By Kathy Ivens
I offered dear ACCOUNTING software program FOR 18 YEARS. THIS ebook acquired ME UP AND working speedy. it really is good WRITTEN AND issues OUT "HOW TO..." IN such a lot of parts. while you're utilizing QUICKBOOKS you'll want to ORDER THIS booklet NOW.
Read Online or Download Running QuickBooks 2009 Premier Editions: The Only Definitive Guide to the Premier Editions PDF
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Extra info for Running QuickBooks 2009 Premier Editions: The Only Definitive Guide to the Premier Editions
Sample text
Feature-based Special Accounts The following special accounts are added when you enable the attendant feature in the Preferences dialog: • Estimates (a non-posting account) when you enable estimates in the Jobs & Estimates Preferences dialog. • Sales Tax Payable (Other Current Liability account type) when you enable Sales Tax in the Sales Tax Preferences dialog. CAUTION: Don’t create a sales tax liability account when you’re creating your chart of accounts, because you have no way to link that account to transactions.
Entering the Remaining Account Totals The totals for the remaining accounts can be entered as a journal entry dated the last day of the previous year. Remember not to use the accounts that received postings as a result of your transaction entries (with the exception of the sales tax liability account, which is discussed in the section “Entering Sales Tax Liabilities Balances”). The goal is to create an opening trial balance for the first day of the current year, which has only balance sheet accounts.
For example, the tax return you use may have a line into which you enter the total for office expenses. However, for the purpose of analyzing where you spend your money, you prefer to separate office expenses into multiple accounts, such as Computer Supplies, Paper & Other Consumables, and so on. Office Supplies becomes the parent account, and any specific subcategories you care about become the subaccounts. In fact, to save even more money on accounting services, arrange the order of your income and expense accounts and subaccounts in the order in which they appear on your tax return.