July, 2011

QuickBooks Quik Tip – Using a Previous Timesheet Made Easy

Did you know that if you have an Employee who has a constant rate of pay each pay period, that you can copy a previous Timesheet? Well, yes you can! To the left is a Timesheet for an Employee that is one of those and it’s so simple, you’re going to wonder how you ever missed it. Read on and I’ll walk you through it. Go to your Home page and in the Employee module section you...

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How to Correctly Record Your Sales Tax Installment Payments

It’s not uncommon for Non-Profits, Charities or For Profit companies to make HST Sales Tax Installments. There are many reasons for this and one may be that the Non-Profit or Charities organization, has only registered to file annually or that it’s sales base is below the CRA threshold. The second may be that the annual filer does not want to face an unexpected amount at the due...

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QuickBooks Equity Accounts – Understanding Them

What is Equity anyways? For you that may not understand it completely, equity is the difference between your assets and liabilities (A-L =E). Say you sold off all your assets and paid off all your liabilities, using the funds you received from the sale of your assets, equity would be the money you have left. This would also mean that your total assets equal the sum of liabilities and equity (A=...

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How to Record a Loan Payment in QuickBooks

  Previously I set up a liability account for a Trailer Loan in which the total cost was entered. I have set the payment up as a pre-authorized type, and since the bank charges both principal and interest on this loan, I am going to show you how to record a payment to recognize both components. This is done using the Write Cheques feature. Making sure I am on the Home page, I will...

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Saved by the QuickBooks Trained.i.am Tutoring

“For a long time I avoided writing my Elementary School Accounting Exam. I was using test prep papers and review information off the net and was still confused. Then I met Larry who was skilled, professional and thorough. Without Larry’s tutoring I would never have passed the exam. Thank you for your excellent service.” Melody

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