- Employees with paid health care plans – minimum wage is $7.25/hour (previous was $6.55)

- Employees without paid health care: Minimum wage is $8.25/hour (previous was $7.55)

- Employees with paid health care: get overtime for any time worked over 8 hours in a day if they make less than $10.88

- Employees without paid health care: get overtime for any time worked over 8 hours in a day if they make less than $12.38

General Information

Overtime Rules

I'm Jayne Miller, The QuickBooks Gal

Got a QuickBooks Mess?

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The HIRE Act and How It May Impact Your Business

2010-03-18T12:43:00.000-07:00

The Hiring Incentives to Restore Employment Act (HIRE), also known as the "jobs bill," is a plan to create jobs by providing a temporary tax break to companies that hire the unemployed. The bill also extends federal highway programs through the end of the year.

Current Status

On March 18, 2010, the President signed the HIRE Act into law. The IRS is now outlining how to handle the Act's provisions. We will continue to monitor the situation, and will update you as final details emerge.

The cornerstone of the HIRE Act is a federal program that will provide employers with incentives to hire and retain employees. HIRE will exempt an employer from paying the employer portion of Social Security taxes for the remainder of the year on new hires who are currently unemployed. If those workers stay on the payroll for at least a year, the employer would also get a $1,000 business tax credit per employee.

Social Security Tax Forgiveness

The 6.2% employer portion of the Social Security tax would be exempt for any qualified individual hired after February 3, 2010 and before January 1, 2011, for wages paid in 2010 to the $106,800 Social Security wage base. Qualified employers may begin claiming this tax credit on the second quarter 2010 Form 941.
A qualified individual meets the following requirements:

Begins employment with a qualified employer after February 3, 2010, but before January 1, 2011.
Has not been employed for more than 40 hours during the previous 60 days. The individual must sign an affidavit attesting to the employer that he was not employed in the previous 60 days, or was employed for no more than 40 hours total.
Is not hired to replace another employee unless the previous employee was separated from employment voluntarily or for cause.

An employer can save up to $6,622 in employer Social Security tax for each qualified hire. There is no limit to the total amount of tax benefits or hires during this period, so employers will receive greater tax benefits by hiring individuals earlier in the year.

Note: The Social Security tax exemption can not be taken in conjunction with the Work Opportunity Tax Credit (WOTC). In other words, if the employer chooses to take the WOTC on a qualified worker, they cannot also take the Social Security tax exemption.

Business Credit for Retention

A business tax credit can be claimed by the employer for each qualified individual hired after February 3, 2010 who stays with the employer for 52 consecutive weeks. This business credit will be the lesser of $1,000 or 6.2 percent of the wages paid by the employer to the retained worker during the 52 consecutive week retention period.

For the employer to claim this additional credit, wages paid during the previous 26 weeks must equal at least 80% of wages during the first 26 weeks of employment.

I hope this info is useful. I'll have more QuickBooks Tips soon.

I'm Jayne Miller, The QuickBooks Gal.
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Enterprise 7 Just Crashed - Here's a Link to the Updates

2010-03-17T13:17:00.000-07:00

When I opened my QuickBooks Enterprise 7 today, it crashed once I logged into the company file I wanted to use. I tried to open it in a sample company and had the same results. Since I have several clients who use this version of QuickBooks, I was quite distressed.

I repeatedly received an alert that I needed to install the latest updates, but when I selected Install Now, nothing happened and the program closed. Of course, if I skipped the process, the program continued to crash once I entered my password.

Then I found the solution: Download & install the updates manually. That did the trick! I am not sure why the update installer stopped working, but it did. If you are having the same problem, try the manual installation of the most recent updates. Thanks to this fix, I am back in business!

I hope this info is useful. I'll have more QuickBooks Tips soon.

I'm Jayne Miller, The QuickBooks Gal.
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Have you ever been SWF'd?

2010-03-09T21:55:00.000-08:00

Did you ever see the movie Single White Female?

A woman takes in a roommate who immediately decides to "become her". She changes her hair, her style of dress, her behavior and more in an effort to eventually eliminate and replace her.

The QuickBooks Gal finds herself in a similar situation. There is a woman in Florida who is SWF-ing me on Twitter, Word Press and other yet to be discovered internet sites. She is NOT a Quickbooks ProAdvisor; she is NOT an Advanced ProAdvisor, she does not advertise any expertise with QuickBooks except what might be presumed by using my name!

I have written, faxed, and emailed to her with no success. She neither responds nor desists. She uses my name in just enough places to lend an air of credibility to her practice.

As all of my followers, fans, and clients know, I have worked diligently for many years to make The QuickBooks Gal a trusted, honest and reliable source of information, news and support.

I have contacted Twitter,and continue to defend the integrity of The QuickBooks Gal's reputation. I am in the process of contacting other social media outlets as well.

I want to express my sincerest thanks to everyone who has and continues to support me, Jayne Miller, The QuickBooks Gal, over the years. I will continue to provide ongoing blogs that I hope you will find informational, useful and occasionally entertaining.

I'm Jayne Miller, The QuickBooks Gal

Thank you for your support.

QuickBooks 2007 Sunsets Soon - Key Functions Will Cease

2010-03-01T16:18:00.000-08:00

If you're using QuickBooks 2007 It's time to Upgrade your Product

It is time to upgrade from QuickBooks 2007 because key functions in this program will STOP WORKING and SOON.

These key functions include:

· Online banking

· The ability to email invoices from QuickBooks

· Credit card processing

· Payroll processing

If you use your QuickBooks for any of these, it's time to upgrade to QuickBooks 2010.

Visit our Store today to purchase QuickBooks 2010

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