Ask the Accountant… Question: I am considering a software that says it integrates with QB. Is that all I need to know? Answer: Every product that says it integrates with QuickBooks has its own definition of “integrate.” In each case, the integration depends on what data is mapped into QB, which is defined by the…
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Ask the Accountant… Question: What is equity that shows on my Balance Sheet? Answer: In the basic accounting formula, equity equals assets minus liabilities. Assets are what you own, such as your bank account and accounts receivables. Liabilities are what you owe, such as accounts payables and credit card debt. Equity is the difference, or…
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Ask the Accountant… Question: I got an email from QuickBooks saying that there would be some kind of security risk because of a browser issue. What does that mean? Answer: Microsoft Internet Explorer 11 has been the default browser for QuickBooks Desktop. Microsoft stopped its support of Internet Explorer on June 15, 2022, and QB…
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Ask the Accountant… Question: I am using QB Premier and am starting a second business. Can I do that without buying the program again? Answer: QB Premier allows you to create multiple companies within your program at no additional cost. On the other hand, QuickBooks Online charges you an additional subscription charge for each company…
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Ask the Accountant… Question: I have QuickBooks Premier 2020. I keep seeing pop-ups from QB asking if I want to upgrade to Premier 2022. Should I do that? Answer: If you purchased your QB Premier 2020 on a one-time basis (instead of a subscription), it will be updated without any additional cost through May 2023.…
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Ask the Accountant… Question: I keep reading about the QB Premier subscription. Why are we being forced into the Online version? Answer: It’s true that QB Premier 2022 and beyond can only be purchased on a subscription basis. It is not true that this is the online version of QB (QuickBooks Online, aka QBO). A…
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Ask the Accountant… Question: I have QB Premier 2019. I have been told by a QB rep that it will stop working at the end of May. Is that true? Answer: If you have purchased your QB Premier 2019 with a one-time purchase versus a subscription, it will be updated at no additional charge through…
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January 31, 2022 was the last day that Intuit permitted one-time purchase of QuickBooks Desktop products. All future sales of QB Premier will be by subscription only. But be careful if you find something you think is a one-time purchase. I had a client who bought what he thought was one-time purchase of…
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Question: I have QuickBooks Premier 2019. I keep getting pop-ups telling me to upgrade to Premier 2022. I know I need to upgrade to 2022, and that it’s a subscription. Should I just go ahead and do it? Answer: Your QB Premier 2019 will be upgraded at no additional charge through May 2022. The subscription that you will be purchasing is an annual one…
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Question: I filed my sales tax last week with the numbers in the QuickBooks sales tax liability report. When I ran the report again this week, the numbers had changed. What’s going on? Answer: Likely, you had not reconciled your checking account(s) before running the first sales tax report…
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