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Monthly Archives: December 2011

News Flash – QuickBooks Payroll Getting Ready for 2012

Here comes 2012! We hope you enjoyed your holidays. In this email, read about tax changes that will be in place starting next year.

Payroll Tax Updates

Here’s the latest on what’s changing for 2012. Intuit has updated their service to incorporate all the changes below, so you don’t have to worry.

  • Social Security wage base increase –The Social Security wage base will increase to $110,100 starting 2012.
  • Extension of reduced employee Social Security tax rate – President Obama signed the Temporary Payroll Tax Cut Continuation Act of 2011 (H.R. 3765). The Act includes a two-month extension of the reduced employee Social Security tax rate of 4.2% through February 29, 2012.
  • FUTA Surtax changes – The FUTA tax rate was 6.2% from January 1, 2011 through June 30, 2011, and decreased to 6.0% July 1, 2011 through December 31, 2011. FUTA tax is calculated using the rate in effect when the wages were paid. Form 940 for small business filers and Form 1040 SH for household employers will report split wages and tax calculations in 2011. When filing FUTA tax returns, some employers may be prompted to enter more information about their paycheck history to correctly calculate the FUTA tax.
  • Credit reduction states – A state that has not repaid money it has borrowed from the federal government to pay unemployment benefits is a “credit reduction state”. If you pay wages in a credit reduction state, you will pay more FUTA tax. The following states are credit reduction states: AR, CA, CT, FL, GA, IL, IN, KY, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, VA, and WI.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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News Flash – QuickBooks Payroll Update Revised Tax Tables

Intuit QuickBooks Payroll 
Payroll Update: Revised Tax TablesIntuit has released Payroll Update 21202, which includes revised tax tables and forms updates and reflects the Temporary Payroll Tax Cut Continuation Act of 2011 signed by President Obama on December 23, 2011. To see the complete contents of this update, click here.How do I get the Payroll Update?
It’s important that you receive everything in the Payroll Updateto make sure that you are in compliance with legislation that affects your payroll. Just follow these three simple steps:

  1. Check to see if you have Automatic Updates turned on.
    Choose Help > Update QuickBooks.
    – On the Options tab, you will see either Yes or No selected for Automatic Update.
  2. If Yes is selected, you should receive all Payroll Updates automaticallywhen they are released the next time you are connected to the internet.You can verify that you received Payroll Update 21202 from within QuickBooks. Go to Employees > Get Payroll Updates. You should see a message that says, “You are using tax table version 21202.”
  3. If No is selected for Automatic Update, you need to download the update manually. Click here for instructions.

Disk delivery customers: The next disk delivery is scheduled for late January 2012 and will include these updates. If you have an internet connection and would like to download the update now, simply follow these instructions.

 

Social Security Tax Rate Extension for Employees
On December 23, 2011, President Obama signed into law the Temporary Payroll Tax Cut Continuation Act of 2011 (H.R. 3765). The Act includes a two-month extension of the reduced employee Social Security tax rate, maintaining the employee rate at 4.2% through February 29, 2012.Intuit QuickBooks Payroll is supporting this change in Payroll Update 21202. For more information, click here.Important E-File Scheduling Information
E-filing through QuickBooks for Forms 940, 941, and 944 will be available beginning on January 4, 2012. The Social Security Administration is now accepting 2011 W-2s. However, due to high seasonal volume, the SSA may take 6 weeks or more to process your submission and provide updated status information. Do not resend your forms unless the SSA asks you to do so.Intuit QuickBooks Payroll Year End Center
Prepare for the upcoming tax season by visiting the Intuit QuickBooks Payroll Year End Center. You’ll find the resources you need to help you plan, including a year-end checklist, agency news and guidelines, and a How Do I section with answers to your common end-of-year questions.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to See a Report of Inventory Breakdown by Store in QuickBooks Point of Sale

I’m using QuickBooks Point of Sale v9. How can I see the report of inventory breakdown by store? And at remote store, can I see just the item (inventory) that belong to that store only? Or can I see the inventory at other store as well?

There is a Multi-Store Store Inventory report in Reports > Items. You might want to give your stores codes in Edit > Preferences > Company > Multi-Store > Store Codes/Classes so it’s easier to read the report, otherwise it’s just going to show Store 1, Store 2, etc.

You can filter just about any report for HQ or one of the remote stores by selecting Modify and then Filter.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Enter Donations and Grants in QuickBooks

I just started using QuickBooks 2011 and am trying to figure out how to enter simple donations and grants received. Could someone please take me step-by-step through how to do both of these functions? Thank you!

Here are the step-by-step instructions for how to enter donations and grants in QuickBooks:

  • Go to Lists > Chart of Accounts and create two revenue accounts – one for donations and one for grants.
  • Go to Lists > Item List and create two service items – one for donations and one for grants using the appropriate revenue account.
  • When you receive a donation or grant, go to Customers > Enter Sales Receipts using the items you created above.
  • When you make the bank deposit, go to Banking > Make Deposits and select the payments you’re depositing.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!