Ask the Accountant… Question: Can I use the QuickBooks Online Plus Chart of Accounts that is included in the program? Answer: Yes, but it is a poor format for our industry. QuickBooks is a wonderful product and is the No. 1 accounting software for a small-to-medium-sized businesses. It is used by a wide range of…
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Ask the Accountant… Question: How many users do I get with QBO Plus? Answer: QBO Plus allows up to five users. You can invite your accountant or bookkeeper to be a user by sending an invitation to their email address. But, if you are using a different QuickBooks product, be sure to read the fine…
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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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