QuickBooks Class at Fayette Chamber

QB LogoLoggins Kern & McCombs is happy to announce that we are now offering QuickBooks classes at the Fayette County Chamber in Fayetteville.  QuickBooks software helps small business owners save time and money by organizing all business finances in one place. The course covers the basics of the desktop version of QuickBooks such as creating a new company file, accounts payable, accounts receivable, banking and reconciliation.  This class is taught by a Certified QuickBooks ProAdvisor with over 18 years teaching experience.

QuickBooks-ClassPricing:

Fayette County Chamber Members
$150 / $75 each additional from the same company

Non-Members
$200 / $100 each additional from the same company

Next Class:

Date:  August 26, 2015.
Time:  10:00 a.m. until 2:30 p.m.
Includes 30 minutes with box lunch included.

Location:

Fayette County Chamber of Commerce
600 West Lanier Avenue, Suite 205
Fayetteville, Georgia  30214

To Register:

Call Pam Burnett at 770-478-7424

 

 

 

 

 

Loggins Kern & McCombs

LEAF

Loggins Kern & McCombs
Certified Public Accountants

Loggins & Associates PC, Jonesboro accounting  firm has been boasting a new name and logo for a few months now:  Loggins Kern & McCombs  Some of you may be wondering what’s up with the new name and what does it all mean.

The name change recognizes the new partners in the firm, Miranda Kern and Gina McCombs. “Both Miranda and Gina have been involved in the firm’s strategic planning and decision-making for some time now,” said the firm’s founding partner and president, Ben Loggins.  “They have been instrumental in guiding the day-to-day operations of the firm, and I am thrilled to recognize their contributions in a more formal way by making them partners and adding them to the name of the firm.” [Read more…]

QuickBooks – 1099 Printing Issue

QBPA Advanced LogoFor tax season 2013, the Internal Revenue Service has updated the 1099-MISC form layout slightly.  Anyone who prints their own 1099-MISC forms from QuickBooks, please be aware that the only QB version that will print correctly is 2014.  The IRS will not accept forms that are printed incorrectly.   [Read more…]

Track Mileage in QuickBooks

QuickBooks makes it really easy to track mileage for your vehicles.

Once the company file is open, go to Company -> Entire Vehicle Mileage.

2.21_Mileage1

The vehicle menu allows you to choose or add a new vehicle. The trip start and end dates choose when the job is starting and finishing. Typically, this will be on the same day. The total miles are automatically calculated by the difference between the odometer start and end values. The customer job, item, and class associates the total miles with a customer, job, or class. The billable button allows you to decide if you want to bill the client for those miles.

A report can be created to show the total miles during a certain period by going to Reports -> Jobs, Time & Mileage -> Mileage by Vehicle Detail.

2.21_Mileage2The current mileage rates selected in this picture are the 2013 standard mileage rates but you can bill your customers at a higher rate if you desire. Since the IRS and customers like to have a record of miles, QuickBooks makes it easy to keep track of this documentation.

QuickBooks Classes

QB Classes croppedConfused about QuickBooks?  Are you a business owner that needs a little assistance getting your books straight?

Loggins and Associates is pleased to announce that we offer QuickBooks classes here in our Jonesboro, GA office, taught live and in person by a Certified QuickBooks ProAdvisor with 15 years of teaching experience.

Our next class will be January 16th from 12:00 noon to 4:30pm.

What will be covered?

The course covers the basics of QuickBooks — setting up a new file, receiving money, paying bills, and banking information are all included.

 

How long is the class?

The class itself is four hours in length.  Lunch is thirty minutes, and there are scheduled breaks and Q&A time during the class.

 

What is the fee?

The fee for the class is $200.  Lunch and class materials are included.

 

How do I sign up?

Please call Pam at 770-478-7424 to register.  Space is limited.  You can also email info@logginscpa.com for more details.

Starting a New Business

Thinking of starting a new business?  Congrats and thank you!!  Small businesses are what keep our country running.  I thought I’d post a few things to think about if you are starting a new business.  Of course, this isn’t an exhaustive list, and I’d encourage you to take the time to speak with a lawyer and a good CPA to make sure that all your ducks are in a row.  The expertise is worth the cost.

Having said that, here are a few things to think about:

 

  1. What type of business will it be?  There are all sorts of types of businesses — the most common is the sole proprietorship.  This is by far the easiest and simplest business structure.  When I used to tutor, I was considered a sole proprietorship.  I reported my income and expenses on Schedule C of my 1040.  There are other types of businesses as well — partnerships, S-corporations, LLCs, among others.  One of the positives about an LLC (which stands for Limited Liability Company) is that the owner(s) will have limited personal liability for the business debts.  This type of business needs to be formally set up, usually through a lawyer’s office.  In any case, if you decide to meet with a lawyer or a CPA, this will probably be one of the things they discuss with you.
  2. What types of taxes will I be responsible for?  The type of business structure that you choose will also determine what types of taxes you pay and how you will pay them.  The four general types of business taxes are income tax, self-employment tax, payroll taxes, and excise taxes.  If you decide to have an employee as a part of your business (side note: it is not your decision on whether or not someone who works for you is an employee or a subcontractor, they either are or they aren’t), then I would recommend you have a bookkeeping program like QuickBooks and sign up for their payroll subscription.  It is a very cost effective way to do a small payroll.
  3. Employer Identification Numbers: Typically, a new business will need a Federal Employer Identification Number (FEIN or sometimes just EIN).  You can go to irs.gov and see if you need to get one for your business.
  4. Recordkeeping: No matter what type of business you set up, you need to keep track of what comes in and what goes out.  This may be as simple as a spreadsheet (that’s what I used for my tutoring), or you may want to get software like QuickBooks.  Good recordkeeping also includes keeping the support documents for your numbers, like receipts and invoices.  Also, just from an accounting standpoint, it is almost impossible to run a business well if you don’t know how much money is coming in and where the money goes as it goes out the door.

 

I hope this gives you some things to think about.  Take a look at IRS Publication 583 (Starting a Business and Keeping Records)  and Publication 334 (Tax Guide for Small Business) for some more fun reading.

Payroll reports are due 7/31

Just a quick reminder to everyone that is in charge of a payroll that the quarterly reports for the second quarter are due at the end of the month.

Typically this involves the 941 for the IRS, and then a report for your state’s Department of Revenue for your withholding for the 2nd quarter, and then another report for your state’s Department of Labor for your unemployment payment for the 2nd quarter wages.  Obviously, depending on your situation, your reports may vary.

QuickBooks Enhanced payroll has the reports as a built in functionality of that subscription, so that makes it quick and easy.  Or, if you use a payroll service like Paychex or ADP, they can handle the reports for you.

It’s a good idea to keep a copy of the reports filed for your records as well as the backup support.  The Payroll Summary report from QuickBooks usually gives good detail as backup.  I also like running the Employee Earnings Summary report and I keep that on file as backup too.

If you are in charge of payroll and have questions, feel free to leave a comment in the box below and we’ll try to give you a tip or two!  Or, please give our office a call at 770-478-7424 no matter where you are in the country, and we can set something up to assist you.

Sales Tax in QuickBooks

Sales tax is one of those necessary evils when you own your own business.  It’s a pain to track, collect and pay it, but QuickBooks can help out with some of the nitty gritty reporting, whether you are in a state that has one state-wide sales tax rate, or if you have different rates for different counties or other jurisdictions.

As with anything, it’ll take a little bit of time to set it up properly, but once you’re set up, then you should be pretty much good to go. [Read more…]

Congratulations, Sheila Rickard – Advanced QuickBooks ProAdvisor!

Congratulations to our own Sheila Rickard who last week received her certification as an Advanced QuickBooks ProAdvisor!

The Advanced ProAdvisor certification is designed to deepen the expertise of ProAdvisors who are already knowledgeable in QuickBooks, and distinguish Sheila as an expert and highly proficient in the field.

[Read more…]

QuickBooks Inventory — a Primer

Many small businesses have inventory — whether it is just a small amount of hair care products in a beauty salon or a whole nursery full of plants — it’s something that you need to keep track of properly.

We’ve found that many small businesspeople rely on an Excel spreadsheet to keep track of their inventory, but did you know that QuickBooks has inventory functionality as well?  QuickBooks can help you manage the costs of your inventory and even let you know when it is time to order more goods.  Here’s a quick summary of the options that are available to you: [Read more…]