The Consulter
IRS ANNOUNCEMENTS
The IRS has announced another credit for your taxes. This is an excise tax that was mischarged in previous years on your phone bills. This does not include Cell Phones ( Sorry) only land lines. The Credit can be handled in one of two ways.
1. Find all of your phone bills for the valid time period and total the excise tax. This should be the credit amount.
2. Take the standard amount that will be offered, depending upon the size of your family you can then take a standard credit amount.
Remember that a credit is a dollar for dollar reduction to the taxes that you owe. This is also what is considered a refundable credit, so even if you don't have to file a return this year you should still file to get the tax credit reimbursement. THIS IS A ONE TIME EVENT!!!!!!!!!!!
NEW MILEAGE RATES FOR 2008
Business 50.5 cents per mile: up two cents from 2007.
Charitable 14 cents per mile: Remains the same.
Medical and Moving 19 cents per mile: Down a penny from 2007
NEW MILEAGE RATES FOR 2007
Business 48.5 cents per mile
Charitable 14 cents per mile
Medical & Moving 20 cents per mile
QuickBooks Tips
Tip 7
Tip 6 indicates turning on the audit trail to transactional changes, the audit trail may also allow you to view voided and deleted transactions. Many small companies allow the users, or multiple users, including the office manager, owner, officers etc., to sign in under the admin users. Create a user and password for all personal including the administrator, this allows the person using the audit trail to determine who did something to a transaction. The only time the admin user should be used in when QuickBooks requires it, for example, changing company preferences.
Tip 8
END, END, END: Press end several times to go the bottom of a register.
Tip 9
Home, Home, Home: Press home several times to go the beginning of a register.
Tip 10
Units of measure allows the user to set up a different unit of measure for purchase, sales, and shipping.
VISIT THE TIP ARCHIVE PAGE FOR ADDITIONAL TIPS
New to QuickBooks 2007 in the Premier and Enterprise Editions is the ability to use units of measure. More information on this subject next time.
Announcements
C & H Consulting has become a VAR for Fishbowl Inventory, a comprehensive inventory management add on tool of QuickBooks. Fishbowl Inventory has no upper limit on items and will support multiple location inventory management, while fully integrating with QuickBooks. This is an ideal situation for midsize companies
In addition to Fishbowl we have also become a VAR for Legrand CRM. Legrand is a 3rd party software Customer Relations Manager. The system will allow the users to create multiple contacts within a company, assign tasks to other users for followup, create task lists, opportunities and campaigns designed for general use clients or specific catagories and much more. This is a great system for the midsize industry.
C & H Consulting has joined the Sleeter Group's Consultant Network. If you are a QuickBooks ProAdvisor and would like to join a Yahoo Group Dedicated to help other ProAdvisors please click on the link below.
