Tips of the Month - September, 2009

QuickBooks: Changes to Online Banking

1. Easier Set Up

2. New renaming rules can be defined to automatically match downloaded payees to existing QB’Äôs vendors

3. Delete downloaded transactions before they are placed into the register

4. Link (match) downloaded expense transaction to an open vendor bill

5. Link (match) downloaded deposit to Undeposited Funds or open customer invoice

6. Choice of either Side by Side view or register view

Tax: Financial Records

The IRS has issued tips on how to back up financial records to support filed returns:

Create electronic backups:
Keep the backup in a safe place separate from original records.
Document key assets:
Photograph or video contents of business and store elsewhere.
Update emergency plans:
Every business should have a documented emergency plan of actions to preserve property.