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 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 QB Premier 2021. I keep seeing pop-ups to upgrade to Premier 2022. Should I do that? Answer: If you have QB Premier 2019, 2020 or 2021, acquired with a one-time payment, you will receive updates from QB at no additional charge for three years. For QB Premier 2019, you will receive updates through May 2022…
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Ask the Accountant… Question: I am thinking of hiring a bookkeeper who knows QuickBooks Online, but I use QuickBooks Premier. Are they the same, only one is online? Answer: No, QuickBooks Online and QB Premier are very different programs. They do not look alike at all and have very different functionalities. When hiring a bookkeeper,…
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Intuit will be offering QB Desktop products via subscription-only, beginning with the 2022 releases. They (except for QB Accountant) will no longer be available by way of a one-time payment as they have in the past. QB Desktop products include QB Pro, Premier and Enterprise. Enterprise was converted to a subscription product two years ago…
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