tag:blogger.com,1999:blog-50618281069377861752024-03-06T12:05:26.040-08:00QC Computing LLCQuickBooks Accounting News and TipsQC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.comBlogger98125tag:blogger.com,1999:blog-5061828106937786175.post-38513156968242957462024-02-22T18:54:00.000-08:002024-02-22T19:19:28.204-08:00Money Saving Tip When Mailing Accounting Paperwork<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigwL8SZOhMiWU2rq2o2E-xOXWq5lgFRHeqs25RgbS74dQegz-7J0KSfhwA_Caxka0IBBjujyDbZMJSAAI_R6GJyH-4PKa82c7ouzhXkBRQbdut692_nyp6TgHhb4ZU5VsQMHUqXaDYy9_2tyZz_eXr0STJt49m-l0QI67YlWjCEliZF472Ae07Ss88OnU/s270/Priority%20Mail%20Box%20-%20Flat%20rate.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Flat Rate USPS Priority Box" border="0" data-original-height="270" data-original-width="270" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigwL8SZOhMiWU2rq2o2E-xOXWq5lgFRHeqs25RgbS74dQegz-7J0KSfhwA_Caxka0IBBjujyDbZMJSAAI_R6GJyH-4PKa82c7ouzhXkBRQbdut692_nyp6TgHhb4ZU5VsQMHUqXaDYy9_2tyZz_eXr0STJt49m-l0QI67YlWjCEliZF472Ae07Ss88OnU/w320-h320/Priority%20Mail%20Box%20-%20Flat%20rate.jpg" title="Flat Rate USPS Priority Box" width="320" /></a></div><br /><p>I’ve learned a few tricks I want to share about saving money when mailing
paperwork to clients.</p><p><o:p></o:p></p>
<p>Especially at year-end I mail paperwork often. Here are my tricks. <o:p></o:p></p>
<p>First is to always use a Priority Mail Box, as pictured here. It's not only
faster but safer. I've never had a Priority Mail package lost. <o:p></o:p></p>
<p>Next, is to save money by using the Priority Mail box that does NOT say “Flat
Rate” to save money. These boxes are harder to find so when I do find them, I
stock up for the year. </p><p>Top Picture Box One: This box Priority Mail Flat Rate costs $18.40. See how it says "Flat Rate" on the box? That's your clue that you'll pay more. </p><p>Bottom Picture Box Two. (The picture that does not exist here because I cannot find one online) Seems as if the post office seems to want to keep a secret. It is different from Box One in one important way. It does NOT say "Flat Rate". It says nothing. Look for a blank area. That means it's by weight only. By weight has never cost me or the client more than $12.80, often closer to $10. If you’re mailing accounting paperwork, use the Priority box that's by weight only to save money. </p><p><o:p></o:p></p><p><o:p>What does this box hold for this cost difference? A whole box full of paperwork. I put the papework in file folders, then into accordian folders, with clips...whatever it takes to make a nice presentation. And usually a sheet of bubble wrap so it doesn't slide around noisily. I want it to travel through the post office inconspiciously so it gets there safely, which is always has so far. Thanks USA Post Office ! </o:p></p><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><p></p>
<p><br /></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-87451635081124386602023-07-08T15:34:00.001-07:002023-07-08T15:55:53.363-07:00Radically Simple Accounting & Small Projects<p></p><p><span style="font-size: 13.5pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-size: 13.5pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVkjHcXUGxSaZ02IJS-S21MotWL9fzef4xOdplMbJvJ9erfkadAt6ZwoDKS746KX7DAz5rrXItcnmGM3ePovSRltZFWrAMddS5Knl5j1B1zrIVnJrhF-EgaW0-hqQl_TGv-Mr884eZAV-cbZu4OlfDMlawoEAcu6KKyoI8AjWozU7uxeFAScuY0C_HcHo/s4032/Radically%20Simple%20Accounting%20Book%20in%20Office.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="4032" data-original-width="3024" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVkjHcXUGxSaZ02IJS-S21MotWL9fzef4xOdplMbJvJ9erfkadAt6ZwoDKS746KX7DAz5rrXItcnmGM3ePovSRltZFWrAMddS5Knl5j1B1zrIVnJrhF-EgaW0-hqQl_TGv-Mr884eZAV-cbZu4OlfDMlawoEAcu6KKyoI8AjWozU7uxeFAScuY0C_HcHo/s320/Radically%20Simple%20Accounting%20Book%20in%20Office.JPG" width="240" /></a></span></div><span style="font-size: 13.5pt;"><br />After sitting at a computer for
work, I love getting outdoors and doing landscaping in my free time. Mostly I
am transforming my own small yard/garden but I also volunteer to improve my
church and the Issaquah post office landscaping. <o:p></o:p></span><u1:p></u1:p><p></p><p></p><p><span style="font-size: 13.5pt;">After this year's Woodinville
Garden Tour, I came away both disappointed enough in my own real estate/garden situation to cry at my next therapy session and inspired enough to get back to
work on the yard/garden I do have to finish this summer's
project. <o:p></o:p></span><u1:p></u1:p></p><p><span style="font-size: 13.5pt;">Every week I
visit the library to pick up this week's books on
hold that have finally come in. This week I am enjoying the perfect book
titled, "Big Dreams, Small Garden". The book is about.... wait for
it....<i>"creating the garden you love when you can't afford the one you
want"</i>. Synchronicity? <o:p></o:p></span></p><p><span style="font-size: 13.5pt;">Books are important. It's
important to me that I wrote a book in my area of expertise titled, "Radically Simple Accounting". Out of blue I’ll
get an email from a reader about how much they appreciate my book, and how it
helps them. I don’t have the budget to promote my book the way I’d like so
the number of readers is small, as are my number of reviews. However, the
reviews are mostly 5-star positive on the print book, 4-star positive on the audiobook. Readers say that it's a book worth reading or listening to.<o:p></o:p></span></p><p>
</p><p><span style="font-size: 13.5pt;">It was important to me to
contribute to the world of accounting just as it was important to her to
contribute to the world of gardening. And I'm grateful for both. <o:p></o:p></span><u1:p></u1:p></p><p><br /></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-77831030141986246022023-05-09T17:14:00.005-07:002023-05-09T17:28:36.355-07:00Is QuickBooks Desktop being Discontinued?<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnsIQC5b_4ER-a8E3vcvvUiEMbbhLFza9fyvx7Xn9TgHmiaDabfDKBiYvgE0caXs6bbEGg-OeybU0WkJR0g-jYVMr-w71Z5d-NEpakiizrq5_DB07EDKcrlbqPaW7rIXe3c8tG9vbx3XBdg-ovdsiRY81zFVoL0cei_1Jec1T85JiBVHaewlvgNfEF/s2121/Cost%20Benefit%20.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1414" data-original-width="2121" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnsIQC5b_4ER-a8E3vcvvUiEMbbhLFza9fyvx7Xn9TgHmiaDabfDKBiYvgE0caXs6bbEGg-OeybU0WkJR0g-jYVMr-w71Z5d-NEpakiizrq5_DB07EDKcrlbqPaW7rIXe3c8tG9vbx3XBdg-ovdsiRY81zFVoL0cei_1Jec1T85JiBVHaewlvgNfEF/s320/Cost%20Benefit%20.jpg" width="320" /></a></div><br />There is a rumor going around that QuickBooks Desktop is
being discontinued. The rumor is that if you want to stay with QuickBooks you have to move to QuickBooks Online. <p></p><p>This is 100% not true. QuickBooks Desktop has a huge following so you don’t have
to worry about it going away. </p><p>If you prefer QuickBooks Desktop but want remote access capability, you can get it by getting your QuickBooks hosted. To explain what hosting is, and where you can purchase that service I've included information and a link in my free white paper titled, <b>Remote Access Options For QuickBooks</b>. </p><p>To get to the white paper, go to my
website -> Public Relations -> Free Download. I’ll put a live link here: <a href="https://www.qccomputing.com/pr.htm" rel="nofollow" target="_blank">Remote Access Options for QuickBooks</a></p><p>I personally prefer QuickBooks Enterprise (Desktop) software but support both versions. Clients who have been with Quickbooks Desktop for years are staying with it. Newer clients to QuickBooks tend to go with QuickBooks Online so I know and support both. </p><p class="MsoNormal"><o:p></o:p></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-41265644117286991982022-12-30T19:48:00.007-08:002022-12-30T20:12:19.636-08:00New Year - Time for New Filing System <p></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivINZSHTi7QoAQSbqWpJ72PIHnwWwSbstzJghTLPVORrPr_eAjSgwZ57gVnE2rDz22Xa91GYmM-nkrw8Up_VhH0-d1ylkK3bMMGi9q4DKbamHLO6v4KY1QLOYAEoG7wpqc52sukDTHXDZ9tD9J43GNDG458-PQrM4KrF_Xyl0pOWfuFGUukl29rW91/s383/home%20filing%20system.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="253" data-original-width="383" height="259" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivINZSHTi7QoAQSbqWpJ72PIHnwWwSbstzJghTLPVORrPr_eAjSgwZ57gVnE2rDz22Xa91GYmM-nkrw8Up_VhH0-d1ylkK3bMMGi9q4DKbamHLO6v4KY1QLOYAEoG7wpqc52sukDTHXDZ9tD9J43GNDG458-PQrM4KrF_Xyl0pOWfuFGUukl29rW91/w393-h259/home%20filing%20system.jpg" width="393" /></a></div><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;">New Years is when I make
time to setup new file folders for the year--for both myself and all the
clients I do regular work for. That requires a bunch of printing labels for
manilla folders. I save the label templates so it's fast from year to year. <o:p></o:p></span><p></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;">I also start pulling my
paperwork to go into a plastic tub for storage. (I</span><span style="font-family: "Times New Roman", serif; font-size: 18px;"> only keep current year's paperwork in my desk drawer files).</span><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;"> First, I burn (shred) the 4</span><sup style="font-family: "Times New Roman", serif;">th</sup><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;"> year’s
paperwork to create an empty tub as the IRS only requires me to keep 3 years of
paperwork. Clients’
paperwork I don’t return to them until they do their taxes, as
there are sometimes questions from the tax preparer. I don't have to do this on
New Year's but it's become a tradition with me because it's fastest if I have
new file folders ready for the new paperwork that's to come in. </span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;">Also, there is the
mental preparation. The hardest part of a job is getting started. I perhaps
enjoy filing more than most but only because I recognize its value. If I have
to do it a little here and a little there, forget it. The emotional units it
takes to get motivated are more than the task is worth. In the old days, I was
not motivated to make nice labels at all because I thought it was busy work,
not necessary. But professionals I respected did make them so which was right?
Which was faster? After years of scientific research, I discovered that nice
labels and a pretty filing system was faster because I never mis-filed and
could always find paperwork immediately. So, when I start a new job and clients
see me making labels and setting up a nice filing system, and they think I’m
wasting my time and their money, they’re mistaken. I'm making them more
profitable. <o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;">So now it's this thing I
commit to doing during the downtime of New Year's long weekend. If I do it all
of mine and all of my clients in one day with some nice music in the background
I can get into a groove and it all gets done beautifully. <o:p></o:p></span></p><p>
</p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman", serif; font-size: 13.5pt;">Clients who have
massively disorganized filing systems asked my advice. I encouraged them to set
aside an entire day for this task. If they have employees, a corporate-wide
official day of paperwork client up and organization is a brilliant way to go.
We discovered that if they commit one whole day to files (nothing but paperwork) they can create a whole new level of organization that they find easy to
maintain. Creating a company-wide day for paperwork only is a winning
strategy. If you're like me, you'll make it around New Year's. </span></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-78655054827597184492022-12-11T08:45:00.003-08:002022-12-11T09:01:25.307-08:00Easy Bounced Check Processing QuickBooks<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj402Klk9nkJqm_w2wv1WogWfg5zp9LTyfmW8yjj0AI6nuG2PDD9h6C7ieUriOTHGaxaRK7f6sQDUSbQOPCLFuQOO4u10PevM3Y_ny4EdctD7Mo6wG8-Q4A1eOOy3KqrhAodJBKMbf4tr4xFtRSbNm0WOx_ol_O78b6Xk2i_VJO-fqCgAt_B_7FL564/s340/Pretty%20Female%20Student%20with%20Pen%20&%20Laptop.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="340" data-original-width="340" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj402Klk9nkJqm_w2wv1WogWfg5zp9LTyfmW8yjj0AI6nuG2PDD9h6C7ieUriOTHGaxaRK7f6sQDUSbQOPCLFuQOO4u10PevM3Y_ny4EdctD7Mo6wG8-Q4A1eOOy3KqrhAodJBKMbf4tr4xFtRSbNm0WOx_ol_O78b6Xk2i_VJO-fqCgAt_B_7FL564/s320/Pretty%20Female%20Student%20with%20Pen%20&%20Laptop.jpg" width="320" /></a></div>This is the easiest way to process a bounced (NSF) check in QuickBooks. It works for all QuickBooks: desktop, enterprise and online because it takes into account what's happening business-wise, correct accounting, and how the sofware works. The numbered steps are what you do. The rest is context. <p></p><p>1. Enter original Invoice</p><p>2. Enter Original Receive Payment</p><p>The bank informs you that the check bounced. There it is: Item returned undeposited, and a bank fee, often $12. Figure out who's checked bounced. You need to know which customer/client?</p><p>3. Enter an expense using the customers name. Post the expense to "Accounts Recievable". </p><p>It'll show up on your Open Invoice report. You'll be able to reconcile your bank account. </p><p>4. Go to the Original payment for the original invoice, and uncheck the payment against the invoice. Leave the payment as a credit. </p><p>That invoice is now unpaid, which is correct. They still owe you for the original invoice. </p><p>5. If you want to pass a fee onto your customer at this point, create a line iten in the Line Item List (Products Items List in QB Online). Your Item name might be "Bounced Check". Your descriptoin might be "Charge for NSF check processing". Your amount is what you want but $35 is the most businesess charge. </p><p>6. Go into the original invoice, and add that line item, and charge. Some of my client's don't charge for this so they won't have steps 5 and 6. </p><p>The customer gives you a new check/payment. </p><p>6. Do a new Receive payment for the new check. Apply the new check to the original invoice by clicking that it's going to pay off the original invoice. </p><p>Now in your open invoice report, you'll see the original payment and the expense. They balance to zero. To clear these 2 line items off your report, apply the original payment to the expense. </p><p>7. Go into Receive Payment window (as if you're doing a new transaction) and enter the customer in question. That'll pull up both the original payment and the expense. You can click those off against each other so they no longer show up on the open invoice report. </p><p>This is natural because you're following the linear steps that happen in the real world. No one likes having a bounced check, especially your customer/client, so be nice about it. This is what it means to have a successful business. </p><p><br /></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-68861290090417719432022-10-02T11:21:00.008-07:002022-10-02T11:46:45.481-07:00The Winter of our Discontent<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFY9JRFFOx4cfux7dWNJzYZi5gOjg5WWTCmt-vSN4GkM7HQ7dLmPmurDDLopPxchfGqIoqGETLJs1wYWMv3m4RQmNItcL3ts8aMqc0Ok5RktY-cffFKcI0kQHGMuNGNqRPoojyv-PaAu6f62cmpWtzaZfR8fOIB-3cJ2Mi3Ot-2Bp8hdcq2rCJd-X2/s540/blurry-warm-christmas-bokeh-light_53876-160459.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="540" data-original-width="360" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFY9JRFFOx4cfux7dWNJzYZi5gOjg5WWTCmt-vSN4GkM7HQ7dLmPmurDDLopPxchfGqIoqGETLJs1wYWMv3m4RQmNItcL3ts8aMqc0Ok5RktY-cffFKcI0kQHGMuNGNqRPoojyv-PaAu6f62cmpWtzaZfR8fOIB-3cJ2Mi3Ot-2Bp8hdcq2rCJd-X2/s320/blurry-warm-christmas-bokeh-light_53876-160459.jpg" width="213" /></a></div>That line, "the winter of our discontent" keeps coming to me. It feels appropriate for what I expect for this coming winter. After all the stresses we've been through these last few years, businesses without good accounting may go down. Without great accounting, so much money is being lost that very few businesses can thrive, let alone survive hardships. When a business fails, it adversely affects the owner, their family, staff, vendors, customers, and the entire community. Before a new beginning, there is a "winter of our discontent". What's most important when losing financially is to hold onto your self esteem and goodness. <p></p><p>For those of us who have great financial reports to review, it may be still be a difficult winter. This is the winter to invest in the improvement of your financial reports if ever there was one. </p><p>Steinbeck used it as the title of a book I'm listening to now. The story is about a charactor who's father lost the family fortune. He is now an adult working a menial job. He's a good person with good values who's not bothered by his current financial situation. His wife and eveyrone around him are however. He gives up his integrity and plans to become a criminal to "get ahead'. Luckily, a couple of good people intervene, interupt his crime, and gift him with wealth. Their reasoning is because he's a good person. "Keep the light" is how it's worded. Most important during hardship is to "keep the light". </p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-67927293672792719632022-05-22T16:17:00.007-07:002022-05-22T16:42:17.989-07:00WA State Salestax in QuickBooks Online is Broken<p></p><p><span style="color: black; font-size: 13.5pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="color: black; font-size: 13.5pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxFd07gYGWcALNRxNWltiko-FK7pVwN2glv1Vd3VWTxvIcgLwvMGRZBN1GH8mppqiK_lTILMLBP267svl1F0ScWkoMHV9RpRff-hecv42kItoubp0icd32RuN19q-ES1BF7U7GSA4serxv8gaI38QmRa00qzJw45phmtb46lAkeKszbtRQoURc5icM/s2305/Audit%20Sign%20being%20Held%20in%20Hands.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1300" data-original-width="2305" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxFd07gYGWcALNRxNWltiko-FK7pVwN2glv1Vd3VWTxvIcgLwvMGRZBN1GH8mppqiK_lTILMLBP267svl1F0ScWkoMHV9RpRff-hecv42kItoubp0icd32RuN19q-ES1BF7U7GSA4serxv8gaI38QmRa00qzJw45phmtb46lAkeKszbtRQoURc5icM/w357-h200/Audit%20Sign%20being%20Held%20in%20Hands.jpg" width="357" /></a></span></div><span style="color: black; font-size: 13.5pt;">This is not a how-to or training
blog. I’m assuming the reader knows how WA State Salestax works; that WA B&O
is the state business income tax; and how to file both for one business at
least. <o:p></o:p></span><p></p>
<p><span style="color: #666666; font-size: 13.5pt;">If that’s not what this blog is
about, then what is it about? It’s about the following:<o:p></o:p></span></p>
<p style="margin-left: 0.5in; mso-list: l1 level1 lfo1; text-indent: -0.25in;"><span style="color: #666666;"><!--[if !supportLists]--><b><span style="font-size: 13.5pt;"><span style="mso-list: Ignore;">1.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-size: 13.5pt;">How I know Salestax Reporting is broken in QuickBooks Online.<o:p></o:p></span></b></span></p>
<p style="margin-left: 0.5in; mso-list: l1 level1 lfo1; text-indent: -0.25in;"><span style="color: #666666;"><!--[if !supportLists]--><b><span style="font-size: 13.5pt;"><span style="mso-list: Ignore;">2.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-size: 13.5pt;">Why it’s Not likely to get fixed anytime soon.<o:p></o:p></span></b></span></p>
<p style="margin-left: 0.5in; mso-list: l1 level1 lfo1; text-indent: -0.25in;"><span style="color: #666666;"><!--[if !supportLists]--><b><span style="font-size: 13.5pt;"><span style="mso-list: Ignore;">3.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-size: 13.5pt;">And lastly, What Can We Do About It?</span></b></span></p><p style="margin-left: 0.5in; mso-list: l1 level1 lfo1; text-indent: -0.25in;"><b style="text-indent: -0.25in;"><span style="color: #666666; font-size: 13.5pt;"><br /></span></b></p><p style="margin-left: 0.5in; mso-list: l1 level1 lfo1; text-indent: -0.25in;"><span style="color: #666666;"><b style="text-indent: -0.25in;"><span style="font-size: 13.5pt;">1.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;">
</span></span></b><b style="text-indent: -0.25in;"><span style="font-size: 13.5pt;">How
I Know it's Broken:</span></b></span></p>
<p style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; widows: 2; word-spacing: 0px;"><span style="color: #666666; font-size: 13.5pt;">a). The Salestax Liability
Report is the one to run. It should match the P&L total for the same
period, same basis. A recent QB Online construction-business client had $520k
in sales on her cash P&L. On her cash Salestax Liability Report for the same
period she had only $360 in sales total. Her invoices were done correctly. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">On QB Desktop the P&L and
Salestax Liability Report match exactly or within 1%. I debugged that 1% difference
once. It was how the software processed the payment/invoice dates. Took me hours to clean up and the discrepancy would show up on a past
or future report. Just always go with the Salestax Liability Report all the time. Print a hardcopy of that
report. Staple it to the back of the State Return which you print out. In case of an audit, this
proves you filed correctly and with the best intent. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">b). The client imagined that all of
her out of state sales were on the P&L but excluded from the Salestax Liability
Report. That explained the difference. However, all of the out of state sales
should have been totaled in the line item “no salestax” at the bottom of the
report. There was a value in that field on her report. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">Non-taxable sales for WA B&O taxable
customers (everyone located in the state of WA) should be totaled in the non-tax
column across from the city where the customer is located in WA State. </span></p><p><span style="color: #666666; font-size: 13.5pt;">I clicked on the value in
the “non-taxable” line item. It should have been all out-of-state sales. What information went where didn't follow any format I could see. </span></p>
<p><span style="color: #666666; font-size: 13.5pt;">c). Another mistake was that the various cities total was greater
than the state total. Technically this can’t happen as each invoice has only one
state and one city. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">Some cities were duplicated with
different tax rates. The client exported the Salestax Liability Report to Excel
and deleted what she decided were the “wrong” cities line item. She then massaged the numbers in
the “right” cities so that that city total = state total. That was a good start. <o:p></o:p></span></p><p><span style="color: #666666; font-size: 13.5pt;">What she did in reporting the difference between Sales Tax Liablity Report and P&L (same basis, same time) as out-of-state sales is also a good idea...given you're working with what you're working with. You'll see why below.</span></p>
<p><span style="color: #666666; font-size: 13.5pt;">However, no one using QB Online who needs the Salestax Liability
Report to be correct can defend their numbers in case of an audit. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;"><o:p> </o:p></span></p>
<p style="margin-left: 0.5in; mso-list: l0 level1 lfo2; text-indent: -0.25in;"><span style="color: #666666;"><!--[if !supportLists]--><b><span style="font-size: 13.5pt;"><span style="mso-list: Ignore;">2.<span style="font: 7pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b><span style="font-size: 13.5pt;">Why It's Not Likely to Get Fixed Anytime
Soon:<o:p></o:p></span></b></span></p>
<p style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; widows: 2; word-spacing: 0px;"><span style="color: #666666; font-size: 13.5pt;">Various features of the
Salestax Liability Report have been buggy in QB Online for a long time now. This
doesn’t seem to be a priority if the report is broken now. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">When users had access to the city
tax rate fields, I, as a user, could clean them up a bit. Now users are locked
out. Intuit exclusively has control of the various cities and salestax rates
for the state of WA. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">This is the NEW salestax module
so Intuit thinks they’re moving in the right direction. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">I called to report the bug. I have Advanced VIP tech support. The tech was awesome
in many ways except he did not believe me. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">He repeated that no one else was
complaining. I've often been the first to report a bug. Of course, he didn’t know
that. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">Then he said that he would have
to work with me by remote access in that particular client’s database in order to
verify the bug. What that means in tech language is that only after hours of exhausting
every possibility of proving me wrong would he send this bug report up to
Senior Tech Support. I don’t have hours to donate, period. And I don’t want to donate
hours when my past efforts have been fruitless. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">I asked if he was sure no one had
reported anything? For one thing, I’ve reported problems before. Where they not there? Could he research
this again? <o:p></o:p></span></p>
<p><span style="color: #666666;"><span style="font-size: 13.5pt;">He finally admitted he had one
bug report. “Crazy thing. One has to click on the non-tax field inside the
invoice a 2<sup>nd</sup> time for it to register on the Salestax Liability
Report as a non-taxable sale. I think he may have said for out of state customers”. </span><span style="font-size: 13.5pt;">At this point I was losing interest. </span></span></p><p><span style="color: #666666;"><span style="font-size: 13.5pt;">If that’s true, that could explain why the P&L was higher, just like the client imagined. But i</span><span style="font-size: 13.5pt;">magine fixing that bug for invoices for $500K
in sales? Imagine going into each invoice to ‘click on this one
field again”, then back to your Salestax Liability Report to make sure it was
now registering? And then doing it again if it didn't register. Is that not a major bug that should be fixed asap?</span></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">Plus, even if one did that
perfectly it would only improve the Salestax Liability Report in QB Online, not
fix it all the way. <o:p></o:p></span></p><p><span style="color: #666666; font-size: 13.5pt;"><br /></span></p>
<p><b><span style="color: #666666; font-size: 13.5pt;">What Can we Do About it?<br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--><o:p></o:p></span></b></p>
<p><span style="color: #666666; font-size: 13.5pt;">a). 50% of my clients use QB
Online. The new 50%. Clients who have been in QB Desktop for many years don’t switch.
The get their QB Desktop version hosted for remote access.<o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">The Salestax Liability Report
works perfectly in QB Desktop. <o:p></o:p></span></p>
<p><span style="color: #666666; font-size: 13.5pt;">When a client asks me to
recommend which software they should use, if salestax reporting is important in
their business, I morally have to recommend QB Desktop. </span></p><p><span style="color: #666666; font-size: 13.5pt;">Which is a crying shame
since sometimes they have compelling reasons to go with QB Online. But 10% salestax
on $520K is $52K, and that’s not pocket change. In addition, the business has to pay WA State taxes on state sales. Then there is the threat of an audit. </span></p>
<p><span style="color: #666666; font-size: 13.5pt;">b). If anyone has time, please do
report your Salestax Lability Report problems. Why not let Intuit dial into your computer and help you debug it? Once they realize they
can’t fix it, they should send the bug up to Senior Tech Support to fix. You won’t
hear back from Senior Tech Support, but you’ll have done your good deed for the day. </span></p>
<p><i><span style="color: #3d85c6;"><span style="font-size: 13.5pt;"><o:p>Lastly, d</o:p></span><span style="font-size: 13.5pt;">oes the Salestax Liability
Report in your QB Online version work perfectly? Do you have various WA state customers with and without saletax, and out of state customers too? Does it work perfectly for your business? I would love to hear that it does. Love
to!</span></span></i></p><br /><p></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-58016527585857983982022-01-24T23:18:00.021-08:002022-03-16T12:59:35.858-07:00Why did you get a 1099 from Venmo or Cash App? <p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgcB-pezrS8wDcGDSzQogmbFEf3CY-_UnCCxJnhvHB3tRiGcY-oLGmuYp3xueyb8dmcvDODx_Oh8-Mxe0B2It4scvO1oF_pK5X1t3brxOtbwYuNqH_bl4yZ6iOAymNK5_juuPGP0iCts7jNxsd2gyBLE23ab-SUXpA-UfH_GxGOejnNbqbeMpX_CkgL=s1500" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1500" data-original-width="1500" height="268" src="https://blogger.googleusercontent.com/img/a/AVvXsEgcB-pezrS8wDcGDSzQogmbFEf3CY-_UnCCxJnhvHB3tRiGcY-oLGmuYp3xueyb8dmcvDODx_Oh8-Mxe0B2It4scvO1oF_pK5X1t3brxOtbwYuNqH_bl4yZ6iOAymNK5_juuPGP0iCts7jNxsd2gyBLE23ab-SUXpA-UfH_GxGOejnNbqbeMpX_CkgL=w252-h268" width="252" /></a></div><p></p><div style="text-align: right;"><span style="color: #0b5394; font-family: times;"><span style="background-color: #f9f9f9; text-align: left;">A brand-new law requires mobile
payment processors like Venmo, Cash App, Apple Pay, Paypal, eBay, and
many more to send the IRS and you a 1099 if you get sent $600 and over for
“goods and services” via that mobile processor. </span><span style="background-color: #f9f9f9; text-align: left;">These mobile processors are called TPSO’s.</span><span style="mso-spacerun: yes; text-align: left;"> Venmo, Cash App, Apple Pay, Paypal, eBay and more are all TPSO's. </span></span></div><p></p><div style="text-align: left;"><span style="background-color: #f9f9f9; color: #0b5394; font-family: times;">This brand new law is part of the “American Rescue Plan”. </span></div><div style="text-align: left;"><span style="background-color: #f9f9f9; color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span><span style="background-color: #f9f9f9; color: #0b5394; font-family: times;">Here is a brief history of 1099 reporting that I've watched happen:</span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times; mso-spacerun: yes;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">*** In the 1980's the IRS stepped up 1099 reporting so that businesses had to report on total yearly payments to service vendors. The goal was to reduce welfare payments by tracking down Dads who weren't paying child support. </span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">*** In 2001, the Patriot Act greatly expanded 1099 reporting requirements. It also allowed the IRS to collect data on all credit card transactions, so they are no longer included in 1099 reporting. </span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">***Now, in 2002, the government is requring TPSO's to report on all money you've recieved in a year that's over $600 from one source and may be income. </span><span style="color: #0b5394; font-family: times;">This new law marks a sharp departure from previous collection efforts, in a misguided way. If you care about civil rights, read on. </span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><b><br /></b></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><b>Personal Money Reported as Busines Income</b></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><b><br /></b></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">TPSO's are used more frequently for personal expenses. A young man told me that he received a 1099 for money he and his wife pass back and forth to each other using Cash.app. To clarify, he'll be getting a 1099 for grocery money. The government doesn't know if it's income or not, so they'll collect everything. The problem with this is that it's a legal matter if you don't declare your income, and the burden of proof is on you. </span></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><b>Double Declaring Busines Income</b></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><br /></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;">The other problem with this new law is that if a client does pay you with Venmo, that client is already rquired to send a 1099 to you. That means you'll get 2 1099's for the same income. Like I said before, all credit card transactions are already exempt from 1099 reporting but Venmo, Cash app, etc take money out of your checking account. It is litterally impossible to prove you only got paid once. </span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><br /></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><b>Why this should be made illegal now</b></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><b><br /></b></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;">Consider how the governments mistakes with issuing 1099's could ruin your life. </span></div><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;"><br /></span></div><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;">This is how the IRS audits. </span><span style="color: #0b5394; font-family: times;">If you fail to declare income, the IRS has forever to come after you. And the penalty for not declariing income can be prison. If in 10 (or 15) years, the government audits you for Cash.app money you received and you don't have the records to prove that it was your ex-wife sending you money for groceries, the IRS can put you into prison. If your client sent you a 1099 for income via Venmo, so that income was double declared is that client going to stand up for you with the IRS by opening their books to the IRS? </span></div><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;"> </span></div></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;">If the IRS thinks you've declared expenses that aren't legitimate, they have 3 years to audit you. The burden of proof is on you to prove that the expense is an acceptable write-off. That's why businesses keep records for 4 years--in case of an audit. If you can't prove it</span><span style="color: #0b5394; font-family: times;">, you have to pay that expense, plus penatlies and interest. </span></span></div><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;"><br /></span></span></div><div style="color: black; font-family: "Times New Roman";"><span style="color: #0b5394; font-family: times;"><span style="color: #0b5394; font-family: times;">Putting you in prison for not declaring your income could become a huge civil rights issue in the future. If you believe the government won't ever exercise that power, then they don't need the right to exercise that power. </span></span></div><div><br /></div><div><b>How our goverment could meet their objective in a positive way</b></div><div><br /></div></span></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">This law was passed because the government needs money. Ask anyone who works for the IRS (or writes a book about working at the IRS) and you will learn that the best way to get more tax revenue is to give the IRS the budget and management to hire hire-level sophistocated auditors who specifically target high income tax evaders--the whales. These are hard cases to solve but once solved are very profitable for the government. The cost of giving the IRS the money for this kind of auditing is far cheaper too. </span><span style="color: #0b5394; font-family: times;">Funding the IRS to go after the whales who are cheating on their taxes will bring in lots of money. </span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">On the other hand, this law is going to fail to bring in more money because massive data collection is very expensive. Massive data collection of mostly unsable data is a net loss. So will we taxpayers be covering their losses the IRS 's losses with yet more taxes?</span></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><b>What can you do? </b></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;">First of all, please<span style="background-color: #f9f9f9;"> contact your federal congressional representatives and senators to complain about this new bill. Another</span><span style="background-color: #f9f9f9;"> law planned was to require "<b>every" bank</b> transaction over $600 reported to the IRS. It did not pass because so many people complained. Complaining works, especially if you complain in a proactive way. </span></span></div><div style="text-align: left;"><span style="background-color: #f9f9f9; color: #0b5394; font-family: times;"><br /></span></div><div style="text-align: left;"><span style="color: #0b5394; font-family: times;"><b><span style="background-color: #f9f9f9;">Ask </span><span style="background-color: #f9f9f9;">for a repeal of the law that</span><span face="Georgia, Arial, Helvetica, sans-serif" style="background-color: white; font-variant-ligatures: common-ligatures;"> changed tax reporting requirements for TPSO's as part of the American Rescue Plan. </span></b></span></div><div style="text-align: left;"><b><span style="background-color: white; color: #0b5394; font-family: times; font-variant-ligatures: common-ligatures;"> </span></b></div><span face="Georgia, Arial, Helvetica, sans-serif" style="color: #0b5394;"><div style="text-align: left;"><span style="font-family: times;"><span face="Georgia, Arial, Helvetica, sans-serif"><span style="background-color: white; font-variant-ligatures: common-ligatures;">Second, i</span></span><span style="background-color: #f9f9f9;">f you're using TPSO's to pay someone</span><span style="background-color: #f9f9f9;"> choose,
“</span><i>gifts, donations, or reimbursements</i><span style="background-color: #f9f9f9;">”. Do not select “<i>services or
products</i>” unless you are sending the money for professional services or retail products. Someone told me that Cash.app does not offer that choice. What else can you do to protect yourself? </span></span></div></span><p></p><p></p></div><p class="MsoNormal" style="text-align: right;"><span style="color: #0b5394;"><br /></span></p><p class="MsoNormal"><br /></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-18798803370475317812021-10-06T14:59:00.004-07:002021-10-06T15:13:14.277-07:00QuickBooks Desktop 2021 -- Buy NOW - Sunset Later<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwKvUHtUaKj4Ku0Dq1bhw8oBAlU9CVRFqZTmINTs2Dw1ihldAJ1upu80EiVnifKNi105xsfjE8ku_lSAqgj5IkMWqLgu09kaS-z4dBD07xw16k8Uq67ASR6W88vjtCxViDQd9Uo5mK1WE/s747/Stress-+Girl+biting+edge+of+Laptop.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="500" data-original-width="747" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwKvUHtUaKj4Ku0Dq1bhw8oBAlU9CVRFqZTmINTs2Dw1ihldAJ1upu80EiVnifKNi105xsfjE8ku_lSAqgj5IkMWqLgu09kaS-z4dBD07xw16k8Uq67ASR6W88vjtCxViDQd9Uo5mK1WE/w341-h266/Stress-+Girl+biting+edge+of+Laptop.jpg" width="341" /></a></div><span style="font-family: georgia;"><br /></span><span style="font-family: Georgia, serif;">Intuit Corp is moving from their
current policy of allowing people who purchase their software to receive
support and active linked in accounts for 3 years (all of which is necessary to
use QuickBooks effectively) to a new model where everyone has to purchase
new software every single year. </span><p></p><p><o:p></o:p></p>
<p><span style="font-family: "Georgia",serif;">I study every year's improvements
to pass the certification tests and advise clients, and year after year almost
none of the changes impact client's enough to even warrant a conversation. Certainly,
the changes don't warrant an extra $300 - $1200 yearly expense & the
additional time it takes to make the purchase and install the software. Every
three years, yes, everyone needs updated software. Every year, no, it's a waste
of time & money.</span><o:p></o:p></p>
<p><span style="font-family: "Georgia",serif;">Basically, past the first few
years of software development in the early 90's, Intuit has always been more
interested in marketing than quality. <o:p></o:p></span></p>
<p><span style="font-family: "Georgia",serif;">If you want to save money, make
sure you're up to date with QuickBooks Desktop 2021 now! <o:p></o:p></span></p>
<p><span style="font-family: "Georgia",serif;">Because that way you'll have 3 years
before you have to buy new software <b>every single year</b>. When I googled,
"QuickBooks sunset software" I received this response: </span><o:p></o:p></p>
<p><i><span style="background: white; color: #202124; font-family: "Georgia",serif;">“Until <b>May 31, 2021</b>,
QuickBooks provides customer support and add-on services for Pro, Premier, and
Enterprise Solutions 2018, 2019, 2020, and 2021. However, if you are still
using a 2018 version of QuickBooks, your business may be affected on May
31st."</span></i><o:p></o:p></p>
<p><span style="font-family: "Georgia",serif;">QuickBooks Desktop 2021 lasts to
May 2024</span><o:p></o:p></p>
<p><span style="font-family: "Georgia",serif;">QuickBooks Desktop 2020 lasts to
May 2023</span><o:p></o:p></p>
<p><span style="font-family: "Georgia",serif;">QuickBooks Desktop 2019 lasts to
May 2022</span><o:p></o:p></p>
<p>Go to the products webpage <a href="http://qccomputing.com/products.htm" target="_blank">Save
on QuickBooks Products</a><o:p></o:p></p>
<p>to buy QuickBooks 2021 from Amazon.com. You can also buy software directly
from Intuit.com or email me for a reseller. Thanks, readers! <o:p></o:p></p><p><br /></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-79369960993754256622021-09-30T09:45:00.006-07:002021-12-15T17:42:29.682-08:00QuickBooks Online Simple Start Chart of Accounts Disaster<p></p><p><span style="color: black; font-size: 13.5pt;"></span></p><div class="separator" style="clear: both; text-align: center;"></div><span style="color: black; font-size: 13.5pt;"><span style="color: black; font-size: 13.5pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcRV6GxjFyE4YO6zBI4OJenvE_6kIulSkraufPD23x26mxc_qprLwjgKMRU0CCBIsjBZR_cTrWuznKc56C-PM-A9upZ7JOif1KpMs2qxYshwYiKo8QzftqPpvcMFBez0j22FEPRnHG1Fs/s801/Screenshot+2021-09-30+094443.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="801" data-original-width="680" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcRV6GxjFyE4YO6zBI4OJenvE_6kIulSkraufPD23x26mxc_qprLwjgKMRU0CCBIsjBZR_cTrWuznKc56C-PM-A9upZ7JOif1KpMs2qxYshwYiKo8QzftqPpvcMFBez0j22FEPRnHG1Fs/s320/Screenshot+2021-09-30+094443.png" width="272" /></a></span></span><div><div><span style="font-size: 18px;">I just visited a new client with a new QuickBooks Online Simple Start subscription. His chart of accounts was a disaster. Way too many accounts for starters, and the software to modify or delete them was not what it "should" be. </span></div><div><span style="font-size: 18px;"><br /></span></div><div><span style="font-size: 18px;">Using my accountant's access to his QuickBooks, with my higher level version of QB Online, I at least had good software to DELETE OVER 100 ACCOUNTS! Thanks a lot Intuit. </span></div><div><span style="font-size: 18px;"><br /></span></div><div><span style="font-size: 18px;">On top of that one can't just go "delete" because QB Online never deletes an account. I have to rename the account so that the client won't be tempted to use it. I'm showing you here that I renamed over 100 accounts. </span></div><div><span style="font-size: 18px;"><br /></span></div><div><span style="font-size: 18px;">All the accounts included were so ridiculous I could not believe it. Even Intuit Corporate does not want a chart of accounts anywhere near the length of one they gave this unsuspecting customer. What is the problem with the QB Online team that they would release this nonsense? It's as if you buy your first house, without being warned that it will be full of garbage for you to dispose of before you can move any of your stuff into there. Surprise! </span></div><div><span style="font-size: 18px;"><br /></span></div><div><span style="font-size: 18px;">Your Chart of accounts should be small and tight. If I end the year with only $10 posted to one account, I don't need that account any longer. I'll move the $10 to another account because with fewer accounts the financial report is easier to understand and analyze. It's art as well as science. </span></div><div><span style="font-size: 18px;"><br /></span></div><div><span style="font-size: 18px;">For everything you want to know about creating an awesome chart of accounts, please read or listen to my book, "Radically Simple Accounting". </span></div><div><span style="font-size: 18px;"><br />If DIY is not your style, or you want more help, I'll be </span><span style="font-size: 18px;">happy to work with you to fix the chart of accounts you have now, or create a new one for your business.</span></div><div><p></p></div></div><div><span style="font-size: 18px;"><br /></span></div>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-56958601659957504612021-08-09T00:25:00.005-07:002021-08-09T00:31:02.049-07:00What Your CPA Isn't Telling You<p>Some CPA’s when I suggest that my clients take deductions they
haven’t been taking; you would think I was asking the CPA to take money out of their own pocket, when in fact, it’s the clients legal right to take all deductions they're entitled to by the IRS. </p><p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiORzMtLrgXQzfxiGi7LXBlD6VarhGc3u9KjOfQ6XkNbApAJ4Z2Jg6pbKEohdR0Gj98SCPG-6qmnCH5s-fOBSECLDC9vHWlmbw5kSOsxrEf55Da9suQtilx9hVUkUczGM2NOLQTXm8CtwQ/s1000/MarkJKohlerBooks.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="694" data-original-width="1000" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiORzMtLrgXQzfxiGi7LXBlD6VarhGc3u9KjOfQ6XkNbApAJ4Z2Jg6pbKEohdR0Gj98SCPG-6qmnCH5s-fOBSECLDC9vHWlmbw5kSOsxrEf55Da9suQtilx9hVUkUczGM2NOLQTXm8CtwQ/s320/MarkJKohlerBooks.jpg" width="320" /></a></div>Luckily for small business owners everywhere in the USA, a CPA
named Mark J. Kohler wrote this book. Also an attorney, Mark J. Kohler wants to
make sure you know ways you as a small business owner can pay less in taxes this
year…and in the future. It can be upsetting to find out that you could have
saved a ton of money but didn’t because no one told you how. So don’t waste any
time in getting this information. Here are some ways:<p class="MsoNormal"></p><ul style="text-align: left;"><li><span style="font-family: Symbol; text-indent: -0.25in;"><span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="text-indent: -0.25in;">Hire me, I’ll tell you.</span></li></ul><ul style="text-align: left;"><li><span style="font-family: Symbol; text-indent: -0.25in;"><span> </span></span><span style="text-indent: -0.25in;">Watch Mark J Kohler YouTube videos (search inside YouTube on
his name)</span></li></ul><ul style="text-align: left;"><li> Read one or more of his books. “<i>What your CPA
isn’t Telling You</i>”, “<i>The Business Owner’s Guide to Financial Freedom:
What Wall Street Isn’t Telling you</i>”, “<i>The Tax and Legal Playbook:
Game-changing Solutions to your Small-Business Questions</i>”, “<i>How to Pay
Zero Taxes – 2020 – 2021, Your Guide to Every Tax Break the IRS Allows</i>”.</li></ul><ul style="text-align: left;"><li><span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span>Go to his website, <a href="https://markjkohler.com/" target="_blank">https://markjkohler.com/</a> and learn more
about what his company offers including self-directing IRA's. </li></ul><p></p>
<p class="MsoNormal">It’s heart-warming to discover that there is
someone who knows way more than I do, and wants to help my
clients the same way I do. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoListParagraph"><o:p> </o:p></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-54803623142347388942021-05-22T18:02:00.004-07:002021-05-22T18:48:43.973-07:00Book Review: From Monk to Money Manager<p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmoJQStn6W1FyVLBfpL3QAyMnjLMqyoZNXPfN373A7pFraOp48CJMZDDe9kx-_u2WKM3xNHHx2crfi8g4UGRIxoOUnuHOG9QBsL7_62n0Tx1LoVlFhqskmTnW0uuxG9pKOW6FmHYZgFh4/s231/download-_1_.jpeg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="218" data-original-width="231" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmoJQStn6W1FyVLBfpL3QAyMnjLMqyoZNXPfN373A7pFraOp48CJMZDDe9kx-_u2WKM3xNHHx2crfi8g4UGRIxoOUnuHOG9QBsL7_62n0Tx1LoVlFhqskmTnW0uuxG9pKOW6FmHYZgFh4/w320-h302/download-_1_.jpeg" width="320" /></a></div><span style="text-align: left;"><div style="text-align: left;">This may be the best personal financial book written.
It’s definitely the best personal finance book I’ve ever read. I’m a consultant CFO and
the author of an accounting book, "Radically Simple Accounting". On my website I share a free reading list of
nearly 100 books on money with simple reviews. </div></span></div><p></p><p class="MsoNormal">Everyone---no matter
how much they know financially---will learn something from this book; just
as I did. </p><p class="MsoNormal">I insist my 2 adult children read (or listen) to this book too,
even though they are doing way better financially than I was at their age and are financially successsful by anyone's standards. We all have blind spots and more to learn. </p><p class="MsoNormal">In a world full of money hype and distorted views, I find his explanations clear and level-headed. There were times I litterally cheered because he's so trustworthy. </p><p class="MsoNormal">ROI stands for Return on Investment. The price
of this book and time it takes to read it could help you save or make thousands of
dollars—an excellent ROI. Let me know what you get out of this book?<br /></p><br /><p class="MsoNormal"><br /></p><p class="MsoNormal"><o:p></o:p></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-20313914239995421332021-05-11T14:50:00.002-07:002021-05-11T15:12:08.283-07:00QB Advanced Online 2021 Certification<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhry-ZkSe5eCWim2cwC62n4NwXMPielxFgftpu4p0ovKOGSlV0AK8vbMjrpmPtovIOn6KWLlFu_fpiefwaRTZnhQhI2QlMstFV6gFCZTJ4D8k7aHsCIloorP8Afw1c0Gl_sQS0AUv4uSt4/s664/2_Badge_AdvancedOnline_large%25402x.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="664" data-original-width="500" height="289" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhry-ZkSe5eCWim2cwC62n4NwXMPielxFgftpu4p0ovKOGSlV0AK8vbMjrpmPtovIOn6KWLlFu_fpiefwaRTZnhQhI2QlMstFV6gFCZTJ4D8k7aHsCIloorP8Afw1c0Gl_sQS0AUv4uSt4/w234-h289/2_Badge_AdvancedOnline_large%25402x.png" title="QuickBooks Advanced Online Certification 2021" width="234" /></a></div><br />What's new in QB Online for 2021 certification update is a turning point in my opinion of QB Online. <p></p><p>I used to strenuously caution prospects about starting out with QB Online over QB Desktop becuase of the bugs. For example, the entire salestax module in QB Online is difficult to setup properly, use correctly in invoices, and forget the salestax liablity report for cash. As if all small businesses use the accrual system when cash tends to be more favorable tax wise. Or how about retainers/ advance payments that don't post correctly in QB Online? These are core features for accounting software. </p><p>But learning about all the new cool QB Online features, like bill pay directly through the bank, tagging, and financial reporting charts...awesome charts.... QB Online just got cool enough to almost balance out it's accounting problems. Almost. </p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-24573256296639652912021-03-25T17:17:00.006-07:002021-03-25T17:26:47.716-07:00QuickBooks Desktop 2021 Certification<p>I'm so grateful to be a consultant/accountant on my own terms so that I am not required financially to crank out client work all day/every day, but can take the time to study and learn. I just passed my QuickBooks Desktop 2021 feature improvements exam, so I'm up to date on new features that may be of interest to you. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAeqksyBPKkAPdG44b_olSzt8a-QtBOvVfQXkaPQoqAh0iPmcgQvkheG29l6L6IXaPAwY7bXBNVg6cp01oMpKOE6YVjA5srWeET-GnK3eCtIqqJKoz-hGBE0qwBmRVlskmq6wK9M2Bvsg/s2048/QuickBooksDesktop+2021+Cert.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1574" data-original-width="2048" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAeqksyBPKkAPdG44b_olSzt8a-QtBOvVfQXkaPQoqAh0iPmcgQvkheG29l6L6IXaPAwY7bXBNVg6cp01oMpKOE6YVjA5srWeET-GnK3eCtIqqJKoz-hGBE0qwBmRVlskmq6wK9M2Bvsg/s320/QuickBooksDesktop+2021+Cert.jpg" width="320" /></a></div><p></p><p>New features in QuickBooks Desktop 2021 means that the software is alive and well for those who erroneously believe that Intuit is discontinuing this product in favor of QB Online. Even the QB Desktop for the Mac version has some new 2021 updates worthwhile. </p><p>If you want to use QB Desktop but need remote access one option is to have the software hosted. For more information on options please check out my free white paper on, "Remote Access for QuickBooks". Go to the "PR" menu (for Public Relations) and download it from there. Right now I'm only recommending Swizznet Hosting so please share your success stories with other hosts?</p><p>Learning is one of the best parts of life!</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com1tag:blogger.com,1999:blog-5061828106937786175.post-68741743754259531702021-02-14T16:32:00.007-08:002021-02-15T12:30:44.482-08:00Using your iPhone (Android) with QuickBooks for Invoicing Customers<p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcxnZOp56744JA_WTcCOQZuEPYVs7XHMT0_FPhn_ZlcdtEJhJrnJqn3a0kgTmCgc4z8jGcaZ2CDhxbg_skYyJIwn6V-vRjm9tJJZw8Zk7J4-O6mry0_pnf5u0G3o6hYD5ZeouVjQqcVzw/s2048/Nail+Polish+Hands+iPhone+Keyboard.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1361" data-original-width="2048" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcxnZOp56744JA_WTcCOQZuEPYVs7XHMT0_FPhn_ZlcdtEJhJrnJqn3a0kgTmCgc4z8jGcaZ2CDhxbg_skYyJIwn6V-vRjm9tJJZw8Zk7J4-O6mry0_pnf5u0G3o6hYD5ZeouVjQqcVzw/s320/Nail+Polish+Hands+iPhone+Keyboard.jpg" width="320" /></a></div>I'm researching this now for clients and here is where I'm at as of now.<p></p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> </p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">QB Desktop: Intuit used to have a mobile app for QB Enterprise (all the desktop products) in 2018, but they pulled that in favor of the App store app for QB Online only. I'm looking at the QB Desktop Apps section another poster pointed to and there is an app called Invoice Tracker that syncs with desktop, not by Intuit, but by a 3rd party. I have not tried it myself. </p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> </p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">QB Desktop Hosted: This is when you pay someone to host your QuickBooks Desktop software so as many users as you pay for can get anywhere, anytime access, the way one would with online, only with the advantage of the better quality QB Desktop software (including Enterprise). One client uses a host that we access using RDC (remote data connection). I can get access on my PC and my Mac, but does that lend itself to access by an iPhone? Another client is using a host that uses Citrix. I can access that one directly through Chrome, but does Citrix work well with the iPhone and Safari? When researching a host if iPhone (Android) invoicing is important, I would make that a primary question, and test it before committing everyone in accounting to that host?</p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> </p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">QB Online. This is the product Intuit wants to sell because of the profit margins. When one goes to the App store and see QB Accountant, this connects with QB Online. I was at a client's last week for whom it was a big deal and he was super happy with how it worked. But then in my opinion QB Online is overpriced, slow, and buggy software so it's a trade off. For example, that same client has been overpaying salestax because the salestax feature & reports don't work for love or money. </p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> </p><p style="-webkit-font-smoothing: antialiased; background-color: white; border: 0px; box-sizing: border-box; color: #393a3d; font-family: "Avenir Next forINTUIT", harmonyicons; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">I'm still looking for better information? Once I get it, I will update this blog article with better information and add it to my white paper on "<a href="http://qccomputing.com/pr.htm" rel="nofollow" target="_blank">Remote Access Options for QuickBooks</a>". If you have anything to add or recommend, please do. This is an important topic. </p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-2364379399032242422020-08-10T15:14:00.007-07:002020-08-10T15:38:35.346-07:00Business Analysis for Employees, Benefits & HR<p style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbXYD4pum6wEjCW2HaQdpZH_mkWBr4KPoBnbHjmVU0xR3R150M6oCoxYjEm0gHlghFX0c9SQ6IMr9p7wiB4mOjuCqlVs6oDDzvLaDiWNq_BwfMsIccY3bksW4_93_UsxcOHEqcN0hrpRc/s360/people_advisory_certification_badge.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;"><img border="0" data-original-height="181" data-original-width="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbXYD4pum6wEjCW2HaQdpZH_mkWBr4KPoBnbHjmVU0xR3R150M6oCoxYjEm0gHlghFX0c9SQ6IMr9p7wiB4mOjuCqlVs6oDDzvLaDiWNq_BwfMsIccY3bksW4_93_UsxcOHEqcN0hrpRc/s0/people_advisory_certification_badge.png" /></a>The payroll service I often refer to is named Gusto. They just added a certification program for accountants to learn about Employees, Benefits, and HR. Took me quite a few days of studying because there was so much to learn and integrate into my practice. </p><p style="text-align: left;">As a small business financial analyst I'm used to thinking about how to relate the financial reports to the businesses clients are running and have conversations with them about how to get what they want. This Payroll training taught me how to do this same process with staffing, benefits and HR. </p><p style="text-align: left;">It's brilliant of Gusto. Even though they spent a fortune developing the course material, by teaching accountants how to use Gusto for payroll, the services Gusto offers and when to refer a situation to Gusto, the company will get a return on their investment by needing less tech support for accountants. Accountants in turn train customers. If you go with Gusto, you'll quickly learn that they are committed to going all out with tech support, which is great for customers, but it still it costs. If they can think of a less expensive way to get that information across, it's going to be a win for their business. </p><p style="text-align: left;">I think this new certification is a win/win/win situation for Gusto, me, and my clients. </p><p>If you're interested in learning more about Gusto, login using this link;</p><p><a href=" https://gusto.com/partners/invite/qc-computing-llc" target="_blank"> https://gusto.com/partners/invite/qc-computing-llc</a><br /></p><p>This link says I referred you. There is no cost to you (until you actually run payroll) but you will receive invaluable advantages if you decide to go with them. It's so frustrating when clients want the advantages but they didn't use my link and Gusto won't compromise, so use this link please. </p>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com13tag:blogger.com,1999:blog-5061828106937786175.post-79453861785778269972020-08-01T16:47:00.001-07:002020-08-01T16:50:26.091-07:00Intuit Introduces a new SMB Bank called QuickBooks Cash<div class="separator"><div style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1365" data-original-width="2048" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXcszMp2H35P71kleo_dIsTFvhIIlM4S40uOA3RGPWEhsYjZ16_N4THKDBwx3Ro8yzydMAQZ2yckMg6yP2LT2i1ZY0D4tA6y_Y4N2s8dOwCI4cKjS3o-FXGA_OaOarbcOxblG2Kw40ex0/w410-h274/Everyone+clapping.jpg" width="410" /></div></div><div class="separator">Intuit, the corporation that publishes QuickBooks Accounting Software, is adding "a Bank" to their collection of products and services. They're calling it QuickBooks Cash. </div><div><br /></div><div>Naturally it ties in with QuickBooks Payments, Intuit Merchant Services, Payroll, and QuickBooks Online. </div><div><br /></div><div>Right now they're offering awesome features: </div><div>Zero account opening, maintenance, overdraft or other recurring fees.</div><div>Free ACH transfers.</div><div>Free instant deposit for select customers. </div><div>1% interest. </div><div>Debit card with your company name. </div><div>FDIC insured for $250K. </div><div><br /></div><div>It's only for QuickBooks Online users, so apply from within QB Online.</div><div><br /></div><div>Even with this awesome bank account feature, I still recommend QuickBooks Desktop for a variety of reasons, critically so if you collect and pay salestax in the state of WA. </div><div><br /></div><div>I'm Advanced Certified Pro-Advisor, QuickBooks Online AND QuickBooks Desktop and happily support both, actually ALL of Intuit's products and services, including all QuickBooks Products. Feel free to ask me about any QuickBooks help your small business may want?</div><div><div class="separator" style="clear: both; text-align: center;"><div style="text-align: start;"><br /></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6TTJvXDFLH-qVpvAqQNfgfUDFKK8TJQc_O73NzwkpNWS0xwQOhGvKgoazYGb7yAcscWE-rzu_80evep4dll2RVhDsXMVPDBDqnpJSD8dNvpZeaZBVYdOFUw02skhDvzlzEgjW9JQBIgo/s1100/QuickBooks+Top+3+Certifications.png" style="margin-left: 1em; margin-right: 1em;"><img alt="QuickBooks Advanced Online Certified Pro-Advisor" border="0" data-original-height="736" data-original-width="1100" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6TTJvXDFLH-qVpvAqQNfgfUDFKK8TJQc_O73NzwkpNWS0xwQOhGvKgoazYGb7yAcscWE-rzu_80evep4dll2RVhDsXMVPDBDqnpJSD8dNvpZeaZBVYdOFUw02skhDvzlzEgjW9JQBIgo/w262-h175/QuickBooks+Top+3+Certifications.png" width="262" /></a></div><br /></div>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-66382003106294293112020-05-17T11:36:00.000-07:002020-05-17T11:36:31.970-07:00Payroll Protection Loan Forgiveness<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIetUarNuZK4yLQqc_Q_MYUBpsBR3Tc4TXoABxCIFAc_yO3Btt54nfU2Foq0tnuTeKL_Jyrvcn1A8av35SqqgccdAPv9j61ca90hOm4FURpKAujJvw2MP_BFpQb5-MKXaynjm4Z-5JJSY/s1600/people+stress+over+bills.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="331" data-original-width="508" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIetUarNuZK4yLQqc_Q_MYUBpsBR3Tc4TXoABxCIFAc_yO3Btt54nfU2Foq0tnuTeKL_Jyrvcn1A8av35SqqgccdAPv9j61ca90hOm4FURpKAujJvw2MP_BFpQb5-MKXaynjm4Z-5JJSY/s320/people+stress+over+bills.jpg" width="320" /></a><span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;">Payroll Protection Loans have been a godsend for clients businesses. They were stressed out about money before this loan came through. </span><br />
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;"><br /></span>
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;">All of my applications were successful. </span><span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;">Last week I attended an online seminar in what's required to have the loan forgiven, so it becomes a grant.</span><br />
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;"><br /></span>
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;">You have exactly 2 months to the day from the time the money was deposited to "use" the money, so being proactive is key. </span><br />
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;"><br /></span>
<span style="background-color: white;"><span style="color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;"><span style="font-size: 14px;">I decided to track the money coming in as income, using the class feature in QB so that I can produce a Payroll Loan P&L for the bank. If you don't pay income taxes on the loan/grant, you also can't deduct related expenses. Since I hope to have 100% of the loan forgiven, there is no advantage to classifying it as something other than income. </span></span></span><br />
<br />
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;">Whatever is not forgiven, you'll have 3 years to pay it back at 1% interest, which is better than most loans.</span><br />
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;"><br /></span>
<span style="background-color: white; color: #202124; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px;">This is how it pays to have me as your accountant. Unlike business owners I think about this stuff all the time. Plus, I spend loads of time doing research, attending seminars, talking to other business owners who have the same problems, and making sure I'm in the know, so you can make your business more profitable. </span>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-38681645467287614822020-05-09T15:26:00.001-07:002020-05-09T15:26:29.410-07:00We've got this Issaquah - Response to Shut down. <span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; font-size: 14px;">Issaquah's YouTube channel is great if you want to see what's going on in town. The video guy, Tim Smith, made it fun to participate in the "We've Got This, Issaquah" video compilation about small business resilience in the face of a pandemic and shut down.</span><br />
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<iframe width="320" height="266" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/iYBXpVB54iw/0.jpg" src="https://www.youtube.com/embed/iYBXpVB54iw?feature=player_embedded" frameborder="0" allowfullscreen></iframe></div>
<span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; font-size: 14px;">I'm the last person featured. Check it out! </span>QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-55397059023442442302020-04-23T14:07:00.001-07:002020-04-23T14:20:07.691-07:00We are a small business nation<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw8fFtRkR5EJ7EYBH7lzkFBZA-znDeMVprs6wXHsK9Nq6kHZJGzN9bWBvLgfKNjEbOKPJ5E1yKNN9wmir6QBqVXG2dDCaYv06GczHyAMtmK6rTa7WUvKwwmCqHxEN69idJfOpRZH68_b8/s1600/many+hands+on+wooden+heart.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="350" data-original-width="525" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw8fFtRkR5EJ7EYBH7lzkFBZA-znDeMVprs6wXHsK9Nq6kHZJGzN9bWBvLgfKNjEbOKPJ5E1yKNN9wmir6QBqVXG2dDCaYv06GczHyAMtmK6rTa7WUvKwwmCqHxEN69idJfOpRZH68_b8/s320/many+hands+on+wooden+heart.jpeg" width="320" />. </a></div>
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<span style="font-family: "barlow";"><span style="color: rgba(5 , 36 , 66 , 0.8);"><span style="font-size: 18px;">There are over 30.2 million small </span></span><span style="color: #0b3600;"><span style="font-size: 18px;">businesses</span></span><span style="color: rgba(5 , 36 , 66 , 0.8);"><span style="font-size: 18px;"> in the USA. As of 2018, 99.9% of US businesses are small businesses. Currently, small businesses employ more than 47.5% of the private workforce in the US and account for 1.9 million new jobs in 2017. That's not counting the 10.5% (or over 3 million) micro business who don't have any employees but support the owner. </span></span></span><span style="color: rgba(5 , 36 , 66 , 0.8); font-family: "barlow"; font-size: 18px;">Small businesses remain a vital part of the USA's economic landscape. </span></div>
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<span style="color: #7f6000;">Written on the blackboard of the Courtyard Cafe in Port Townsend, WA, <a href="http://www.courtyardcafept.com/" target="_blank">The Courtyard Cafe</a></span></div>
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<span style="color: #7f6000; font-size: large;"><i>"When you buy from a Mom and Pop business, you are not buying
a CEO a third vacation home.</i></span></div>
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<span style="color: #7f6000; font-size: large;"><i>You are helping a Mom and Dad pay rent and put food on the table. </i></span></div>
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<span style="color: #7f6000; font-size: large;"><i>You are helping a girl get photography lessons and a boy get a baseball glove. </i></span></div>
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<span style="color: #7f6000; font-size: large;"><i>Our customers are our shareholders and the ones we strive to
make happy. </i></span></div>
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<span style="color: #7f6000; font-size: large;"><i>Thank you for supporting our small family business."</i></span></div>
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<span style="mso-spacerun: yes;"> </span></div>
<br />QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-82031119621422466882020-03-22T10:18:00.002-07:002020-03-22T11:01:22.890-07:00Accounting for Stock Market Investments<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-sm6_kTt0NzaX7vmmOJYQus_fH0HkKdR1Tmuv435E7x0PutdUdoAzWx92p5gYNTn0o4lRKqunvL5v8iJtgtxX-Ag5rquSQQkFVr8L_cjxiJcaHFo05EaicqMu5_wKjdIOUthopCQ0pPg/s1600/Redhead+looking+curios.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1600" data-original-width="1148" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-sm6_kTt0NzaX7vmmOJYQus_fH0HkKdR1Tmuv435E7x0PutdUdoAzWx92p5gYNTn0o4lRKqunvL5v8iJtgtxX-Ag5rquSQQkFVr8L_cjxiJcaHFo05EaicqMu5_wKjdIOUthopCQ0pPg/s320/Redhead+looking+curios.jpg" width="229" /></a><br />
Recently I was privileged to work with a client whose income
came half from real estate rentals and half from stock market investing. After
a series of QuickBooks accountants and bookkeepers had messed up his bookkeeping, it
was like a tangled mess of hair. Different people had tried this and that way
of tracking his stock market investments, none of which were successful.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7gS62F0e8zLNGgzelVXPnM-wKx9ylKPjM2PFwJAVZnoLj6sn3V3y4KQER6OJWqdMMfj9S7QweXvxCdYjRBailvYjxbIMmbTrxQ7p8ws4T1Jb0IqP7dWic47mx7p91zOgv4esdC6b3Sog/s1600/Quicken+Cover+Shot.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="218" data-original-width="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7gS62F0e8zLNGgzelVXPnM-wKx9ylKPjM2PFwJAVZnoLj6sn3V3y4KQER6OJWqdMMfj9S7QweXvxCdYjRBailvYjxbIMmbTrxQ7p8ws4T1Jb0IqP7dWic47mx7p91zOgv4esdC6b3Sog/s1600/Quicken+Cover+Shot.jpg" /></a>QuickBooks is the ideal software for business, and property
rentals, so I recommended he leave that part of his business there. But I recommended that he switch
to Quicken to account for his stock market portfolio. Quicken is better suited for
stock market investments than Quickbooks. For example, one drop down choice in
Quicken includes "stock split". How else would you track that one
share became two shares, but the purchase price and brokerage fees didn't change? </div>
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What tax preparers want to know is date of purchase, # of
shares purchased, total cost, minus any brokerage fees. Even if you hold that
stock for years, decades, you still need this information when you sell for tax
purposes. Make a file for "stock purchases" to store the paper that
outlines the trade there. One advantage of Quicken is that if the stock pays dividends
and interest, you can see watch how profitable this stock is for you. </div>
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If I had to track stock market investments in QuickBooks, I would
use items and track it the way one tracks job costing. Each stock would be an
item, with additional items for brokerage fees, etc. The purchase would be
tracked as a purchase order, and the sale as a sales receipt or
invoice/payment. There is a job costing report to show profit. But once again I
recommend Quicken for tracking your stock portfolio. </div>
<br />QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-58357655959890212342019-10-07T18:49:00.003-07:002019-11-24T12:23:32.496-08:00Better Money Management<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRyOsKIqGjtyXaQfCpdEStjkWq-3Q5C4gVJVyZ89bOnOtIPijcUe0O8VIuAQegfgXT9u0aaS3zRc5nYH_i2IvwUm0kastGgnNr1Hx-ttk0Io1jj7mfV0elboA1_Xjb1Pdockt0W-49qGA/s1600/Bright+Lightbulb+with+hand+underneath.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1067" data-original-width="1600" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRyOsKIqGjtyXaQfCpdEStjkWq-3Q5C4gVJVyZ89bOnOtIPijcUe0O8VIuAQegfgXT9u0aaS3zRc5nYH_i2IvwUm0kastGgnNr1Hx-ttk0Io1jj7mfV0elboA1_Xjb1Pdockt0W-49qGA/s200/Bright+Lightbulb+with+hand+underneath.jpg" width="200" /></a></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVnLD79G91GWv_CtmCKAhMX6UEh__1iU2rfoBu5RuzJZCGoVifVSz2CyltzFu-xJOy-h6LvtZD8OEEncyaCk1EfPih_fTV3g-73q10C-Le10zO2HLJdaxTVyBYGnwuffbFPcNaGSDykt8/s1600/dollars+and+sense+book+picture.webp" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="293" data-original-width="195" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVnLD79G91GWv_CtmCKAhMX6UEh__1iU2rfoBu5RuzJZCGoVifVSz2CyltzFu-xJOy-h6LvtZD8OEEncyaCk1EfPih_fTV3g-73q10C-Le10zO2HLJdaxTVyBYGnwuffbFPcNaGSDykt8/s200/dollars+and+sense+book+picture.webp" width="132" /></a><br />
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This awesome book, "<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Dollars and Sense</i></b>",
taught me how my mind works when it comes to spending and saving. The authors
outline a variety of techniques marketers know well, and now you can too. </div>
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Problems
with spending and saving include the following:</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
</div>
<ul>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We forget to consider <b style="mso-bidi-font-weight: normal;">Opportunity Costs.</b></li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We spend <b style="mso-bidi-font-weight: normal;">Relatively.
</b></li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We use <b style="mso-bidi-font-weight: normal;">Mental
Accounting</b> to budget.</li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Anchoring</b>
causes us to spend relative to our anchor. </li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We overvalue<b style="mso-bidi-font-weight: normal;">
Fairness & Effort</b>. <span style="mso-spacerun: yes;"> </span></li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We overvalue what we own already, also called the
<b style="mso-bidi-font-weight: normal;">Endowment Effect.</b></li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We value <b style="mso-bidi-font-weight: normal;">Loss
Aversion</b> more highly than increases. </li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Language
and Description</b> affect our purchasing decisions. </li>
<li><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->We <b style="mso-bidi-font-weight: normal;">Discount
the Future Value of Money</b>. </li>
</ul>
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After you hear all the ways you get into trouble financially, they
outline ways you can succeed:</div>
<ul>
<li><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span>Consider <b>Opportunity Costs</b> as you budget.</li>
<li><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span>Consider the <b>Pleasure </b>the purchase will bring to you</li>
<li><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b> </b>Consider the true <b>Benefit </b>a purchase will provide. </li>
</ul>
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If you think these tricks and techniques don't apply to
you, what do think of this epigram: </div>
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<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">"A wise woman knows
herself to be a fool; <o:p></o:p></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">a foolish woman opens
her wallet and removes all doubt."<o:p></o:p></i></div>
<br />QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-77057735689634169932019-04-16T08:13:00.002-07:002019-04-16T08:16:06.447-07:00QuickBooks Desktop Bank Feed Gone WrongAs a systems analyst, I've developed a way to both do and teach QuickBooks Desktop bank feeds that utilize all the best practices, so that you'll have the best experience possible.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheiZTs_jWp1xH3uAAOnk6gBgJPcvxc555GWf_LuLIgDwx77o2BGSMPnAN0hBWxffTO47tf0tEL0MaVIk6CmX4yZTnrZQb-X5YsEk2PPNGY64EdgtTWLLqeNymYol14Dw8ihrhY42TQ9ys/s1600/Women+in+hotel+bed+with+laptop.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="350" data-original-width="529" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheiZTs_jWp1xH3uAAOnk6gBgJPcvxc555GWf_LuLIgDwx77o2BGSMPnAN0hBWxffTO47tf0tEL0MaVIk6CmX4yZTnrZQb-X5YsEk2PPNGY64EdgtTWLLqeNymYol14Dw8ihrhY42TQ9ys/s320/Women+in+hotel+bed+with+laptop.jpg" width="320" /></a></div>
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First download the bank feed file to the hard disk before importing it into the QB file.<br />
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Second, always run a backup before you import.<br />
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It may take a bit longer, but very little time if you do it automatically, and the disasters prevented more than make up for any time savings. It's when you least expect it that things go wrong.<br />
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Last week I did a bank feed for a client with a bank account at Washington Federal. I ran a QuickBooks backup, download the .qbo file to the hard disk, and then imported it. There was no vendor information and no memo field. How useless could that be? I went back to download it again and the bank website knew I had downloaded that date range and would not allow it again. So I ended up having to type in all the expense transactions to do the reconcile. The next day, the client called and asked me, "Did you run a backup before you imported the bank feed?"<br />
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He was stunned when I said, "Yes".<br />
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He was stunned because almost no one follows a systems approach to accounting. I've never had a single problem with a bank feed before, so why bother to run a backup every single time? I've seen a couple of problems from bank feeds because people call me when it goes wrong for them but I've never had one myself. After I explained to them that it's best procedures to download the file to the hard disk first, and did it that way, their bank feed was fine too. I never imagined that today's bank feed would be a disaster but it was. The bank feed hosed his customer list. Absolutely trashed it. I didn't even imagine that could happen as the bank feed is technically not inside of QuickBooks data file yet, and I had not imported a single transaction. But looking at QB data file before and after backup, that is exactly what happened. I only had a backup because I automatically make a backup before every bank feed. Every single time. Follow a systems approach to accounting and you'll have a much better experience in life.<br />
<br />QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-37736226355447901652019-01-01T10:29:00.004-08:002019-11-24T12:31:03.294-08:00Accepting Bitcoin Payments <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg05oC-3cGjaw1whsqoWVYKlBSDWW53Y1Mwqaxs5sA33WNdD_PYEwAqY3MK2lG7x_HpKzmhE_wsmF2_u5SNf6KF97GhEf3vUaYb8-mc5NJxErF9ip9rwGa8gkF3BmAiZ_VRAwQym2jJm2c/s1600/BitCoinGold.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Accepting Crypto currency payment" border="0" data-original-height="170" data-original-width="170" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg05oC-3cGjaw1whsqoWVYKlBSDWW53Y1Mwqaxs5sA33WNdD_PYEwAqY3MK2lG7x_HpKzmhE_wsmF2_u5SNf6KF97GhEf3vUaYb8-mc5NJxErF9ip9rwGa8gkF3BmAiZ_VRAwQym2jJm2c/s200/BitCoinGold.jpg" title="Crypto Currency" width="200" /></a></div>
Have you thought about accepting crypto currency in your business?<br />
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All these definitions are thanks to Wikipedia. A <b>Cryptocurrency (Crypto-currency</b>) is a digital asset designed to work as a medium of exchange, that uses strong cryptography to secure financial transactions, control the creation of additional units, and very the transfer of assets.
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3ZI3bs17MecPHhDsgKi1pr1JsDjDEczCJJ9A5cKEyhmPUnyCtl6qv-o9GtTMfq-B9m2a9-x4KSjp5bPDgW53Mic8jz3LnCkznP32-iMhyphenhyphens1GJEYwdirCCgYnF-RPs5QO3uMUbNSoTCvg/s1600/Bitcoin_Digital_Currency.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Bitcoin Payment" border="0" data-original-height="283" data-original-width="626" height="90" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3ZI3bs17MecPHhDsgKi1pr1JsDjDEczCJJ9A5cKEyhmPUnyCtl6qv-o9GtTMfq-B9m2a9-x4KSjp5bPDgW53Mic8jz3LnCkznP32-iMhyphenhyphens1GJEYwdirCCgYnF-RPs5QO3uMUbNSoTCvg/s200/Bitcoin_Digital_Currency.jpg" title="Bitcoin Digital Currency" width="200" /></a><br />
<b>Bitcoin, Litecoin</b> -- these are types of crypto-currencies.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSl5Xf3-SMsOwqQQCyyRrRPnHJ-c3r5BoI73nAOUt7Kd8z1NQI2_bp1MCNIRVGapm41ZLY1eg5CxOIwJC6VG1ZZCbn8zg2OaXE_PYstKJLDcIYsJmTkx1BQHYIaKpoqrZ7a6uE-RyUdD8/s1600/Litecoin_logo_free.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Litecoin Payment" border="0" data-original-height="320" data-original-width="455" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSl5Xf3-SMsOwqQQCyyRrRPnHJ-c3r5BoI73nAOUt7Kd8z1NQI2_bp1MCNIRVGapm41ZLY1eg5CxOIwJC6VG1ZZCbn8zg2OaXE_PYstKJLDcIYsJmTkx1BQHYIaKpoqrZ7a6uE-RyUdD8/s200/Litecoin_logo_free.png" title="Litecoin Digital Currency" width="200" /></a><b>Bitcoin</b> is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.<br />
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<b>Litecoin</b> was an early bitcoin spinoff or altcoin. Litecoin is a peer-to-peer crypto currency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.<br />
<br />
It's all techie and complicated. Youtube videos by Andreas M. Antonopoulos are a good place to start. I tried to read his first book but it was too technical to be helpful.<br />
<br />
Do you conduct business internationally? Is it time for your business to accept crypto currency? I could help you with that business feature. Here is a great article on how to accept Bitcoin. I'd be setting you up with Coinbase and optionally Bitpay too. <a href="https://www.a2hosting.com/blog/accept-bitcoin-payments/" target="_blank">3 ways to Accept Bitcoin Payment</a><br />
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Then you would need help in how crypto currency is taxed in the USA, which I now know about too. Therefore, I know how to do the accounting for buying and selling. Also, if your need is for specialized bitcoin tax preparation help, I can refer you to a crypto tax preparer. Her name is Laura Walter. She calls herself the "Crypto Tax Girl". Her website is <a href="https://cryptotaxgirl.com/" target="_blank">Crypto Tax Girl Website</a>.<br />
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This is 100% more than I knew a month ago about this subject, and 100% more than the month before that. Perhaps my learning curve is as radical as the rise of Bitcoin. Between being out there working for very sharp small business owners (and very sharp non-profit managers), plus constant studying, I learn more about this subject every day!QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0tag:blogger.com,1999:blog-5061828106937786175.post-83865049886760505992018-11-16T10:24:00.000-08:002018-11-16T10:33:59.398-08:00QuickBooks Online Exchange Rate Entry<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrNVoKI4xy48cgzC3Fi0nJCkVG9ElnybC6XieH3hR6M40-JmXjNZndRR5KgJZzBjwf8KgyQ4cRy7zTqYhyphenhyphen68use5XhDWW9KfWAM1RLlFCHQa-_erk3MqU9yzyokCp4djjuGK00XQgeXz0/s1600/benefit+-people+working+together.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="408" data-original-width="658" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrNVoKI4xy48cgzC3Fi0nJCkVG9ElnybC6XieH3hR6M40-JmXjNZndRR5KgJZzBjwf8KgyQ4cRy7zTqYhyphenhyphen68use5XhDWW9KfWAM1RLlFCHQa-_erk3MqU9yzyokCp4djjuGK00XQgeXz0/s320/benefit+-people+working+together.png" width="320" /></a><span style="font-family: "georgia" , "times new roman" , serif;">Here is the scenario.
You are getting paid for an invoice in Canadian dollars, and deposited the money into
a US Bank. The bank adds an expense to your bank account for the difference in
exchange rate. Say the customer owes you $4000. You deposit the $4K,
and the bank adds an expense from your bank account for $968.72. How do you
enter this into QB Online?<o:p></o:p></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif;">1<sup>st</sup>
way: You mark your $4000 invoice as paid in full. Then you add an expense to
the bank account for $968.72. Post that check to Income. In WA State you're paying
taxes on income, so it's important to post this correctly and reduce income. Now you can reconcile your bank account. Also your P&L and income
are correct, but your sales report is short for that customer. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif;">2<sup>nd</sup>
way: Once you know what the exchange rate is
you go back and enter a credit memo for the $968.72. </span><span style="font-family: "georgia" , "times new roman" , serif;">A credit memo reduces an invoice. You have to redo the deposit too, because the invoice is only paid off </span><span style="font-family: "georgia" , "times new roman" , serif;">with $3031.28 and the credit memo covers the rest. Your sales report and
P&L are correct. You could even force a bank account reconciliation, because you'd
be equally short on both sides, but that’s lousy bookkeeping. It's a pain for the next person to follow. I only do clean bookkeeping. </span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;">I thought it
was a bug. Tech support didn't think it was a bug, because this is double entry bookkeeping. What an idiot. I had to get off that call. Resolved to figure this out myself, I
researched it late into the night. Turns out that QB Online software has a special
feature just for this kind of problem.</span><br />
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<span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><b>Correct 3<sup>rd</sup>
way. </b>Once you know what the bank is going to deduct from your account, chose <b>Refund Receipt </b>from the + menu.<b> Refund Receipt</b> allows you to issue the
client a refund and cut them a check too. You're not actually going to send
them a check, so leave check # blank. It shows up as a bank withdrawal so you can reconcile cleanly, reduces your P&L income, AND your sales reports are correct. Success!</span><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;">If I make consulting look easy to you, I'm giving you good customer service. If I don’t
smile enough, it's because I've momentarily forgotten that this is fun, and not
hard work, hard won from hours and years of study and research. Smile at me. Remind me that we're having fun. Are we having fun yet? <o:p></o:p></span></div>
<br />QC Computinghttp://www.blogger.com/profile/09987813947637081937noreply@blogger.com0