New Business Direction LLCLearn How To Add & Edit Multiple List Entries in QuickBooks with Rhonda Rosand CPA and Advanced Certified QuickBooks ProAdvisor
Learn how to back up your QuickBooks file with Rhonda Rosand, CPA of New Business Directions, LLC.
Have a receivable you can’t collect on? Learn how to write off a bad debt in QuickBooks with Rhonda Rosand, CPA, Advanced Certified QuickBooks Proadvisor of New Business Directions, LLC.
If you want to create more revenues in your business, you need to create more transactions. Run these figures with your business to see how you can generate more revenue. Learn How Revenues Are Transactional with Rhonda Rosand, CPA, and Advanced Certified QuickBooks® Pro Advisor of New Business Directions, LLC.
QuickBooks is made up of Lists. The most important list in QuickBooks is the Chart of Accounts; it creates the framework for your financial reports from your Balance Sheet to your Profit and Loss statement and your statement of cash flows. It also creates the infrastructure for your budgets or revenue plan.
Learn about the Chart of Accounts in QuickBooks with Rhonda Rosand, CPA or New Business Directions, LLC.
Learn how to Navigate the Homepage of QuickBooks with Rhonda Rosand CPA of New Business Directions LLC.
Each January we rush around to gather tax information on the independent contractors we paid in the prior year in order to send them a 1099. Here are some basic tips for making it easier and less hurried in your year-end preparations.
A link to the IRS’s instructions for 2018 can be found here.
Form W-9
As a trade or business, you are required to obtain a Form W-9 from your independent contractors before you pay them, better yet – before they do any work for you. This is regardless of how much money you pay them. This form will give you the name, business name, address, entity type and taxpayer identification number.
Who Needs a 1099?
Service Providers – Anyone you pay in the course of your trade or business for services rendered. This includes Accountants, Consultants, Architects, Engineers, Designers, Contractors, Plumbers, Electricians, Installers, Landscapers, Snow Removal companies, Cleaning companies, the Auto Repair technician, Entertainers – anyone who performs a service or casual labor for your business who is not your employee.
Rents – If your business pays rent for office space or land or equipment, you are required to send the recipient a 1099 for the amount of rent you have paid them.
Exclusions – Sole proprietorships, partnerships and LLC’s that are taxed as sole proprietors and/or partnerships receive a 1099. You are not required to send 1099’s to a Corporation or a Tax Exempt entity. The Form W-9 will provide information regarding the entity type.
Threshold – Send to recipients to whom you have paid $600 or more during the calendar year.
Using the QuickBooks® 1099 Wizard
QuickBooks® has a 1099 Wizard to create accurate 1099 and 1096 forms. It allows you to review and edit 
your vendors, set up account mapping preferences, run a summary report to review data, and print 1099 and 1096 forms.
Note: QuickBooks® is only capable of preparing 1099-MISC. If you need to prepare other types of 1099’s (e.g. 1099-INT, 1099-DIV), you will need to do so outside of QuickBooks®.
Deadline
For 2018, if you are reporting Non Employee Compensation in Box 7, you are required to file on or before January 31, 2019 to both the recipients and to the Internal Revenue Service.
New Business Directions, LLC specializes in QuickBooks® set up, clean up, consulting and training services, coaching small business owners and providing innovative business solutions.
This article of QuickBooks Tips and Tricks was based on the 2018 version of QuickBooks®.
Learn How To Write Off A Bad Debt In QuickBooks with Rhonda Rosand, CPA, Advanced Certified QuickBooks Proadvisor of New Business Directions, LLC.
Learn How Revenues Are Transactional with Rhonda Rosand, CPA and QuickBooks® Pro Advisor of New Business Directions, LLC. If you want to create more revenues within your business you just need to create more transactions! New Business Directions, LLC specializes in QuickBooks® set up, clean up, consulting and training services, coaching small…
This year’s theme was “epic” designed as the epic conference to empower small business advisors to develop and sustain the epic practice that distinguishes itself and embraces the key differences that separate ProAdvisors around the good, the great and the “epic.”
Sessions
The four-day conference kicked off each morning with Power Breakfast Sessions followed by main stage presentations with keynote speakers such as Daymond John of Shark Tank, Joe Buissink of Canon Explorer of Light, and author Mike Michalowicz of Profit First. In between general session, attendees dispersed around the conference center into rooms where cutting edge training sessions were being held. Training sessions were broken down into 5-tracks for Practice and Professional Development, Practice Growth, In-Depth QuickBooks Training, ProAdvisor Certification Training and QB Integrated Apps.
If you were fortunate enough to attend, Rhonda Rosand, CPA
taught a 100-minute informative training session titled Successful Implementations from Initial Contact through Ongoing Support on Sunday, May 22nd. As the evenings came around, networking sessions were held consisting of ICB Bookkeeper’s Symposium, the Woodard Network Social hosted within Atlantis’ stunning marine life exhibit, The Dig and of course, the infamous TSheets dance Party on TSheets Tuesday.
Sondra’s Take on Vendors
In between training, I was able to visit the exhibit ballroom which held over 90 vendors, some of which were very familiar. I came across software I use everyday to make my work flow run smoothly and now I am able to put a face to the product. For example, SmartVault allows me to access files anywhere, anytime and from any device. I also have the capability to securely share files with clients and our team.While at Scaling New Heights, I learned the importance of technology and how it relates to strengthening our firm and supporting our clients.
