With the year quickly coming to a close, we hope you will find this QuickBooks Year-End Checklist especially helpful. We recommend you print a copy of your balance sheet and work down this list to verify each account. Review Bank Reconciliations Review the bank reconciliations for items over 3-6 months old and write them off if they have not cleared. …
Ringing Out 2016 in QuickBooks
2017 is just around the corner. Now’s the time to do your end-of-year QuickBooks tasks. Since early January of this year, you’ve been faithfully creating new records, entering transactions, and recording payments. You’ve run basic reports. You’ve done your collection duties. You may have paid employees and submitted payroll taxes. Now the end of the year is rapidly approaching. In …
Getting Ready For a New Tax Year: QuickBooks Can Help
As sure as the sun will rise, every December 31st, we’ll be ringing in the New Year. Will you have wrapped up your finances by then? There’s something very satisfying about turning our calendars to January. It always feels like a fresh start. We resolve to develop new, better ways of using our work and leisure time. We reflect on …
Depreciating Equipment for Tax Purposes: What’s Required?
Depreciation, specifically depreciating equipment is a very complex element of the tax code. It’s best that don’t try to tackle it on your own. From time to time, you may buy a piece of equipment for your business. This can be anything from a small computer to a large machine that makes little washers for use in the products you sell to …
Does This Icon Make Me Look Fat?
Spring is a good time to clean up and slim down QuickBooks and its data. Depending on your location, you’re probably starting to see early signs of spring. The nicer weather and signs of new life seem to make people want to spruce up their surroundings. Now would be a good time, too, to clean up your accounting environment. Some …
Seven Year-End Adjustments to Make to your Books
Running a business is filled with regulations everywhere you turn. These can drain precious time away from the core of your business, but if you ignore them, there could be huge financial consequences you may be risking without even realizing it. The best way to handle them is to understand your exposure, consult with any experts you need to bring …
Say Good-Bye to the old year and Ready QuickBooks for the new year
We hope you’ll be ringing out a successful financial year at month’s end. In any case, here’s what you should know about preparing for the new year. End of the year. QuickBooks has been hard at work for the past 11+ months, recording and tracking and storing all of that financial data that you’ve entered so faithfully. But …
What is the form 1099-K?
1) 1099-MISC: Basically all companies are required to send anyone that you paid services to that total over $600 for the year, a 1099-Misc. This can be your cleaning service, yard service, tax service, lawyers, building repairs, casual labor. Those that you paid with cash/check, you still need to prepare a 1099-MISC. 2) 1099-K: If you paid any of these individuals …
Year End Checklist (Most Requested)
With the year quickly coming to a close, We think you’ll find this QuickBooks Year-End Checklist especially helpful! Print a copy of your balance sheet and work down this list to verify each account. 1) Review the bank reconciliations for items over 3-6 months old and write them off if they have not cleared. If the checks are from the …