How To Set Up Classes in Quickbooks
Still struggling to create classes in your Quickbooks account? One of the many perks of choosing Quickbooks over other accounting software and programs is the ability it offers to track your expenses based on custom criteria. Rather than grouping all of your expenses into one, you can separate them into multiple “classes,” allowing you to find and access them more easily in the future.
You might be wondering why you would even need to separate your expenses into classes in the first place. After all, can’t you just wait until tax day rolls around next year to separate them? Of course you can, but it’s far easier to separate them when you initially add the to your Quickbooks account. For instance, you may want to split your expenses into various departments such as accounting, marketing, custom acquisition, shipping, etc. Not only will this streamline your business, but it will also make it easier for you to determine which aspects of your business need improving and which ones don’t.
To set up classes in Quickbooks, fire up your account and click the List menu > Class List > Class > New > and enter a name for the new class (note: it’s recommended that you choose a name related to what the class contains, such as “shipping” or “marketing.” When you are finished, record the class and repeat the process for any additional classes you wish to create. Sorry if you were expecting more, but that”s all it takes to set up classes in Quickbooks!
With your classes created, you’ll want to establish a budget for them. Doing so isn’t necessary by any means, but many business owners will find it helpful in determining exactly where their funds are going. Also, remember to assign the appropriate class to any new bills you enter into Quickbooks. You can always go back and do this later, but it’s easier to assign your bills to the appropriate class the first time around to prevent any discrepancies.
Did this tutorial work for you? Let us know in the comments section below!
Intuit and IRS Partner To Fight Tax Fraud
The Internal Revenue Service (IRS) and Quickbooks maker Intuit have teamed up to fight tax fraud.
It’s estimated that tax fraud costs the U.S. government roughly $305 billion annually, or more than $3 trillion over the past decade. It’s one of the main reasons why our country’s deficit is so high, which is why the IRS has stepped up its efforts to combat this problem.
Earlier this month, the IRS announced that it had partnered with Intuit in response to a surge in identify theft and tax fraud. It’s not uncommon for criminals to file fake tax returns using the personal information of hard-working American citizens. But these citizens don’t receive the refund to which they are entitled. Instead, the money is sent to the criminal, whom cashes the check before going into hiding. This all-too-common tactic has become increasingly problematic as of late, with more and more phony tax returns popping up at the IRS office.
The partnership between the IRS and Intuit involves new steps to validate taxpayer information. In other words, the IRS and Intuit will implement additional measures to ensure the person filing the tax return is who they say there are. By validating taxpayers’ identity, it should reduce — but not completely stop — the number of the fraudulent tax returns being submitted to the IRS.
IRS Commission John Koskinen released a statement in regards to the partnership with Intuit, saying it signals a new era of cooperation between the IRS, states, and electronic tax industry that will help curb identify theft and tax fraud.
“This agreement represents a new era of cooperation and collaboration among the IRS, states, and the electronic tax industry that will help combat identity theft and protect taxpayers against tax-refund fraud,” IRS Commissioner John Koskinen said in a written statement. “We’ve made tremendous progress, and we will continue these efforts. Taxpayers filing their tax returns next filing season should have a safer and more secure experience.”
Do you think this partnership is a good idea? Let us know in the comments section below!
What are Business Grants and How Do I Apply For Them?
Did you know the government gives away hundreds of millions of dollars every year to people just like you? It’s called grant money, and unlike a loan, it never needs to be paid back. But, most people don’t know how to go about for applying for government grants or that they even exist.
Grant money is given out everyday for hundreds of different reasons. But, you cant just call uncle sam and ask him for a few thousand dollars. There are typically lengthy applications you must fill out, and grant money is usually given out for specific reasons. You need to first evaluate what your goals are with the free grant money to see if you will likely qualify.
One of the most common types of government grants given out today are school grants. This is money that’s given out to students who are wanting to go to college, but may be unable to afford it. It can be used to pay for college tuition, text books, room and board, and other school expenses. If you want to see if you qualify for a college grant, visit the Free Application for Federal Student Aid (FASFA) website. There you can view, download, and submit the application form for federal funding. If you feel like you need help through the process, take a visit to the college you’re wanting to attend. They will likely have a financial aid center that will guide you.
Grant money is given out for much more than just college, though. Businesses commonly receive grant money in order to pay for their start-up, employee payrolls, production, and office space. It’s not uncommon for businesses to receive multiple grants at once. Because of this, you’ll want to apply for as many different types of business grants as you can. Even if you’re turned down for one, you may get accepted for others. Always be optimistic when you apply for your free grant money, as you don’t get penalized when applying for more than one grant!
Businesses who are in the research or medicine field will most likely be eligible to receive more grant money than those who aren’t. This isn’t the government being biased, its just that they see the importance of research and development to grow the country as a whole.
Grants are only given out to registered U.S. Citizens who are over the age of eighteen with a valid social security number. If you don’t meet this criteria, then its probably not worth your time to apply for any grant money.
Although the most common reason grants are given out is for school and businesses, you may be eligible to receive grant money for other reasons. If you are planning on starting a charitable project that helps the community, such as a youth club, you will most certainly be accepted for a free money grant.
There are many misconceptions regarding free grant money. Some people are under the impression that you can simply ask for check for a couple thousand dollars and have one magically mailed to you. The grant system is in place to give those in need a helping hand and to benefit the overall community.
How To Improve Your Credit Score
Do you know your credit score? It may be nothing more than number from 350 to 850, but your FICO credit score can have an impact on multiple aspects of your life. Whether you’re applying for a car loan, mortgage, credit card, small business loan, or even a student loan, chances are the lender will pay close attention to this number. Thankfully, there are plenty of ways to improve it, making you a more attractive candidate for financing.
Keep Credit Card Balances Low
Try to get into the habit of maintaining low balances on your credit cards (assuming you have them). When determining whether you are a prime candidate for a loan/credit, the lender will look at your ratio of debt to available credit. As long as you have a good chunk of open credit that’s being used, you’ll reap the benefits of a higher FICO credit score. It’s just that simple.
Pay On Time
Yes, paying your bills on time will have a positive impact on your FICO credit score. This should come as little-no-surprise, however, given the fact that creditors pay close attention to repayment dates. Waiting just one week after the due date can hurt your credit, so try to make a reminder to pay your bills on time. If you are unable to make a payment for whatever reason, contact the creditor to see if they can work out a different plan or postpone the due date.
Limit Credit Inquires
No, this isn’t an myth like some people may believe. Pulling your credit card too many times in a short period of time can and will affect your FICO credit score — and not in a good way. There’s nothing wrong with checking your credit once every couple of months, but you shouldn’t be doing it any more than this. Keep credit inquires low to boost your FICO credit score.
Raise Your Credit Limit
Don’t be afraid to call the credit card companies and ask them to raise your limit. Even if you don’t intend to use the extra card — which you shouldn’t — having your limit raised may improve your FICO credit score. Again, this is due to the fact that it improves your debt-to-available-credit ratio, which is something creditors pay close attention to.
How To Make a Partial Payment in Quickbooks
Trying to figure how to make a partial payment in the Quickbooks accounting software? As a business owner, there are times when you may only pay a part of a bill. This is completely normal, especially in cases involving lump bills for multiple services. Rather than paying it in its entirety, you make several smaller payments over time.
Thankfully, Quickbooks has a simple solution for business owners who need to make partial payments. All it takes is a few quick steps and you’ll be well on your way to sending the appropriate payment to the vendor or client.
To make a partial payment, fire up the Quickbooks software and click Vendors > Pay Bills > and enable the “Show all bills” option. Doing so will reveal all of your past and current bills, including the one on which you need to make a partial payment.
Once you see a list of all of your bills displayed, scroll through on the click the check mark column next to the one on which you need to make a partial payment. Next, enter the amount of the partial payment (not the total) in the “Amt to pay” column. It’s important to note that Quickbooks may automatically fill this column with the total amount of the bill. You can delete and change the “Amt to pay” to any amount, however, simply by selecting and deleting it.
After entering the partial payment into the “Amt to pay” field, click the “Payment Method” from the drop-down menu and specify how you would like to pay the bill. If you have credit or debit cards attached to your Quickbooks account, they should be available here. If you plan on paying the partial bill with a check, however, you’ll need to select “To be printed,” at which point Quickbooks will print a check. You can also assign a check number manually by choosing the “Assign Check No.” option. Last but not least, click “Pay & Close to record the partial payment and close the window.
Did this tutorial work for you? Let us know in the comments section below!
Intuit Becomes Official Sponsor For Aston Villa
Quickbooks maker Intuit has announced an official sponsorship with the Aston Villa football club.
This is somewhat surprising news considering the fact that Dafabet has sponsored Aston Villa for the past two years. But it appears the Witton, Birmingham-based Premier League football club is taking a different direction, as Intuit will now be the official sponsor for the next two years.
Details of the Intuit-Aston Villa sponsorship remain largely unknown at this time. However, media reports indicate that it’s a “£3 million” deal, which is a bit vague. It’s believed that the Baggies — whom Intuit sponsored last year — earned roughly £1.5 million from the sponsorship. Therefore, a £3 million deal sounds pretty accurate, although we’ve yet to hear an official statement regarding how much exactly Intuit is paying Aston Villa for the sponsorship.
Soon after the sponsorship was announced, Aston Villa Football Club Chief Commercial Officer Charlie Wijeratna released a statement, saying his company is delighted to welcome Quickbooks as a “principle sponsor.”
“We are delighted to welcome Intuit QuickBooks as our principal sponsor. We are proud to have on our shirt next season a major US brand that has ambition to grow in Europe and Asia,” said Aston Villa Football Club Chief Commercial Officer, Charlie Wijeratna. “I know the team here at Aston Villa will be working hard to combine the marketing capability of QuickBooks with the Aston Villa brand and the reach of the Premier League. We hope and expect it to be the start of a great relationship that will enhance both brands significantly.”
News of this sponsorship signals heavy marketing efforts on behalf of Intuit to target small business owners and entrepreneurs on the other side of the pond. While Quickbooks is undoubtedly the leading small business accounting software here in the U.S., it’s not quite as well known over in the U.K. Of course, there’s no better way to change this than by sponsoring a league for the country’s leading sport: football. This new sponsorship with Aston Villa will increase Intuit’s visibility in the U.K., generating greater brand recognition while drawing tons of new customers to its products and services.
Tips on Applying For a Grant
The government gives away millions of dollars in grant money every year to people and businesses across the nation. This money can be used to start a new business, go to school with, or simply use it for living expenses, and best of all you don’t have to pay it back. Unfortunately, most people don’t know where to start when it comes to applying for a government grant.
Lets go ahead and cover some of the basic requirements for getting approved for a grant. Are you a registered citizen living in the U.S. and are over the age of 18? If so, continue on.
It’s almost always best to check with your local and state agencies first when applying for a government grant. Typically, they will be more inclined to give out grant money since most businesses will positively affect the area around them. Take a visit to your city’s courthouse and see what types of grants they offer. If you can’t find anything, check the official government website online.
Applying for a government grant doesn’t ensure you will get the grant, remember its called applying for a reason. One way to help you through the process is to apply for as many government grants as you possibly can. There is no penalty for being turned down on a grant offer, but if you are accepted for multiple grants, you get more money.
Before you go applying for all the grants you can find, you need to decide what type of grant you need. Government grants generally fall into different categories such as educational, business, minority, research, and environmental grants. For example, if you are wanting cash to go back to school, you would look for educational grants.
Educational grants are the most common type of grant given out today. With so many people wanting to go to school or back to school, the government has stepped in and is willing to help. If you are a single mom, minority, or living in a low income area, your chances of being approved are much higher. It’s also important to note that applying for an educational grant will usually be easier than applying for a business grant.
If you are interested in educational grants, go around to the colleges around your area and ask them about what grants are available to help students pay for tuition. They will more than likely be eager to help you find a grant that suit your needs.
There are different requirements for the different types of grants available. For business grants, a proposal is often required. Your grant proposal should outline and detail everything you intend to use the money on. If you are planning on starting a bakery business, make a proposal that says how you plan on accomplishing it with the money given to you by the government.
Applying for a government grant doesn’t have to be the hassle you may expect. Just be prepared with a written proposal, apply for as many grants as you can, and have a positive attitude on the situation. Start with local and state agencies then work your way up to the national funded government programs. This will help your chances on getting the money you need in these tough times!
Intuit To Launch $30 EMV Reader
Intuit, the brains behind Quickbooks, has announced plans to launch an EMV reader.
As many small business owner and entrepreneurs probably already know, October 15 is the date on which EMV liability standards will become universal. In an effort to make the transition a little smoother, Intuit is offering a mobile EMV reader for just $30 bucks. The reader is currently only available through pre-order, but this is expected to change in the upcoming months.
So, what programs are compatible with Intuit’s new EMV reader? In a statement made on Tuesday, Intuit said it will integrate sales transactions within Quickbooks Online and desktop Quickbooks, all though the GoPayment App. If you plan to use the EMV reader, you’ll need to download and use the GoPayment App on your smartphone. Support for the service will be announced at a later date, said a spokesperson for Intuit.
Intuit further added that just 42% of small business owners plan to transition to EMV technology. This begs the question: why aren’t they making the switch? One possible factor attributing to this trend is the simple fact that many small business owners have never even heard of EMV, let alone used it. In any case, the EMV liability date is coming, and small business owners need to make the switch.
EMV, which is essentially a new liability protocol, is a name derived from the combination of Europay, Mastercard and Visa. The purpose of EMV is to prevent credit/debit card fraud by implementing new security features. We’ve seen a disturbing uptick in cybersecurity attacks as of late — something Intuit hopes to reduce by launching its new EMV reader. It will in essence bolster the security features already existing in users’ cards, such as the magnetic strips.
“The biggest barriers for small businesses to become EMV-compliant are cost and lack of time or resources required to research terminals,” said Inuit’s Eric Dunn, who is the company’s senior vice president of payments and commerce solutions. “We want them to know we’re beside them on this journey to a more secure payments infrastructure, and are providing an affordable solution as well as equipping them with resources to ease any burdens.“
What do you think of Intuit’s new EMV reader?
Is a Business Grant The Right Choice For Me?
Free enterprise is the backbone of this country’s economy. When a new business emerges, it creates needed jobs for the unemployed and keeps money flowing through the market. The government acknowledges the importance of small business and has a grant program in place to help new businesses get up on their feet.
Many people are unaware the grant program even exists for business owners, because it’s not advertised or spoken of often. But, there are dozens of different grants that you may be eligible for if you plan on starting a business, or if you already own one.
The amount of grant money you can receive for a business will vary depending on the requirements and type of grant you are applying for. You will never be responsible for paying it back and it can be used for such things as business licenses, overhead, company payroll, supplies, and any other business related expenses.
The process of applying for a business grant can be lengthy compared to other types of grants, such as school or college grants. To prepare for federal funding for your business, its important to get all your needed paperwork in order. This means going through your sales revenue, spending, projected sales, set goals, and time-line of the business. You may need other information if the grant application asks for it. Be sure to fully complete any and all grants you apply for.
When you think you have all, or most of the information pertaining to your business ready, its time to start applying for the grants. Remember, don’t limit yourself to one grant; apply for as many business grants as possible. It’s not uncommon to receive a grant to start your business and one to use for paying your employees.
During your application, be as honest and accurate as possible. A simple mistake on something like revenue could cost you the grant. It’s not a bad idea to have someone go over and proofread your application.
You may want to consider hiring a consultant to help identify your businesses needs and help find a government grant that your business would likely qualify for. This can be time-consuming and may cost a little extra, but compared to the payoff you’ll receive, it should be more than worth it in the long run.
If you do take the route of hiring a professional consultant, keep an open dialog with them. They will be your lifeline to knowing whats going on with your grant application process. Not only will they be there to guide you through, but they can answer any questions you have along the way.
If your business is related to research, community projects, or “going green”, you will be more likely to receive multiple business grants. The government realizes these types of businesses not only help the economy, but they help the community as a whole.
Starting and owning a business is no easy task. It takes time, effort, and money. Thankfully, though, grants are commonly given out to people just like you who are looking to start a business. It’s up to you to be proactive and find the information you need on applying for these free business grants.
Intuit Launched ‘Sync With PayPal’ App
Wouldn’t it be great if you could automatically important all of your PayPal data to Quickbooks? Well, now you can thanks to a new application launched by Intuit.
On May 19, 2015, Intuit announced the arrival of its Sync With PayPal app, which does exactly what the name suggests: it allows users to sync their PayPal accounts with Quickbooks. So anytime you receive a payment via PayPal, purchase a product or service, etc., it will automatically upload this data directly into your Quickbooks account. There’s no easier way to manage PayPal data than by using Intuit’s new Sync With PayPal app.
So, what prompted Intuit to launch a PayPal integration app? According to the company’s senior vice president for payments and commerce solutions, roughly 1 in 4 Quickbooks users also use PayPal. With such a substantial chunk of their userbase sending and/or receiving payments via the online payment processor PayPal, it only makes sense to create an app for it.
Sync With PayPal is available to download for free from Intuit’s app store. Some of its features include the following:
- Automatically import PayPal transactions, fees, taxes, tips and discounts into QUickbooks.
- Automatically sync customer information from PayPal into Quickbooks.
- Securely download other transactions and expenses into default categories within Quickbooks.
- Eliminate the need for manual data entries; thus, improving accuracy and reducing the risk of human error.
Of course, these are just a few of the many features offered by Intuit’s new Sync With PayPal app. You can learn more about the app and everything it has to offer by visiting the official Intuit app store at https://apps.intuit.com/cmsimages/promo/quickbooks/paypal.htm?cid=par_paypal_pr_4Q15ppalblog.
“Our collaboration with PayPal, and the app we’ve built as a result, further broadens our thriving payments ecosystem,” said Eric Dunn, Intuit’s senior vice president for payments and commerce solutions. “Intuit is committed to delivering a range of personalized best-in-class payments solutions for small businesses. Our open platform allows small businesses to use the tools of their choice and therefore operate efficiently in a frictionless environment.”
What do you think of Intuit’s new Sync With PayPal app?