Month: March 2016

Quickbooks

What QuickBooks’ Calendar Can Do for You

These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Or, maybe a smartphone app to track a “to-do” on the road with a paper calendar as backup.

But where do you keep track of your everyday financial tasks? Including these in your scheduling calendars and/or task lists will make for very crowded screens, not to mention how inconvenient it can be to keep switching between applications.

Consider adding one more tracking tool: the QuickBooks calendar. This graphical screen isn’t designed for data entry (except for the to-do list); rather, it’s designed to give you a quick overview of your financial activity, both historically and in the future.


Figure 1: The QuickBooks calendar consists of two parts. The graphical calendar itself displays one of three types of entries: Entered, Due, orTo Do. The number in parentheses refers to the number of each type that occurred or will occur that day. Details of each entry appear below; double-clicking on one opens the original form.

Calendar Setup

Before you start using the QuickBooks calendar, you should designate your display and content options. Open the Edit menu and selectPreferences | Calendar. Make sure that the My Preferences tab is active.

Click on the arrows to the right of every field to open the menu that displays your choices. The first of these are:

  • Calendar view. Daily? Weekly? Monthly? Or do you want QuickBooks to remember the last view that was open?
  • Weekly view. Should the calendar only display the primary workdays or all seven?
  • Show. What items would you like to have displayed on the calendar? It defaults to All Transactions, but you can filter it by transaction type.

You can also specify whether you want past due and upcoming entries to be included, and for how many days.

Tracking your “To-Do”


Figure 2: You can create to-do items and have them appear on the QuickBooks calendar.

The QuickBooks calendar also offers tools for creating a to-do list of several types (call, fax, email, meeting, appointment, or task). These will appear on the calendar unless you filter them out.

Tip: The link that opens the to-do window is somewhat hard to find, but is located in the lower right corner of the graphical calendar.

Click on Add To Do to get started. The window pictured above opens. Click the arrow to the right of the field under TYPE and select the type of to-do that you want to define. You can also select a PRIORITY level if you’d like.

Below those two fields is a small box to the left of WITH. If you want to connect that activity to a customer, vendor, or employee, click in the box and select the type. Then click the arrow next to the field below it and choose the correct individual or company.

You aren’t required to create this link; you can simply designate your to-do type and enter a DATE, TIME, and DETAILS. The activity will still appear on your QuickBooks calendar. But if you do associate it with a specific entity, like a customer, it will appear in that customer’s record when you click on the To Do tab.

A Word About Reminders


Figure 3: You can get advance notice of scheduled financial activities by setting up Reminders. Go to Edit | Preferences | Reminders | Company Preferences.

The QuickBooks calendar is not really a reminder tool. You’ll need to use QuickBooks’ Reminders to get help with advance notice of due dates.

But the calendar will display the actual due dates for transactions. If you’ve entered a bill that’s due on February 28, for example, the wordDue will appear on that date in the graphical calendar; the number of transactions due will appear in parentheses after it. All entries for that day appear in a list below. To see the original form, you’d double-click on the one you want to see.

Using Reminders in conjunction with the QuickBooks calendar can help you stay current with sales and purchases – if you have you due dates established in a way that will be good for your cash flow. Call the office if you need help scheduling incoming and outgoing payments in a way that will work to your advantage.

Tax

Exemptions and Dependents: Top Ten Tax Facts

Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return.

1. Exemptions Cut Income. There are two types of exemptions. The first type is a personal exemption. The second type is an exemption for a dependent. You can usually deduct $4,000 for each exemption you claim on your 2015 tax return.

2. Personal Exemptions. You can usually claim an exemption for yourself. If you’re married and file a joint return, you can claim one for your spouse, too. If you file a separate return, you can claim an exemption for your spouse only if your spouse:

  • Had no gross income,
  • Is not filing a tax return, and
  • Was not the dependent of another taxpayer.

3. Exemptions for Dependents. You can usually claim an exemption for each of your dependents. A dependent is either your child or a relative who meets a set of tests. You can’t claim your spouse as a dependent. You must list the Social Security number of each dependent you claim on your tax return. To learn more about these rules, please call the office.

4. Report Health Care Coverage. The health care law requires you to report certain health insurance information for you and your family. The individual shared responsibility provision requires you and each member of your family to either:

  • Have qualifying health insurance, called minimum essential coverage, or
  • Have an exemption from this coverage requirement, or
  • Make a shared responsibility payment when you file your 2015 tax return.

Please call if you’d like more information about these rules.

5. Some People Don’t Qualify. You normally may not claim married persons as dependents if they file a joint return with their spouse. There are some exceptions to this rule.

6. Dependents May Have to File. A person who you can claim as your dependent may have to file their own tax return. This depends on certain factors, like total income, whether they are married and if they owe certain taxes.

7. No Exemption on Dependent’s Return. If you can claim a person as a dependent, that person can’t claim a personal exemption on his or her own tax return. This is true even if you don’t actually claim that person on your tax return. This rule applies because you can claim that person as your dependent.

8. Exemption Phase-Out. The $4,000 per exemption is subject to income limits. This rule may reduce or eliminate the amount you can claim based on the amount of your income.

Questions? Help is just a phone call away!

Tax

Choosing the Correct Filing Status

It’s important to use the right filing status when you file your tax return because the filing status you choose can affect the amount of tax you owe for the year. It may even determine if you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole year. Sometimes more than one filing status may apply to you. If that happens, choose the one that allows you to pay the least amount of tax.

The easiest and most accurate way to file your tax return is to consult a tax professional who is able to choose the right filing status based on your circumstances. Here’s a list of the five filing statuses:

1. Single. This status normally applies if you aren’t married. It applies if you are divorced or legally separated under state law.

2. Married Filing Jointly. If you’re married, you and your spouse can file a joint tax return. If your spouse died in 2015, you can often file a joint return for that year.

3. Married Filing Separately. A married couple can choose to file two separate tax returns. This may benefit you if it results in less tax owed than if you file a joint tax return. You may want to prepare your taxes both ways before you choose. You can also use it if you want to be responsible only for your own tax.

4. Head of Household. In most cases, this status applies if you are not married, but there are some special rules. For example, you must have paid more than half the cost of keeping up a home for yourself and a qualifying person. Don’t choose this status by mistake. Be sure to check all the rules.

5. Qualifying Widow(er) with Dependent Child. This status may apply to you if your spouse died during 2013 or 2014 and you have a dependent child. Other conditions also apply.

Don’t hesitate to call if you have any questions about filing your tax return this year.

Scroll to top