OBI BLOG

QuickBooks® General Ledger Feature 2-15-16

QuickBooks® General Ledger Feature For QuickBooks® users with limited accounting background, the General Ledger feature – referred to as General Journal Entries from the Company drop-down in the main QuickBooks® home screen – can appear to be the most foreign part of the software; as most other functions are easily demonstrated with fillable forms similar […]

User Permissions in QuickBooks® 2-8-16

User Permissions in QuickBooks® QuickBooks® applications operate files with the option of allowing data to be added, manipulated and deleted by multiple users; this multi-user interface, while helpful in differentiating the work done within an accounting file by various users, should be carefully set up in order to mitigate any risks to information and limit errors. […]

Using QuickBooks® Items 2-1-16

Using QuickBooks® Items The form-driven functionality of QuickBooks® enables the user to quickly interact with each transaction form, either by manually entering the information necessary or relying on the customization of previously saved templates with pre-populated information. Invoices, sales receipts and bills may be populated with the descriptors of goods and services sold. These lines are […]

The Two Main Uses of Book Value 1-25-16

The Two Main Uses of Book Value The measurement of a company’s value is often readily associated with the day-to-day operations and key financial ratios related to output of goods and services; a business owner may consider valuation from a larger scale or as factors of his balance sheet accounts, but often not as frequently […]

Forms 1099 1-18-16

Forms 1099 Forms 1099 constitute a series in the set of more than eight hundred forms and schedules used mandatorily by individuals and corporations to report their financial affairs to the Internal Revenue Service (IRS). The IRS categorizes Forms 1099 as information returns and stipulates that these forms be used for reporting non-employee compensation. Non-employee […]

Payroll Tax Compliance – 1-4-16

Payroll Tax Compliance Payroll tax compliance mandates specific year-end filings within the first month preceding the end of the year. W-2’s, 1099’s, and federal unemployment tax annual reports for 2015 must be sent to employees, recipients and the federal government, respectively, by January 31st. Fourth-quarter filings for the previous year (Form 941, including employment taxes, […]

Itemized and Standard Deductions: Elements of Income Tax Filings

Itemized and Standard Deductions: Elements of Income Tax Filings in the United States of America Itemized and standard deductions are important elements of income tax filings in the United States of America (USA). In the determination of taxable income, both deductions help to minimize tax obligations. Whereas the Internal Revenue Service (IRS) prescribes itemized deductions […]

S Corporation and Sole Proprietorship: Why They Matter? 12-21-15

The S Corporation and the Sole Proprietorship: Why They Matter for Tax Purposes In the United States of America (USA), organizations usually take the form of corporations, limited liability companies, partnerships, S corporations and sole proprietorships. An organization’s owner decides on the form of the organization after carefully considering the applicable tax and legal criteria, […]

Using QuickBooks Items 12-14-15

Using QuickBooks Items The form-driven functionality of QuickBooks enables the user to quickly interact with each transaction form, either by manually entering the information necessary or relying on the customization of previously saved templates with pre-populated information. Invoices, sales receipts and bills may be populated with the descriptors of goods and services sold. These lines […]

FASB and Its Effect on GAAP 12-7-15

FASB and Its Effect on GAAP The application of accounting methods to record and present financial transaction data has evolved significantly in both the public and private sectors over the last fifty years. Since 1973, the United States’ generally accepted accounting principles (GAAP), a set of accounting standards grown from general practice and the standardization […]