Lists are an essential foundation of QuickBooks functionality. Two of the lists that may become cumbersome are the Chart of Accounts and the Items List. The Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks, it represents and organizes the company's assets, liabilities, income, and expense. You can tell how much money your company has, how much money it owes, and how much money is coming in and out by simply looking at your Chart of Accounts. Items are important for effective tracking and reporting.
According to the new Financial Accounting Standards Board (FASB) accounting standard release (ASU 2016-02) regarding the treatment of leases, most operating leases will need to be reported as an asset and liability on the balance sheet of businesses and not-for-profits just like its counterpart, capital leases.
This blog post is the first in a series of posts on QuickBooks.
Anyone who uses QuickBooks accounting software knows the feeling – that nagging suspicion in the pit of your stomach that you are doing something wrong. The bad news: accounting errors can cost you if you don’t catch them early. The good news: with a little know-how you can identify (and fix) the most common slip-ups.
The IRS has just released an early draft of the 2020 Form W-4, although it is anticipated that changes could be made prior to its final release. The most glaring change is the concept of allowances is removed, no doubt due to the fact that personal exemptions no longer exist (the Tax Cuts and Jobs Act which became applicable for 2018 onward eliminated exemptions).