With Year-End around the corner here are a few reminders to add to your to-do list 📝
Here’s the how-to video to update SUI & ETT Rate: https://canduskampfer.com/how-to-update-sui-and-ett-for-the-new-year-in-quickbooks
Timestamps:
0:00 – Intro
0:32 – 7 Steps To Do’s Before Year End
0:51 – Zero Out Merchants
1:44 – Write Down Mileage for Business Vehicles
1:58 – Count Inventory
2:13 – SBA Loan
3:01 – Process Final Payroll
4:22 – Estimated Taxes
4:33 – Review any outstanding checks + re-issue
4:48 – FREE Live Workshop
5:30 – Final Thoughts
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In the comments and let me know if you’re ready for 2022. 🎉
#CandusKampfer
I had a PPP loan that was 100% forgiven. It shows in my balance sheet under “Long Term Liabilities”. What do I need to do to close it out, or show that I don’t have to pay it back?
Thank you!!
Hi Filippa,
You want to record it as “Other Income.”
Have a wonderful day!
Filippa,
Here’s how-to video if you need it: https://canduskampfer.com/how-to-add-and-track-ppp-loans-in-quickbooks/
Candu
Candus,
Thank you for your tips! I have a question pertaining to Payroll. We use PayChex to process our payroll. An employee submitted the wrong account information for Direct Deposit. Therefor it didn’t go into his account so Paychex deposited the money back into our checking account. (We will have to write the employee a check) When I enter the deposit in QBO if I enter the employees name as received from will his account be credited?
Hi Elizabeth,
I would pick a different account example payroll expense and reissue the check to that account and they’ll zero each other out.
This way it won’t mess up your payroll taxes.
Ireland
Team Candus
Thank you!!!
You’re welcome!