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.

Setting up the Chart of Accounts in QuickBooks Online

Setting up your initial chart of accounts tends to be the most important first act of you QuickBooks experience.  The Chart of Accounts will vary based on the following factors: The industry Type of entity (Corporation, Partnership, etc.) Company size Who is the user of the reports? Spending habits of the business What are the […]

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Starting a Bookkeeping Business

LAST UPDATE 05/20/2018 If you just started a new bookkeeping business or thinking of starting a bookkeeping business, hopefully this article is useful! Define your CORE services, Your What’s: Cash-basis bookkeeping (also known as “write-up”), non client-facing services performed weekly, monthly, quarterly, or yearly Collaborative bookkeeping, client has access or control to the books, using […]

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VIDEO: Learning Inventory Management in QuickBooks Desktop

More Videos: Part 2 -In-depth Inventory (QB Power Hour) Avg. Cost vs. FIFO In QuickBooks Tracking Landed Cost Manage Sales Tax, Surtax, and Use Tax in QuickBooks QuickBooks Online vs. Desktop Inventory Pros and Cons Enhanced Inventory Receiving Workflow QuickBooks Pro/Premier Manufacturing – Part 1 QuickBooks Premier/Enterprise Manufacturing – Part 2 QuickBooks Premier/Enterprise Manufacturing – Part 3 QuickBooks Enterprise […]

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How can I setup QuickBooks correctly?

This is one of the most common comments I get via e-mail, and it sounds like this: “I was watching your YouTube videos and it helped me get started with QuickBooks, however I have a feeling that I may have be missing something as my bank balances don’t match, my expense categories don’t seem to […]

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