QuickBooksGal

As a business owner, you need to track your money that is coming in and coming out. Your reports are only as accurate as your records. The better you understand your cash flow, they better you will make intelligent business decisions. Recording a Sale Remember that cash sales must be inputted as a sales receipt, not an invoice. Incorrectly coding an on the spot sale is a common mistake, so be careful! What to include when Recording a Sale: Customer: Job Transaction Date Payment Method Item Quantity Sales Tax Invoice a Customer  An invoice is a bill for later payment. When a customer buys a product you deliver the order in full. What to include on an Invoice: Customer: Job Sales Terms Item and Quantity Assign Sales Tax By entering the invoice both your Profit & Loss and the A/R increases. Receive a payment Once your customer pays the invoice, by check, it is time to record the receipt of payment. What to include in Receive Payment: C...

Do you use QuickBooks often? Here are some quick shortcuts to make your QuickBooks experience a little simpler! QuickBooks Keyboard Shortcuts The Basics Power Shortcuts Activity Key Activity Key To start QuickBooks without company file Ctrl + Double click Account List, Display Ctrl + A To supress the desktop windows (at Open Company Window) Alt (while opening) Check, Write Ctrl + W Display Information about QuickBooks Ctrl + 1 Copy Transaction in Register Ctrl + O Cancel Esc Customer: job list, display Ctrl + J Record (when black border is around OK, Next, or previous button) Enter Delete Check, invoice, transaction, or item from list Ctrl + D Record (always) Enter Edit Lists or registers Ctrl + E Quickfill and recall (type first few letters of name and press Tab, name fills in) abc Tab Entering Dates Find Transaction Ctrl + F Selection Key Go to register of transfer account Ctrl + ...

Begin managing your finances using QuickBooks with these simple steps and quick tips. Getting Started Consult with your accountant and discuss the use of QuickBooks Buy and Install QuickBooks pro (You can buy through us  here ) Structure your various accounts- Start with the minimum number of accounts, then expand. Establish an accounting routine that works for you and stick to it. Work with your accountant and keep in close contact all year round. Good Accounting Habits Record Transactions regularly. Including but not limited to:      Buying/Expense: bills, checks, credit, paying employees, contractors      Selling/Income: estimates, invoices, sales      Credit Card Transactions Reconcile accounts monthly Update financial statements quarterly Be as accurate and Consistent as possible Fix mistakes as they happen (They are fixable!) Set Up Your Budget It is simpl...

Do’s and don’ts for paying part-time employees   Source:   The  American Institute of Professional Bookkeepers ; Bookkeeping Tips Newsletter Do  withhold FICA on part-timers, including retirees.   Even if someone who works for you part-time also has a full-time job where they have had 100% of their FICA withheld for the year, you must withhold the full amount of FICA from their pay. These individuals can obtain a refund of any overpaid FICA on their 1040. Similarly, if a retiree receiving Social Security benefits works for you, say, one day a week, you must withhold FICA.    Don’t   assume former employees who return part-time are Independent Contractors.   If they do the same job they did before they left, especially in the same tax year, they are employees, not independent contractors. Don't  base worker status on length of service.    A worker who fits the definition of “employee” is...