Accounting & Payroll Blog

If you are starting business and hiring employees in Texas here are useful links and contacts. Don’t forget that we offer full service payroll where you don’t have to worry about compliance with federal or state requirements. You will get access to online account and will be able to pay such taxes electronically or by check.
Telephone Numbers: Texas Workforce Contact Information and Directories.

Register online to report and pay state unemployment tax to the Texas Workforce Commission. (For new businesses only.)

Amended Status Form. Report changes in your account information, such as business address, legal name, to the Texas Workforce Commission.

Texas Workforce: Businesses and Employers. Tax and unemployment information, publications, advice about saving money in taxes, training, and UI claims.

Especially for Texas Employers. An online book of comprehensive information on workplace issues including unemployment taxes, labor law, hiring and firing.

Tax forms and instructions. Forms not on our website.

Report new hires. Report new hires through a variety of methods.

TWC: Unemployment, Labor Law, and Appeals.

Texas Workers’ Compensation Commission Online.

We now supports export to all versions of Quicken. If you are using Quicken 2005 or later, you can now set up export under Preferences in the Setup section of your account. Note: Make sure to read the special instructions for newer versions of Quicken in our printable setup instructions. AccountingParadise Payroll program.

Here is a great bookkeeping tip from Karen Schneider article from the December 2006 issue of The General Ledger.

To find posting errors in the income statement accounts on QuickBooks: 

1.     On REPORTS, click COMPANY & FINANCIAL.

2.     Click PROFIT & LOSS STANDARD.

3.     Change the date span, if needed, to Jan 01, 2006 thru Dec 31, 2006.

4.     To study the report in “Accrual Basis” (for accuracy),  click MODIFY REPORT in the top left-hand corner. When the window appears (“Modify Report: Profit & Loss”), look under the 2^nd section, “Report Basis,” and click ACCRUAL, then OK. The upper left corner of report will confirm “Accrual Basis” reporting, the current date and the time created.

5.     Double-click the TOTAL INCOME figure and examine entries for errors. To view an original form, double-click the particular transaction.  

6.     Use the Esc key (or red X on form) to close a detail window and return to the P&L report you created.  

7.     Scroll to the bottom of P&L and look directly above “Net Ordinary Income” and double-click the TOTAL EXPENSE figure.

8.     If a transaction is posted to the wrong account, double click anywhere on it and, when the original form opens, post it to the right account. Save and close. 

To find posting errors in “Other Income” on QuickBooks, follow the same procedure.

To find posting errors in balance sheet accounts on QuickBooks:

1.      Reconcile the final bank statement. Reconcile liabilities such as business and car loans, credit cards, lines of credit, etc., against available statements. Tip: Attach copies of bank or other liability statements to the balance sheet as proof of accuracy.

2.     Click the drop-down menu REPORTS.

3.     Click COMPANY & FINANCIAL.

4.     Click BALANCE SHEET STANDARD.

5.     Correct the date, if needed, to 12/31/06 (a balance sheet has only one date—the “as of” date—unlike the P&L’s beginning and ending dates).

6.     To view the report in “Accrual Basis,” follow the directions above using “For the income statement” in step 4

Michael is one of our bookkeepers we work and he offers medical billing. Here is his explanation about the process and pricing. Do not hesitate to contact him if interested in medical billing service.

QuickBooks online doesn’t track QUANTITY of inventory items. It can track only VALUE of inventory.

Here is the help how to set it up. Go to COMPANY -> CHART OF ACCOUNTS and follow the instructions.

If you’re a small business owner with problems managing your accounting and bookkeeping, consider hiring a bookkeeper to help you get organized and make the most out of your money.  It’s not uncommon for small business owners who do their own accounting to have problems reconciling bank accounts, collecting accounts receivable, and keeping track of when monthly, quarterly, and annual payments are due.  Hiring a bookkeeping professional can take the burden of bookkeeping away from you and prevent you from having to pay fines for late payments or missed deadlines.  Bookkeepers can pay the bills of a business, create invoices for purchases or services rendered, reconcile credit card and banking statements, make additions to your chart of accounts, and help you with maintaining accurate tax records.  One of the best things about having a bookkeeper is that he or she can concentrate on keeping your finances organized so that all you have to do when it’s time to file taxes is fill out the paperwork and attach any necessary documentation.  If you’d like more information on what a bookkeeper does, The Bureau of Labor Statistics has a great profile of what kind of education and knowledge a bookkeeper should be expected to have at http://www.bls.gov/oco/ocos144.htm. 
 

If you have employees in your small business (including yourself) you have to file certain tax forms on regular basis. This is just a reminder for you, which forms are due now.

Tax Form Name: 941
Period: 07/01/2006-09/30/2006
Due Date: 10/27/2006

Form Name: NUCS-4072 (this applies only to companies doing business in Nevada)
Period: 07/01/2006-09/30/2006
Due Date: 10/31/2006

If you want us to file the forms for you we do it as a free service, which is included in our payroll service.

As a business owner you have a lot of tasks and problems you have to solve every day.  One of them is to deposit regular installments of federal income tax. I, myself usually forget what are the due dates in the day to day rush. Therefore I check this Tax Calendar page. (Just bookmark it and come back to see what are different IRS deadlines).

For example if you own C-Corporation then you have to pay installment for federal income tax. It is based on estimate. If you see that your tax will be $50,000 based on your QuickBooks then pay 25% ($12,500).

What is the best way to pay? You can mail check, but I personally prefer to pay electronically using EFTPS.com. Eftps is IRS system for electronic tax payments.

Would you like to find the least expensive do-it-yourself payroll service, which is web based and accessible from any computer? We can offer you a great solution. Please contact us for more information. The cost for the company with up to 5 employees is $35 per month. There is $2 charge for each additional employee. The program will allow you to pay federal payroll taxes online, file them online, monitor and pay state taxes, W-2 fillings, email reminders…

Are you looking for our banners which you can put on your website? Check our new page with banners. Let us know if you would be interested in working as our affiliate and make money on bookkeeping and payroll.