Account advice...
dpb
last year that takes withholding/FICA/etc. What would be typical way
to set up accounts so show the proper tax credits in addition to the
estimated payments, FICA, etc., ... ? QB only talks of payroll.
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Haskel LaPort
"dpb" <no...@non.net> wrote in message
news:hg88pa$f1h$1...@news.eternal-september.org...
What tax credits are you referring to?
>
> --
Haskel LaPort
"Haskel LaPort" <QBFa...@gmail.com> wrote in message
news:4b27afaf$0$31269$607e...@cv.net...
If you are self employed you would not record these wages and withholding
taxes on the books and records of your business. Your employer will send you
a form W-2 at the end of the year that you will use to prepare your tax
return.
>
>
>>
>> --
>
dpb
Sorry, poor wording -- not tax credits per se, simply a set of accounts
to show the witholding from the paycheck for FICA/fed/state tax shows up
in year end tax reports so get the total paid in including the estimated
which do pay and end up w/ correct totals.
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dpb
Well, I sorta' mix 'n match to keep all financial records that have to
do w/ taxes in one set of books. I use a Farm/Personal class on each
entry to be able to split off the farm specifically when necessary.
While as you say there will be a year-end W-2, I'd still like the
amounts to show up in the reports.
If you don't have a suggestion, I'll make up something that works... :)
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Haskel LaPort
Then you like to ask questions where you already know the answer?
>
> --
Laura
Here's an idea:
Create a Personal Wages account with 5 sub-accounts: Gross wages, Federal
W/H, social security, Medicare and State W/H. Post the wages as a positive
number and the various withholdings as negative numbers. Your end result
will be your net check. On the Chart of accounts you will see the various
pieces that will show up on your W-2.
Since this has nothing to do with your self employment income these accounts
belong in the Equity section of the chart of accounts so that they don't
impact your business P&L.
dpb
> "dpb" <no...@non.net> wrote in message
> news:hg8hkb$18k$1...@news.eternal-september.org...
>> While as you say there will be a year-end W-2, I'd still like the
>> amounts to show up in the reports.
>>
>> If you don't have a suggestion, I'll make up something that works... :)
>
> Here's an idea:
>
> Create a Personal Wages account with 5 sub-accounts: Gross wages,
> Federal W/H, social security, Medicare and State W/H. Post the wages as
> a positive number and the various withholdings as negative numbers. Your
> end result will be your net check. On the Chart of accounts you will see
> the various pieces that will show up on your W-2.
>
> Since this has nothing to do with your self employment income these
> accounts belong in the Equity section of the chart of accounts so that
> they don't impact your business P&L.
That'll work, thanks. I'd have not thought to have put them in the
Equity section, probably; simply relied on the Class separation, that's
a good idea.
BTW, since am mostly retired and the land is all in a rental
conservation program, the amount of farm activity is pretty minimal
other than the operating expenses as opposed to production status where
far more rigor and decision-making would be required...
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Laura
Anything that is not related to your business belongs in the equity section.
That includes your paycheck and any personal expenses. This keeps your P&L
clean for tax time. Don't rely on the class field to keep things separate.
dpb
...
> Create a Personal Wages account with 5 sub-accounts: Gross wages,
> Federal W/H, social security, Medicare and State W/H. Post the wages as
> a positive number and the various withholdings as negative numbers. Your
> end result will be your net check. On the Chart of accounts you will see
> the various pieces that will show up on your W-2.
...
Did...works as advertised (of course)...
Followup -- say I had these amounts in a file, I could import instead of
entering individually. Looking at a sample app to help the preparation
of iif files, documentation for it states all imported transactions have
to have a net zero balance. Is this really true? If, for example, I
were to use the above splits I'd end up w/ an increase in the deposit
above the net is an increase in the equity account in a "make deposit"
transaction -- why wouldn't that also be the thing in an import
transaction? I've not tried one as yet to see what happens, just
curious if there is a restriction on iif importing like that or not.
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Laura
In QB or any other accounting software the credits must equal the debits. As
you have been told the transactions must net to zero.
Which app are you looking at. I use Big Red Consulting's IIF Transaction
creation with great sucess. http://www.bigredconsulting.com/AboutCreator.htm
Back to your import question. BR allows you to either specify both lines of
the transaction (2 lines) with one account column in your spreadsheet. It
also allows you to use a single line for each transaction but you specify
both accounts in the spreadsheet. This last method is what I use. Using the
single line method the file won't net to zero but it will with the 2 line
version.
As an fyi, imports using IIF files don't always go as planned. Don't forget
to make a backup file before doing the import.
dpb
...
> Which app are you looking at. I use Big Red Consulting's IIF Transaction
> creation with great sucess.
> http://www.bigredconsulting.com/AboutCreator.htm
>
> Back to your import question. BR allows you to either specify both lines
> of the transaction (2 lines) with one account column in your
> spreadsheet. It also allows you to use a single line for each
> transaction but you specify both accounts in the spreadsheet. This last
> method is what I use. Using the single line method the file won't net to
> zero but it will with the 2 line version.
That's what I've been playing with--the trial download. Figured simple
to generate a single transaction format then simply use it...
OK, granted I'm not an accountant and don't want to be... :)
If use the "Make Deposit" form, a sample transaction would look
something like the following splits...
Account
Wages:Gross Wages 427.19
Wages:Mileage 19.74
Wages:Medicare W/H -5.23
Wages:SS W/H -26.49
Wages:State W/H -0.95
That leaves a net 414.26 that shows up as increase in the account the
wages are e-deposited in as is true per statement (I scaled the values
to camouflage actual).
I'm having trouble figuring out where the negative 414.26 goes to zero
the transaction if there's other than simply these figures to enter of
the iff file.
Can you show how would you present that dataset to the iifcreator tool?
> As an fyi, imports using IIF files don't always go as planned. Don't
> forget to make a backup file before doing the import.
I'll make a set of dummy accounts in a sample company file first and get
it to work there then do the backup and try the same iif "in anger" in
the actual file...
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Haskel LaPort
You have too much time on your hands. Why go to such great lengths to make
things more complicated?
>
> --
Laura
Since you are using the multiple line format the net amount will go to the
checking account.
The \BRC folder includes an excel spreadsheet with examples. Take a look in
that file for more help.
dpb
Call it a learning experience???
Isn't acquiring knowledge and/or a skillset a worthwhile activity on its
own?
OBTW, harvest is finally over for the year and not running any cattle
over the winter this year so yes things _have_ slowed down somewhat... :)
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Haskel LaPort
Hey your preaching to choir. Going through the exercise of importing a W-2
into QB as an iff file is something I would do for fun because computer
consulting is what I do for a living and I'm a big fat geek.
If I mistook you for a typical QB user then my bad. I apologize, welcome to
the fold.
dpb
>> Haskel LaPort wrote:
...
>>> You have too much time on your hands. Why go to such great lengths to
>>> make things more complicated?
>> ...
>> Call it a learning experience???
>>
>> Isn't acquiring knowledge and/or a skillset a worthwhile activity on
>> its own?
>
> Hey your preaching to choir. Going through the exercise of importing a
> W-2 into QB as an iff file is something I would do for fun because
> computer consulting is what I do for a living and I'm a big fat geek.
>
> If I mistook you for a typical QB user then my bad. I apologize, welcome
> to the fold.
...
I'm born/bred farm boy, BS NucEng/MS Physics spent 30 years consulting
in commercial power R&D w/ vendors, consulting firm and self-employed
consulting. Returned to family farm after father passed away.
Major area of concentration did involve data acquisition and
instrumentation and control so did much hardware and software work as
well.
This seemed a small dataset that could be used to explore the facets of
iif -- the iif format itself is straightforward enough; it's only the
details of how qb is posting that's got me somewhat puzzled altho I
think I'm getting there. I'll fiddle w/ it some more as time allows...
--
dpb
>> I'm having trouble figuring out where the negative 414.26 goes to zero
>> the transaction if there's other than simply these figures to enter of
>> the iff file.
> Since you are using the multiple line format the net amount will go to
> the checking account.
OK, I got back to looking at this -- it finally dawned on me looking at
a deposit transaction report what wasn't thinking of -- the payee amount
(from the employer in this case) is negative internally even though
entered as positive in the "make deposit" window. The iif file has to
reflect proper sign of internal structure, not that of the data entry
form...
All works now, and I wrote a little batch file that takes the list of
amounts and dumps 'em in in far less time than otherwise. I could
modify it to simply accumulate and do a year end transaction, but it's
now quick 'n cheery to do it this way... :)
Thanks...
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