Liabilities

QuickBooks Period End Tasks: The Accounting Side – Chpt.3

This brings us to the final chapter on QuickBooks period end tasks. What will be covered here is Long Term Debts, Audit Trail and Setting the Closing Date. Long Term Liabilities – If this type of liability was financed by a lending or banking institution, then at the end of each year, a statement from the lender should be reconciled to the Balance Sheet amount. Here one has to be cognizant...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.1

I’m going to start a series to do with QuickBooks accounting side of the Fiscal Period End, and the tasks involved.  Now although these articles are aimed at the more senior accounting person, I do feel that the less experience person can pick up some useful information on what is expected from them. This will have to do with reviewing and reconciling the Balance Sheet. Unless you are...

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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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QuickBooks – How to Pay Your Payroll Liabilities

As you may know as the employer, you are required to track both the payroll expenses and liabilities as per the Employment Standards Act.  The following are the amounts and accounts you will look after: Company-paid portions of EI and CPP/QPP Company-paid benefits for your employees – e.g. company-provided dental plans Employees gross pay QuickBooks sets up a default called Payroll...

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