Ask the Accountant Archives - Page 21 of 22

Can I Run a Report on Amount of Sales from Customer Groups in QuickBooks?

November 13, 2015May 8, 2024 Harriet Gatter

Question: Is there some way in QuickBooks to run a report showing the amount of sales from a particular group of customers? Answer: Yes. QuickBooks allows you to define “Types of Customers.” When you open a customer in the Customer Center, click on “Additional Info” on the left side of the screen. There you can…

How Much Can I Charge a Customer for Using a Credit Card?

October 30, 2015May 8, 2024 Harriet Gatter

Answer: The safe and easy answer is “nothing.” Some states prohibit surcharges for credit card use, period. Some states permit it but with some complicated qualifiers, like no surcharge on debit cards, surcharge limited to what you actually paid and other such language buried in your merchant service agreement. The regulations are too many, making…

Will My QuickBooks Run if I Upgrade to Windows 10?

October 16, 2015May 8, 2024 Harriet Gatter

Maybe … I recently contacted Intuit/QuickBooks with that very question. I was told, “Based on initial testing, Intuit has found no issues with running QuickBooks 2015 on Windows 10.”

Do I Have to Collect Sales Tax for Out-of-state Sales?

October 2, 2015May 8, 2024 Harriet Gatter

Question: Do I have to collect sales tax for out-of-state sales? It depends, and it’s complicated. State governments would like to collect as much sales tax as possible and, with declining revenues over the last several years, are looking to every possible source.

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August 7, 2015May 8, 2024 Harriet Gatter

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?

In QuickBooks, the customer sales order and supplier purchase order are “non-posting” information. That means that they are logged in the order portion of the software, but they aren’t posted in your accounting system until:

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July 24, 2015May 8, 2024 Harriet Gatter

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?

That is a question to be answered by your CPA. As is the case with all tax laws, the answer is not cut and dry, or simple. It is contingent on many factors, such as how your business is structured, the amount of gross annual sales, and whether or not you inventory items.

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July 10, 2015May 8, 2024 Harriet Gatter

Question: When I’m not sure how to make an entry in QuickBooks, should I make a general journal entry?

Do I Have to Buy QuickBooks Premier Software Every Year?

June 26, 2015May 8, 2024 Harriet Gatter

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.

Do I Need to Have a Separate Checking Account For My Business?

June 12, 2015May 8, 2024 Harriet Gatter

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.

Is There a Way to Handle Sales Taxes in QuickBooks If You Owe Multiple Government Agencies?

May 29, 2015May 8, 2024 Harriet Gatter

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.