If your small business has fixed assets or property, how do you determine the amount of depreciation to be entered into QuickBooks? Best practice is to use your accountant’s depreciation schedule, adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If none are available, use this approach:
It's all about the report! How often are you checking your books for accuracy? Reviewing a P&L (profit and loss statement) is a great practice to see how you’re netting out each month. But reviewing the GL (General Ledger) can quickly show you where something’s not adding up, or you've incorrectly entered data.
5-Point Checklist: What to Send Your Accountant
Where does the time go? If you are already looking at the calendar and wondering how to accomplish a lot of reporting in a short time for tax season, we understand.
Yes it is 1099 season! If you are a small business and don’t have bookkeeping support, what is the quickest way to get your 1099s out to the correct vendors?
Businesses are required to send a 1099 to:
- Service providers that you paid $600 or more
- Your landlord for the rent you paid
- All attornies even if they are incorporated
Who don’t you send a 1099 to?
- Suppliers of products like utilities or office supplies
The two easiest ways to file are:
Old uncleared checks in the bank register
Payments in Undeposited Funds that have been deposited
Payments on invoices that have been deleted
Unreconciled bank accounts going back a year
Auditing your QuickBooks monthly not only ensures your financial information is correct, but it also helps you to make better business decisions. If you haven’t done so already, complete this quick checklist to ensure your QuickBooks are in order. The following are the five most common mistakes found in a quick audit and how to fix them.
The chart of accounts is the set of accounts that show up on your balance sheet and profit and loss statement that you put your transactions into. In this video, learn how to set up a quality, but high-level chart of accounts in QuickBooks Online.
- Determine the best type of business entity to conduct your business. The major choices include sole proprietorship, partnership, limited liability company LLC, corporation, and non profit.
How much time out of your week or month do you and your staff spend on keeping up with the books? So many small business owners wear many hats, but their true strengths need to be spent on making the business operate and grow, rather than tracking and reconciling.
Managing your business's bookkeeping on your own can be challenging. Learn about the pros and cons of the different levels QuickBooks Online has to offer and determine which version will help your business be more profitable.