[amayausers] Re: Business Accounting
- From: "Linen Barn" <linen@xxxxxxxxxxx>
- To: <amayausers@xxxxxxxxxxxxx>
- Date: Fri, 21 Apr 2006 07:54:56 -0700
I have used Quickbooks for 10 years now. When I used to run a temp
employment agency I used Peachtree and it was way more complex than
Quickbooks. We don't have sales tax in Oregon so I don't have to deal with
that and I run my employees through a payroll service. I use quickbooks for
all my invoicing and bill paying and it has worked great for me.
Aaron Sargent
The Linen Barn
linen@xxxxxxxxxxx
541-770-2957
Medford, OR
----- Original Message -----
From: "John Yaglenski" <john@xxxxxxxxxxxxx>
To: <amayausers@xxxxxxxxxxxxx>
Sent: Thursday, April 20, 2006 6:35 PM
Subject: [amayausers] Business Accounting
> Heh... For those of you still reading after seeing the title, I need some
> insight from this fine group :)
>
> Which accounting method are you using for your embroidery business (cash
> or
> accrual) & which program do you use to track your accounts.
>
> I ask this as I was preparing our quarterly sales tax statement for
> Maryland, and realized that try as I might, I couldn't get Quicken Deluxe
> Home and Business to tell me how much sales tax I was actually paid this
> past quarter. I could get it to spit out the amount of tax that was
> INVOICED, but not the amount that had actually come in. Correct me if I
> am
> wrong, but I believe the state only wants the money you actually have in
> hand, no? Maybe a fellow Marylander can help with that.
>
> Anyway, I emailed quicken and they said the reason I was having that issue
> was because home and business only does things on an accrual basis.
>
> Now, I know quickbooks does both. What do you do?
>
> John
>
>
> Accrual-basis accounting : An accounting system in which income is
> recorded
> when it is earned, rather than when it is paid to you, and expenses are
> recorded when you commit to an obligation, rather than when you pay it.
>
> Cash-basis accounting: An accounting system in which income is recorded
> when
> it is received, rather than when it is invoiced; and expenses are reported
> when you pay them, rather than when you commit to an obligation.
>
>
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