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23 Replies Last post: Jun 18, 2009 3:43 PM by wayonda

Event: How to use QuickBooks to prepare your taxes

Mar 12, 2009 11:43 AM

Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
This event will cover some target areas that you can troubleshoot in your QuickBooks file and how to fix them, some tips and techniques to examine and verify that your QuickBooks file is as accurate as possible and how to prepare your file to be ready to take to your tax accountant.

Amy Vetter, CPA.CITP leads the Florida office for Technology In A Box, LLC and serves as CFO and Executive Director for the company. Technology In A Box, LLC is a national consulting firm that offers complete end-to-end solutions to small to mid-market businesses and franchises.

Amy Vetter is an accomplished author of QuickBooks reference materials and is a contributor and speaker for Intuit's courses for Certification and Training of QuickBooks ProAdvisors and Accountants. Amy has been recognized by The CPA Technology Advisor as an outstanding 40 under 40 technology-based Accountant and was also awarded South Florida Business Journal's Up & Comer Award in 2007 for her expertise in accounting. Visit her at http://www.TechnologyInABox.net

Amy can answer questions such as:

  • This is my first year filing my small business. What are some best practices?
  • When and how do I make corrections to the QuickBooks data file?
  • How do I even begin to work with the data file?
  • What are some quick tips to customizing QuickBooks before filing?

Post your question here and then join the live event on March 10 at 2:00PM EST for Amy's reply. You can also pose a question any time during the event hour.

What's your QuickBooks's question?
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Click to view Tori's profile Host Tori 79 posts since
Aug 15, 2008
1. Re: How to use QuickBooks to prepare your taxes Mar 9, 2009 12:57 PM
in response to: SBOCTeam

What prep work should people do in advance so they can work productively on QuickBooks?
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Click to view Cheers's profile Start-up Cheers 1 posts since
Mar 9, 2009
2. Re: How to use QuickBooks to prepare your taxes Mar 9, 2009 1:35 PM
in response to: SBOCTeam
How do I join the event tomorrow? Is there a sign-up link?
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Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
3. Re: How to use QuickBooks to prepare your taxes Mar 9, 2009 1:40 PM
in response to: Cheers
Participating in an event is easy! The event takes place on this forum thread. We know business owners are busy, so we collect questions in advance of the event - just reply to this thread to post your question. Or during the event tomorrow, you can post your question.

Amy's reponse will be on this event thread, so you can check back during the event or after for Amy's response.

Post your question today Community.
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Click to view antiques4me's profile Mogul antiques4me 22 posts since
Feb 19, 2009
4. Re: How to use QuickBooks to prepare your taxes Mar 9, 2009 3:25 PM
in response to: SBOCTeam
I've been hearing about QuickBooks online, how is that different from the QuickBooks software that I download or by from the store?
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Click to view Howard's profile Mogul Howard 81 posts since
Jul 29, 2008
5. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 9, 2009 5:31 PM
in response to: SBOCTeam
What's new with QuickBooks 2009? Trying to decide if I need to upgrade or not.
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Click to view Tori's profile Host Tori 79 posts since
Aug 15, 2008
6. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 10, 2009 10:04 AM
in response to: SBOCTeam
Welcome back to SBOC Amy! Many small business owners use QuickBooks to manage their business. Now that it's tax time, can you point out any helpful reports or features that will make preparing taxes easier?
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Click to view amspcs's profile Mogul amspcs 514 posts since
Oct 18, 2007
7. Archiving QuickBooks Mar 10, 2009 10:59 AM
in response to: SBOCTeam
Hello. Long time QB Pro user here. My QB file is HUGE!!!...dates all the way back to 1996.
I'd like detailed instructions on how to archive some of the really old data so I don't lose it
permanently, but I get it off my hard drive and backup zip where it takes up much too much space.
I do not wish to upgrade to Enterprise, don't need it. Thanks.

AMSPCS
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Click to view caffeinated's profile Mogul caffeinated 175 posts since
Apr 29, 2008
8. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 10, 2009 12:08 PM
in response to: SBOCTeam
Amy,

I already filed, but came across a 1099-INT that I missed. What do you suggest I do in terms of updating my data file? And can addendums (1040X) be filed eletronically?

Thanks for helping
caffeinated

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Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
9. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 10, 2009 2:01 PM
in response to: SBOCTeam

Community please join us in welcoming Amy Vetter a QuickBooks expert from Technology In a Box, LLC. Amy will be with us until 3:00PM, so if you have a QuickBooks tax related question, ask your question now!

Tips: Don't forget that you need to be logged into your member account to post your question. If you aren't a member, it takes only two minutes to join SBOC and it's free! Simply click on the green Join Now button.

Also, don't forget to refresh your screen often so you can see Amy's latest response.

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Click to view QB_Accountant's profile EXPERT QB_Accountant 23 posts since
Oct 24, 2008
10. Re: How to use QuickBooks to prepare your taxes Mar 10, 2009 2:06 PM
in response to: antiques4me
QuickBooks Online is very different from the QuickBooks desktop software. QuickBooks Online is meant for businesses that have a very simple accounting set-up. I have copied in a link here that compares the QuickBooks Product Lines:

http://quickbooks.intuit.com/product/accounting-software/quickbooks-comparison-chart.jsp

This is a chart that compares all of the features between QuickBooks Online and the Desktop Versions.

QuickBooks Desktop versions can now be hosted tho! Through a web hosting provider that has been approved by Intuit, you can have QuickBooks Desktop hosted through that company's servers and you can access your QuickBooks file through the Internet from wherever you are. This gives you the full functionality of QuickBooks by using the desktop version and give you the flexibility to access it through the web!
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Click to view QB_Accountant's profile EXPERT QB_Accountant 23 posts since
Oct 24, 2008
11. Re: How to use QuickBooks to prepare your taxes Mar 10, 2009 2:12 PM
in response to: Tori

You should start preparing back up of the documents that you are going to need to either file your taxes or get up and running in QuickBooks. Some Documents to collect in order to prepare:

Trial Balances from prior accounting system - i.e. 1/01/08-12/31/08, 1/1/09-1/31/09, 2/1/09-2/28/09, Tax Return for 12/31/08 (if available)

  • Bank Statements and Reconciliations: All Bank statements for each end of month and Bank Reconciliations for each month (list of outstanding checks and deposits)

Credit Card Accounts: All Credit Card Statements Used for Expenses (if any)
Merchant Processor Statements: MC/Visa, AMEX or any Other
Loans / Lines of Credit: Current Balance outstanding as of end of month prior to conversion
Payroll - Current reports from Payroll Processor
Accounts Receivable - List of Open Invoices as of month end
Accounts Payable - List of Unpaid Bills as of month end

It is also good to either contact a QuickBooks ProAdvisor for one on one training or signup for a QuickBooks Training Class or Webinar. It is all in the set-up! If the QuickBooks file is set up wrong, everything snowballs after that!

Good Luck!

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Click to view QB_Accountant's profile EXPERT QB_Accountant 23 posts since
Oct 24, 2008
12. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 10, 2009 2:24 PM
in response to: Howard

The real question is...what is not new with QuickBooks 2009! There are so many changes and updates, here are a few:

For QuickBooks Enterprise -
All features of Pro and Premier, plus:
  • 5 User to 30 user license now!
  • Terminal Services enabled
  • Online Suite of Applications - Warehouse Management, Field Service Management, Business Analysis
  • Full Service Plan - includes Technical Support and automatic upgrades as long as you continue to pay and annual fee for the Full Service Plan

For Premier Accountant Edition 2009 (includes all features of Pro and Premier, plus) -
  • New Client Data Review tool to help Accountant's review for errors in the QuickBooks file
  • Intuit Statement Writer - Custom Report Writer using Microsoft Excel
  • Update to the Accountant Copy Feature to make it easier for Accountants to work with their Clients
  • External Accountant User - provides Admin level access to an External Accountant

For QuickBooks Pro and Premier - non-Accountant version:
  • Bank Reconciliation Feature - you can now sort a Bank Rec Window
  • New Online Banking Center
  • Enhanced Merchant Service Processing Features
  • Company Snapshot - provides a dashboard of most important operating issues of the day
  • Multi-currency Capability
  • Back-up data in Multi-User Mode
  • Live Community Forums
  • QuickBooks Instant Messenger in Multi-User Mode
  • Improved list management, duplicate list items, search capability on lists
  • Big Red X - warns you if you are closing a QuickBooks file!
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Click to view jackzee's profile Professional jackzee 7 posts since
Feb 17, 2009
13. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 10, 2009 2:25 PM
in response to: SBOCTeam
What are the most time consuming mistakes people make when using QuickBooks to prepare for taxes and how can I avoid them?
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Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
14. Re: Event Mar. 10: How to use QuickBooks to prepare your taxes Mar 10, 2009 2:33 PM
in response to: SBOCTeam

Don't forget to refresh your computer screens! We have 30 more minutes with Amy, so if you have a question, it's still not to late to ask right now.
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