Showing posts from January, 2014

Creating subtotal items in QuickBooks for Mac

A subtotal item adds up the amounts of the items above it, up to the last subtotal. Create a subtotal item if you want to apply a percentage discount to several items. Because QuickBooks calculates percentages only on the line above, you need to subtotal the items before entering a discount item that calculates on a percentage basis. To create subtotal items: 1 Choose Lists > Items. 2 Click the + at the bottom of the list. 3 In the Type field of the New Item window, choose Subtotal. 4 Enter an item name, such as “Subtotal.” 5 Enter the description that you want QuickBooks to put on your sales forms when you apply the subtotal. 6 Click OK. For more information on QuickBooks call the QuickBooks Gal today at 775-348-9225! 

How to Add or Edit an Employee in QuickBooks for Mac

To add or edit an employee: 1 Choose Lists > Employees. 2 Add a new employee or open an existing employee. Add New Employee ·          Click the + menu at the bottom of the list. ·            Or control-click anywhere in the list and choose New Employee from the shortcut menu. Edit Existing Employee ·            Double-click the employee name. ·            Or select the name of the employee and click the Edit button at the bottom of the list. ·            Or in the Employee list, control-click the name of the employee you want to edit and choose Edit Employee from the shortcut menu. 3 Complete the Address Info tab. Take special note of the following fields: ·          Initials. QuickBooks fills in the employee's initials as you fill in the employee's name. Normally, you do not have to enter anything into this field. If your employees earn commissions for items they sell, you can select an employee's initials from the

Setting a Closing Date In QuickBooks

If you wish to protect prior year information from changes (deliberate or accidental) you can use the Set/Close option in QuickBooks to protect and control access to prior year data. It’s easy, just follow these steps           Company           ​Set Closing Date           In the window that opens, go to the bottom section labeled  Closing Date, Select Date/Password and set Date/Password as desired (see below) Questions? Call the QuickBooks Gal today at 775-348-9225!

Put the Rule of 72 to Work for You

You can determine what kind of savings plan works best for you and your budget by using The Rule of 72- dividing 72 by the interest rate to estimate the number of years it takes for your money to double. Age                      4% Money doubles every 18 years 29                         $10,000 47                         $20,000 65                         $40,000 Age                              6%   Money doubles every 12 years 29                           $10,000 41                           $20,000 53                           $40,000 65                           $80,000                                         Age                          8% Money doubles every 9 years 29                         $10,000 38                         $20,000 47                         $40,000 56                         $80,000 65                        $160,000 If you have any questions call the QuickBooks Gal today at 775-348-9225!

To Create Cash Basis Financial reports for Tax Preparer in QuickBooks

Open the report ( Balance Sheet, Profit & Loss, Trial Balance or General Ledger) Select the desired date range Select " customize report" button in the upper left hand corner of the report Select Cash Basis in the next window that opens. Select OK to close this window and when you return to the report, confirm that it says Cash Basis in the upper left hand corner.  This will change the current report to Cash Basis...once you close it, QB will revert to default settings. Please do this to all reports you wish to send to tax preparer. Always double check that you are in- Cash Basis - before you print or send reports to your tax preparer. To assure accuracy, please also state to tax preparer that you ate attaching Cash Basis reports....that way, if you miss one, it will call that to their attention and they will not have to make unnecessary adjustments to put your tax return into agreement with your books.  For more information on how

Nevada Sales Tax Rate Change for Nye County

The 2013 Legislature passed the following tax change: NYE County Tax Rate Increase:  Effective April 1, 2014, the Sales and Use tax rate for NYE County will increase from 7.10% to 7.60%.  The Nye County Commissioners approved collection of an optional sales tax of 1/2% under the provision of the Nye County Sales and Use Tax Act of 2007 to support public safety services. Those who collect and remit sales and use tax will need to make changes to business processes as necessary in order order to collect tax at new rate. Businesses should be sure to file the most recently updated tax return forms. Filing online  is the best way to take advantage of the most up-to-date tax rates. Tax Returns are also sent in the mail or can be located on the website at . If you need help with payroll, bookkeeping, or QuickBooks for your business then contact the QuickBooks Gal today at 775-348-9225!

Update to Critical Notice for QuickBooks 2010 Customers

Attention all businesses that have QuickBooks 2010 or prior, here is a clarification of what is happening with 1099- MISC tax forms and what to do about it.            The IRS changes to the Tax Year 2013 1099- MISC tax form did not include adding any boxes .         However, the IRS changes did include changing the format, size and/ or position of the number of boxes.           It is reformatting of the boxes by the IRS that will cause the alignment issues when customers on unsupported versions of QuickBooks print their 1099-MISC forms.          Only customers on QuickBooks 2010 or prior are impacted by these IRS changes and  need to consider upgrading or handwriting the forms.           Customers on QuickBooks 2011-2014 are NOT impacted by these IRS changes. They will be able to print their 1099s correctly from QuickBooks As previously mentioned, impacted customers have two options: ·          OPTION 1: Complete the 1099-MISC forms by hand and submit them to I

News about Taxes.

WASHINGTON, Dec. 20 (UPI) -- The U.S. Internal Revenue Service says the 2014 tax season will be delayed this year due to the 16-day federal government closure that happened in October. The 2014 filing season will open Jan. 31, however, the April 15 tax deadline will remain in place, the IRS said in a release Wednesday. "Our teams have been working hard throughout the fall to prepare for the upcoming tax season," IRS Acting Commissioner Danny Werfel said. "The late January opening gives us enough time to get things right with our programming, testing and systems validation. It's a complex process, and our bottom-line goal is to provide a smooth filing and refund process for the nation's taxpayers." Read more: If your a business who needs help with the end of the year, the QuickBooks Gal is here to help. The QuickBooks Gal offers help to busi

2014 Tax Table Ceilings and Limits

*How much your employees or clients should plan on having withheld. Note that these tables are not 2014 personal tax returns. Married Individuals Filing Jointly and Surviving Spouses   If taxable income is over….. but not over….. the tax is….. of the amt over…… $0 $18,150 10% of the taxable income $0 $18,150 $73,800 $1,815.00+15% $18,150 $73,800 $148,850 $10,162.50+25% $73,800 $148,850 $226,850 $28,925.00+ 28% $148,850 $226,850 $405,100 $50,765.00+33% $226,850 $405,100 $457,600 $109,587.50+35% $405,100 $457,600 $127,962.50+ 39.6% $457,600 Standard Deduction: $12,400 2014 exemptions . Personal, $2,950. Standard deduction for an individual claimed as a dependent is greater of $1,000