Setting Up QuickBooks

The most important list in your accounting system is your Chart of Accounts. You track your flow of money through this list of accounts which includes where your income comes from, where you put it, what your expenses are for, and what you use to pay them. QuickBooks' EasyStep Interview walks you through setting up your accounts. The system also offers sample business templates that already have accounts set up for you. You can later delete or add any accounts that were initially setup in this interview to make it match your income and expenses better. Keep your chart of accounts SIMPLE! Too many accounts result in messy reports that are hard to read and analyze. Also, use descriptions for your account id's, not numbers. If you assign account numbers for each account, you will have to memorize the numbers for fast data entry. It is much easier to type in the name of the account when entering transactions. This is a key timesaver and way of making QuickBooks work for you.

As a special offer to my readers, I offer QuickBooks Discounts and Deals.

Payroll Taxes Made Easy

Running your payroll is more than just paying employees. You have a lot to do and it is important to do it right so that you avoid paying any fees to the government. According to Payroll.com, "Use W-4s to calculate your employee's paychecks correctly. The IRS requires all new employees to fill out form W-4, which asks employees to state their marital status and how many tax allowances they will claim. Based on the number of allowances they claim, employers can determine the amount of federal income tax to withhold from the employee's paycheck."

Sounds complicated but really isn't when you use Payroll from the makers of QuickBooks.