Quickbooks – how to record personal withdrawal?

Question
What account do I use to pay myself (not a corporation) and transfer monies from my business to my personal accounts?

Respones
Do you have your personal checking account(s) setup in the same QuickBook company file? Are you setup for online banking to download the transactions? Assuming that neither of the above is true, the Chart of Accounts should have owner/equity accounts that you would debit when withdrawing money from the business and credit your bank account to reduce the monetary balance. You can rename the account in the Chart of Accounts as well as create new equity accounts (say, one for each partner).

Quickbooks – tracking probono work

Question:
Just starting law office and doing some probono. However, I want them still to show. Do I create an invoice and write off the amount? How is the best way to do this?

Quickbooks – billing for Time

Question:
I want to bill for attorney time, legal assistant time and create invoices with the attorney and/or legal assistant time on the invoice. I cannot find an invoice template that offers this or add a column/create new field. Anyone have a template?

Response:
First verify that you have time tracking turned on by edit/preferences/time & expenses/company preferences/do you track time –> yes and selecting your first day of the week. It will ask to close all windows and then when you click on the ‘home’ icon, you will see an ‘employee’ section there with the option to enter time. When you enter time using the weekly time sheet, notice the last column. It has a check box to indicate whether the time is billable or not.

Alternatively, you can also enter time as a single activity. Now, when you create an invoice, at the bottom, there is an option/box for ‘add time/costs’ which when selected shows a tab with time activities previously entered in your timesheets. Select the appropriate ones to include on the invoice.

Quickbooks – undeposited funds

When you make a deposit, does it show up under ‘undeposited funds?’

Verify that the preference for ‘Make Deposits’ is set correctly under editpreferencesmy preferencescheckingopen the make deposits.  If that box is checked and the account shown is ‘undeposited funds,’ that is what it will deposit funds to.

QuickBooks 2009 – tracking donated work

Do you do work for which you do not get compensated and would like to track time/costs for such work?

This may sound a bit cumbersome but, given that QuickBooks is a generic solution to meet general accounting needs….

First create an expense account called ‘donated work/expenses (or desired name)’ in the chart of accounts.

Then, create an item called ‘donated work/costs’ under lists/item list/item/new. Type should be ’service’ which will be preselected. Enter a description as appropriate. Associate the item with the ‘donated work/expenses’ account created above.

Use this item in invoices or statement charges – for example, 10 hours @ $100/hour = $1,000. Doing so will add the dollar amount of the ‘donated work/costs’ to the invoice/statement. So, on the next line of the invoice (or create a statement charge) add the item again, this time using a negative amount -$1,000 to credit the above entered charge.

You can run a report any time by going to the chart of accounts and double clicking on the ‘donated work/expenses’ and selecting the time period you need.