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QuickBooks Desktop Pro-Personal Tax Tracking Tricks

QuickBooks Pro Desktop 2019 tracks more of our year-end tax needs in one QuickBooks file by using tax tracking methods

3.33 (6 reviews)

5500

Students

5 hours

Content

Jun 2019

Last Update
$94.99
Regular Price


What you will learn

Use equity draws accounts to track personal tax items in a business QuickBooks Desktop Pro 2019 file

Use classes to track personal tax items in a business QuickBooks Pro Desktop 2019 files

Add add, work with, and explain how to use classes in QuickBooks Desktop Pro 2019

Explain how the profit and loss statement is related to the equity section of the balance sheet


Description

Use QuickBooks to track personal tax item as well as business expenses easily, so that we have more of our year-end tax preparation materials in one place that is well organized.

Tracking personal tax-related items in a business QuickBooks account is actually a highly controversial topic in the world of accounting and bookkeeping, the conventional wisdom being that we should separate any personal items from the business files as much as possible, whether they be tax related or not.

Many small businesses use QuickBooks primarily to help with year-end tax documentation needs, however, and a system that can achieve more of these needs in one place will be worth the time to learn.

Professional bookkeepers can use these methods to help differentiate themselves from the competition by providing more service that client will greatly appreciate for minimal extra effort once the system is set up.

We will provide two methods for tracking personal tax items in our business QuickBooks file and let you decide if either of these methods will work well for your needs.

One method will work with equity draws accounts and the other method will utilize QuickBooks classes to track personal tax-related items in the business QuickBooks file.

Both methods have their pros and cons and the choice between the two will come down to the individual needs and preferences of the business and bookkeeper.

QuickBooks does a great job of tracking business expenses which we can also think of a business-related deductions, deductions a sole proprietor would report on a schedule C.

There are many other personal deductions a business owner may want to track as they are paid, however. For example, a business owner may want a system for tracking charitable payments, medical payments, child care payments, college costs payments, retirement plan payments, and state tax payments.

QuickBooks can help to track these personal payments as well as business payments, and we will provide methods for doing so.


Screenshots

QuickBooks Desktop Pro-Personal Tax Tracking Tricks
QuickBooks Desktop Pro-Personal Tax Tracking Tricks
QuickBooks Desktop Pro-Personal Tax Tracking Tricks
QuickBooks Desktop Pro-Personal Tax Tracking Tricks

Content

Introduction

Introduction

110 Personal Tax Deductions Problem

120 Personal Tax Deductions Tracking Methods

Accounting Comic Break

Equity Method - Using Draws Accounts To Categorize Personal Tax Items

2 Equity Method - Using Draws Accounts To Categorize Personal Tax Items

Backup Files Link

Backup Files - Download & Restore

PDF - Bank Statement Download

510 Tax Deductions Tracking Equity Draws Account Method Overview

515 Tax Deductions Tracking Equity Draws Account Method Charitable Contributions

520 Tax Deductions Tracking Equity Draws Account Method Education

525 Tax Deductions Tracking Equity Draws Account Method Child Care

530 Tax Deductions Tracking Equity Draws Account Method Medical Costs

535 Tax Deductions Tracking Equity Draws Account Method Personal State Tax Costs

545 Tax Deductions Tracking Equity Draws Account Method Close Draws Accounts

545 Tax Deductions Tracking Equity Draws Account Method Subaccount

550 Tax Deductions Tracking Equity Draws Account Method Enter Data For Prior Mon

555 Tax Deductions Tracking Equity Draws Account Method Bank Reconciliation

Accounting Comic Break

Classes Account Method - Using Classes To Categorize Personal Tax Items

3 Classes Account Method - Using Classes To Categorize Personal Tax Items

Backup Files Link

Backup Files - Download & Restore

PDF - Bank Statement Download

710 Tax Deductions Tracking Using Account Classes Method Overview

712 Tax Deductions Tracking Using Account Classes Method Set Up Classes

715 Tax Deductions Tracking Using Account Classes Method Charitable Contribution

720 Tax Deductions Tracking Using Account Classes Method Education

725 Tax Deductions Tracking Using Account Classes Method Child Care

730 Tax Deductions Tracking Using Account Classes Method Medical Costs

732 Tax Deductions Tracking Using Account Classes Method IRA Individual Retireme

735 Tax Deductions Tracking Using Account Classes Method Personal State Tax Cost

740 Tax Deductions Tracking Using Account Classes Method Subaccount

745 Classed Account Method Filter Reports by Classes

750 Tax Deductions Tracking Using Account Classes Method Bank Reconciliation

Accounting Comic Break

Comparison - Equity Draws Method & Classes Account Method

4 Comparison - Equity Draws Method & Classes Account Method

Backup Files Link

Backup Files Link

810 Personal Tax Deductions Tracking Methods Comparison

Accounting Comic Break




Coupons

StatusDateDiscount
Expired10/24/2020100% OFF
Expired11/24/2020100% OFF
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2008730

Udemy ID

11/5/2018

Course created date

11/21/2019

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