Showing posts from January, 2011

QuickBooks Support - From Shoe Box to Computer!

Got a QuickBooks Mess? Call The QuickBooks Gal! 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

Quick Blog: 2011 Standard Mileage Rates

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. Got a QuickBooks Mess? Call The QuickBooks Gal! 775-348-9225    Call Northern Nevada's only Intuit Solution Provider! 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 visit our blog:  Peachtree Accoun

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

Social Security Rates Have Changed!  Be sure you are using the right rates! Soc. Sec. and Medicare Rates            4.20%   Employ EE                                                            6.2% Employ ER 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% Got a QuickBooks mess? Call QuickBooks Gal! 775-348-9225 Call Northern Nevada's only Intuit Solution Provider! 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 visit our blog:  Peachtree AccountCare Partner, One-Write Plus Conv

2011 FWT & Social Security Rate Changes

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.  Got a QuickBooks Mess? Call The QuickBooks Gal! 775-348-9225  Northern Nevada's Only  Intuit Solution

End of Year Record Retention Guide

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 Expe

Understanding Bookkeeping --Major terms you SHOULD know.

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


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 f

QuickBooks Accountant's Edition 2011 R5 Update

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 repaire

Hiring Do's and Don'ts: Part I

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, arran