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
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
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
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 502-426-0000.