[fname], last week I emailed you and talked about Quickbooks Mistake #3: Incorrectly entering Credit Card Charges.

 

Today I want to explain...

 

Quickbooks Mistake #4 - Setting up your Payroll Incorrectly

Every year the Department of Labor & Industry changes State Unemployment Rates and people don't know where to update that rate.

Sometimes they can change in the middle of the year and these changes are not included in the payroll update necessarily. So often you may miss this and either over or under paying your unemployment taxes.

Another aspect of Payroll is the way Quickbooks ties it into other accounts. For example on your payroll taxes there is a special way to write that check in Quickbooks so that it goes into each account correctly.

I find most people don't know how to do that. Another problem is you may have reported to the DL&I one number but in Quickbooks your numbers are different because of a rate change. How do you adjust that liability in Quickbooks so it is correct. Again if you are not sure if you are doing this correctly, go to the LAST PAGE of this report.

We have an OFFER you might want to take us up on. Plus we have different options where we can help train you on how to correctly set up Payroll and other Quickbooks problem areas.

As you read the rest of the report, remember each of the mistakes just remember that making one or more of these mistakes can cause you to under or over pay your state and federal taxes.

Not to mention over or understating your expenses and profits on your statements and to your bank if you submit statements to them for loans or other reasons.

That is why at the end of the report you will see I offer a Free Quickbooks Accuracy Scorecard where I or my Quickbooks expert here in our office will perform a Free Quickbooks Evaluation on your Quickbooks program company file.



Enjoy the report and if you have any questions or want to schedule your Free Quickbooks Evaluation just call my office at (480) 641-8100.
 

Regards

Nathan DeBacker, CPA
CFO Financial Services LLC
1405 N. Dobson Rd., Suite #5
Chandler, AZ 85224
Phone: (480) 641-8100