Question: When I try to enter a payment from a customer, it ends up in “undeposited funds” and not my checking account in QuickBooks. How do I fix that?
Your chart of accounts (COA) is important groundwork for your business to organize your financial transactions. The specificity of your COA will determine how clearly you can view your financial statements. You want enough detail to delineate categories of cash inflow and outflow that are important to your business, but not so much detail that your financial statements are a jumbled mess of detail.
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Question: I use the order system in QuickBooks Premier. Why don’t the customer sales order and supplier purchase order appear in my financial statements?
Question: I am starting out as an ad specialty distributor. Is it better to set up my books on a cash or accrual basis for tax purposes?
Question: When I’m not sure how to make an entry in QuickBooks, should I make a general journal entry?
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No; currently, QuickBooks Premier is a desktop software and not a subscription service. That means that when you buy the software, you own it.
QuickBooks supports its desktop software, such as Premier, for three years. QuickBooks Premier 2012, for instance, is supported until May 31, 2015. During this time period, you can expect to receive automatic updates and fixes, as well as support and access to any integrated add-on services.
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The answer is yes! It is important that you have separate business bank accounts—be it checking, savings, money market or any other kind. You should also keep a credit card just for business use.
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Yes, QuickBooks allows you to set up each portion of sales taxes separately as a sales tax item and then as a group sales tax. For instance, in North Carolina we must collect sales tax for state, county and transit taxes.
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QuickBooks allows you to set up purchase orders as jobs. A report of profitability by job can be run after the PO has been invoiced and the supplier purchase order has been converted to a bill or paid.
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My husband, Steve, consults with small businesses that he calls “underdogs”—businesses that rely primarily on the skills and efforts of their owner/operators. He helps them identify their “super powers” that they bring to their businesses.
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