By Stephen L. Nelson
Received a company to run? QuickBooks makes small-business accounting more straightforward, and QuickBooks 2009 For Dummies exhibits you the way! Bookkeeping will not be your favourite a part of working a small company, so studying to exploit QuickBooks may well repay in additional methods than one.
QuickBooks is helping you retain monetary documents, organize invoices and checklist revenues, pay accounts, settle up on the finish of the yr, and extra. during this consultant, a best accounting and tax making plans advisor tells you what you want to do to be prepared for QuickBooks, then the best way to set up and manage this system on your company. notice the way to:
- Use the most recent model of QuickBooks to keep up your accounting files in compliance with tax legislation
- Create invoices and credits memos, list revenues receipts, organize stock goods, and visual display unit your stock
- Record and pay accounts, print assessments, and method payroll, together with withholding
- Balance debts and generate monetary stories
- Set up a enterprise finances and reconcile your account
- Perform weekly, per thirty days, and annual record-keeping
- Create task estimates that may be simply switched over into invoices or in comparison with genuine expenses
- Track money owed receivable and payable
- Produce experiences that assist you comprehend your purchaser record, owners, task charges, stock, payroll, funds, and extra
- Use job-costing approach that assist you estimate, invoice, and tune jobs
- Decide no matter if to take advantage of accrual-basis accounting or cash-basis accounting
dealing with the monetary chores with QuickBooks can placed the joys again into possessing your individual enterprise. QuickBooks 2009 For Dummies makes it more straightforward!
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Extra info for QuickBooks 2009 For Dummies
He now has $10,000 in his retirement plan (growing tax-deferred). • He spends $50,000 per year. • He is left with $2,500 in cash. Which scenario strikes you as more favorable: Scenario 2 with $10,000 in a retirement plan and $2,500 in cash, or Scenario 1 with no retirement plan and $6,250 in cash? The extreme cynic can figure out situations when he may prefer a little extra cash and no retirement plan. For the rest of us, we will take advantage of any employer-matching retirement plan. indd 11 12/22/08 1:55:15 PM 12 The Accumulation Years Please remember that the money in the retirement plan will continue to grow, and you will not have to pay income taxes on the earnings, dividends, interest, or accumulations until you or your heirs withdraw your money.
In addition, there have been several important new laws passed over the last few years that oﬀer new planning opportunities. Each of the new strategies that we mention in What ’s New! are covered in more detail in the book. This section, however, oﬀers an overview for readers who may want to jump to the sections of the book that give the details supporting our most recent recommendations. Consider Establishing a One-Person 401(k) Plan In response to several new tax laws, I have developed a new favorite strategy that will work for many IRA and retirement plan owners.
For the rest of us, we will take advantage of any employer-matching retirement plan. indd 11 12/22/08 1:55:15 PM 12 The Accumulation Years Please remember that the money in the retirement plan will continue to grow, and you will not have to pay income taxes on the earnings, dividends, interest, or accumulations until you or your heirs withdraw your money. Even without the future deferral, at the end of the first year, assuming the employer-matched funds are fully vested, the comparative values of these two scenarios are measured by after-tax purchasing power as follows: After-tax cash available Scenario 1 $6,250 Scenario 2 $2,500 Retirement plan balance 0 Tax on retirement plan balance 0 ($2,500) Early withdrawal penalty 0 ($1,000) $6,250 $9,000 Total purchasing power $10,000 Obviously, it is better to take advantage of the retirement plan and the employer’s matching contributions.