We setting up a new QuickBooks bookkeeping system for a new company file we need to outline how the process will work, how we will enter data into the system, how we will sort data, and how we will give the data to clients. When designing a bookkeeping system there are many problem areas we can anticipate and think about how we will deal with them. Inventory is one area that we need a plan for. Does the company have inventory? Do we want to track inventory in QuickBooks? Credit card payments and tracking outstanding balances is another area we need to consider. How will we enter credit card payments into the system. Payroll is an area of concern and one we need to plan for in our bookkeeping system. For more accounting and bookkeeping information see accounting website. http://accountinginstruction.info/

Easiest way to record insurance payments in QuickBooks. Insurance is an account that usually requires an adjusting entry at the end of the time period. In other word, even if we record insurance perfectly we will usually need an adjustment at the end of the period to make it correct on an accrual basis for financial reporting in an accrual system. When recording insurance for a small business we may have different needs for our bookkeeping records. We may need financial statement preparation or our primary need may be year end tax preparation.
We are usually taught to record interest as prepaid asset called insurance expense and then adjust the expense portion at year end. When entering transactions into QuickBooks, however, and when considering tax preparation, it may be easier to enter the insurance as an expense and let our accountant or tax preparer adjust the portion that is prepaid if needed. One reason for this method is that the tax return may be on a cash method with record to insurance payments. Another reason for this method is that it will show insurance on the income statement, making it less likely for a tax preparer to miss.
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Networking opportunities for QuickBooks bookkeepers.
Once we have decided our specialization in QuickBooks bookkeeping we can decide how we want to interact with other accounting professionals.
Our focus here will be on specializing as a bookkeeper and not moving into taxation, financial statement preparation, and payroll.
By not focusing on areas outside of QuickBooks bookkeeping we can often build strong relationships with other professionals.
One reason we can build other relationships with other accounting professionals is because they do not have to worry about us competing with them. I’m not saying we should not consider going into other areas. This is just one strategy for a QuickBooks bookkeeper .
Other accounting professionals are more likely to recommend our services and may even provide referral for recommending clients to them. If we do get commissions, however, we want to be very open with clients about them.
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Enter principle deduction and related interest for loan payments on an installment note in QuickBooks Pro 2019. We will first generate an amortization table. The amortization table is often not given in a loan agreement but is needed to break out interest and principal portions of a loan. The payments of most installment agreement will be the same each period but the allocation of interest expense and principal will very. We will also talk about other options for entering the loan payment into QuickBooks and making adjusting entries at the end of the accounting period. Once we have created the amortization table we will enter the first two payment into QuickBooks. We will enter the first payment into the check register using the split option to enter multiple accounts. We will enter the second payment into the check form. We will then check the financial statements. We will see cash going down for the amounts paid, interest expense going up but not being the same for the two payments and the loan balance going down but not by the same amount for the two payments. We will then check that the loan balance in QuickBooks matches the balance on the amortization schedule.
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We will enter payroll transaction into QUickBOoks Online and QuickBooks Desktop 2018 comparing and contrasting the two accounting software. There are many different ways we can deal with payroll. QuickBOoks has at least three levels of paid payroll and we could have payroll done by a third party. Whether we use QuickBooks to process payroll or have a third party process payroll we need to have some understanding of the accounting transaction related to payroll. We will calculate payroll and then enter the transaction into QuickBOoks Online 2018. We will then analyze the effect of the financial transaction on the financial statements. For more accounting information see our website. http://accountinginstruction.info/

We will generate standard reports within QuickBooks Online 2018 after having entered a month worth of financial transactions. We will generate and export to excel the profit and loss or income statement and balance sheet. We will also generate the transaction report by date, an excellent report for checking our data input for the time period. For more accounting information see our website. http://accountinginstruction.info/

We discuss the payment of employees and how to record the transactio within QuickBooks Online. There are many different payroll options both inside QUickBooks online 2018 and outside with external providers. No matter what we use we do need to understand the payroll process so we can enter the information into the accounting system for our records. For more accounting information see our website. http://accountinginstruction.info/

We will a sales receipt but instead of just applying it to a customer we will apply it to a job or sub-customer. We discussed how to set up a job or sub customer in a prior presentation. QuickBooks Desktop calls them jobs while QuickBooks Online calls them Sub Customers. For more accounting information see our website. http://accountinginstruction.info/

We will enter jobs or sub customers into QuickBOoks Online 2018. If we are used to QuickBooks Desktop we will be familiar with the term job but the online version used different terminology and different process. For more accounting information see our website. http://accountinginstruction.info/

We will enter the payment of bills in QuickBooks Online 2018. We will pay bills with a check but will use the pay bill feature to generate the checks.