This sends the new (i.e., 'unsynced') cost code(s) to the ERP Integrations tool where it can then be accepted or rejected for export to QuickBooks® by an accounting approver. A journal entry: The number of each journal entry posted to the account and the date of the entry. A general ledger has four primary components: a journal entry, a description, debit and credit columns, and a balance. If you have previously sent information from the Admin tool to the ERP Integrations tool, the button on the label will read Re-send to ERP. A general ledger is a recordkeeping system used to sort, store, and summarize a company’s financial transactions.Typically, this is because the page needs to be refreshed. If the button is grayed-out and unavailable, hover the mouse cursor over the button to view a tooltip describing the reason the button is not available.Notes: The QuickBooks® Standard Cost Codes list shows all of the codes that are available for use on your company's QuickBooks®-integrated projects. If your company has multiple cost code lists, select the QuickBooks® Standard Cost Code list in the table.If your company only has a QuickBooks® Standard Cost Code list, it appears in this page.Under Company Settings, click Work Breakdown Structure.I’m sure Quickbooks is more appropriate for some businesses but mine is pretty simple and for me the priority is minimizing the time I have to devote to tedious tasks like data entry and still retain useful reporting features and being able to give my accountant whatever as needs as quickly as possible. We need to export this report to excel.Īnd there you have a pretty spreadsheet that contains all the data from our MS Money report and that can be used by any accountant who has excel (and even notepad, but then again if your accountant doesn’t have excel, you’ve got bigger issues -) This doesn’t do my accountant any good though since he doesn’t have this program. Okay, good deal- so now we have a general ledger report within MSMoney for the business account for the past year. I have both my personal and business accounts connected to MS Money which is nice for managing things in one place but for the purposes of reporting your business taxes, clearly you want to separate them out. We also need to limit the report to pull from only the account we’re interested in. This gives us tabular data but is still not useful because we need to specify the date range: In the left menu, change the view from Pie chart to Report QuickBooks® accounting systems can be used by contractors, manufacturers, retail, medical, and the list goes on. You’ll get this ridiculous pie chart (which is about as useful to your accountant as a fingerpainting – that’s okay, we’ll fix it). QuickBooks® has taken a basic general ledger accounting system and modified it to operate for a multitude of different types of businesses. Here’s what we did:Ĭhoose the Monthly Income and Expenses report: So we waded through a few of the report screens until we figured out how to customize one of the pre-packaged reports to give us what we needed. For whatever reason MSMoney does not have this as a canned report and looking all through the site and googling for a tutorial on how to do create one produced no results (I’m using 2003 Deluxe btw- I read all kinds of bad reviews of the latest version). Your accountant will probably ask you for a general ledger first thing. Anyways, this is not a commercial for a M$ product though- it’s a tip for creating a report which they don’t give you out of the box. Plus it can be “taught” what categories the expenses are and it gradually learns to categorize them on its own. MS Money pulls transactions automatically from my bank so all I have to do is go through and reconcile with my paper bank statement at the end of the month so that means less work. Both can integrate with your bank account but I never figured out how to do what I wanted with QB which was to NOT have to enter each transaction manually in two places. I don’t know the proper accounting jargon for how they’re different (as far as I understand, both are double-entry accounting programs but MS Money just auto-handles one side of the equation and assumes it’s crediting cash). ![]() I switched this past year from using Quickbooks to running all my accounting through MS Money and it’s been _way_ easier. If you’re switching to QuickBooks Payroll from either a manual system or another payroll software, then you need to click Yes. In the next step, the system will ask whether or not you already paid employees in the current calendar year. MS Money is probably the only M$ product I really like. Step 2: Enter General Information About Paying Your Employees. Hopefully this trick is useful to anyone doing taxes right now and using MS Money.
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