helping right brain professionals navigate the left brain world of accounting

Archive for the month “March, 2012”

Having trouble re-sizing your “Make Deposits” window?

If you’ve ever come across this problem, it can be so frustrating! But I discovered a trick that may solve the problem. NOTE: this applies only if you have the preference set to use multiple windows. Here’s how to find that preference:

Edit > Preferences > Desktop View | In the My Preferences tab, select the Multiple Windows radio button

Okay. Here’s the trick! When opening the window, hold down the “Shift” key:

Banking > Make Deposits while holding down the shift key!

Your window should now open to a smaller size! This can work with other windows as well. Have you noticed that windows will open at the same size you last left them? Play around and see what happens.

Let me know if this solved your problem or if you have any other questions about windows in QuickBooks!

Entering a CRA Hiring Credit for Small Business

Did you get a notice from the CRA that you’ve received a Hiring Credit? If you haven’t already figured this out, here’s an easy way to do it if you’re using QuickBooks Payroll. The credit can be recognized as either Income or a reduction in your EI Expense account. I’m going to explain how to recognize it as an Expense.

Create your current Payroll Liability cheque as usual by selecting the Pay Payroll Liabilities window and choosing your date range. Fill out as you normally would, selecting “review liability cheque to enter expenses/penalties.” Click create. But don’t close the cheque just yet!

In the detail section of the cheque, choose the EXPENSE tab. In the account drop down menu, choose the account you use to track your Company EI expense – this would be “Payroll Expenses” if you accepted the QB default accounts when you set up payroll. Enter the amount of the credit as a NEGATIVE number. Enter a memo to note the reason for the credit. Then click “recalculate,” select save and close, and you’re done!

As is typical with QuickBooks, there’s more than one way to accomplish a task. I prefer this method to “adjusting payroll liabilities.”

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