Tips of the Month - July, 2009

QuickBooks:

Requiring Account Numbers

If you want to require accounts numbers for all accounts in your Chart of Accounts List complete the following steps:

1. Select the Edit menu and then select Preferences
2. On Accounting Company Preferences, select Show Lowest Subaccount only
3. If there are accounts on the chart without account numbers you will see Warning Window “Your accounts list contains accounts without account numbers ”
4. Go to Chart of Accounts and assign account numbers

Tax:

Meals

Occasionally, when employees work overtime, employers buy them dinner, calling it “supper money”. The cost of the dinner is excludable from the employees’ income and exempt from FITW, FICA and FUTA under the following conditions:

1. The benefit is given only occasionally : and
2. The amount is not based on how many overtime hours are worked