Hi Amy can you please make the video if we can do the payroll liability tax payment to cra accidentally twice how we can record the second payment entry.
Hi Raminder, you can make this entry using the general journal - the payment amount from the bank account + the payment amount to the payroll liabilities account. If this does not solve your issue please let me know.
That makes it more simple. Do you have a vehicle asset account set up in QuickBooks? If you do the entry will be a debit + to the vehicle asset account and a credit to the company bank account the funds came out of. Or if there was a shareholder contribution the credit would be posted to the shareholder loan or shareholder contribution account. If you’re in Canada and GST/HST registered let me know we can discuss this further.
Thank you! I would be interested to see an example of how to set up an Auto Loan in the chart of accounts, not a journal entry because it's slightly different you have to indicate whether or not it's long or short-term liability and include an account for Tax-Line Mapping.
For tax-line mapping, my options are very different than what shows on your screen. I don't have any l/t debt options. I've left it as unassigned, but any thoughts so I can make sure I'm setting it up correctly? Thank you for these helpful tutorials!
Hi Brandy, setting up new accounts requires a bit of an understanding of bookkeeping fundamentals, it takes some time to learn. Some of the accounts such as l/t debt may not be in your general ledger because of the QuickBooks set option that was selected. I have some bookkeeping lessons that may be helpful for you. Here is a link. th-cam.com/play/PLIeDJQYZ3NETfmXhK6zbvtRSXPegKa_WE.html lesson 5 will likely be helpful. I can also answer basic questions here, or you can book a training session with me.
Hi Brandy, you can leave it unassigned for now. If you have a few things you need help with you can book a one on one session with me and we can resolve a few things in your QuickBooks together. I I need to see the options to guide you on this.
I have a question , my boss buy a car half with company check and the other have cash $20.000. And the dealer guide to hem a form 8300 and report it to the IRS for pmts cash over 10.000 how can I handle this transaction.
Do you think the IRS can audit us? Because this transaction? My boss said to me that the cash money was from a car that he sold before you he received cash for 17000 and he complete de other 3000 in cash
@@henryosorio38 The full value of the vehicle is recorded on the company balance sheet. The 20,000 is posted as a shareholder loan transaction. If you need assistance recording the transaction you can book a training session with me aimee@razoraccounting.com. Are you filing the tax return at year end or is this done by someone else?
Reduce the amount of the loan by the deposit paid. Only record the balance of the loan that is still owing. The purchase documents will include the loan payable balance with the deposit removed from the balance.
Thank you!.... Great instructions that I easily adapted for QuickBooks online.
Glad it was helpful!
Thank you! Can we use the GST credit for a year or can be divided over the next few years till the loan is paid off?
Hi Amy can you please make the video if we can do the payroll liability tax payment to cra accidentally twice how we can record the second payment entry.
Hi Raminder, you can make this entry using the general journal - the payment amount from the bank account + the payment amount to the payroll liabilities account. If this does not solve your issue please let me know.
Hi thank you for making this video. However, what if the vehicle was not financed? It was paid infull with Company Funds to the Seller.
That makes it more simple. Do you have a vehicle asset account set up in QuickBooks? If you do the entry will be a debit + to the vehicle asset account and a credit to the company bank account the funds came out of. Or if there was a shareholder contribution the credit would be posted to the shareholder loan or shareholder contribution account. If you’re in Canada and GST/HST registered let me know we can discuss this further.
Thank you! I would be interested to see an example of how to set up an Auto Loan in the chart of accounts, not a journal entry because it's slightly different you have to indicate whether or not it's long or short-term liability and include an account for Tax-Line Mapping.
Thank you for letting me know! I will make that video. Let me know if you have any other video suggestions.
For tax-line mapping, my options are very different than what shows on your screen. I don't have any l/t debt options. I've left it as unassigned, but any thoughts so I can make sure I'm setting it up correctly? Thank you for these helpful tutorials!
Hi Brandy, setting up new accounts requires a bit of an understanding of bookkeeping fundamentals, it takes some time to learn. Some of the accounts such as l/t debt may not be in your general ledger because of the QuickBooks set option that was selected. I have some bookkeeping lessons that may be helpful for you. Here is a link. th-cam.com/play/PLIeDJQYZ3NETfmXhK6zbvtRSXPegKa_WE.html
lesson 5 will likely be helpful.
I can also answer basic questions here, or you can book a training session with me.
Hi Brandy, you can leave it unassigned for now. If you have a few things you need help with you can book a one on one session with me and we can resolve a few things in your QuickBooks together. I I need to see the options to guide you on this.
I have a question , my boss buy a car half with company check and the other have cash $20.000. And the dealer guide to hem a form 8300 and report it to the IRS for pmts cash over 10.000 how can I handle this transaction.
Hi there, this is a complex question with a de different components. First is the company purchased int he name of the buissnes or your boss's name?
@@RazorAccounting
It was purchases under the company name!
Purchased under the company name
Do you think the IRS can audit us? Because this transaction? My boss said to me that the cash money was from a car that he sold before you he received cash for 17000 and he complete de other 3000 in cash
@@henryosorio38 The full value of the vehicle is recorded on the company balance sheet. The 20,000 is posted as a shareholder loan transaction. If you need assistance recording the transaction you can book a training session with me aimee@razoraccounting.com. Are you filing the tax return at year end or is this done by someone else?
if you had a deposit on ?
Reduce the amount of the loan by the deposit paid. Only record the balance of the loan that is still owing. The purchase documents will include the loan payable balance with the deposit removed from the balance.