Are you still using Form 8109 to send federal taxes?

In This Issue

5 QuickBooks Myths

Still Using Form 8109?

QuickBooks Tip

Quick Links

Products

Our Website

Five QuickBooks Myths

1. Any small business owner can get started on QuickBooks- Although the day to day use of the software is intended to be user friendly, the set up requires both knowledge of accounting principles and knowledge of the software.

2. Most of my problems are because I have not upgraded- The basics of QuickBooks is based on credits and debits. An upgrade will provide you with additional features. Intuit always eventually stops supporting older versions of the software, effectively forcing an upgrade.

3. If I sign up for the desktop payroll service, most of my issues will go away-

Again an improperly set up company file in QuickBooks will lead to more heartache, frustration, and fees from the federal government. Ensure your company file is correct and current.

4. QuickBooks doesn't work for my type of business-

QuickBooks is based on Generally Accepted Accounting Principles (GAAP) These principles are true for all types of businesses that use QuickBooks.

5. QuickBooks is my only option-

Intuit definitely has the market share in small business accounting software, but it is NOT the only option!

accountingWEB 3/9/2010

Fields Bookkeeping Services Newsletter

Greetings!

Welcome to the June 2010 newsletter for Fields Bookkeeping Services. Interestingly, the Treasury Department is going to require more electronic transactions. This requirement includes those receiving social security, those still remitting payroll taxes with Form 8109 and those that like to purchase paper savings bonds.

Are You Still Using Form 8109 To Send Federal Payroll Taxes?

If you are currently using IRS Form 8109 to send your federal payroll taxes, you will have to make these deposits electronically beginning in 2011, with few exceptions. Now is the time to go to www.eftps.gov and click on enrollment to sign up to electronically send your taxes. Don't delay, as this process does take about a month or more to go through. Beat the rush!

QuickBooks Tip

Question:

From looking at my bank statements, I have noticed that some of my deposits are going into a second business bank account that I have. How can I get these QuickBooks transactions into my main checking account?

You will have to make a bank transfer of the deposits you need to move. I you go into your non-main bank account register in QuickBooks and edit each deposit, you can change the bank account by selecting the appropriate account from the drop-down list at the top of the window. To make this the deposit you permanently deposit to in QuickBooks, you can edit, preferences, checking and click on the down arrow to have your deposits automatically go into the correct business banking account. Just remember to make your deposits to the correct bank account. Hope this helps!

Who Knew?

"By working faithfully eight hours a day for one boss, you may eventually get to own your own company and work twelve hours a day for many bosses."

Robert Frost

Call or e-mail today for QuickBooks consulting, help with any add-on products you are considering and to have your bookkeeping and payroll questions answered by a QuickBooks Pro Advisor.

Thanks for reading my newsletter,

Diana Fields, Managing Partner
Fields Bookkeeping Services, Inc.

Phone: 703 689-3536

Fax No:1 866 278-7100 (Toll Free)

Fields.Bookkeeping@verizon.net

www.FieldsBookkeeping.com

If you have any questions or comments regarding my newsletter or services,

please call or e-mail today.

FREE SET-UP	Free Set Up For New Payroll Customers. Join my payroll service and receive free set up of employee and employer information. Up to a $200.00 in savings. Say goodbye to payroll hassles. Payroll taxes made easy and guaranteed accurate. FREE year-end 1099 creation for active, online payroll customers as of December 31.