Frequently Asked Questions

An employee is not considered a student unless they are currently registered in a full-time education program. All standard benefits/costs are the responsibility of the employer.

What is the difference between a backup and a portable Quickbooks file?

A portable file is a compact copy of your company file small enough to email or save to portable media. A backup file is a complete copy of all information and includes transaction logs that may be used by an Intuit technician to restore damaged data. It contains everything you need to re-create your company file in case of accidental loss of data but it is very large
too big to email.

I currently prepare my weekly payroll on an excel spreadsheet. Some employees are hourly paid with overtime and some are weekly paid. This is a very time consuming exercise. Is there a quicker, more efficient way to prepare this?

I currently prepare my weekly payroll on an excel spreadsheet. Some employees are hourly paid with overtime and some are weekly paid. This is a very time consuming exercise. Is there a quicker, more efficient way to prepare this?

I have recently started a new business and cash outlay has been considerable setting up the new offices. These costs will prevent any chance of making a profit in the first year. Is there anything I can do?

These costs can be capitalized and expensed over the life of the office lease – spreading the costs throughout the time you occupy this office space.

My business is primarily cost and charge. How can I make sure that I am recovering all my time and expenses?

Quickbooks has an excellent timesheet section which, once time is posted, can automatically be transferred to an invoice for your customer. Expenses can also be tracked with the customer’s name and added to their invoice. Quickbooks will report on any unbilled time and costs. Timesheet data can also be used to prepare payroll for your employees. (ie. Time is entered once but can be used to automatically generate invoices and payroll)

I maintain my own business accounting records but am not always certain where costs/revenues should be allocated. What is the best way to deal with this?

Set up an account to post all the things you are unsure about in one  place and then get professional assistance to review these transactions.