In a previous blog I talked about setting up customized payroll in QuickBooks. At that time I mentioned that in order to complete the process, it was necessary to set up the necessary Payroll Items. QuickBooks uses Items to control how transactions are recorded in the Chart of Accounts, but Payroll Items are a separate menu item under the Lists menu.
The purpose of this blog will...
The reconciliation feature in QuickBooks is a very powerful tool, but my experience has been that the majority of users aren't utilizing its features effectively. In addition, the most common usage of this feature is to reconcile bank statements, but it can also be used to reconcile other accounts as well.
Starting a reconciliation is relatively easy, but the reconciliation window that...
One feature of QuickBooks that many corporate accountants really hate is the fact that you can change almost anything you have entered in the software. Unless the entries have been locked (which I will discuss later), QuickBooks is a completely open bookkeeping software.
However, the ability to make changes is not necessarily a bad thing. Let's face it. I have yet to meet a bookkeeper...
When it comes to processing payroll for a small business, QuickBooks Payroll provides a very powerful tool. However, setting up payroll in QuickBooks can be a daunting task because the default process is totally inadequate for many businesses, especially corporations and partnerships.
By default QuickBooks only provides a couple of accounts for tracking payroll activity such as
Do you use T accounts to help you find an normal balance of an account? Do you prefer another method?
Accountants and bookkeepers often use T-accounts as a visual aid for seeing the effect of the debit and credit on the two (or more) accounts.
What do you use?
Capturing Economic Events
This lesson introduces you to the concepts of debit and credit, and demonstrates bookkeeping activities. After reading this lesson you should be able to:
Prepare common journal entries
Post to the Ledger accounts
Prepare a basic Income Statement
The Accounting Cycle
The Accounting Cycle is a sequence of procedures used to record, classify and...
As summer comes to an end, we see the crazed effects that the back to school season brings with it, a chaotic maelstrom of bodies flying about through the campus bookstore, the enduring lines of disgruntled faces waiting to be served by the cashier, a babe crying while the mother withstands the impatient glances around her. If you are anything like me, you would cringe at the thought of having...