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prkimmel
March 29, 2024
Question

QuickBooks Live (online) for S-Corps & Partnerships

  • March 29, 2024
  • 2 replies
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An Intuit salesperson has assured me that QuickBooks Live natively can handle the accounting for S-Corps and Partnerships, specifically taking care of the allocations to partners/shareholders of net income plus the basis calculations. Is this true? If not, what is required?

2 replies

JaeAnnC
JaeAnnC
March 29, 2024

Yes, @prkimmel. I'll be happy to share the services offered when you subscribe to QuickBooks Live.

 

QuickBooks Live offers two plans: the Assisted Bookkeeping and the Full-Service Bookkeeping.

 

With Assisted Bookkeeping, QuickBooks-certified bookkeepers are available to guide and answer your questions on topics like reconciliation, automation, reporting, and the categorization or allocation to partners or shareholders of net income. However, you'll still manage your books and can request a callback anytime you need extra help.

 

Under the Full-Service Bookkeeping plan, we pair you with a dedicated bookkeeper who will bring your books up to date so you can stay focused on your business. It includes the categorization of your transactions and the reconciliation of your accounts each month.

 

For in-depth information about QuickBooks Live, please visit this article: Learn about the QuickBooks Live Bookkeeping service.

 

Furthermore, you'll want to add your accountant to your QBO account so they can access your company.

 

Keep in touch if you need answers to your questions about QuickBooks Live. The Community team is here to clear your confusion. Stay safe, and have a great day ahead.

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prkimmelAuthor
March 30, 2024

Your response is informative but does not answer my question, which apparently is about QBO, as the Intuit sales rep inaccurately informed me that QBO is now QB Live.

Rainflurry
Rainflurry
March 29, 2024

@prkimmel 

 

"Is this true?  If not, what is required?"

 

QB Live is bookkeeping by their "certified" bookkeepers.  Personally, I wouldn't trust them to do it properly.  There is a difference between your book basis and tax basis.  Hire your own CPA.  

 

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    prkimmelAuthor
    March 29, 2024

    That's interesting. The sales rep told me that QB Live is just a renamed QBOnline. I do not need a CPA; I am one. I just need software that makes the accounting for S-Corps and Partnerships easier--that I don't need to do JE's to reclass net income to partners'/shareholders' equity accounts--and basis calculations are maintained. So, does QBO do that?

    Rainflurry
    Rainflurry
    March 30, 2024

    @prkimmel 

     

    QB Live is not QB Online - it's a bookkeeping service.  QB closes net income to RE at year-end and you reclass it from there.  Yes, it will maintain those balances.  QB books all current year net income to a 'Net Income' line in the equity section and it closes it to RE at year-end.  

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