thanks again for requesting my special report on the
7 Hidden Quickbooks Mistakes Business Owners Should
Avoid For Maximum Profitability & Growth.
A few day ago I emailed you and talked about Quickbooks Mistake #2:
Skipping one of the 3 Steps to Pay Your Invoices.
Today I want to explain...
Quickbooks Mistake #3 -
Incorrectly entering Credit Card Charges
A lot of times we find people not entering their credit card charges at
all, especially if it is a business credit card. If it's a personal credit
card there is a different way to handle it in Quickbooks.
With your business credit card you should be entering every individual
credit card charge AND post it to the correct Expense Account. Then
monthly you should be reconciling these transactions with your credit card
If you have a personal credit card that you sometimes use for business,
these need to be entered and posted to a different Account to accurately
reflect the business expense.
Often we find you may not have these Personal accounts set up OR you're
entering your personal expenses into the business expense accounts.
Again this mistake inflates your expenses, lowers
your profits, ultimately misstates the amount of corporate taxes you would
pay to the local and federal government. Plus if you are audited,
obviously these mistakes, in addition to having to pay for them, raise red
flags for the auditor and can give them legitimate reason to dig deeper
into your books and expand the audit - something no one wants to trigger
themselves through lack of Quickbooks knowledge or training.
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
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
Clark, CPA, MBA
Clark & Clark, PC
203 East 800 South, 2nd Fl
Salt Lake City, UT 84111