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Many companies fail to set up their charts of accounts correctly in QuickBooks. Over the years I have seen charts of accountants that look like a collage of accounts in helter skelter format without any logical order, containing duplicate if not triplicate accounts, inconsistent protocols, and even inappropriate, if not undecipherable, names. At tax time, when [Read the full article...] The Chart of Accounts in QuickBooks is the backbone for a company to track how much money it has, money it owes, money that is coming in, and money it is spending. The chart of accounts should be designed to include the accounts necessary for both financial and income tax [Read the full article...] Retention or retainage is usually a specific percentage, for example 10%, of the total contract that is held back by the project owner in reserve to protect the owners interest. QuickBooks users must initiate work-arounds and make QuickBooks track retainage that is held on each progress [Read the full article...] The QuickBooks Chart of Accounts is the framework used to categorize the information and transactions used to create reports. By using a chart of accounts and creating reports, you will always know the current state of your [Read the full article...] |
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