We've been getting a lot of calls from people who need to re-download their QuickBooks products, but they've lost (or deleted) the email link. Luckily, Intuit keeps a terrific database of QuickBooks downloads for their supported products. Note: for those that are unaware of QuickBooks sunset policy, they generally stop supporting a version after three years. In other words, they no longer support QuickBooks versions older than 2007 and sometime this spring they'll stop supporting 2007as well.
To make things easier for everyone involved, especially me, we've added a page to our website with links to download all the QuickBooks products currently supported by Intuit. Just remember, you will need your license and product numbers in order to install them. You also need to comply with your Intuit licensing agreement.
1. Go to Reports > Company & Financial > Profit & Loss Standard
2. Click the Modify Report button
3. Change the dates to 1/1/09-9/30/09
4. Change Display Columns to Month
5. Click the box next to % of Row
However, journal entries can be really confusing for non-accountants so I highly recommend that you avoid this whenever possible even if it means getting a business credit card or devoting one of your personal cards 100% to business expenses.
1) Should I be using QuickBooks or is this overkill for a brand new, one man business? I do have aspirations to grow but is this going to be a distraction in the short term? Or, should I put in the time to learn it because it will pay off in the form of increased productivity?
2) If I do stay with QucikBooks – what can/should I do with it and what should I not do with it? I think that part of my trouble is that I am hoping that it will do things for me that it is not made to do. Specifically, I am trying to get it to keep time by client and by sub-tasks. But, I can’t figure out how to do that the way I want to. Maybe I just need to track time using an Excel spreadsheet and import that information to QB. Still, if I do that, how do I create invoices in QB that show the time charged to sub-tasks?
3) If I do stay with QuickBooks – would it be to my advantage to work with you to just get me set up and running and then let me take it from there? Obviously, as a new business I am running all on borrowed money now so I am trying to keep expenses to a minimum. But, I do have to track my time for clients accurately and fairly and I am putting this task off and using Post-It notes for the time being so that I can stay productive. The QuickBooks thing is not happening for me except now, at 9:15 at night. This is not going to work.
So, given that background, if I sound like I have the kinds of issues that you can address and if I am potentially your kind of client, I would like to talk to you.
- Begin by creating service items for your sub-tasks. Go to Lists > Items List, click the Item button and select New.
- Use timesheets to keep track of your time by customer and sub-task. First, turn it on by clicking Yes under Do you track time at Edit > Preferences > Time & Expenses > Company Preferences. If you are using QuickBooks Premier, also check the box next to Create invoices from a list of time and expenses. Then enter your time at Customers > Enter Time > Use Weekly Timesheet.
- If you are using QuickBooks Premier, you can add your time to invoices by going to Customers > Invoice for Time & Expenses. You can also add time to an invoice in any version of QuickBooks by clicking the Add Time/Costs button on the invoice.
I recommend switching to Intuit Online Payroll, which allows you to pay your contractors with direct deposit without affecting your payroll tax forms. We offer it for only $25.99/mth for up to 10 employees/contractors, and you can try it out for free until April 2010. We also offer 1099 efile for only $25 for up to 50 forms. Call us at 800-707-0940 for more information.
It's that wonderful time of year again – time for 1099s. Luckily QuickBooks offers a 1099 wizard that makes this process very easy. However, like so many other QuickBooks features if you skip a step there's no telling what sort of results you'll end up with.
Now that we've only got 7 days to go – tick tock, tick tock – I thought this would be the perfect time for a blog post describing how to properly print your 1099s using QuickBooks.
Start by going to Vendors > Print 1099s/1096 to open the four-step wizard. As tempting as it might be to skip a step, DON'T. Every one of the steps serves a critical purpose in making sure your 1099s are prepared correctly. If you don't see Print 1099s/1096 in your Vendor menu, go to Edit > Preferences > Tax: 1099 > Company Preferences and select Yes.
So, here are the steps:
1. Review your 1099 Vendors
Make sure that all your 1099 vendors are marked with a "Yes" under the Eligible for 1099 column. If not, go to the vendor record and check the box next to "Vendor eligible for 1099" in the Additional Info tab. This report also lets you know if you're missing any Tax ID's. If you're missing one, get it from the vendor's W-9 form. You are requiring all your vendors to complete a W-9 before you pay them, right?
2. Setup your 1099 Account Mapping
Make sure you've mapped all the accounts you use to pay your 1099 recipients here. Map your rent expense account(s) to Box 1, your independent contractor account(s) to Box 7, and your legal fee account(s) to Box 14. You can select multiple accounts at the very top of each list, and the accounts selected don't have to be expense accounts. For instance, subcontractors are often charged to asset accounts, like leasehold improvements. If you pay your independent contractors for reimbursements or products, which don't have to be included on their 1099, make sure to create separate expense accounts for these payments. It might look something like this:
Don't change the thresholds, rents and nonemployee compensation should be $600 and there is no threshold for attorney's fees (meaning you report all payments).
3. Run a Summary Report to Review your 1099 Data
Check to make sure that the amounts shown under each Box column is subject to 1099 reporting and that none of the Uncategorized income is. If the Total column is correct but the breakdown between the columns isn't, you've got a problem with your account mapping. Go back to Step 2.
4. Print your 1099s and 1096 Summary
If the alignment isn't accurate, select the Align button on the print screen.
QuickBooks does not current support 1099 efile but Intuit Online Payroll does at a very reasonable price. Even better, it allows you to pay your contractors through direct deposit. Sound interesting? Visit our Quickbooks Payroll page or give us a call at 800-707-0940 for more information.
You can’t enter a Customer: Job in the Make Deposit screen, so if you’re doing job costing you’ll need to enter a journal entry instead (Company > Make General Journal Entries). In this case, the debit would be to your checking account and the credit would be to your expense account.