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How to Account for Bad Debts and Record it in Quickbooks Online and Desktop

Ronika Khanna CPA,CA

Your customer has become non responsive despite efforts to contact them and you feel that it is not longer worth trying to collect There are ways to mitigate the possibility and impact of bad debts. In accounting parlance there would be a credit to sales and a debit to accounts receivable. You will be prompted to create a new item.

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Handling Customer Deposits and Retainers in QuickBooks Online and Desktop 2023 (and earlier)

SchoolofBookkeeping

You can set up a deposit or retainer process for your company in QuickBooks Online. Select an option from the When do you want to start tracking your finances from the is account in QuickBooks? The retainer item can now be selected when creating an invoice or sales receipt for a deposit or retainer payment. Select Sales receipt.

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How To Account for Car Expenses and Reflect Personal Use

Ronika Khanna CPA,CA

If you are a small business or self employed, you are generally able to reflect your car costs as an expense on your profit and loss as well as write off the portion of the expenses that relate to business on your tax return. You would choose the relevant account that you have set up per the step above.

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4 Accounting Transactions that Use Journal Entries and How to Enter them in QBO

Ronika Khanna CPA,CA

When using accounting software such as Quickbooks Online , the majority of transactions relate to invoicing customers, supplier bills and categorizing expenses that have been downloaded, are relatively straightforward. However, there are transactions that require somewhat special treatment and are usually entered via a journal entry.

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HOW MUCH DOES A QUICKBOOKS SETUP COST?

SchoolofBookkeeping

As QuickBooks ProAdvisors, we hesitate to give a quote with setup projects because we do not know exactly what we are dealing with and what information is needed until we complete the file review. In this scenario, a client calls to request help moving from Sage to QuickBooks Enterprise. If payroll is involved, it needs to be fixed.

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2023 Readers’ Choice Awards – The Readers Have Voted!

CPA Practice

The Readers’ Choice awards also give professionals the chance to see which technologies and workflow systems their peers are using and trust, which can help them build more efficient and profitable workflows for their own practice. We thank the more than 5,000 professionals who participated in voting this year.

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Padgett & Padgett, PLLC CPA’s Guide to the Profit and Loss Statement

SkagitCountyTaxServices

As a small business owner, you’re often preoccupied with all the things that go into running your Skagit County business – the daily logistics, managing employee workflow, paying the bills, bringing in more customers… making a profit. Profits are the lifeblood. Take away your overhead and you have your net profit. What’s on one?