05Jun 2012 by Nancy Smyth
Think You Can’t Afford to Pay Your Payroll Taxes-Think Again

Think You Can’t Afford to Pay Your Payroll Taxes-Think Again

IRS Information, Payroll Tips
  Failing to remit payroll taxes is a big mistake!  Sometimes a business owner will let the payment of payroll taxes slide in favor of paying other vendors OR perhaps will make a partial payment, thinking it will be ok -- not a good idea ----- always remit the full amount of your payroll taxes before paying other bills.  Here are a couple of examples why.  If you have check writing authority and it can be shown that you were aware your company or client paid other expenses when payroll taxes were due, the IRS can come after you for the taxes, penalties and interest. D and her husband were equal owners and sole corporate officers of a business. After they separated, they continued to run the business.  The firm…
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24May 2012 by BruceMc
Is Your CPA REALLY the Right Person to be Completing Your Tax Return?

Is Your CPA REALLY the Right Person to be Completing Your Tax Return?

From Our Guest Bloggers, IRS Information
    Is your CPA REALLY the right person to be completing your tax return?  Did you know that there are different educational requirements for different types of tax preparers? Maybe you have heard maybe not.  The IRS is beginning to mandate preparers who complete your tax return.  Yes, if you use a paid tax preparer there are rules that are being mandated by the IRS.  These regulations/rules are being put in place in an effort to assure you that you are getting the best possible return from a knowledgeable trained preparer. So what are they?  What regulations are being implemented to protect you? The IRS will require all individuals who are required to sign a federal tax return as a paid tax return preparer to register and obtain a…
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16May 2012 by Nancy Smyth
Payroll for Work Hours & Drive Time Invoicing Problem

Payroll for Work Hours & Drive Time Invoicing Problem

Job Costing Tips, Payroll Tips, Questions from our readers, QuickBooks Setup & Cleanup
  Entering payroll for normal employee work hours and drive time and passing only the work hours through to client invoices is not only important but confusing.  The following question was submitted by a reader. Hello - I own a residential and commercial cleaning company.  I have several employees.  I pay from the start of the first job till the end of the last job of the day (not including lunch break).  I have my employees fill out a time tracker sheet each day that shows the time started at the first job till the end, drive time in between jobs, so on and so forth.  I enter this into QuickBooks but I can't figure out where to enter in drive time to pay the girls their hourly wage on…
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15May 2012 by Nancy Smyth
Deducting the Cost of Lost Equipment from an Employee’s Pay

Deducting the Cost of Lost Equipment from an Employee’s Pay

IRS Information, Payroll Tips
  Can you deduct the cost of lost equipment from your employee’s pay?  As a business owner I'm betting that on more than one occasion you have had an employee who has lost his company provided cell phone more than once and you've have to replace it.   Perhaps you want to recover the cost of the phone via a payroll deduction - before you do, read the rest of this great article from HR Matters E-Tips, because the answer depends first on state and federal restrictions and second on how much you want to deduct. Both federal and state laws limit the deductions employers can take from their employee’s wages.  The federal Fair Labor Standards Act (FLSA), which requires minimum wage payments and premium overtime pay for covered employees,…
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09May 2012 by Nancy Smyth

Construction Payroll, Should I Do It In-house or Outsource It?

Be A Better Bookkeeper, Construction News, Payroll Tips
  Construction payroll can be complex and many business owners wonder if they should hire a payroll clerk and issue payroll in-house or if they should outsource it. As a contractor a significant portion of your job costs involve payroll and labor burden (taxes, worker's compensation insurance, general liability insurance, company paid fringe benefits etc.) and you need to have these numbers included in your job costing reports so you can analyze your bidding practices and know whether or not you made a profit on the job.  If your employee paychecks are not run through your accounting software you loose this vital piece of job costing information. Construction payroll can be complex and the lure of an outside payroll service such as Intuit Full Service Payroll, ADP, Paychex, Ceridian, etc.…
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01May 2012 by Nancy Smyth

Entering Bills or Checks in QuickBooks – Items vs. Expenses

Job Costing Tips, Vendors & Accounts Payable
  When entering bills, checks, or even credit card purchases in QuickBooks you have the choice to use an Items or Expenses tab - choosing the Items vs. Expenses tab will depend on what the money being spent was for. Your business spends money on a wide variety of things - employee payroll, payroll taxes, office supplies (such as paper and envelopes), utility bills, things that you purchase to resell to others, and goods or services from others are just a few examples.  In essence every penny that your business spends is an expense to your business - but how you record the purchase in QuickBooks does make a difference. Because you do you a choice to use an Items or Expense tab when entering transactions in QuickBooks; many people…
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26Apr 2012 by Nancy Smyth

How to Calculate & Display Retainage on an AIA G-702/G-703

Be A Better Bookkeeper, Customers & Accounts Receivable
  Calculating and displaying retainage on an AIA G-702/G-703 form can be confusing - this short tutorial is designed to discuss different ways that retainage (or retention) can be held, calculated, and displayed. Retainage is a portion of the agreed upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. Retainage or retention can be: a fixed percentage of the contract - such as 10% of the value of the contract a variable rate - such as 10% of the contract until the contract is 50% complete; at which time it is then reduced to 5% a variable rate - such as retainage is held at 10% on labor and 0% on materials Retainage…
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13Apr 2012 by Nancy Smyth

QuickBooks & Your Construction Business – What’s Your Gripe?

"Maad" Rants & Other Stuff, QuickBooks Corner
  What's your biggest gripe, problem, or issue when it comes to using QuickBooks in your construction business? Is it the Myth of Do-It-Yourself Accounting?  Is it the fact that there really isn't a lot of construction specific help or training available?  Is it confusing terminology?  QuickBooks is a powerful software program --- but the key to your success in using it depends on how well it's setup and then how well you utilize the features that are built in. QuickBooks® is a generic bookkeeping and accounting program, designed to be used by every type of business that you can imagine.  If it was industry specific, well it would have the same big price tag!  Sure Intuit makes a “Contractor” version, but even then it’s designed to meet the needs…
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09Apr 2012 by Nancy Smyth

Learn To Use QuickBooks In Your Construction Business

Be A Better Bookkeeper, Free & Fee-Based QuickBooks eBooks, Webinars & Training
  Learn to use Quickbooks® in your construction business - QuickBooks® for Contractors Bookkeeping Tips & Training is a new website that we launched over the weekend.  We are very pleased to announce the launch of a brand new QuickBooks® training resource for contractors and the accounting professionals who support them, owned and developed by Sunburst Software Solutions, Inc. - Learn to use QuickBooks® in your construction business. The new website will feature reasonably priced bookkeeping tips & training via: eBooks Live webinars Pre-recorded videos Specifically for commercial/government construction contractors who use QuickBooks® for their bookkeeping and accounting needs, their bookkeepers, and the accounting professionals who support them.  This new support and training site provides answers and techniques that are not available in the QuickBooks® Help file or even even…
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30Mar 2012 by Nancy Smyth

QuickBooks Tip: How To Create a Summary Invoice for Customers

Customers & Accounts Receivable, Job Costing Tips, Questions from our readers, QuickBooks Setup & Cleanup
  This QuickBooks tip discusses how to create a summary invoice for a customer when you need to track details for job costing purposes.  This question was submitted by one of our readers. How can I print a summary invoice for an estimate that does not show all the details.  Most of my jobs are Total Contract but I really have things broke down to examine my job costs.  This break down is very confusing to customers who just want a basic contract description and price.  Any suggestions?  Thanks, Jim Hi Jim What you are experiencing is very common - a conflict between your need to good job costing an your customers need for something simple - all from the same Estimate in QuickBooks; and without having to duplicate the…
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29Mar 2012 by Nancy Smyth

QuickBooks for Contractors Hangout on Goolge+

Be A Better Bookkeeper, Webinars & Training
  QuickBooks for Contractors Hangout on Google+, join us today Thursday March 29, 2012 from 11-12 EST. Grab your coffee (or favorite beverage) and bring your QuickBooks for Contractors questions and join us for Google+ hangout. Google+ hangouts are a really cool way to meet and network with others; using nothing more than your computer with sound, a microphone and perhaps a webcam.  The best part -- it's totally free!  All  you need is a gmail account and then you need to create a personal or business profile and page. Next, you'll want to either add my personal page or my business page to your circles - here are the links: Personal Page - https://plus.google.com/u/0/108080696417608977304/posts Business Page - https://plus.google.com/u/0/b/109284398428124037383/109284398428124037383/posts The hangout is something new that we are trying, if there…
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28Mar 2012 by Nancy Smyth

Estimates vs. Purchase Orders: What’s the difference?

Be A Better Bookkeeper, Customers & Accounts Receivable, Job Costing Tips, QuickBooks Setup & Cleanup, Vendors & Accounts Payable
  Estimates and Purchase Orders can be created using QuickBooks.  Many people want to know what the difference between the two are and when it is appropriate to use them.  I often see a lot of confusion on the QuickBooks forums about Estimates and Purchase Orders, what the differences are, and when you should use each one. An Estimate, otherwise known as a Bid, Proposal, Quote or perhaps even a Schedule of Values in the construction industry, is a detailed breakdown of work or tasks that you will perform in order to complete a project for a specific customer or a specific job and what you will charge them to do it. A Purchase Order, on the other hand is normally something that you issue for materials or the services…
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27Mar 2012 by Nancy Smyth

Estimate to Purchase Order Blues

Customers & Accounts Receivable, Questions from our readers, QuickBooks Setup & Cleanup, Vendors & Accounts Payable
  In QuickBooks it's possible to create an Estimate and then from the Estimate create a Purchase Order, Sales Order, Invoice or even a letter - but there are some drawbacks to these features as noted in the question below, submitted by a reader.  Hello, I have just upgraded from Pro 2009 to Premier Contractor 2012.  I did this so I could turn Estimates into Purchase Orders.  I spent an hour on the phone with Intuit yesterday to have them say, "oh, it can't do that".  So I am scouring the internet for someone that can help me. When you choose to create a PO from select items, the selection screen has no line descriptions.  We don't have item codes for everything we sell, that is never going to happen. …
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