Considering QuickBooks for Mac?
More people are switching to Macs. If you plan to use QuickBooks and switch to Mac, you should be aware that although QuickBooks has made improvements to it’s Mac software, it’s not as robust as the Windows version.
- Most 3rd party add-on solutions are designed to work with the Windows version of QuickBooks, not Mac.
- Consultants are hard to find. Most QuickBooks experts use the Windows version because QuickBooks for Mac has never been as robust. Accountants and Bookkeepers have avoided it like the plague, preferring the version that allows them to best serve their customer. I’m pretty comfortable with the Mac version, it’s not THAT different to me. But I can’t exactly call myself an EXPERT because there are times when I have trouble locating my desired command.
- It’s best for companies for no more than 10 employees and Payroll is not integrated. You’ll use an online service, which is actually great. But without integrated payroll, proper job-costing is out.
- The Mac version does not have advanced inventory features like Units of Measure or Assembly Items.
- It doesn’t support sophisticated customer pricing scenarios. Although the latest versions do allow you to offer a sweeping price level to customers, it does not allow you to set price levels per item.
- The reports are more limited, especially industry-based reports, as there are no industry based Premier versions.
- Progress invoicing is not offered.
- Online banking is not as robust. Transactions have to be entered one at a time.
QuickBooks for Mac is not the best choice for many businesses, but is just fine for many. And if you love Mac, you can always keep a PC around just for your QuickBooks.
Intuit is recognizing the Mac trend and working to improve the program to meet the demand. This year they added Little Square, a great support site for Mac users.
I was just getting ready to start seriously thinking about a 3rd party Inventory Management software system for one of my favorite clients. The workaround we’ve been using to track their additional inventory situation in Quickbooks Enterprise is far from ideal, and it’s been driving us all to distraction. I am practically jumping up and down over 2011′s new Multiple Location Inventory feature.
I’ve got issues with 3rd party software – one of them is cost. It’s really expensive for a small business. Most small businesses don’t have multiple locations and the 3rd party products are geared toward larger businesses who can afford a few thousand plus training and support plans. I’m always concerned about the QuickBooks integration and what small business has time to learn a new software program?
I can’t wait to implement this feature. Unfortunately, there is a price tag – $699 to unlock this feature in Enterprise. I wish there wasn’t an additional cost, but I have no doubt it will be well worth it for this client. With this new feature, there are many more businesses that will be able to use QuickBooks Enterprise. For anyone on the Full Service Support Plan, I’m told the 2011 update will ship September 27th.
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Year End and Payroll in QuickBooks
Technically have until April 15th of the following year to “close out” your financials, but with W-2’s due Jan 31st, – January is crunch time to reconcile payroll.
QuickBooks has greatly improved the accuracy of their payroll system over the years, so if you are processing your own payroll in version 2006 and above, things should go smoothly. Because our work as payroll processors affects the tax returns of our company’s employees, it is critical that the payroll is processed correctly and that the W-2’s we provide our employees are correct.
Even if you are confident that your processing is sound, it’s important to check and verify your data prior to filing year end reports and passing out your W-2’s.
Step number one after December 31st is to be sure your California unemployment rates are updated for the new year. All California employers receive a notice some time in December with their new rate so be sure yours is updated prior to processing any payroll in the new year.
Step number two is to reconcile your payroll checking account and consider any out-standing payroll checks. After you have filed your year-end reports, to make any corrections, you will have to go through a complicated revision process! Most employees cash their payroll checks pretty quickly, so take a close look at any that are still outstanding. I once had a client who was processing their own payroll inadvertantly duplicate the final payroll of the year. He hadn’t actually passed out the duplicated payroll checks, but they were in the system. Luckily, I spotted the duplicated checks in the register so I could void them before we filed our payroll reports!
Step number three is to prepare all of your year end liability payments. You want your reports to show that all of your liabilities have been paid.
The fourth step is to verify that the payroll liability balance on your Balance Sheet and your current payroll liability balance match. If your liabilities are separated by item on your balance sheet, be sure each item matches in balance. Now is the time to make any adjustments and research any discrepancies. It may seem obvious that the payroll liabilities report would match your balance sheet, but I have seen many instances where they were thrown off by liability adjustments.
Next, run payroll summary reports for the fourth Quarter, and prepare your 941 and DE6 ( or other State) reports. Run payroll summary reports for the entire year and prepare my 940 and DE7 (or other State), double-checking the totals against the payroll summary reports. I always pay special attention to double check deduction and addition payroll items to be sure they are affecting the employee’s taxation appropriately. It is common to make errors in setting up wage garnishment; owner’s time to jobs, and retirement contribution items – now is the time to correct any errors in payroll item set up!
The final step is to prepare the W-2s. Again, I review each W-2 carefully and compare the totals to my entire year payroll summary report. Employees are always chomping at the bit for their W-2 because most are expecting a refund. I caution against taking any short-cuts to relieve the pressure, and when pressed I simply let everyone know they will get the information by Jan 31st. If you discover any discrepancies that you are unable to resolve, do not hesitate to contact a QuickBooks expert to assist you in resolving the issue.
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