This is the Blog of Hector Garcia, QuickBooks ProAdvisor and Trainer in South Florida.  Content topics found here will be mostly QuickBooks functions, tips and tricks on how to learn QuickBooks and use it better, accounting related material, and Tax tips.
You may contact Hector at: hector@quickbooks-training.net if you have any other ideas or comments on postings to this blog.

How can I know if my books (financial statements) are “accurate”?

The short answer is, you probably will not… In accounting “Accuracy” is not even part of the principles of accounting; anyone using the accurate is using a completely subjective term.  However in accounting we do have financial audits, and upon completion, the auditor will issue an unqualified opinion stating that the financial statements are “in […]

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12 Flags that can trigger an IRS Audit, Credit: taxprotoday

According to this taxprotoday article,the IRS audits are just .5% of tax returns and there are 12 “red flags” to look after: Misreporting or not reporting income Earning more than $200k Big changes in income Unusually high charitable deductions Unusually low salaries The wrong social security number Hobby losses Inconsistent Alimony reporting Home Office expense […]

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How much is my business worth?

As an Accountant and Business Advisory, I get this question very often! But arriving to an answers is very difficult and 90% of the business value comes from qualitative attributes… However the “answer” to this question can go in five different directions: Book Value: this will be value on the balance sheet, which the total […]

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Creating custom reports in QuickBooks Desktop

Before getting into custom reports, is important to understand the difference between “Source” and Target” Intuit has a great article here: https://community.intuit.com/articles/1556317-source-and-targets-use-in-reports This article is based on an article posted in the Intuit Community, but recently archived under: https://community.intuit.com/articles/1020949-create-customized-reports-in-quickbooks-desktop (must have an intuit community login to see) Customer and sales reports Taxable customers The report is a […]

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QuickBooks Online – User Permission Options

When creting a Custom User in QuickBooks Online Plus, here are the options: All – Access to everything Non – Time-sheet Only Limited to Customer and Sales – Enter estimates, invoices, sales receipts, credit memos, and refunds Enter charges and credits Create and delete statements Receive payments from customers Fill out time sheets for anyone […]

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Importing Items into QuickBooks Desktop

IMPORTANT NOTE: IMPORTING DATA INTO QUICKBOOKS DOES REQUIRE A VERY SPECIFIC SKILLSET AND EXPERIENCE, YOU CAN HIRE US TO HELP YOU WITH THIS PROCESS, EMAIL HECTOR@GARCIACPA.COM FOR MORE INFO There are several techniques for importing items into QuickBooks Desktop (Pro, Premier, Premier Accountant, and/or Enterprise) from an excel/csv file: Simple Excel Import Advanced Excel Import […]

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QuickBooks Desktop Premier vs. QuickBooks Desktop Accountant (2018)

If you are considering purchasing a license of QuickBooks Desktop 2018 and are considering in-between QuickBooks Premier ($369) vs. QuickBooks Accountant ($499); these are the additional features you get for the additional $120* (I have ranked these features by popularity): Batch Enter Transactions: You can add Checks, Credit Card Charges, Deposits, Invoices/Credit Memos, and Bills/Bill Credits from […]

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When are tax returns due?

Depending on the type of tax return, these are the deadlines: S-Corporation (Form 1120S): These are corporations ending in “INC” or “CORP” that have been approved by the IRS to file as Subchapter S.  These entities do not pay taxes on their own, they pass through the taxable income to the owners using a K-1 form, […]

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QuickBooks Inventory Features Comparison (Online vs. Desktop)

Comparing feature availability in QuickBooks Online vs. Desktop   Feature List QuickBooks Online Plus QuickBooks Desktop Pro QuickBooks Desktop Premier/Accountant QuickBooks Enterprise Silver/Gold QuickBooks Enterprise Platinum/Accountant Add/Edit Multiple Items in batch (with excel copy/paste) No Yes Yes Yes Yes Change Item Prices in Bulk No No Yes Yes Yes Credit Limit Warnings No No Yes […]

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“Everything a New Business Owner Needs to Know About Taxes” by Ken Boyd / Intuit

Ken Boyd from Accountinged.com, wrote this great piece for the Intuit/QuickBooks Blog, we compiled all the 8 pages into a single document to make it easy to print! An Introduction to the Pass Through Concept To understand the differences between business structures, it’s important to consider how a particular structure impacts your taxes. Some businesses […]

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The Vision, Mission, Values, and Purpose Statements

Not all companies have stoped to think about these four elements that define you “business” from an strategic point of view, which are: Vision Statement: this is an almost unattainable goal that inspires the organization to reach for, beyond what they could actually achieve, but creates a north to always stride for.  It should be […]

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Which expenses are deductible (or get a tax credit) in my personal tax return?

This is NOT tax advice! please refer to your CPA/EA for a specific list that pertains to you; specially after the 2018 tax reform AND your income tax level/bracket may also phase-out some of these… however here is a list of common personal* tax deductions that people take: Foreign Income Exclusions: due to tax treaty […]

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This QuickBooks Blog is updated every other day!

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Call us to 954-633-2718 or email: hector@quickbooks-training.net