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Quickbooks

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  • What happens when you turn on the multi-currency feature in QBO… • You can no longer change your home currency. • The Currencies list, where you can manage your currencies, is added as an option under Lists when you select the Gear icon on the Toolbar • You can specify a currency when you add a customer or vendor. • A Currency column appears in the Chart of Accounts, identifying each account's assigned currency. • Once an account has had a transaction posted to it, you can no longer change the account's currency, • A currency notation appears in the Payment, Deposit, Tax, and Balance Due columns on Bank and Credit card registries (or account histories) • Both currencies are noted in the Amount column on sales and purchase forms. • Reports convert all foreign currency to Home currency amounts, and automatically reflect exchange rate changes. • QuickBooks downloads exchange rates nightly from WSoD (Wall Street on Demand). You can also manually enter exchange rates and revalue them if needed. • You can't use different currencies in one transaction. How to assign a foreign currency to a customer… You will need to create a new customer since the customer’s previous invoices have been in USD. 1. Create the new customer as you normally would. 2. Under Payment and billing, you will see a new option called “This customer pays me with”. 3. Select the customer's currency, in this case GBP. This is the currency that the customer uses to pay you for products or services. 4. Select Save. Applying (Matching) the payment to the invoice in Quickbooks Banking The payment will most likely show up as an unmatched deposit and be slightly different than the invoice amount due to the exchange rates. 1. Click on the transaction to expand the view and see more details. 2. Select ‘Find Match’. DO NOT ADD. 3. Select the foreign currency option rather than the default home currency. 4. The invoice should be there. (hopefully) 5. Select the invoice. Hit Save and Close…even if it doesn’t match. 6. Check the customer account to make sure the invoice is marked paid. 7. Quickbooks automatically creates an account called Exchange Gain or Loss. The difference in the exchange rate should be in this account.
  • Investing in an HSA account can lower you tax liability. Not everyone is eligible though, and not everyone may benefit. If you answer 'yes' to the following 2 questions, then chances are you can benefit from opening an HSA account. Do you plan on having out-of-pocket medical expenses next year? These are expenses that are not covered by your insurance or expenses that would go toward your deductible. Examples would be things such as eyeglasses, contact lenses, hearing aids, certain prescription drugs, etc. Expenses that do not qualify include medicines and drugs from other countries, cosmetic surgery, health club memberships and veterinary services. Are your deductibles between $1,350 and $6,650 (self-only) and/or $2,700 and $13,000 (family coverage)? If you answered yes to both questions, you could invest the amount you estimate on paying in an HSA and deduct it on your income tax return. You can then withdraw from the account TAX-FREE as long as the money is used for medical expenses. Make sure what you contribute will be used for future qualifying medical expenses. If you withdraw money for any other purpose, you will have to pay income tax on that amount. There are limits (of course) to how much you can deduct. For individuals, the limit for the 2018 tax year is $3,450. For family coverage, it is $6,900. The 55 and older crowd gets an added bonus of $1,000 meaning a total deduction of $4,450 and $7,900, respectively. Here are some of the top HSA providers and some comparison between them.
  • 2018 will end before you know it. Before it does, make sure to go to the IRS withholding calculator to find out where you will stand come tax time. Although your taxes withheld from your paycheck may have gone down, there are certain circumstances where this may be a detriment rather than a benefit. You should definitely check your withholding, if any of the following are true: You are a two-income family. You have multiple jobs or more than one job during the year. You work a seasonal job or only work part of the year. You claim the child tax credit. You have dependents age 17 or older. You itemized your deductions in previous tax years. You have high income or a complicated tax return. You had a large refund last year. You had a tax bill last year. If you find you haven't withheld enough, use the results from the withholding calculator to file a new W-4 with your employer. Reducing the number of allowances will help for 2019, but may not help this year with so fewpaychecks left til year-end. To avoid a penalty, make sure you have at least paid in the smallest of these amounts: 90% of your current year tax or 100% of your prior year's tax. There is no penalty if your tax due is $1,000 or less. If you would like to make an estimated payment in order to lower your tax due come April, you can do so at https://www.irs.gov/payments . Here you can choose to pay by e-check, debit card, or credit card.

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