Join Rhonda Rosand, CPA and Advanced Certified QuickBooks ProAdvisor of New Business Directions LLC, to set up your COVID-19 Expense account, payroll liabilities account, payroll items and tax credit in QuickBooks Desktop. See what it looks like when you process a payroll and where to go to find the remaining balance of your tax credit.
Mobile Accounting is Here, Now
Now that it’s officially 2020, it may be time to jump on that accounting app bandwagon if you haven’t already done so. The exciting news is you can do a lot of your accounting tasks from your phone instead of your computer.
Here are just a few examples of accounting tasks you can manage on your phone.
Are you still trudging to the bank to make your deposits? If so, there is a better way: Mobile Deposits. Simply download your bank’s mobile app, login, and look for the Make Deposit function. Follow the prompts to endorse and photograph your check through the app. Like magic, the deposit will soon be in your account.
Shoeboxes of receipts are a thing of the past. (Thank goodness, we say!) Send your receipts to your accountant simply by taking a picture of them and sending them via email or through a document entry system like Receipt Bank or AutoEntry. You’ll need to set this up to connect with your accounting system, but once it’s set up, it’s a real time-saver.
Wondering how much income you made last month? Download your accounting app on your phone and login to get many of the features that you have on your computer onto your phone. You’ll need to be on a cloud system like QuickBooks Online or Xero, or possibly have a hosted desktop solution in order to have this functionality.
There’s no need to be tied to your desk on payroll day if you can submit or approve payroll from your phone. Many payroll systems have apps you can download so you can be free of your computer.
There’s a mobile app for almost any add-on you might need, such as TSheets for time tracking and scheduling or Square for taking payments.
If you find yourself often on the go, having quick access to your business accounts will be beneficial. Feel free to reach out to us if you’d like to find out more or get help moving some of your accounting functions to your mobile phone.
Video Tutorial: Part 2 of Paying Employees under the Families First Coronavirus Response Act.
An addition to our previous video, “How To Track COVID19 Paid Leave in QuickBooks Desktop”. We make a quick adjustment to the last account set up. Part 2 of Paying Employees under the Families First Coronavirus Response Act.
With Rhonda Rosand, CPA of New Business Directions
For more information on what you need to know about the Families First Coronavirus Response Act: https://quickbooks.intuit.com/learn-support/en-us/help-articles/ffcra/00/517349
Pay employees under the Family First Coronavirus Response Act: Learn to to track COVID19 sick pay and paid leave in QuickBooks Desktop, with QuickBooks ProAdvisor Rhonda Rosand, CPA of New Business Directions.
For QuickBooks Online, visit Intuit’s guide here: https://quickbooks.intuit.com/learn-support/en-us/help-articles/pay-employees-under-the-family-first-coronavirus-response-act/00/523401
For information on what you need to know about the Families First Coronavirus Response Act: https://quickbooks.intuit.com/learn-support/en-us/help-articles/ffcra/00/517349
April 3, 2020
Both the CARES Act and the Families First Act include a variety of relief measures for small businesses, individuals and certain nonprofit organizations. There are tax benefits, tax credits, direct payments, loan programs, grant programs, expanded unemployment benefits and other resources meant to incentivize businesses and nonprofits and encourage employee retention.
We’re sorting this out as fast as possible and we’ll do everything we can to keep you up to date. This is a moving target – forms and links change as new information becomes available.
You can also check https://home.treasury.gov/cares for the latest information as updates are happening on a daily basis.
Payroll processing companies are working hard to figure out all of the mechanics of the Families First Act and how to report what employers pay for sick time to their employees that would qualify for the payroll tax credits. We’ll keep you updated as we learn more.
Below is a partial list of resources for you to review and consider:
Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
Apply for the Loan Advance https://covid19relief.sba.gov/#/
Read the US Chamber Guide https://www.uschamber.com/report/guide-sbas-economic-injury-disaster-loans
Small Business Emergency Loan Guide – Updated
The U.S. Chamber’s Coronavirus Small Business Emergency Loan Guide, first issued last week, outlines the steps small businesses need to take to access much-needed Payroll Protection Program (PPP) funds.
The guide now includes important information including key dates as the government moves toward implementation. Recently, the Treasury Department issued more details on this paycheck protection program and a loan application available for download.
Starting April 3, small businesses and sole proprietorships can apply for loans.
Starting April 10, independent contractors and self-employed individuals can apply for loans.
There is a funding cap, so the Treasury Department recommends applying as soon as possible.
Be sure to send data using secure methods – these forms include personal and confidential information
Read the US Chamber Guide https://uschamber.com/sbloans
Download the Application https://www.sba.gov/document/sba-form–paycheck-protection-program-borrower-application-form
Employee Retention Tax Credit Guide
The CARES Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of the coronavirus. Employers who receive a Paycheck Protection Program (PPP) loan are not eligible for this tax credit.
Read the US Chamber Guide https://uschamber.com/ertc
Families First Coronavirus Response Act: Employer Paid Leave Requirements
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.
Stay Safe – Stay Healthy,
Rhonda Rosand, CPA