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Posted by L on January 24, 2007, 7:57 am
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> Hello,
>
> i have a relatively easy question. I am using Easy Start 2007
> QuickBooks. I am learning all about the chart of accounts and different
> expense categories.
> Can someone please help me with the Tax Line? I need to know what the
> difference between: are.
Sometimes what seems like a simple question isn't.
All income/expenses are reported, end of year, on tax forms. The tax line
refers to where, on the forms you file, the transactions in the account are
to be placed. The Income Tax Preparation report shows every account, its
type, and what tax line is associated with it.
If you completed the interview when you installed the software, you should
have a pretty complete list of accounts, pre-filled with the appropriate tax
lines.
> All I am trying to do is input under Cash on
> hand a receipt of buying QuickBooks, and cleaning products. And I am
> not sure which Tax Line to use.
>
> And should I be creating an Expense called office supplies and another
> called quickBooks?
>
> T2124 Business: Business Other Expenses
> T2124 Business: Other Costs
> T2124 Business: Office Expenses
> T2124 Business: Supplies
>
When I became 'bookkeeper' to my husbands new business, I immediately
contacted a qualified accountant who looked over the chart of accounts
provided by QuickBooks. She made some additions and changes, and also gave
me an idea of what types of transactions go into which accounts. The session
was invaluable to me, and I highly recommend you do the same.
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