Wednesday, October 27, 2010

Question about switching accounting software

Calrageous said...


Hello,
I run my own small business and I've grown considerably this last year. I've just switched over to quick books pro and am wondering can I transfer all my bookkeeping information mid month or do I have to wait until the 1st of the month?
I'm merely switching softwares and all the information will transfer except for a few forms I can recreate. What should I do?
Thanks!

4 comments:

WebTaxOfficeUSA said...

Dear visitor, we are glad to hear your business grew in an economy where most businesses have experienced significant decline in their bottom line.

You can switch software any time of the year. You dont have to wait until month end or beginning of a particular month to make the transition. However, please remember that when you switch you would have to transfer the data from the beginning of the year because this will affect your financial statements and the 1099 and W-2 you would issue at year end.

Good luck making the transition.

Web Tax Office Team
http://webtaxoffice.com

Unknown said...

I have a difficult situation as a new bookkeeper. I have a 1099 subcontractor that is paid by the job. We are wanting to pay him administrative hours in order for him to order materials and supplies and cover some additional time spent picking up the materials for the local suppliers because he is paid piece work. If we do this, do we need to deduct general liability and work comp from those hours? Can they just be paid as misc. hours with no deductions?

Unknown said...

My husband divorced his ex in 2006. At that time she got possession of their house that was in both their names. The house is now about 180,000 upside down. She was suppose to refinance and get his name off by jan 2009 but was unable due to the negative equity. She has stopped paying on the house and by the divorce decree he is entitled to retake the home. Is there a way for us to claim a loss on the house given the mortgage is about 180,000 more than fmv. We have no intent of letting it go, we are renting the house out. Thanks

Tax & Business Consultant said...

Dear Sharon, thank you for visiting our blog. The answer to your question depends on whether the home was used as a residence prior to your husband's divorce or was it used as a rental or investment property. If the home was a primary residence then your loss is considered as a personal loss and you cannot deduct that on your taxes.

I hope the answer is sufficient. If you have any further questios, please feel free to post on our blog.

Good luck,
Web Tax Office Team
http://webtaxoffice.com