Tips of the Month - February, 2010

QuickBooks: Rebates

Cash-basis
Rebates received should reduce the expense reported, reducing deductions for the year. A rebate received in the year after the expense is deducted should be reported as income
in the year received.
Accrual-basis
Rebate should be recorded in the year earned, regardless of when it is actually received

Tax: Reactivating an Inactive (Terminated) Employee:

Go to: Employee Center
Change View to All employees
Double-click the employee’Äôs name
In the Edit Employee window, choose Employment Info from the Change tabs drop down