Upcoming Filing Deadline for CalSavers
You may have received notification from the California EDD (Employment Development Department) regarding the mandated registration with CalSavers Retirement Savings Program. CalSavers is a state operating retirement savings program for California employees. This is a friendly reminder that the filing deadline is December 31, 2025. In 2022, California legislature passed SB-1126 which expanded the mandated registration […]
Setting Up Your Chart of Accounts
Account Numbers Using numbers with your chart of accounts is not required, but it is an excellent way to properly organize your chart of accounts list. Understanding the standard numbering system will help you add new accounts in the future. Standard Numbering Scheme: When setting up your chart of accounts it is important to choose […]
How to Handle Customer Deposits in QuickBooks
The Wrong Way The easiest, and most frequently recommended way is to “invoice” the customer. This satisfies the need for the customer to have a document on which to pay the deposit. When the final invoice is produced, then the customer deposit item is put on the final invoice as a negative which offsets the […]
How to Handle Vendor Deposits Paid in Advance in QuickBooks
A situation you might encounter is that a vendor may request you to prepay for inventory purchases.The challenge is that you cannot put an item receipt or bill in the system as this will distort your inventory because you have not physically received it. This process will keep inventory balances correct and maintain an Asset […]