Record Keeping

If you have a business, keeping track of income and expenses is part of the job.
Be sure to keep:

• Track of ALL spending;
• A copy of EVERY tax form you file;
• Separate bank accounts for business and personal purposes;
• Personal expenses separate from business expenses;
• All business records at least four years after return is filed.

contact@officetaxservices.com

(858)247-1680

 

Office Tax Services is helping on Brazilian Day!

Office Tax Services is helping on Brazilian Day!

Bookkeeping, Payroll, and Taxes.

www.officetaxservices.com

contact@officetaxservices.com

(858)247-1680

Online Invoicing Designed for Small Business Owners

Online invoicing designed for small business owners Try it FREE

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Using QuickBooks - Categorizing with Classes

If you need to classify by categories your income and expenses in QuickBooks, the solution is using classes. Classes help you track financial results by categories such as business unit, location, etc. This is a way to identify related data. Classes are used in transactions. Classes let you organize transactions into any categories you want. Classes also come in handy for tracking the allocation of functional expenses that nonprofit organizations have to show on financial statements. You can have a subclass of each class that you create.

Before you can assign classes, you have to turn on QuickBooks' class-tracking feature. In the QuickBooks Pro, you can turn it on: Edit - Preferences - Accounting, and then click the Company Preference tab. 

You can create two classes in QuickBooks for your business: location 1 and location 2. Each time you enter a transaction, it will assign one of two classes. Another example is if you have two or more vehicles in your company and you would like to know how costs for repairs, fuel, and so on. You need to set up a class for each vehicle and apply those classes to your QuickBooks transaction entries for repair, fuel, etc.

QuickBooks comes with reports specially designed for tracking class-based transactions such as Profit & Loss by Class, it  can be found in the Reports menu, under Company & Financial. You can find more reports on Report Center.

contact@officetaxservices.com

(858)247-1680