QuickBooks Payroll, when properly set up, is capable of tracking and including the cost of your General Liability Insurance in job costing reports. Continue reading
There are two possible ways to track retainage that you owe to your subcontractors; one method utilizes a Sub-Account of Accounts Payable, called Retainage Payable, and the other method utilizes an Other Liability Account, called Retainage Due to Subcontractors. Please review the setup and use of both methods, and choose whichever one seems more appropriate for your use. Continue reading
We've compiled a list of daily, weekly, monthly, quarterly, and annual bookkeeping and accounting tasks to help you stay on track. Continue reading
In this article, we’ll cover each topic listed in the Year-End Guide, and offer some additional tips on each of the three sections: Tasks to prepare for filing taxes, Tasks to do if you use subcontractors, Tasks to do if you have employees and some Tips for the upcoming year. Continue reading
When starting a new QuickBooks company data fle, some Chart of Accounts items are automatically created. Continue reading
The QuickBooks Chart of Accounts is a complete list of a businesses accounts and their balances. You will use it to track how much money you have spent, how much money you have – and - how much money you owe. Continue reading
Last installment of our 11-part series on the Balance Sheet by Class Report, we'll discuss how you cannot use the Funds Transfer window to transfer funds between classes - instead you will have to make a journal entry to transfer funds between classes. Continue reading
Currently there is a "bug" that effects the Profit & Loss by Class report when it displays the final vendor payments, which then also adversely affects the Balance Sheet by Class Report. Continue reading
Paying and taking an early payment discount for a vendor bill that has multiple classes causes a difference in net income between the Balance Sheet by Class and the Profit & Loss by Class reports because only a single class can be assigned to the discount. Continue reading
Another limitation of the Balance Sheet by Class report that I was disappointed in is that payroll liability payments to classes are not automatically allocated and must be manually done by the user. Continue reading
