New to QuickBooks 2007 and not sure where to start? Or, are you seeking answers on how to best set up bookkeeping for multiple sites? Get help and advice from our expert!
Join us for a "QuickBooks Community Ask the Expert featuring Pam Newman." Talk to one person you can trust to help you with your accounting, payroll, and QuickBooks questions. Tap into Pam's real world experience working with QuickBooks users like you.
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Hi I'm new to QB and have been spending the last few weeks setting up the accounts. My business is a service business I have a AMEX card, a B-checking about. I was wondering about the tax mapping for the accounts that I set up. I have an account for my Drawing account and now it just blank.
Your american express is a liability account and therefore is mapped to your BS accounts for a current liability. Your bank account is mapped to the BS accounts for assets.
Quickbooks is telling me to see administrator to backup my file to a CD, I am the administrator , no one else has access to the program. It will not let me backup to CD. I have Windows XP operating system Thanks
It could possibly be the administrator of your whole computer (not just QB). Sometimes there are different access levels set up on your computer system and so I'd visit with your IT professional and see if that is what is causing your issue.
Question:
Business costs paid by personal acct Mar 02, 2007 07:05 am
New to QB, business and accounting.
Started a simple rental business where materials needed for the business I'm buying using money from my personal bank account.
Large equipment purchases are being made with funds from a home equity line of credit which have to be transfered to my personal checking and then into my business acct. Smaller items I just pay for without using the line of credit
Is this normal, OK or whatever OR should I be handling this some other way? I mean I just show these purchases and being made with Cash
You should try to pay as many things out of your business account as possible to maintain separation of activities. If you pay for something on behalf of the business and the business doesn't reimburse you, then you should create a journal entry in QB accounting for the purchase and an increase in either your equity account or a loan that the business needs to reimburse you for. You can visit with your personal tax professional on guidance for either of these two options.
I have been using QB since 1996. My chart of accounts shows various balances, particularly for the payroll items, that I know are incorrect. How can I correct these? All my liabilities are current yet these balances are shown. Is this because of the way things were inaccurately set up back in 1996?
Yes, if you have old "garbage" in your file then these liabilities will not self correct so you have to manually adjust the liability accounts. This can be done through the employee drop down menu and select to adjust employee liabilities. Consult with your personal accountant as to what account they'd like you to offset the journal entry to.
Question:
Invoices appear in check register Mar 02, 2007 07:13 am
Invoices I generate for customers appear in the check register and their totals are subtracted from the checking account balance. Any hints as to how to correct this?
If you use the employee time sheet, you will be able to select customers/jobs and service items to record the time. If you select that the time is billable, then you will be able to pull it into your customer invoice.
Question:
Adding a custon federal withholding rate on payroll Mar 02, 2007 07:17 am
Hi Pam,
I have just started using QuickBooks and an employee asked to have 25% of her gross pay withheld for federal taxes. How do I do that so it is automatic. I currently go in an adjust her pay check manually.
Normally you will select the appropriate single/married and number of withholdings. You can then select to have an additional set dollar amount withheld. It doesn't have a calculation of 25%. You could estimate her wages/salary for the year and then calculate what her normal withholding would be compared to the 25% amount and set a standard extra amount each week. This will still not be exact but you can adjust it as you go through the year as needed.
I am a General Contractor which does jobs for all military branches. I am on salary and get paid once a month. If I am at several jobs during the week, how do I show the amount being charged to each customer for my own payroll. Since I'm the owner I have in the past just charged it to "office". I have been told by the government It must be shown in the Customer's Transaction List printout, which has to match the Certified Payroll we also must submit to the government. We have been using QB since our company began and its been a very helpful tool....but we sure are stuck on this one. Would greatly appreicate some help on this. Thanks!
If you use the time tracking feature and assign your time to various jobs, and then populate your payroll with your time sheet, it will allocate the cost of the time to your various jobs based on your payroll.
Question:
cost of goods sold or expense? Mar 02, 2007 06:20 pm
I am helping a general contractor set up his books, and have a very basic question. He subs out everything and is reimbursed for the cost of subcontractors. He does not want to track reimbursed expenses as income. He only wants to show as income what he earns for managing the projects. Should the account for subcontractors be a cost of goods sold account or an expense account if he wants the reimbursed expenses to cancel the subcontractor expenses?
Question:
Expenses not hitting my cash balance Mar 02, 2007 06:22 pm
I am entering my expenses as instructed but they are not reducing my cash balance when I pull up my balance sheet. I don't want to write a QuickBooks check - I am using the bank checking account checks. I am clearly missing a step. Any thoughts on what I am doing wrong?
When you have expenditures coming out of the checking account, you need to "write" a check transaction or do a journal entry that makes a credit to the bank account. Even if you are not physically writing a check. Any activity that reduces your checking account can be completed within the QB Checking account like a check (some have numbers others dont).
Question:
VENDOR WITH 0 BALANCE SHOWING UP ON REPORTS Mar 02, 2007 06:23 pm
IN THE UNPAID BILLS REPORT, A VENDOR IS SHOWING UP AS HAVING A CREDIT. IN THE A/P AGING SUMMARY, THE CUSTOMER IS SHOWING AS A ZERO BALANCE.
FROM RESEARCHING THE VENDOR ACCOUNT, THE USER BEFORE MY TIME ENTERED A VENDOR CREDIT MEMO AND LATER ISSUED A PAYMENT WITHOUT USING THE CREDIT MEMO IN QB (THE PERSON SHORT PAID THE BILL). I DON'T KNOW HOW THEY CLEARED THE ACCOUNT BUT THE VENDOR IS SHOWING UP IN MY REPORTS. HOW DO I CLEAR THIS?
Question:
Sales Tax Question Mar 02, 2007 06:25 pm
We have recently set up our company and entered our customers with an "opening balance". We pay our sales tax on a Cash Basis. When the opening balances are paid how does quickbooks handle the sales tax due on those transactions?
It will have no way of knowing how much is sales tax. My recommendation is that you will need to make a journal entry to transfer from opening balance equity to sales tax payable for the amount of the tax payable on the opening balances.
I have had QuickBooks since 2000. At that time I was not an experienced user so a lot of income entries were assigned to undeposited funds. Now I am unable to trace the invoices that were associated with these funds and as a result I have a lump sum of undeposited funds that I can not balance. Is there a way to balance undeposited funds?
Chances are your income is being overstated (double counted) so you need to clean up your undeposited funds by years and offset them with a negative entry to an income account. This will create a zero dollar deposit and balance out your income to the correct amount.
