QuickBooks has a simple year-end process for both QB Desktop and QB Online. The distributor/owner’s role in this process is to record all cash inflows and outflows through the year-end (bank and credit card transactions) and reconcile these accounts with their corresponding statements.
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I hear this often, and it’s OK. Sales is your superpower, and what a skill that is! If you do your accounting and it takes too long or you expend too much energy, it’s defeating and likely not cost-effective.
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An Employer Identification Number could be a more secure choice than your Social Security Number when setting up an LLC.
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The good news is that QBO is continually tested and it is improving. The bad is that the learning curve is, and will be, long and shallow.
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QBO does not have a sales order function. Sales orders, purchase orders and estimates are what are known as “non-posting” transactions.
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The most obvious benefit is that QuickBooks Online (QBO) is accessed online, from anywhere you can log in – on the road, from your office, home or wherever. And, so can your employees or accountant.
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When you migrated from Premier to QBO, some of the orders were written with sales tax calculations in Premier and some with the automated sales tax in QBO. This results in multiple lines of sales taxes data.
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Ask the Accountant… Question: I have never used QuickBooks before. Which one should I buy: Desktop or Online? Answer: I have been a fan of QuickBooks Desktop (the regular one) for distributors, but over the last several years, Intuit (owner of QB) has been strongly pushing QuickBooks Online (QBO). It has become apparent that QBO is the future of QuickBooks. For this reason, I recommend that any distributor who is new to QuickBooks go with QBO. I don’t want to see anyone go into Desktop and then have to switch…
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Question: I am considering switching to QuickBooks Online. I charge sales tax in several states. Can QB do that?
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QuickBooks is getting serious about expired software and they are trying very hard to move everyone to a subscription product.
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