Monday, June 6, 2011     17:19

Frequently Asked Question

1. What is Specialized Fields of Accounting?
Managing finances, in both the public and private sectors of society, is supported through the services of general accountancy. Accountants manage the record-keeping of the earnings and expenses of their customers. While all accountants are trained in the foundational aspects of accounting procedures, the field offers opportunities for accounting specialization.

2. How to Clean Up Files on Your Hard Drive?
If your computer is running slowly or you are running out of disk space, you can take steps to clean up the files and free up disk space. Doing so may even improve your computer's performance. Windows comes with the Disk Cleanup utility for this very purpose. The utility gets rid of temporary and unnecessary files.

3. In what way to Use Peachtree Accounting Software?
Peachtree has been making accounting software for business since the late 1980s. At one time, it was the best-selling business accounting package on the market. It is still popular with large businesses and corporations where the smaller, simpler accounting software is not powerful enough to handle the more complex requirements of a bigger company. While Peachtree accounting software does have a sharper learning curve, once it is up and running, using it on a daily basis will make all of your accounting procedures easier.

4. Exactly how to Install Peachtree Accounting?
Peachtree Accounting provides the choice of installing their software from a CD or downloading it from the Peachtree site. Peachtree is also multipurpose in the installation process--you can install Peachtree as a standalone product for one computer or a networked product. The difference lies in the installation process and where you store the company data.

5. In what way to Migrate QuickBooks to a New System?
QuickBooks is a financial software suite developed and released by Intuit. QuickBooks agrees individuals to budget and manage the finances of small businesses. When moving to a new computer, it is critical to ensure that all of your data transfers successfully. Study how to migrate your QuickBooks financial data to a new computer system to prevent the loss of data.

6. How to Set Up a New Company in QuickBooks?
QuickBooks allows organizations to manage their accounting with one piece of software. With QuickBooks, you can set up a customer database, manage your banking accounts, create invoices and control your inventory. QuickBooks is a one-stop shop for money management and tracking and this ability can be critical to a new company. Numerous potential business owners believe the hardest part of utilizing this powerful software is getting started, but the steps necessary to set up a new company in QuickBooks are simple.

7. By what method to Set Up Books for Your New Business?
When operating a business, you must track how much money is going into and coming out of your business at any given time. A good accounting software program can help you set up and manage your company's books. A variety of software programs are available, each personalized to fit the requirements of specific business types and sizes. Keeping electronic records allows you to compute numbers more accurately and track older accounts faster.

8. How to Start an Online Store?
There are numerous benefits to online retailing, including relatively low entry cost, the ability to get the enterprise started in your free time if you have a regular job, the abundance of inexpensive technical tools and specialized services that can make your marketing and operations efficient and effective without the need to hire staff. On the other hand, many people start online stores that seem to sit undiscovered and eventually disappear. The important is putting your startup funds behind things that will help you draw visitors and bring them back again and again. Visitors first and inventory second is a good rule to follow.

9. How to Do Taxes for a Taxi Driver?
When you prepare your tax return as a taxi driver, the Internal Revenue Service (IRS) considers you a self-employed taxpayer. The IRS categorizes you as the owner of a sole proprietorship, even if you lease your cab from a fleet owner. Your completed tax return must include a 1040 listing your total income, a Schedule C listing your net business income and a Schedule SE for your self-employment tax. If you own your own cab, you must also file Form 4562 to claim the depreciation deduction on your cab.

10. How to File Quarterly Taxes?
If you are self-employed, then you are responsible for filing and paying estimated quarterly income taxes. This applies to Federal and state if your state has an income tax. Payments must be made by April 15, June 15, September 15 and January 15 of each tax year. Form 1040-ES must be filled out to determine your tax.

11. What Are Quarterly Business Taxes?
If you own a business and have employees, you are responsible for paying certain taxes quarterly to the IRS. In addition, if you live in a state that imposes individual income tax, you must pay employer taxes to your state Department of Revenue.

12. How to Use QuickBooks?
QuickBooks is a software program that allows you to better run your business. You can track your customers, vendors and employees. With this information you can accurately complete your taxes at the end of the year and you will know how profitable your business was.

13. What Is QuickBooks Used For?
QuickBooks is an efficiency tool designed to help you manage financial information more effortlessly. This software helps in accounting, bookkeeping and managing your income and expenses. QuickBooks can be accessed directly on your desktop or online, depending on the type of account that you want.

14. What Is Virtual Bookkeeping?
Virtual bookkeeping includes outsourcing personal or business financial management to another company or a freelance virtual bookkeeper. These bookkeepers provide correct, up-to-date financials that you can view at any time on the company's website, or on an online software server such as QuickBooks. Virtual bookkeepers manage numerous of your financial needs, including monthly or quarterly taxes, financial statements and paying bills. Your corporate accountant still files your year-end taxes.

15. How to Prepare Journal Entries to Record Transactions?
Most businesses use a double-entry system of accounting to record all transactions that occur. This is done by using a combination of debits and credits, various accounts and the amounts of the transactions. Businesses create a chart of accounts, which lists all accounts used. Each transaction is placed into a particular category. The categories used in accounting are assets, liabilities, equity, revenues and expenses. Each category has rules regarding how transactions are recorded and how debits and credits affect them.

16. How to Post Entries in a General Ledger?
A general ledger is a group of all accounts a business uses along with the balances of each. In the accounting cycle, after a transaction arises, it is recorded in a journal. After transactions are recorded, the journal entries are posted into the general ledger. A company can view balances of all accounts by looking in the general ledger. It contains all accounts the business uses in a particular order starting with assets, liabilities, equities, revenues and finally expenses.

17. Exactly how to Repair a Corrupt Quickbooks File?
Intuit QuickBooks accounting software is usually bug-free; still, there are times when a file becomes corrupted and you need to repair it. When you have the right set of instructions and technical knowledge, fixing a corrupt file becomes a straight forward and easy procedure. With QuickBooks you can save a corrupted file with the software's built-in utilities. It does not require downloading or paying for extra recovery tools.

18. What is Basic Bookkeeping for the Self-Employed?
Self-employed people should have a basic understanding of their bookkeeping requirements, even if they have an accountant who does their taxes. Through understanding bookkeeping processes, the self-employed person can be sure to save the correct information and make it stress-free to produce accurate books at the end of the year.


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