An organization’s
approach to accounting often depends on the type of business it is and its
objectives, policies, procedures, and industry. For example, maybe you use
inventory tracking and payroll—but maybe you don’t. The way you and your
accountant like to work also influences your organization’s accounting
practices. For instance, you might prefer the simplicity of cash
accounting to
the more intimate pairing of income and expenses that accrual accounting
offers.We talk about small business success. We provide QuickBooks online & Desktop accounting software for small businesses. We also offer training facility.
Sunday, February 28, 2016
Banking Online with QuickBooks
By synchronizing your
real-world bank accounts with the bank accounts in QuickBooks, you can download
your bank balances and transactions into your QuickBooks company file so you’ll
always know how much cash you have on hand. (The connection you set up between
the two is called bank feeds to differentiate it from online banking that you
perform by logging into your bank account outside of QuickBooks.) That way,
before repaying your aunt the money she lent
Tracking Finances with Reports and Graphs
QuickBooks comes with
loads of built-in reports that show what’s going on with your company’s
finances. But having a dozen report categories with several reports tucked into
each one presents a few challenges, particularly if you’re new to both business
and QuickBooks.
The first challenge is
knowing what type of report tells you what you need to know. For example, a
profit and loss (P&L) report shows how much income and expense you had over
a
Budgeting and Planning
As you’ve no doubt
noticed in business and in life, the activities that cost money almost always
seem to outnumber those that bring money in. Most companies want to make money
and most nonprofits want to do the most with the funds they have, so budgeting
and planning are essential business activities.
Like any kind of plan,
a budget is an estimate of what’s going to happen. Your actual results will
Working with Sales Tax
Sales tax can be complicated, particularly in
states where the number of tax authorities has exploded. You might have to pay
sales taxes to several agencies, each with its own rules about when and how
much. QuickBooks’ sales tax
features can’t eliminate this drudgery, but they
can help you pay the right tax authorities the right amounts at the right
time—and that’sManaging Inventory
As you record inventory
purchases and sales in QuickBooks, the program keeps track of your inventory,
just as the point-of-service system at the grocery store does when a cashier
scans items. This chapter begins by explaining how to
turn on QuickBooks’
inventory features and set up inventory items in your company file so the
program can work this magic.
Unless you practice
just-in-time inventory management, you need inventory in your