Ask the Accountant… Question: I am starting another company and am using QuickBooks Premier. Can I start another company in my QB without buying another program even though I am in the Premier subscription program? Answer: Yes and no. YES : QuickBooks Desktop users (Pro, Premier, and Enterprise) can create any number of additional companies…
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Ask the Accountant… Question: I have had a QuickBooks Online account for a few months to play with and see how I liked it, but I was told I could not send data from my QB Premier file into that QBO after 60 days. Is that true? Answer: Yes, it is true. Once you have…
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Ask the Accountant… Question: I’ve heard that QuickBooks Online automatically calculates sales tax. How does that work? Answer: Sales tax is calculated automatically in QBO, which is a big advantage and saves a great deal of time and effort to keep your sales tax rates current as you must do in QuickBooks Desktop. The sales…
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Ask the Accountant: Question: Is there a way to see what a sales order is for in an open sales order list in QuickBooks? Answer: It can be frustrating to look at a list of open sales orders by Customer and not know which order is for which product. There is a workaround for that.…
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Ask the Accountant… Question: How can you suggest not keeping 1099 tax id numbers in QuickBooks? If I have security risks with this information, don’t I have security risks with all of my company information in QuickBooks?? Answer: The security risks to your QuickBooks can come from external and internal sources. Of course, you must…
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Ask the Accountant… Question: Is there anything I need to do if I have my bank and credit card data automatically downloaded into QuickBooks? Does all the information just get recorded? Answer: That sounds lovely, but it does not work that way, unfortunately. It is just a big dump of information into your QuickBooks, and…
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Ask the Accountant… Question: When I enter my credit card charges or bank entries, I don’t always know where to put them in QuickBooks. Do I have to wait until I know before entering them? Answer: QuickBooks has an expense account that allows you to “park” an entry until you can figure out where it…
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Ask the Accountant… Question: I’ve heard about something called FinCEN. What is it? Answer: In 2021, Congress enacted the Corporate Transparency Act. As a result of this, beginning on Jan. 1, 2024, many companies in the U.S. are required to file a report with information about their beneficial owners (Beneficial Ownership Information). It is known…
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Ask the Accountant… Question: In QuickBooks Online, I have gotten used to the options on the left side of the screen that included things like Dashboard, Banking, Sales, and Expenses. Now an entirely different list of options is showing with things like “Get things done,” “Business Overview,” “Bookkeeping,” and “Commerce.” What happened? Answer: QBO offers…
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Ask the Accountant… Question: My QB Premier is having problems. Can you suggest anything to try to fix this? Answer: The problem might be that you are missing an update. Go to Help > UPDATE QuickBooks Desktop > Update Now. This will download and install any updates you don’t yet have, provided your QB Premier…
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