QuickBooks Desktop Pro-Personal Tax Tracking Tricks
3.8 (3 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,998 students enrolled

QuickBooks Desktop Pro-Personal Tax Tracking Tricks

QuickBooks Pro Desktop 2019 tracks more of our year-end tax needs in one QuickBooks file by using tax tracking methods
3.8 (3 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,998 students enrolled
Last updated 6/2019
English
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Current price: $104.99 Original price: $149.99 Discount: 30% off
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This course includes
  • 5 hours on-demand video
  • 2 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Use equity draws accounts to track personal tax items in a business QuickBooks Desktop Pro 2019 file
  • Use classes to track personal tax items in a business QuickBooks Pro Desktop 2019 files
  • Add add, work with, and explain how to use classes in QuickBooks Desktop Pro 2019
  • Explain how the profit and loss statement is related to the equity section of the balance sheet
Requirements
  • We should be familiar with QuickBooks and or accounting.
Description

Use QuickBooks to track personal tax item as well as business expenses easily, so that we have more of our year-end tax preparation materials in one place that is well organized.

Tracking personal tax-related items in a business QuickBooks account is actually a highly controversial topic in the world of accounting and bookkeeping, the conventional wisdom being that we should separate any personal items from the business files as much as possible, whether they be tax related or not.

Many small businesses use QuickBooks primarily to help with year-end tax documentation needs, however, and a system that can achieve more of these needs in one place will be worth the time to learn.

Professional bookkeepers can use these methods to help differentiate themselves from the competition by providing more service that client will greatly appreciate for minimal extra effort once the system is set up.

We will provide two methods for tracking personal tax items in our business QuickBooks file and let you decide if either of these methods will work well for your needs.

One method will work with equity draws accounts and the other method will utilize QuickBooks classes to track personal tax-related items in the business QuickBooks file.

Both methods have their pros and cons and the choice between the two will come down to the individual needs and preferences of the business and bookkeeper.

QuickBooks does a great job of tracking business expenses which we can also think of a business-related deductions, deductions a sole proprietor would report on a schedule C.

There are many other personal deductions a business owner may want to track as they are paid, however. For example, a business owner may want a system for tracking charitable payments, medical payments, child care payments, college costs payments, retirement plan payments, and state tax payments.

QuickBooks can help to track these personal payments as well as business payments, and we will provide methods for doing so.

Who this course is for:
  • Business owner who want a method for tracking personal tax related items using QuickBooks Desktop Pro 2019
  • Bookkeepers who want a system to provide more to their clients using QuickBooks Pro Desktop 2019
  • Accounting students who want to apply concepts to accounting applications like QuickBooks Desktop Pro 2019
Course content
Expand all 40 lectures 04:46:19
+ Equity Method - Using Draws Accounts To Categorize Personal Tax Items
15 lectures 02:06:01
Backup Files Link
00:09
Backup Files - Download & Restore
04:35
PDF - Bank Statement Download
00:18
515 Tax Deductions Tracking Equity Draws Account Method Charitable Contributions
15:22
525 Tax Deductions Tracking Equity Draws Account Method Child Care
11:27
530 Tax Deductions Tracking Equity Draws Account Method Medical Costs
12:35
535 Tax Deductions Tracking Equity Draws Account Method Personal State Tax Costs
10:43
545 Tax Deductions Tracking Equity Draws Account Method Close Draws Accounts
17:00
550 Tax Deductions Tracking Equity Draws Account Method Enter Data For Prior Mon
10:20
555 Tax Deductions Tracking Equity Draws Account Method Bank Reconciliation
14:54
Accounting Comic Break
00:13
+ Classes Account Method - Using Classes To Categorize Personal Tax Items
16 lectures 02:00:50
3 Classes Account Method - Using Classes To Categorize Personal Tax Items
01:01
Backup Files Link
00:09
Backup Files - Download & Restore
04:35
PDF - Bank Statement Download
00:18
710 Tax Deductions Tracking Using Account Classes Method Overview
15:57
712 Tax Deductions Tracking Using Account Classes Method Set Up Classes
07:32
715 Tax Deductions Tracking Using Account Classes Method Charitable Contribution
13:29
720 Tax Deductions Tracking Using Account Classes Method Education
07:45
725 Tax Deductions Tracking Using Account Classes Method Child Care
08:00
730 Tax Deductions Tracking Using Account Classes Method Medical Costs
11:01
732 Tax Deductions Tracking Using Account Classes Method IRA Individual Retireme
07:44
735 Tax Deductions Tracking Using Account Classes Method Personal State Tax Cost
05:12
740 Tax Deductions Tracking Using Account Classes Method Subaccount
12:34
745 Classed Account Method Filter Reports by Classes
15:55
750 Tax Deductions Tracking Using Account Classes Method Bank Reconciliation
09:24
Accounting Comic Break
00:14
+ Comparison - Equity Draws Method & Classes Account Method
5 lectures 19:42
4 Comparison - Equity Draws Method & Classes Account Method
00:44
Backup Files Link
00:09
Backup Files Link
00:09
810 Personal Tax Deductions Tracking Methods Comparison
18:26
Accounting Comic Break
00:14