Common Questions
Getting Ready for Year End in QuickBooks
What?!? “Year end,” you may say. “It’s only October.”
True, but preparation now will mean less headaches in December and January for you. Put these steps off and you may find yourself chasing vendors and employees for information at the last minute.
Verify employee addresses and Social Security numbers for W-2’s now. Let employees know to report any [...]
Using Gift Certificates with QuickBooks
This information describes the sale and redemption of gift certificates using QuickBooks financial software, not Point of Sale (POS).
For correct financial reporting, Gift Certificate sales should not be included in sales or income reports for taxes. Income and sales are generally recognized at the time the product or service is sold, not the gift certificate. I [...]
Accounting for employee advances
Do you occasionally give employees an advance on their next paycheck? Here’s an easy way to record and track these advances using the QuickBooks payroll feature.
In the chart of accounts, create a new “other current assets” account called Employee Advances.
In the payroll item list create a new payroll item. In QuickBooks 2007 and above use [...]
