Getting the Most out of QuickBooks

Here at QuickBooks, we know you are gearing up for the end of the year, and so are we! With so many tasks to check off your list, our goal is to give you the help you need to make this as stress-free as possible. Today we’re taking an in-depth look at the most common Payroll questions.     Because this is an in-depth article, we are providing you with jump links to get you the info you‘re interested in faster.    Getting your employees paid - setting up and paying your employees Your Plan B when Plan A doesn’t work - changing direct deposit and paper checks The hot spot for your employee’s needs - all about QuickBooks Workforce Checks, bonuses, and gross ups - some common check related questions or issues   Getting your employees paid Paying your employees is one of the most important parts of your business, and we like to give you options. When you add a new employee to your account, you can choose one of these payment methods: QuickBooks Online Pay b

Stay ahead of the game and learn how to have a successful year end with QuickBooks Self-Employed.  We've put together some general tax tips to keep in mind as the end of the fiscal year approaches.      December to January Connect your accounts to online banking to automatically download all of your sales and expenses. Here’s how to do this in your web browser: Select the profile icon and then select Connect Bank. In the search box, enter the name or URL of your bank and select Continue. If you've already connected an account before, select Connect another account. Enter the sign-in info you use for your bank's website. When you’re ready, select Connect securely. Now that your transactions are loaded into your account, it’s time to categorize so they're ready for your Schedule C!  Go to the Transactions menu. Find a transaction on the list. Select Business if the transaction was for business, or select Personal for personal. If the transaction was both, s

Year end is quickly approaching and we want you to stay ahead of the game and learn how to have a successful year-end with QuickBooks Desktop.  This post covers the highlights of year-end planning, but make sure to check out the linked article for a deeper dive into ending the year with QuickBooks Desktop.      The year is coming to an end which means it’s a great time for small businesses to look back on everything that happened in 2023. It’s also the time to review account balances and financial records to identify any errors. Here are some things you should keep in mind as year-end approaches.   Confirming the first month of your fiscal year can save you hours of headache. If the first month of your fiscal year is incorrect in your QuickBooks Desktop account, then all of your data and reports are going to be off. As you prepare for year-end, it’s a good idea to double-check that this timeline is correct.   You can review or change the first month

We've put together a few videos to help with Forms W-2, 941, and 1099.  Click on your product below to be taken to the playlist for your needs.   QuickBooks Online QuickBooks Desktop  QuickBooks Self Employed   QuickBooks Online How to create and file 1099s    How to file W-2s   How to set up and use QuickBooks Workforce to see pay stubs and W-2s   How to file your 1099-MISC and 1099-NEC    QuickBooks Desktop   How to create and file 1099s   Your guide to 1099s for 2021 taxes   Your guide to W-2s for 2021 taxes   How to file your W-2 and W-3 forms in QuickBooks Desktop Payroll Enhanced   How to file your federal payroll forms (941) in QuickBooks Desktop Payroll Enhanced   QuickBooks Self Employed How to prepare for filing taxes in QuickBooks Self Employed and exporting to TurboTax   For more QuickBooks videos, please visit the QuickBooks YouTube Channel.  

We've put together a few videos on paying and filing your small business taxes with QuickBooks.  Click on your product below to be taken to the playlist for your needs: QuickBooks Online Sales Taxes QuickBooks Desktop Sales Taxes QuickBooks Online Payroll Taxes QuickBooks Desktop Payroll Taxes  General Payroll Tax info   QuickBooks Online Sales Taxes How to set up sales tax in QuickBooks Online   How to pay your sales tax with QuickBooks Online   QuickBooks Online Payroll Taxes How to add your payroll tax info to QuickBooks Online   How to add your previous payroll tax payments in QuickBooks Online   How to set up tax payments and filings in Quickbooks Payroll    QuickBooks Desktop Sales Taxes How to collect and pay sales tax in QuickBooks Desktop    QuickBooks Desktop Payroll Taxes How to pay payroll taxes and liabilities in QuickBooks Desktop Payroll   How to set up a tax payment schedule in QuickBooks Desktop

  Stay ahead of the game and learn how to have a successful year-end with QuickBooks Online.  This post covers the highlights of year-end planning, but make sure to check out the linked article for a deeper dive into ending the year with QuickBooks Online!   Here’s what you and your accountant need to know to close out the previous year and prepare for the next with ease: Review First off, be sure to check when your fiscal year starts. This lets QuickBooks Online start fresh by clearing accounting ledgers while you work on other year-end necessities. Next, check on your customer’s account balances and reach out to them if there are any outstanding amounts. After this, make sure any pending bank deposits are cleared from the deposit queue. If there are undeposited funds sitting in there, they won’t be included in your current year’s income. To end reviewing your information, take care of any outstanding bills you owe and address credits, discounts, or products you're

    We've put together a few videos to help with QuickBooks reports.  Click on your product below to be taken to the playlist for your needs: QuickBooks Online QuickBooks Desktop General Reports Tips   QuickBooks Online  How to customize reports: How to filter reports by customers, vendors and products:       QuickBooks Desktop  How to run and customize reports:   This video from Hector Garcia goes more in depth about Reports in QuickBooks Online and he also shared his Ultimate QBO Reports Database which lists all available reports in each version of QuickBooks Online.  Hector is a great speaker and this video is well worth the time to get a deeper understanding of what you can do with Reports in QuickBooks.     For more QuickBooks videos, please visit the QuickBooks YouTube Channel.  

  We've put together a few videos to help with QuickBooks Payroll.  Scroll down to view all videos, or click on the video you are interested to be taken directly to it: QuickBooks Online  How to add employees How to run payroll & set up direct deposit How to setup and use Workforce, see paystubs, W2's How to pay your payroll taxes How to enter payroll tax info   QuickBooks Desktop How to set up your company How to enter employee pay history How to pay employees with direct deposit How to pay payroll taxes and liabilities   How to add employees:     How to run payroll & set up direct deposit:     How to set up and use QuickBooks Workforce to see paystubs and W-2s:     How to pay your payroll taxes:     How to enter payroll tax information:       QuickBooks Desktop   How to set up your company in QuickBooks Desktop Payroll:     How to enter employee pay history:     Ho

You have created and sent your invoice, and now the payment is in your Undeposited Funds account. What’s next? As always, you should remember that transactions in QuickBooks should mirror life - so now it's time to deposit those payments into an account in QuickBooks. The Bank Deposit feature serves two functions:  If payments are received into the Undeposited Funds account, you can group payments and deposit them as a single record into an account.  The ability to record items that aren't typically captured on invoices or bills, such as assets and loans.  Why do I need to use the Bank Deposit feature in QuickBooks Online? If you’ve read the article Using Undeposited Funds in QuickBooks Online, you know that our Bank Deposit workflow is unique. This final step ensures the money you have received from payments is accurately recorded. Let’s get started! There are a few ways to enter bank deposits in QuickBooks, and the one you choose depends on how your original transact

Hello Community! You may have seen our Getting Started in QuickBooks Online article that gives you all the details to get your account up and running. Short on time? No worries, this is for you!  Take a look at my quick and easy outline of setting up your account. Feel free to look over and check off what you’ve done! Enter Company Information (Gear Icon > Account and Settings > Company) Add Company name, Business address, email, and other pertinent information. Choose your company type and the tax form you plan to file at the end of your fiscal year. Have your Employer Identification Number or (EIN) or Social Security number.  Upload your company logo. Add your Accounting details (Gear Icon > Account and Settings > Advanced > Accounting) In this section, select the first month of your fiscal year and the first month of your income tax year. Choose your Accounting Method: cash or accrual. Set a date 12 months from your start date to “close the books” fo

You’ve decided to take the plunge and use QuickBooks for your business. Welcome! Our goal is to make running your business efficient and easy while giving you the tools you need to understand how your business is doing at all times. But you may be wondering, where do I start? This is the article for you! A rule of thumb for your account is that actions taken in QuickBooks Online should reflect what’s happening in real life. This applies to everything: transactions, recording sales, making bank deposits, etc. While some tasks are done solely within QuickBooks, like sending invoices, much of what you will record are activities done outside of QuickBooks. Whenever you process a credit card payment, pay your employees using QuickBooks Payroll, or take out a loan from the bank, make sure your accounting reflects each step of each process as closely as possible. That means matching names, dates, payment methods, and totals against recorded transactions on your actual bank statements.  F

When you’re a small business owner, one of your strengths is being a jack of all trades. You may know a lot about accounting (or just enough), but either way, let me help you out!  Here’s our secret not-so-secret directory to accounting terms used in QuickBooks! A Accrual Method Accounting The simple definition: An accounting method that reports money from completed transactions along with pending transactions. Textbook definition: With the accrual method, you record and report your income and expenses when it's billed, whether or not you have received it. This includes accounts payable and accounts receivable transactions (as opposed to the cash method). Tip: When you start your business, pick one accounting method and stick to it. Changing methods will require help from your accountant.  What’s the upside to counting money before it’s in hand? It gives small business owners a more realistic idea of their income and expenses in a given period. This can provide a better overa

This is your go-to guide on features in QuickBooks Online and what they do. We’ll also walk you through the workflows that set you up for success in your account. This guide is designed for everyone -- those who are brand new to QuickBooks as well as those needing a quick reference. B Bank Deposits  What it is: After you’ve sent your invoices and received the payments into your Undeposited Funds Account (also see the "Undeposited Funds" entry below), you need to create a bank deposit in QuickBooks. Why you should use it: You want your books to stay accurate and account for money in your Undeposited funds account when you get paid. There are a few different Bank Deposit features available in QuickBooks Online depending on how you enter transactions. If you receive invoice payments into your Undeposited Funds account, the payments will show up in the “Select the payments included in this deposit” section of the Bank Deposit screen. Payments will only appear if you’ve chosen Undeposi

Here in the QuickBooks Community, we’re gearing up for our busiest time: Tax Season! Our goal is to give you all the tools you’ll need to make this as stress-free as possible. That's why this week's Top 5 is focusing on 1099s. Let’s jump right in. 1. How can I print a Year to Date report of payments to 1099 vendors in QBO? If these vendor payments were from last year, you can follow these steps for generating the year-to-date report: Click Expenses on the left navigation panel. Select the Vendors tab and click Prepare 1099s from the dropdown menu. Click the Continue your 1099s button. Follow the on-screen instructions until you reach the Review 1099 vendors and payments window. Click the Print Information Sheet button. There isn’t a way to generate a report for 1099 vendor payments for this current year. No worries though! You can customize the Transaction List by Vendor report. Here’s how: Click Reports on the left navigation panel. In the search field, type in Transaction Lis

Many small businesses hire short-term workers or bring on independent contractors to complete projects. Hiring vendors is a great way to get an expert to help out your business but properly accounting for expenses and their labor is critical. QuickBooks gives you the tools to track these expenses and file 1099-MISCs for your independent contractors. This article’s goal is to set you up for success, both for accounting and legal reasons.  You may be asking yourself, “Why do I need to track 1099 independent contractor payments separately?” Well, let me tell you! Separating regular employee payments from contractors is crucial because of the type of work they do and their relationship to your business. Contractors are on-demand or self-employed and do work for you but are not your official employees. Because of this, you need to report independent contractor compensation on a 1099 MISC. From financial and legal standpoints, the division needs to be clear. Additionally, knowing whethe

What is the difference between accounts payable and accounts receivable? What do accounts receivable and accounts payable mean? In this video, Morgan Law (@FinePoints) answers these questions and illustrates why having a clear understanding of these accounting terms will help you better understand and track your business cash flow.   00:00 - Introduction: what are accounts receivable? 00:46 - Accounts receivable vs. accounts payable 01:44 - The importance of managing accounts receivable 02:13 - Tips for improving accounts receivable   Learn more about accounts receivable: https://intuit.me/38GrYL6 How to follow up on past-due invoices: https://youtu.be/yzwmV1i1NNI

You can find your statement of cash flows connected to the balance sheet and income statement for your small business. A cash flow statement is a financial statement that lists a company’s inflows and outflows of cash to help you effectively make better business decisions. In this video, Seth David (@Nerd Enterprises, Inc.) provides a blueprint for preparing and analyzing a cash flow statement to better understand your business financial position.     00:00 - Introduction 00:43 - What is a statement of cash flows and why is it important? 00:53 - How the statement of cash flows relates to other financial statements 01:25 - How to create a cash flow statement 01:44 - Categories of cash flows 02:04 - Cash flow from operations 02:22- Cash flow from investing activities 02:52 - Cash flow from financing 03:08 - What is free cash flow? 03:27 - How to increase cash collections   Learn more about how to prep and analyze cash flow statements: https://intuit.me/3kPKVR7

Deferred tax assets and liabilities may be terms you’ve seen added by your accountant to your small business balance sheet. They are financial items on a company’s balance sheet that exist because the income on the tax return is different than the income in the accounting records. In this video, Nayo Carter-Gray (1st Step Accounting) breaks down what they are and how to take advantage of a deferred tax asset.     00:00 - Introduction 01:08 - What are deferred tax assets and liabilities? 03:13 - Financial reporting vs. tax reporting: Understanding the difference 03:44- Evaluating deferred tax assets and liabilities 04:04 - Making sense of deferred tax assets and liabilities   Learn more about deferred tax assets and liabilities: https://intuit.me/3jE5dxv

The Top 5 is here and back at it again! Instead of QuickBooks Online getting all the glory, we’re going to switch it up and focus on Desktop. There are many similarities between both products, but some situations are very unique to Desktop. I’m going to start from the top and focus on your questions about Desktop installation.  1 . I’m getting an error message when trying to install QuickBooks Desktop. Now what? QuickBooks Desktop is a complex product with many features customers love. At times an error may pop up but our team has given you the tools to troubleshoot quickly and effortlessly. Here are the tried and true steps to help you out. The first thing you’ll want to do is download the most recent version of the QuickBooks Tool Hub. This tool helps fix common errors and will be your partner in crime when you need it. Close QuickBooks. After you download QuickBooks Tool Hub, save the file somewhere you can easily find it. Open the file: (QuickBooksToolHub.exe). Follow th

There are many expenses associated with running a business, but did you know that some may qualify as tax-deductible? In this video, Nayo Carter-Gray (1st Step Accounting) helps you make the best of your small business tax deductions by demystifying how tax deductions work and sharing a comprehensive list of the different types of tax deductions you may be eligible for as a business owner.     00:00 - Introduction 01:12 - What are small business tax deductions? 01:48- How do small business tax deductions work? 02:53 - Types of small business tax deductions 09:05 - How QuickBooks helps small businesses prepare for taxes   Learn more about small business tax deductions: https://intuit.me/3n2loHg

A chart of accounts is a list of the account numbers and names relevant to your company. In this video, Astrid Daniela Galvez (QuickBooks ProAdvisor and Tax Specialist) clarifies the 4 primary groups in a standard chart of accounts (Asset, Liability, Income, and Expense) and provides some helpful tips in organizing them to make your small business’ financial information easier to access.     00:00 - Introduction 01:31- What is the chart of accounts? 02:06 - Asset accounts 02:44 - Liability accounts 03:12 - Income and expense accounts 04:13 - Tips for setting up your chart of accounts   Learn more about a chart of accounts: https://intuit.me/3kX2cYN

Of course, you know what time it is: Top 5! It’s only one of my favorite times of the week because our customers help me create it.  Today we’re taking on Sales tax. That necessary but sometimes confusing part of owning a business. You’ve got questions, I have answers. Here we go: 1. How do I customize the Sales Tax Report? One of the best features of QuickBooks Online is customization, and our reports are no different. Start by clicking on the Taxes tab on the left menu and choose Reports. Once there, click on the report you need and go to the Gear Icon. You’ll see all of the Tax fields available to you. Check them all or some, it’s up to you! Need more custom options? Scroll up and click on Customize to get the whole array of fields that you can add or filter for this report. Feel free to check out my other article completely dedicated to customizing: Customizing Reports in QuickBooks Online. 2. How do I make a customer tax-exempt? Have a client or customer that’s a

Utilizing the accounting cycle, you can pull all the data you need as a small business owner to get an accurate view of your company’s financial health. One of the most important steps in the accounting cycle is recording all your accounting data into your general ledger. In this video, Astrid Daniela Galvez (QuickBooks ProAdvisor and Tax Specialist) defines the components of a general ledger and how to use it to track all your money in, money out. She also outlines the five categories of general ledger accounts.     00:00 - Introduction 01:01 - What is the general ledger? 01:29- Benefits of general ledger accounting 02:05 - The 5 categories of general ledger accounts 03:02 - How QuickBooks helps with financial insights   Learn more about a general ledger: https://intuit.me/3kPJySt

Think of a balance sheet as a report card for your business. It's a way to monitor your small business’ performance and its ability to meet financial obligations. In this video, Nayo Carter-Gray (1st Step Accounting) outlines the three components of a balance sheet and guides you step-by-step on how to read and prepare one for your business.     00:00 - Introduction 01:01 - What is a balance sheet? 01:35- Components of a balance sheet 02:32 - Types of assets 04:02- Types of liabilities 04:41 - Why is the balance sheet important? 05:16 - How to prepare a balance sheet   Learn more about reading and preparing balance sheets: https://intuit.me/3jJF4gO

Income statements, also known as a profit and loss statement, reflect the health of your small business by documenting your revenue, profit, expenses, and more. In this video, Astrid Daniela Galvez (QuickBooks ProAdvisor and Tax Specialist) defines what an income statement is and how it differs from a balance sheet. Learn how you can improve your business bottom line by reviewing each line item within the income statement report and identify actions you can take to improve your financial health.     00:00 - Introduction 01:09 - What is an income statement? 01:31 - Income statement vs. balance sheet: what is the difference? 02:17 - Types of income statements: single-step income statements vs. multi-step income statements 03:56- How QuickBooks can help you create an income statement   Learn more about income statements: https://intuit.me/3BCuGO0