Hello!
Thank you for taking the time to read our new e-alerts. We hope this information is useful to you.Did you know you can choose which emails you receive from HB&K? We offer e-alerts on the following subjects: Tax, Finance & Audit, Personal Wealth Strategies, Business Strategies and HBKnowledge, which covers a broad range of topics for businesses and individuals.
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Accounting For BP Claims In QuickBooks
Reimbursement From BP Is Considered Taxable Income
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If your business has received funds from BP for financial losses, it is important that you correctly account for that income. We recommend the following: - Post to an account other than your normal income account. Give the new account a descriptive name like "BP
Claims," "BP Proceeds" or "Income from BP."
- The account type should
be 'Other Income'. This will show at the bottom of your
QuickBooks Profit & Loss Statement so you can still see your net operating
income or loss.
Please remember that any
funds received from BP are considered income and taxable. For more information about filing a claim with BP, click here to read and download HB&K's recent summary of the claims process. |
Software Compatibility
Make Sure Your Important Programs Get Along
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One of our clients recently
updated their operating system to Windows 7. The next time they ran payroll
using their 2009 QuickBooks program, they realized no Federal or State
withholdings were being deducted.
When they contacted Intuit,
they were told QuickBooks 2009 had not been tested with Windows 7 and there
could be problems with compatibility. In order to resolve the problem, they had
to update to QuickBooks 2010.
Most of us rely on
software to help us manage our business. When programs don't work together, the
results can be more than just the headache of trying to fix the problem;
incompatibility issues can actually result in loss of data or damage to the
data file.
In order to avoid
conflicts between critical programs, here are a few simple steps you can
take:
- Before you purchase a new program or update an
existing one, verify its compatibility with your operating system.
- If you are going to install a new version of
your operating system (Windows 7, Vista, etc),
make sure you create backup disks of your current configuration. If the new installation
is not successful, you may find that you need to restore your previous
settings.
- Update your settings to allow you to manually
authorize the manufacturer's updates, instead of having them automatically
downloaded and installed. This will allow you to verify that the updates will
work with your existing programs prior to installation.
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Did You Know?
HB&K Is Your Go-To For QB Support
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Hartmann, Blackmon
& Kilgore PC can assist you with QuickBooks issues in real time by actually
logging into your program remotely to help you make corrections or research a
problem. Instead of calling tech support and trying to make sense of
instructions over the phone, you can simply call us directly and we will take
care of the issue for you right away.
To get started, you
will need a DSL line with a static IP address. Our technology team will work
with you to determine what kind of configuration best fits your needs. Once we
establish a secure login, our team will be able to assist you with any issues
that arise by logging into your program from our office.
For more information, call or email your HB&K CPA to get started.
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Hartmann, Blackmon &
Kilgore P.C. is one of the Gulf Coast's leading CPA and business
consulting firms, and is ranked by Business
Alabama as one of the
top-tier accounting firms in the state. The company was
founded in 1990 as a certified public accounting practice, and has
expanded to include consulting services such as business valuation,
litigation support and estate planning. HBK serves as a strategic
partner to many of the leading businesses and municipalities along the Gulf Coast, as well as a variety of individuals
and entrepreneurs.
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Change Your Font, Save Money.
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A recent experiment by the staff at Printer.com demonstrated that by switching fonts from Ariel to Century Gothic, the average business can save between $20 and $80 per year because Century Gothic uses approximately 30% less ink.
The savings can be even greater if your business prints a high volume of documents such as internal memos or emails. For example, the University of Wisconsin at Greenbay recently switched to Century Gothic for their campus email system. Considering the university spends approximately $10,000 a year on ink, that small change could add up to big savings.
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