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Accounting Tips
Quickbooks: Merging Two Accounts
Recently I was helping a client update their Profit & Loss and noticed they had two accounts for the same category – one was Meals and Entertainment, the other was Entertainment and Meals. If there were only a few transactions, I would drill down into the Account and simply reclass each individual entry.
But there were dozens! I don’t like making a Journal Entry from one account to another as that leaves a Line Item on the Profit and Loss – even though the entry is zero. That line item indicates there was activity, but I am a stickler for zero line items – hate them!
Two Quick Tips for QuickBooks
There are two features in QuickBooks I cannot live without and are often overlooked by folks: The View Multiple Window option and the Find Transaction feature.
How often do you jump back and forth between reports, vendors, payables, payroll, even your check register and find yourself re-opening windows or minimizing screens? One click will allow you to toggle among all the open windows: Click View/Open Window List:
IRS Withholding Calculator
Determining how much to withhold from your paycheck can be tricky. Most of us want to withhold enough to prevent tax liability at year end; however, withholding too much can create cash flow crunches.
We’re not CPAs and certainly not IRS tax gurus; however, September is the time of year we get with our own CPA to determine if we have withheld enough or perhaps too much to cover our tax liability. (I am one of those people that love having a tax refund – it’s ‘vacation’ money, but I know many people would rather have the money in their own pocket during the year and save for a vacation if they choose!)
Click here for a link to the IRS website that provides insight into your withholding obligations or, if you would like to go straight to the withholding calculator, be sure to have handy:
Tracking Mileage & Charging Client
Keeping track of business miles in QuickBooks is easy and can even be billed to your customers or clients. Here is how to track mileage in QuickBooks:
First, you will need to set up the vehicle(s) and the mileage rate.
- Under the Company menu select Enter Vehicle Mileage.
- Click on the Vehicle List button. Using the drop down arrow on the Vehicle button select New. Enter the name and description of the vehicle.
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