Is QuickBooks Pro 2014 Right For Me?Posted on January 24, 2014 by
It is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: I have used my business checking/debit card to make a number of purchases that were for me personally and have nothing to do with my business – how can I fix this?
A: You have two choices: You can reimburse the company for those expenses and put them in an account (equity) called Personal Expense and then when you make the deposit you apply that to the same account. Or you can just leave them in the Equity account and this will become income to you at the end of the year.
Q: How can I compare my business P&L of this year to last years’ P&L?
A: When you run you P&L for the period you want to look at you can go up to the tab on that screen that says Modify – go to bottom of screen and choose the box that is the Last Period Comparison and you can also choose % if you want and then you will have a side by side report for the same period last year.
Q: Is QuickBooks Pro 2014 right for me?
A: QuickBooks made more changes in 2014. In general QuickBooks is for:
- Businesses who need full general ledger accounting
- Businesses who need fundamental inventory control (clients with advanced inventory needs should consider QuickBooks Enterprise Solutions 13.0)
- Businesses who need essential reporting (clients who need reports tailored to their industry should consider QuickBooks Premier 2013)
- Businesses who want to be able to organize all their customer, vendor and employee information in one place