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Smith Office Solutions, Inc.

November 2011

 

In this issue
Important Dates
Feature: Direct Deposit
W-9, 1099 & Contractors Oh MY
QuickBooks Tip of the Month
Trivia
Greetings!

 

Halloween is over and the sugar rush is wearing off, but Smith Office Solutions is keeping the energy high. 

Check out Smith Office Solutions latest effort in assisting your business to succeed. Our article on alternative payroll options through QuickBooks will give you the information you need to find a payroll option that works for your business.  With options such as Direct Deposit and Pay Card, getting paid has never been easier for your employees.

 

We continue with our series of articles intended to help you be prepared for the crunch that comes with Year-End. Last month we discussed who needs to receive a 1099. Now that it is November, we are providing you with the information you need to map and review your 1099 information. Smith Office Solutions wants to help you beat the stress of the season. 

 

We have a great tip for you this month to help manage your bank and credit card accounts in QuickBooks. Also, to show that we "bean-counters" are not completely stuck in spreadsheets, we have included a little bit of fun trivia. 

 

Check out our website by clicking on the links at the begining of this letter.  We have some exciting changes planned and you won't want to miss them!
 

Important Dates:

 

11/11   Veteran's Day

11/15   Payroll Tax Deposit due for Monthly Depositors

11/24   Thanksgiving Day
 

             

April 2012    QuickBooks 2009 Payroll Services are no longer supported by Intuit

 

 
Feature Article: Direct Deposit (all you have to do is have money in the bank)

 

 

Stardard Direct Deposit 

Intuit QuickBooks Direct Deposit is an easy and affordable solution for you to pay your employees. Save an average of $176 per employee per year by switching to Direct Deposit 1 . And, save time by eliminating the hassles of printing and signing checks.

Pay just $1.25 per paycheck. 

 

You Can Also Pay Your Employee With a Debit Card.

 

What is an Intuit branded Debit Card?

The Intuit branded Debit Card is a Direct Deposit solution that helps employees manage their finances more efficiently, without requiring a bank account, or the need to get a check cashed. It provides employees access to electronic funds and works just like a Visa(R) debit card. These debit cards are the perfect solutions for the kids' allowance, personal spending money, or for those employees who don't have a bank account. Click here to learn more about pay cards.

 

 

Contact us for more information  

We use direct deposit but not the debit card.  You don't even have to miss the payroll to an employee, start right away.

It is almost the end of the year it is time NOW to get ready.
Part 3: 1099's: Getting ready to send out my 1099s. 

 

  1. The first thing to check the vendors to see if they are set up correctlyGo to the Vendor menu at the top of the screen and then to Print/E-file 1099s.  Run the report.  This will show you all your vendors.  They will need to have the Tax Id number and Eligible for 1099 marked yes if they are to get a 1099.  You can double click the name to correct the information as needed. Make sure the total address is correct.  Remember that the owner's name needs to be on there too in most cases.  The individuals name should show up first and it will if you enter the name into the contact on edit Address Info page.
     
     
  2. The next things you need to know is were the transactions recorded correctly. This is a bit tricky.  Say for example for subcontractor the may bill you for materials & labor separately. This transaction should be split.  Only the labor will go on the 1099.  The account related to the labor part of the  transaction to will be a necessary for the next step.  You may have to look at the item to see where which account the item is code to. Edit the item and look at the left sided account if there are 2 sides.  The best thing to do is to keep track of the accounts the first time you do this procedure.  Don't change an account on your items unless you have spoke to your ProAdvisor first because you do not want to change prior years income taxes.
     
     
  3. Mapping is next. If you go back to the screen that talked about 1099s you will see Map Accounts. Don't attempt to do this unless you are really comfortable doing this. If you decide to do this don't change the thresholds. Box 1 & 7 are probably the most common to be used. In box 1 put in your rental payment account.  In box 7, click on multiple accounts. Then you will click off all the accounts gathered in step 2 above. If you have anything other than these 2 boxes ask you ProAdvisor or Accountant/CPA how to map them.
     
  4. Now you need to review. On the screen you were on in steps 1 & 3 click the #3 Run Report. You will see the 1099 Summary which lists everyone that should get a 1099. Anything in Uncategorized should probably be materials. Any name that doesn't have an amount didn't get paid enough to receive a 1099.

 

The first year is the toughest. If you don't add accounts the review is much easier. Remember corporations, governments or non-profits don't get 1099s. If all this process sounds time consuming then call us and let us help. We can set you up so that you are just sending out & collecting the W-9s.

     
Remember the 1099s are do to the receiptant by January 31 and to the government by February 28.

  

 

Coming Next Month

 

 Part 4:   

 

 

 

 

 
QuickBooks Tip of the Month

 

Changing the color of an account

  1. Open the register of the account that you would like to change
  2. Click on the Edit menu, and choose "Change Account Color"
  3. Choose the color you like from the window that opens

This is useful tip for companies that have multiple bank or credit card accounts, or as an easy reminder for accounts that are only used for specific transactions.

 

 
Trivia
 
Jazz musician Kenny G (Gorelick) graduated in accounting from the University of Washington

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