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ANSWERS TO MOST FREQUENTLY ASKED QUESTIONS
How to Record a Payment for an Invoice that was Written Off in a Previous Year in QuickBooks
The way you record this payment will depend on your reporting method - Cash or Accrual. However, there is no Bad Debt in cash basis accounting and you therefore must be using an accrual basis system since there was a previous bad debt allocation. The best way to...
Bookkeeping 101 Flowchart – QuickBooks
Why Are All My 1099 Vendors Not Showing Up On My 1099 Summary Report In QuickBooks?
This is a question I have been asked multiple times during this 1099 preparation season, and as such have decided to address it here. In order for QuickBooks to generate your 1099 forms, you will need to ensure that the vendor accounts are accurately setup with the...
How to Record Personal Credit Card Expenses Incurred on Behalf of the Company in QuickBooks
The correct way to enter business expenses that you have paid for with your personal credit card, debit card, or cash in your company's QuickBooks, will be based on whether you want to invest this money in your company or reimburse yourself for it, as well as the type...
Evaluating Your Bookkeeping System
Do you have the right accounting system for your business? Your current bookkeeping system can either be helping or hindering your business right now! The truth about the financial stance of your business, and its ultimate success depends on two things: How well you...
All The Transactions I Entered Have Disappeared! Help!!!
I got a call a few days ago from a concerned small business owner saying that some of the transactions she is entering into QuickBooks is simply disappearing and nowhere to be found. When I got there she opened the QuickBooks file in question, and indicated to me all...
Differentiating Payroll, Cost of Goods Sold, and Officers Salary
I have gotten so many questions about recording owners salary accurately and allocating payroll for direct labor workers versus admin staff, I have decided to elaborate on it a bit here. Cost of Goods Sold includes payroll that is associated with the creation of a...
Importing Files To QuickBooks Using Third Party Application
QuickBooks is built to work with interchanging of data from one edition of QuickBooks to another using IIF (Intuit Interchange Format), and from CSV (Comma Separated Values) files such as excel, to QuickBooks. However, there are limitations to the extent that...
Setting Up Your Company in QuickBooks
Ok, so you have just purchased QuickBooks and getting ready to start setting up your company and entering your company's info. but you are not feeling confident you can do it correctly. No worries! Look no further! I have set up tons of companies in various industries...