QuickBooks Period End Tasks: The Accounting Side – Chpt.2

Continuing on from Chapter One and the QuickBooks Period End Tasks, I will now look at the Prepaid Expenses and Fixed Assets. Prepaid Expenses – this account needs to be reviewed at the end of each fiscal year, due to the fact that these expenses are ever evolving. You may find items like prepaid rent, insurance and deposits, just to name a few, that if not expensed throughout the fiscal...

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How to Track Depreciation with QuickBooks Asset Accounts

I am not going to delve into the accounting side of depreciation, but I will show you how to track it. The depreciation that I am speaking of has to do with Fixed Assets. The rule of thumb that I use to capitalize fixed assets, are those priced above $500 and the type of asset it is – otherwise I would expense it. These days assets such as computers are depreciated 45% in the first year,...

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QuickBooks Quik Tip for the Day – Loan Manager

For companies that have loans that require the tracking of both the principal and interest, the QuickBooks Loan Manager will do just that.  No more having to setup those Excel tables or refer to those amortization tables, calculating the loan payments and manually entering the journal entries. All you have to do is go to Menu Bar/Banking/Loan Manager. From there you can Add a Loan, Set Up...

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