Quickbooks Tip: How to Set Up New Users

How do I set up new users?

1. Click on the Company tab of the QuickBooks navigator.
   
2. Click on Setup Users and Passwords or the image of the two people and a key.
   
3. Fill out the info. of the new administrator you would like to set up.
   
4. Click OK.   A user list pops up, showing a list of current accounts.
5. Click on "Add User"
   
6. Enter the user name and an optional password for the new user. Then click next.
   
7. You will be asked if you want your new account to have full access or to customize his access.
   
8. Select "All areas of Quickbooks" OR, You can limit your new account's access to the following items:
   • Sales and accounts receivable
   • Purchases and accounts payable
   • Checking and credit cards
   • Inventory
   • Time Tracking
   • Payroll
   • Sensitive accounting activities
   • Sensitive financial reporting
   • Changing or deleting transactions
9. From that window you can grant full access to that area have no access or specify certain abilities.
   
10. Once you have made these selections, end the process by clicking the finish button. 

For help or training with QuickBooks, or for any of your other business accounting or bookkeeping needs, please contact Certified QuickBooks ProAdvisor, Pat Vavrek at  (239)-425-5188 or visit www.ItAllAddsUpAccounting.com

Visit my Quickbooks ProAdvisor Profile!

Small Business Accounting Tip: Quickbooks Adjusting Journal Entries Report

Do you feel like you're wasting hours of valuable time in front of your computer, struggling with Quickbooks? 

If the time spent on accounting is taking away from the time spent conducting your business, you may want to consider outsourcing these tasks to an accountant that can handle it for you.  This way, you can focus on what you do best...running your business!

In the meantime, however, Quickbooks does have many reports available to you that can lesson your load.  

Today, we'll be talking about the "Adjusting Journal Entries Report"  (To find out more about all of the reports that can make your business accounting easier, talk to a Certified Quickbooks ProAdvisor.)

Adjusting Journal Entries Report

This report is available in QuickBooks Premier:Accountant Edition 2004–2006 and all editions of QuickBooks Enterprise Solutions 4.0–6.0.  It allows your bookkeeper to designate a journal entry as an Adjusting Entry, as opposed to a real-time, management-level bookkeeping entry.

To create a report of your Adjusting Journal Entries select the Reports drop-down menu, select Accounting & Taxes and select Adjusting Journal Entries.

Still need help?  For Quickbooks training, or help with any of your small to mid-sized business accounting, call It All Adds Up at (239) 425-5188 or email italladdsup@comcast.net

What is a Certified Quickbooks ProAdvisor?

Like with so many other professions, recruiting a bookkeeper is a decision that requires you to weigh many factors. One of the factors you should take into consideration is Certification. But, with many types of certifications out there...how do you know which one you should be looking for?  Intuit’s Certified QuickBooks ProAdvisor is the undisputed most reputable certification among bookkeepers.  There are a few bookkeeping associations in the US that carry their own certification, but Intuit is, by far, the leader.




So, what exactly IS a Certified QuickBooks ProAdvisor? 

Certified QuickBooks ProAdvisors have completed a rigorous and comprehensive QuickBooks curriculum developed by Intuit™. They often work with small to medium sized businesses, and understand the challenges faced by business owners.

A QuickBooks ProAdvisor can offer guidance on everything from complex accounting questions and payroll interpretation, to mastering reports and advanced features of QuickBooks. 


Why Should I Use a Certified QuickBooks ProAdvisor?

ProAdvisors are an excellent resource if you ever run into issues with your QuickBooks accounting.  They are also available if you need training on its many features, functions, and reporting options.  QuickBooks customers often  say their experience and comfort level with QuickBooks improves significantly when  they have had an opportunity to work one-on-one with a QuickBooks ProAdvisor.  Many businesses who have sought help from a ProAdvisor feel the investment and time saved on accounting and bookkeeping is invaluable.


What questions should I ask the ProAdvisor to determine if he/she is a right fit for me and my business?

1. How do you go about identifying what is wrong with my QuickBooks file, and how much might I expect to prepare for that initial investigation?

2. How are you able to demonstrate to a small business owner who is not an accounting professional, that the work you do has been executed correctly? How can I be comfortable about your competence without knowing accounting and without knowing QuickBooks?

3. How do you distinguish yourself from other ProAdvisors on the site?

4. What are your rates? How do you bill for your services and what payment terms are available to your clients? Do you accept credit cards?

5. What do you require of clients to engage your services?

6. How would you assess your rate for services performed in relation to others providing similar services?

For help or training with QuickBooks, or for any of your other business accounting or bookkeeping needs, please call Certified QuickBooks ProAdvisor, Pat Vavrek at  (239)-425-5188 or email italladdsupinc@comcast.net

Visit my Quickbooks ProAdvisor Profile!
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Small Business Accounting Tip: Quickbooks Reports You Should Know About

Do you ever feel overwhelmed in your business accounting?

If you are using Quickbooks, there are many reports available to you that can lesson your load.  (Even better, outsource it to a bookkeeper or accountant that can handle it for you, so you can focus on running your business!)

To find out more about all of the reports that can make your business accounting easier, talk to a Certified Quickbooks ProAdvisor.

Today, we'll be talking about the "Transaction Journal Report"

This report is for use with any recorded transaction that is displayed (e.g., Check, Bill Payment, Journal Entry, Invoice, etc.)

Here's how it works:

1. When a recorded transaction is displayed, select the Reports drop-down menu.
2. Select Transaction Journal.
3. The Transaction Journal report shows the accounting of how the transaction affects the General Ledger. It will show the debits and credits posted to the General Ledger for a detailed Invoice.  Each line which includes an inventory item also includes an adjustment to the Inventory Asset account and Cost of Goods Sold. QuickBooks calculates this adjustment based on the value (average cost) of the inventory item at the time of sale.


For help using Quickbooks, or any of your other business accounting or bookkeeping needs, please call me at  (239)-425-5188 or email me at italladdsupinc@comcast.net

Visit my Quickbooks ProAdvisor Profile!
Visit my Facebook page!



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5 Year End 2011 Tax Tips for Small Businesses

As a small business owner, your holiday cheer may often be a little overshadowed by the year end stress that comes with preparing to file taxes in 2011. Here are a few tips that can "ease the pain" a little.

1. Update Your Accounting: This is probably the MOST important tip in lowering your end of the year stress.  You do not want to go into the new year without a very clear understanding of your company's financial situation. Make sure your books are up-to-date and accurate. Even if you have been handling your own bookkeeping throughout the year, you should still consider setting aside time with an accountant for year-end advice.  An accountant can consider your  unique situation and tell you the best course of action for proceeding into the new year. 

2. Increase Expenses: If you foresee a need for services or products in the first quarter of 2012, now is the time to buy them!  This will allow you to maximize deductions for this year.   You may want to consider the following:

Early payment on bills (phones, utilities, rent, subscriptions, insurance, etc.)
Office Supplies
Office Equipment


3. Be Charitable - If you support a non-profit organization, you should ensure that your donations are made before the end of the year if you are planning to use it as a deduction.  Most charities have additional need for support around the holidays, so it will be of benefit to them as well for you to make your donation early.


4. Defer Income:  If your company can receive payments in the first week of January, as opposed to the end of December, this will cut your taxes owed.  Of course, this income will be taxed when filing next year's taxes, but it may help if you are looking to decrease the amount owed for this year.   This type of deferral strategy will depend on your company's profit and losses for the year, as well as your legal structure (LLC, partnership, corporation, S corporation, etc.)

5. Contribute to a Retirement Plan:  You should try to make payments to your retirement plan or set one up before the year-end.  This will reduce your taxable income for 2011. Check your plan's contribution limits.  401(k), KEOGH plan, Roth IRA, or SEP's. (For SIMPLE IRA's the deadline is set in October, too late for year-end tax planning.)  Again, it is best to discuss your individual strategy with your financial planner or accountant.


If you need help updating your business accounting and want to discuss some end of the year strategies for your business, please contact me at (239) 425-5188 or email ItAllAddsUpInc@comcast.net

2011 End of Year Tax Tips for Small Businesses - "Self Employment Tax"

If you are in business for yourself, or operate a business as a sole proprietor, there are sevreal end-of-year tips that the IRS would like you to know about self-employment.  Today, we're going to discuss the "Self Employment Tax".  (Keep reading our Blog for future tips about preparing for the end of the year as a small business or sole proprietor.) What is Self Employment Tax? If you are self-employed, you typically are required to pay a "Self-Employment Tax".  This is a tax consisting of Social Security and Medicare taxes for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the paycheck of most wage earners. You figure self-employment tax (SE tax) yourself using Schedule SE (Form 1040).  When you are figuring your adjusted gross income, you can deduct half of your SE tax. However, wage earners cannot deduct Social Security and Medicare taxes. Self-Employment Tax Rate The self-employment tax rate for self-employment income earned in 2010 is 15.3%.  However, the 2010 Tax Relief Act reduced the self-employment tax by 2% .  So, the self-employment tax rate for self-employment income earned in calendar year 2011 is now 13.3% (10.4% for Social Security and 2.9% for Medicare). For both 2010 and 2011, the first $106,800 of your combined wages, tips, and net earnings are subject to any combination of the Social Security part of self-employment tax, Social Security tax, or railroad retirement (tier 1) tax.  Any income you make over $106,800 will not be subject to the Social Security tax. Self-Employment Tax Deduction You are able to deduct half of your self-employment tax when figuring your adjusted gross income. This deduction only affects your income tax, not your net earnings from self-employment or your self-employment tax. You also may be eligible to claim the Earned Income Tax Credit (EITC).  You do this by filing a Form 1040 Schedule C.  To find out if you are eligible for this tax credit, you can visit the EITC page on the IRS website. Need help with end of year accounting for your small business or sole proprietorship?  Contact Pat Vavrek at "It All Adds Up" by calling (239)425-5188 or email italladdsupinc@comcast.net.

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