We received our 1099K from the QuickBooks Merchant Providers (Innovative Merchant Solutions LLC). We also see on our corporate return (IRS Form 1120) that starting next year we will need to enter the amount of funds we received from the merchant provider per the 1099K, then also enter the amount received through non-merchant transactions. Since we are on an accrual basis, have a huge amount of accounts receivable per month and also deal with sales tax, going from our bottom line on our P and L to calculating the amount received through non-merchant transactions and the amount on the 1099K will be an astronomical task. The IRS’ definition of Gross Sales will also make this task difficult. We will be required to add back in each return. This will have to be done with a review of each days receipts. Fortunately we have not done summary entries into QuickBooks financial and have all the detail there. Is QuickBooks working on a solution for this? Especially since we have QuickBooks POS, QuickBooks Financial and QuickBooks Merchant Services, we are hoping there is a work around or a report that calculates this in our future. Fortunately it is not required this year or we would be scrambling to reconcile things. Given our volume of transactions, we cannot wait until the end of next January, when we receive our 1099K, to reconcile this amount and have our information to the CPA by mid February, in order for them to do our return by 3/15. We will probably tackle this as each merchant statement posts, but this is still a HUGE task. Please review form 1120 and the instructions as needed. Having a work around available would be a HUGE incentive to going 100% QuickBooks (Financial, POS and Merchant Services). A big selling point I would think. Since you are so well connected with QuickBooks I thought I’d start by asking you.

Trying not to panic…

I am happy to pay for this information and instruction on how to create these reports. If I can make this system work for me, I’ll buy the software from you. Otherwise, I’ll have to move on to another solution, even though my accountant has told me I ‘have to’ use QuickBooks!

I’d like help ASAP – my deadline for getting this project done was end of this weekends, and it doesn’t look like I’m going to make it! Many thanks –

What in your opinion is the best way to job cost in as much detail as possible in QuickBooks Enterprise? I am having some issues getting it to all come out right

I have another question. Am I able to manage 2 separate companies in QuickBooks without having to recover a back up file each time I need to work on that company? Trying to figure out a way to toggle back and forth between 2 or more companies.

Thank you,

Recently, a new client asked me to straighten out her 2011 transactions for her business she started last year and promised to follow my training for entering them correctly for 2012. She needs to get her 2011 results to her tax accountant. She had someone previously doing the entry, but they are no longer there. Luckily, she has only a few clients and not an enormous amount of invoices – about 80.

She has most of the deposit receipts from the bank but didn’t keep them with the check stubs or copies of the payments so it’s hard to match the payment with the deposit. She entered most of the payments in QuickBooks but without the customer check number and didn’t always remember to change the date for the next payment entered, so several are dated 9/1/11 but there was no deposit on 9/1/11 on the bank statement. I have identified and modified the deposit date on many of those. She has about 50 payments in the Undeposited Funds account. I’ve been trying to match (as best I can) the deposits with the bank statement but in some cases I just can’t find the amount that makes up the deposit in the Undeposited Funds (payments) screen in Make Deposits.

It is proper to enter the deposit without selecting a payment if I cannot find ones to make it up and select either an income account she usually uses for her hourly rate fees or Uncategorized Income to get the deposit in the checking account and reconcile the bank statements for each month in 2011? If not, what is your advice for the best way to handle this situation?

I HAVE DONE ADJUSTMENTS NOW ON THE CHART OF ACCOUNTS SCREENS TO MAKE THEM BALANCE WITH THE STATEMENTS BUT WHEN I RECONCILE AND SAY “ENTER BILL TO PAY LATER” IT THEN COMES UP ON THE CHART OF ACCOUNTS PAYMENT AS A PAYMENT??? AND THEN BRINGS IT TO A ZERO BALANCE?? SO NOW CHART OF ACCOUNTS SAYS ZERO BALANCE AND VENDER FILE HAS A BILL DUE FOR FULL AMOUNT??

Have A Wonderful Day!

Normally cash is used from the “cash in drawer” (actual cash we keep on hand from daily sales) but this time we were low on cash. The withdrawal was made to keep cash on hand.

Thanks!