Tips and Tricks to Help You Better Use QuickBooks. | Hawkins Ash CPAs
In this edition
September 2019

Outagamie Sales Tax Increase

Register for these Upcoming Events:
  • QuickBooks Connect Roundtable
  • Payroll and Year-End Webinar

New Features for QuickBooks Online

Create, Edit or Delete Recurring Transactions
Outagamie Sales Tax Increase
A half-percent sales tax will go into effect January 1, 2020 for Outagamie County, Wisconsin. Businesses that make taxable sales in Outagamie County will need to update their accounting/point-of-sale software to reflect the increase of the sales tax. 
In QuickBooks, you will want to set up a “Sales Tax Group” to account for the extra 0.5%. To do this:
  1. Click “Lists” on the top menu bar, click “Item List”, click the Item dropdown on the lower left side of the window, and click “New”
  2. Choose “Sales Tax Item” as the Type
  • Sales Tax Name - enter Outagamie Co.
  • Description – leave as Sales Tax
  • Tax Rate – enter 0.5%
  • Tax Agency – enter Wisconsin Department of Revenue; click “OK”

This will bring you back to the Item List. To create the “Sales Tax Group”:

  1. Click the Item dropdown again and click “New”
  2. Choose “Sales Tax Group” as the type
  • Group Name/Number – enter Outagamie Co-WI
  • Description – leave as Sales Tax
  • In the Tax Item box, click the dropdown and choose your sales tax item for Wisconsin Sales tax
  • Click to the next line and choose the new Outagamie Co. sales tax item
  • The Group Rate should be 5.5%; click OK

Until December 31, 2019 continue using the Wisconsin Sales Tax item for taxable sales in Outagamie County. On January 1, 2020, change the sales tax item on invoices/sales receipts to Outagamie Co-WI for any taxable sales in Outagamie County.

Contact: Debbie Denny , Advanced Certified QuickBooks ProAdvisor
Direct: 920.337.4558
Email: ddenny@hawkinsashcpas.com
Register for these Upcoming Events:
QuickBooks Connect Roundtable
Sales Tax in QuickBooks

During this interactive conversation, we’ll cover how to properly set up and pay sales tax and troubleshooting sales tax issues within QuickBooks. Register today to participate in our upcoming QuickBooks Connect Roundtable in September.

Monday, September 16, 2019

9:00 a.m. – 10:30 a.m.
Payroll and Year -End Webinar
As an employer, you know year-end payroll processing and reporting is a complex undertaking that adds to the stress of closing the books for the year. To ensure a smooth, error-free year and to get the latest information, please join us for our Payroll and Other Year-End Reporting Webinar. This webinar is offered to bookkeepers, business owners and payroll professionals free of charge.
Topics covered include:

  • Fringe benefits
  • W-2 add backs
  • ACA reporting
  • Independent contractor issues
  • 1099 rules and due dates

Thursday, December 5, 2019

9:00 – 10:30 a.m.
New Features for QuickBooks Online
Payroll Processing

Have you ever been processing a payroll in QuickBooks Online only to realize that an employee has had a change since the last time you processed? Now you can make changes right from the Run Payroll workflow! In addition, you can preview changes before submitting the payroll. This is how:

  • Employee names within Run Payroll workflow are now clickable.
  • Click on an employee name; you will be taken to the employee setup page where you can add or edit a variety of fields. Some of these fields include payment method, bonus amount, and more.

Following your edits and payroll processing, you can preview payroll details to be sure that the changes you made appear correctly. What a time savings this modification will be!

Receipt Capture

Receipt Capture now lets you take a picture of your receipt and store it electronically in QuickBooks Online! Receipts are automatically categorized and matched to transactions, saving you the headache of trying to locate them at tax time.

1.) Take a photo of the receipt with your phone. Add them to QuickBooks Online in one of the following ways.

  • Scan directly through QuickBooks mobile app.
  • Upload, then drag and drop them into QuickBooks Online.
  • Forward them by email. Email forwarding will need to be setup in QuickBooks Online by selecting the “Register your email” button in the “Banking” tab.

2.) The receipts you have added will post to one consolidated “Receipts” dashboard in the “Banking” tab.

3.) Once receipts are added, they will automatically be categorized and matched to existing transactions. If a match cannot be found, you can use the receipt to create a new transaction.

What a great way to track purchases such as fixed assets and repairs and maintenance - two of the accounts you know your accountant always takes a look at during tax time!

Contact: Julie Williams, Certified QuickBooks ProAdvisor
Direct: 507.252.6675
Email: jwilliams@hawkinsashcpas.com
Create, Edit or Delete Recurring Transactions
Many invoices, rent payments, or journal entries consistently recur from month to month. Never miss a transaction again by creating “memorized transactions.”
How to Create a Memorized Transaction in Desktop

  1. Enter the transaction the way you want it memorized, but do not select save. Note: if certain fields contain information that may change, leave those fields blank. Example: Leave the memo field blank on a recurring check so you can enter a different memo on each check.
  2. From the Edit Menu, select “Memorize (Transaction)”
  3. Enter a Name for the Memorized Transaction, then choose a type - “Reminder List.” “Do Not Remind Me,” or you can choose how often you want QuickBooks to Automate the Entry.

How to Create Recurring Transactions in QuickBooks Online

Memorized Transactions is only available in QuickBooks Desktop. However, if you’re using QuickBooks Online Essentials or Plus, you have the option to set Recurring Transactions for customers and vendors. To create a recurring template, here’s how:

  1. Select the Gear Icon
  2. Under Lists, select “Recurring Transactions”
  3. Click “New”
  4. Select the type of transaction to create, and select “OK”
  5. Enter a Template Name
  6. Choose a Type – Scheduled, unscheduled or reminder
  7. Enter the necessary information
  8. Save Template
Memorized or recurring transactions can be a real time saver. Utilize the software for maximum efficiency. You’ll be glad you did!

Contact: Jennifer Kiehne , Certified QuickBooks ProAdvisor
Direct: 507.252.6682
Email: jkiehne@hawkinsashcpas.com
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Tax Insight Podcasts
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ERISA Record Retention
Complying with ERISA record retention requirements requires being responsible and staying prepared. Failing to do so can get you into a messy situation in the event of an audit.

Sales and Use Tax is a Big Deal
With the passing of the US Supreme Court decision in the South Dakota v. Wayfair, Inc. case on June 1, 2018, you may have become a Remote Seller who is required to collect and remit sales tax to another state.
Hawkins Ash CPAs
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