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Tax

September Tax Calendar / Due Dates

September 2011
September 12 Employees – who work for tips. If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
September 15 Partnerships – File a 2010 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute K-1.
Individuals – Make a payment of your 2011 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2011.
Corporations – File a 2010 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.
S Corporations – File a 2010 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
Corporations – Deposit the third installment of estimated income tax for 2011. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.
Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August.
Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.
Accounting Quickbooks

Using the Add/Edit Multiple List Entries Feature

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.

Using this feature, you can:

  • See customized views of your list data
  • Enter missing information
  • Create new entries from duplicates of existing ones
  • Do a mass change of a whole column
  • Copy and paste records from Excel

There are myriad applications for this tool. You could use it, for example, when you’re changing Preferred Vendors for a group of items and you don’t want to have to edit each individual item record. Or when the area code for select customers or vendors has changed. You could use it if you’re adding an inventory item that’s just slightly different from another, or when your accountant tells you to change the name of an account.

Building the perfect view

To get started, click Lists | Add/Edit Multiple List Entries. In the screen that opens, click the arrow next to the List box and select the type of data you want to see, like Customers. Then select the group that you want displayed by dropping the View list down. Click the Customize Columns button. This window opens:


Figure 1: Make sure your columns are correct and in the right order.

The list on the left represents all possible column labels. To make the list on the right reflect what you want to see in your table, highlight the correct item and use the Add or Remove buttons and the Move Up or Move Down buttons. When you’re satisfied, click OK. The table will change to display those columns in that order.

TIP: You may have a lot of empty space between columns. To close those gaps, put your cursor on the faint vertical line that separates two column names. A cross-like symbol will appear. Drag it left or right until the columns are positioned well.

Let’s say that a customer commissions a new job. Since so much information will remain the same as in previous jobs, you can duplicate her record. Highlight the last entry in her list of jobs and right-click. Select Duplicate Row. The new entry will contain her default information, except the name will change to DUP [NAME OF PREVIOUS JOB]. Change that phrase to the name of the new job and click Save Changes if you’re done.


Figure 2: It’s easy to duplicate an entry’s information.

Mass changes

You may occasionally want to make the same change to a subset of records. Say a city’s zip code changed and you want to find the customers affected. You’d open the Customers list, click on the View arrow and select Custom Filter. Then:

  • In the Search list, choose from All, Active, etc.
  • In the For box, enter the common attribute, like the zip code.
  • Click on the arrow next to the in box, and tell QuickBooks where you want to search (address fields, all common fields, etc.).


Figure 3: You can search for a group of entries that share a common characteristic.

  • Click Go. QuickBooks will display a list of all of the matching entries.
  • Make your change to the entry at the top of the list, then right-click on it. You’ll see this menu:


Figure 4: The Copy Down command changes all entries in a column to match the top one.

When you select Copy Down, all of the entries duplicate the first one in the list.

Some housekeeping

Anything you change in these views, as long as you click Save Changes, will be reflected throughout QuickBooks, wherever that record appears. If you’ve made an error, like using a dollar sign, you’ll get a message telling you to fix it.

You can use Add/Edit Multiple List Entries in other ways. For example, it’s a good way to see how thorough your recordkeeping is. Take a look at your lists occasionally to spot missing data. Or say you were at a trade show and signed up new customers, but you didn’t have QuickBooks on your laptop so you entered them in Excel. Once you’ve made sure that your column names and order in Excel match those displayed in Add/Edit Multiple List Entries, you can just copy and paste the new customers in.

This feature is easy to use, but be cautious. We can help with complex modifications. Add/Edit Multiple List Entries is one of the ten best features QuickBooks has incorporated in recent years. It’s an easy way to get a birds’ eye view of your lists, and a great time-saver.

Technology

Getting Your Business Organized Using Google Docs

Sometimes you come across information that awakens your thought process similar to how smelling salt awakens a KO’d fighter. That’s how I felt after reading the below article on ‘Getting Your Business Organized Using Google Docs’. I am a daily user of google products, so the information in the article is not necessarily new to me, its just some of he thought processes laid out in this article are fantastic… Making it a must read.

As a person with a educational and professional background in accounting I consider myself, and am considered by others, as an organized individual; someone who helps organizations in the process of establishing systems to keep them organized. Yet this article has rearranged my thinking as to the importance of cloud computing vs traditional file folder organization.

Here are some excerpts:

…’As Merrill writes, “the root of our problem is our brain; it’s simply not designed to deal with the competing demands of our time and attention in today’s fast-paced, information-saturated, hyper-linked world.” Every day, we are all becoming more and more overwhelmed by information. So cutting through that clutter becomes increasingly important.’…

…At any given moment, your brain can hold no more than 5 to 9 items at once in short-term memory, as Merrill notes in the book. As you need more space (when multitasking) and try to remember more, your brain pushes items into long-term memory, until they are needed again. That process is far from foolproof….

…“Because of all of that back and forth, it turns out empirically that you drop more information by multitasking than you do by working on tasks independently,” Merrill says. “So not only does multitasking make you more stressed, but it makes you less effective.”…

The full article can be found here:

http://www.inc.com/guides/201105/getting-your-business-organized-with-google.html

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