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For December 2011
Customer Refunds: Are You Doing Them Right?
Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks’ tools. Others, not so much. You may find yourself unable to balance your accounts receivable.
There are numerous scenarios that necessitate the use of credit memos, including overpayment, order cancellations and bad debt write-off. It’s critical that these are entered correctly. If they aren’t, you may lose a lot of the time that QuickBooks helped you save as you try to chase down a few dollars.
Click here for the Dec 2011 QuickBooks Tip
This tip brought to you by Schutte & Hilgendorf, CPAs, a Prescott CPA firm serving the greater Yavapai County, provides auditing, accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079
The attached article was written by John E. McEnroe, Jr. and was such a great summary of steps that every Non-Profit should follow, we thought we’d give John credit here and share the article on our website. We found the article when searching for information on the little-mentioned topic of Non-Profit Arizona Registration with the Arizona Secretary of State.
We have observed that many of our non-profit charitable clients are not aware of the registration requirement with the AZ Secretary of State before accepting any charitable donations. Many Non-Profits feel that receiving the IRS determination letter for a 501(c)(3), incorporating through the AZ Corporate Commission, and registering with the AZ Department of Revenue satisfies all setup requirements. Apparently, not so. This doesn’t seem to be widely enforced by the Secretary. An annual renewal is also required every September. Although free, if filed late, there is a $25 fee.
Click on the link below for a copy of the very informative Non-Profit Registration and Reporting Requirements article:
NPO Registration and Reporting_2010
Click here for a link to the Registration Form for the AZ Secretary of State:
SOS Reg Form
Please call Schutte & Hilgendorf, CPAs with any questions related to this article or any non-profit related audit, accounting or tax question. Schutte & Hilgendorf is a Prescott CPA firm specializing in providing audit, tax and accounting services to non-profits, for-profits, and homeowners associations. We also provide tax planning and preparation, bookkeeping, and QuickBooks consulting to individuals and small businesses. We service the greater Yavapai County and Northern Arizona Region. Call us at 928-778-0079 with any of your accounting, auditing or tax needs. Check the rest of our website for constant updates at www. prescottaccountants.com
For November
QuickBooks Tips And Tricks: Make it Yours
No matter which version of QuickBooks you’re using, there are always ways to make your workday easier. As with any software, we tend to learn the features we need and not much more. But small changes in the way you operate can add up to significant time savings and more accurate files. If you jumped into QuickBooks without a thorough introduction, consider these tips.
Click here for the November 2011 QuickBooks Tip
This tip brought to you by Schutte & Hilgendorf, CPAs, a Prescott firm serving the greater Yavapai County, provides auditing, accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079 begin_of_the_skype_highlighting 928-778-0079
The Federal Unemployment Tax (FUTA) rate was reduced from 6.2% to 6.0% effective July 1, 2011. This makes all employers who are subject to Arizona unemployment insurance tax also subject to the .10% Arizona Job Training Tax (JTT) on taxable wages paid after June 30, 2011.
Consequently, the above-mentioned JTT exemptions for certain tax-rated employers expired on July 1, 2011, so those exemptions are no longer in effect with respect to taxable wages that are paid after June 30, 2011. Therefore, ALL tax-rated employers, regardless of their UI Tax rate and whether they are “new employers” or experience-rated, are subject to JTT on taxable wages they pay after June 30, 2011.
Employers who were exempt from JTT in the first and second quarters of 2011 continue to be exempt from JTT on taxable wages they paid in those quarters. In other words, for 2011: (1) if such an employer did not meet the $7,000 taxable wage base of an employee in the first or second quarter, the employer is subject to JTT only on taxable wages paid to that employee in the third and fourth quarter; (2) if the employer did meet the taxable wage base of an employee in the first or second quarter, the employer is not subject to JTT on wages paid to that employee in the third or fourth quarter. Reimbursement employers continue to be exempt from JTT after June 30, 2011.
From Arizona Department of Economic Security Change in FUTA Rate and Job Training Tax Exemptions
If you need more information about the article above, contact Schutte & Hilgendorf, CPAs serving all of Yavapai County with accounting, tax preparation and planning, auditing, bookkeeping, payroll, and QuickBooks consulting.
September 2011 QuickBooks Tip:
Classes or Types? When To Use Them
QuickBooks’ standard reports are critical to understanding your company’s past, present, and future. But the program also offers innovative tools that can make them significantly more insightful and comprehensive.
QuickBooks offers two simple conventions that let you identify related data: classes and types. Classes are used in transactions. Types are assigned to individual customers, vendors, and jobs.
click on the link below for more detailed information on this topic:
Sept 2011
This tip brought to you by Schutte & Hilgendorf, CPAs, a Prescott firm serving the greater Yavapai County, provides auditing, accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079
Attached is your July 2011 issue of the QBC in WORD.
For July 2011
Add/Edit Multiple List Entries Simplifies Record Changes
Data entry and modifications in QuickBooks can be tedious. Beginning with QuickBooks 2010 Pro Edition and above, that job got a lot easier. The Add/Edit Multiple List Entries tool does just what its name implies: It lets you add entries to your lists of customers, vendors, services, inventory parts, and non-inventory parts. It also makes changing one or several of them quick and easy.
Click on the link below for more detailed instructions:
July 2011 QuickBooks Tip
This tip brought to you by Schutte & Hilgendorf, CPAs, serving the greater Yavapai County, provides accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079
For June 2011
Job-Tracking Adds Precision to Your QuickBooks Company
Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases? If so, and you’re not using QuickBooks’ Jobs features, you’re missing out on the opportunity to track and evaluate the financial impact of these complex tasks.
You can, of course, just send an invoice out to these customers. But if you do, you’re not taking advantage of what QuickBooks’ job tools can do. If you create and track these projects faithfully, you’ll have valuable insight that you wouldn’t otherwise.
Click on the link below for more detailed instructions:
June 2011 QuickBooks Tip
This tip provided to you courtesy of Schutte & Hilgendorf, a Prescott and Yavapai County CPA firm providing accounting, QuickBooks training, tax planning and preparation, audits and other financial services to individuals, businesses, non-profits, and homeowners associations.
Article provided by Paychex, July 12, 2011:
Because Arizona was one of the 30+ states that borrowed money from the feds after our unemployment coffers were depleted as a result of our most recent recession, all Arizona employers who are subject to State Unemployment Tax are subject to a Special Assessment beginning July 20th 2011.
Here are a few of the details:
All employers subject to Arizona UI Tax in 2011 and 2012 are also subject to the SA.
- Reimbursement employers are exempt from the SA.
- “Taxable wages” are the first $7,000 of gross wages paid to each employee in a calendar year.
- The SA rate is 0.40% of taxable wages paid in 2011 (maximum $28 per employee).*
- The SA rate is projected to be 0.60% of taxable wages paid in 2012 (maximum $42 per employee).*
- Payment of the SA for the first three quarters of 2011 is due by October 31, 2011, payable as follows:
- In mid to late September 2011, DES will mail employers statements of the SA amounts they owe, if any, for the first two quarters of 2011.
- Beginning with the third quarter of 2011, SA amounts due are payable with quarterly UI taxes and reported on Line 7, Part C of the Unemployment Tax and Wage Report (form UC-018).
- Employers may include the amount of SA due for the first two quarters of 2011 on their third quarter 2011 report and remit a single payment for all amounts due.
- Alternatively, employers may pay the SA for the first two quarters separately from a report, via the online Tax and Wage System (TWS) at www.azuitax.com or by check or money order.
Please see attached article (Special Assesment change with SUI) from DES for details, or visit the below website:
https://www.azdes.gov/main.aspx?menu=316&id=6767
Click on the link below for this months QuickBooks Tip:
April 2011 QuickBooks Tip: Using Sales Orders
Sales Orders in QuickBooks: Why? When? How?
There aren’t that many different types of forms to keep straight in QuickBooks, but you likely don’t use all of them. You probably use invoices and purchase orders frequently, and may fill out the occasional sales receipt or credit memo or estimate.
But what about sales orders? You may find that they could make your bookkeeping more accurate and easier. There are only a few situations where they’re needed, but they’re the appropriate form to use at those times.
Schutte & Hilgendorf, CPAs, serving the greater Yavapai County, provides accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079.
Click on the link below to get this month’s Quickbooks Quick tip. Check back monthly for more easy, time-saving tricks.
QuickBooks Tip for March 2011: MAKE A STATEMENT!
QuickBooks Helps You Make a Statement
How do you let customers know they owe you money? Probably by sending invoices. And how’s that working for you? If your customers are all conscientious and pay on time, maybe that’s all you need to do. But perhaps you need to consider doing at least part of your billing by dispatching statements. These forms have their drawbacks. For example, you can’t include sales tax or discounts on them. You can’t group related charges and subtotal them. And your customization options are weaker than in invoices.
For more QuickBooks training tips, contact Schutte & Hilgendorf, CPAs, a full service accounting firm providing Prescott and the greater Yavapai County with excellent tax, accounting, auditing, bookkeeping and QuickBooks consulting services. We can be reached at 928-778-0079.
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We Are The Piece That Fits.
Schutte & Hilgendorf PLLC
3140 Stillwater Drive
Prescott AZ 86305
Phone: 928.778.0079
Fax: 928-778-0261
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