What is the best way to integrate or connect paypal wiith QBO for shopify?
I recently took a new client who is a Shopify seller, he is using multiple gateways including Shopify payments and Paypal.
currently, his Paypal is connected with qbo and creating a mess due to duplicated transactions, I would like to ...
-
Theladycpa CPA
Hi there, when you have a client with a large number of transactions running through Paypal I would not advise you to use the QBO to PayPal sync. As you stated ... Read more
How to record capital losses on stocks
I had questions regarding capital losses for taxes. So this year, I have made money from stocks and also lost money from stocks. Overall, I am down around 20,000 dollars in stocks. So then can I deduct $3,000 from ordinary ...
If I am starting a business from my home office deductions the first year
If i start a business from my home office and during the first year do not bring in revenue as I am building a internet website can I deduct part of the cost of my business expenses like part ...
How to categorize or record the Paypal payments on Hold?
I have taken a client who is an eCommerce seller and he uses PayPal for his payments from the store, so there are few payments in his Paypal which are on hold and those are not part of the ...
-
Liz King, CPA CPA
If you prepare your clients books using accrual accounting, you can treat these payments (reconciling items) as deposits in transit on QBO and record the sale. ... Read more
How to calculate depreciation for computers as per IRS?
One of my clients recently purchased computers for $ 5200 and he is estimating the useful life of computers for 5 years.
I have calculated and recorded an accounting depreciation for him for the first quarter by dividing the cost ...
-
Liz King, CPA CPA
This will be a book (GAAP) to Tax (IRS filing) difference. For GAAP reporting purposes, the computer can be depreciated of a 5 year period. For tax purposes, si ... Read more
Can a business owner write off any personal medical expenses or health insurance?
Business owner is using medical expenses as a business expense in lieu of health insurance but I don't think they can personally write off either. Can they write of any of these sort of expenses for themselves?
-
Theladycpa CPA
Hi unfortunately no they can not write off insurance premiums or actual medical expenses on the business books. Now if your client wants to track these expenses ... Read more
How to fix payroll records?
Hi,
I have a huge issue with the way payrolls have been recorded in QB. I noticed the secretary who has been issuing payroll checks has only recorded the checks net amounts plus the total payroll taxes (employee plus employer) in ...
Is reimbursement an expense or an income to the contractor?
Hi,
I am pretty confused about the reimbursements. If a business owner who pays a contractor for regular work, pays a separate check for a reimbursement, does that reimbursement count as the contractor's income? Or the business owner record that reimbursement ...
How I can allocate joint cost to multiple SKU’s?
One of my client has 40 SKU's and he usually import his products from China or Pakistan and in One Container he usually receive more than one product / SKU, He asked me to allocate the total cost to all ...
-
aliyousaf66 CPA
usually, we don't get the cost on the packing slip, I think I need to research more on this. I don't think quantity or weight can always be suitable measures fo ... Read more
What is the best way to record the New business Purchase under same LLC?
One of my clients who is an Amazon Seller recently bought an Amazon Seller Account / New business for approx $11,000. In this case what would be the best practice to record this purchase?
1) As an Asset in current ...
-
Theladycpa CPA
Hi because the business is now under the same LLC you can record the $11K as an "other asset". There is no need to maintain separate books. Hope this helps, hav ... Read more