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QuickBooks Q&A

QuickBooks Q&A

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martha34
 Employees & Payroll
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broossinck-white
 Other Questions
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broossinck-white
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gailppgc-gmail-c
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user66327
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Oasismentalhealth
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How can I manage multiple accounting needs for professional couple?

Need help determining which version of QB will allow me to account for ALL of the following: - Married, professional couple ("A" and "B") have a professional/medical consulting "private practice." Each is a sole proprietor.- "A": records income from selling services of an unrelated subcontractor professional clinician; records practice expenses including rent and Payroll (one Employee - office manager); "A" files T2125 re Business income: - "B": records income from (i) part-time Employment (T4) income and (ii) consulting income from private practice; files T2125 re Professional income- "A + B", as a couple, also want to account for personal finances (combined net income, shared/personal expenses, joint assets, joint liabilities, net worth) Do I need 3 "companies" to accomplish this? If so, is there a way to efficiently integrate/share data among them? TIA 

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rita816483
 Reports & Accounting
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sgreenlaw-anracc
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mail19
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pswork
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kspseptic-shaw-c
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Albassam
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Appalachian2020
 Account Management
Job Materials and Expenses

Hello! Looking to do my Corporate Income Tax and I'm running into something I'm unfamiliar with. To keep it simple, I'll make up some numbers here, my business is construction, general carpentry and contracting. Lets say this: Total amount of money collected from clients: $120,000Total amount of money spent on materials for clients: $20,000Gross Income without accounting for material reimbursement from clients: $100,000Total payroll cost: $40,000 Should have profit at: $60,000  In my "profit and loss" report it is saying: Gross profit: $100,000Material Expense: -$20,000Payroll Cost: $40,000Total Income: $80,000   I have the material cost set up as an expense in my Products and Services. I just now set it as 'non-inventory' which hasn't corrected the issue for previous profit and loss reports. Wondering why it is saying the material reimbursement I'm paid is not part of my gross profit, but it then deducts it from my payroll cost.&n

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cilajean-yahoo-c
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fleetlineequipme
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ciara-whc-ca
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kraiva
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accounting-kingd
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contact-terrenoh
 Off-Topic Discussion
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LinnieB2021
 Account Management
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JPB007
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Shareholder expense paid by the Company through a deduction of income

Hi!I have a Professional corporation (P Corp) of which I'm the sole shareholder.  The P Corp receives distribution from my employer which deducts the premiums to be paid to the Insurance company (dental, life, invalidity).  The invalidity, for tax purposes, needs to be paid by me personally and therefore I need to reimburse the P Corp for the deduction. I have recorded the income with matched transactions and recorded the gross amount in Income and the deductions into expenses-Insurance.  I would like to make the proper entries to confirm the repayment to the P Corp through a debit of the Shareholder's contribution account.  Your input is more than welcome! Thanks and have a great day! 

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uservickitimmons
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orlando-perryjm-
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torotuffservices
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gabrewer
 Reports & Accounting
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