Why QuickBooks Online (QBO)?
- We use QBO to create Profit & Loss reports for your S Corp.
- file 2 tax returns: 1120s business and 1040 individual
- provide quarterly tax estimate payment instructions
- conduct quarterly reviews of your reasonable compensation
What is my S Corp start date?
Your S Corp start date is called the S Election Effective Date. It can be found on Box E on Form 2553 or Box A on Form 1120-S. If you don't yet have either of those forms, please ask us for your anticipated S Corp start date.
Do you provide me with my own QBO?
Yes, a new QBO is created for you. You are made the admin. It includes our streamlined chart of accounts and connects to our backend automation to save you time and money.
What if I have business transactions spread across different business and personal checking and credit card accounts?
No problem! We address that as part of QBO Initial Setup, in the "Action - Import Business Transactions" section.
What if I have lots of connected accounts and complex third-party integrations?
You may need to pay an additional monthly bookkeeping services fee.
Why can't I use my old QBO?
- Accounting systems do not allow data to be merged or transferred. This keeps data secure and maintains a clean audit trail. This even includes all versions of QBO and QB Desktop.
- QuickBooks Online - Self Employed is not the same flavor as Simple Start, Essentials, Plus, or Advanced. It's got the QBO name but it's not actually the same software.
- Your QBO with us can only hold the activity of your LLC with S Corp tax classification. We use it to create Profit & Loss reports for your S Corp's 1120s Business Tax return. If your QBO contains activity prior to your actual (or expected) S Corp effective date, we can't use it.
- If you are already an S Corp with many years of data in QBO, we can help you rebuild your books as of your most recent tax return importing and categorizing transactions from your checking and credit accounts. For prior years, we can create journal entries for annual profit and loss reports.
Can you at least take a look at my old QBO?
Click here if you believe it is important for us to be added to a QBO you already have.
How do I set up QBO?
Click here to learn more about QBO Initial Setup.
How do I import and categorize business transactions?
Click here to learn how to import and categorize business transactions.
How do you build my books in QBO?
Books is another word for, " a collection of transactions that are the DNA of reports." We build your books from the ground up by importing business transactions directly from your bank and credit card accounts into a special buffer zone in QBO. We move those transactions from the buffer zone to your actual books by categorizing them as income, expense, balance sheet, or transfers. Then the fun begins: we analyze your P&L report and make further adjustments until your Income, Expenses, and Net Income accurately reflects your business transaction history.
How far back will you go in building my books?
We build books back to the S Corp start date of the first 1120s we file for you.
What if I already have S Corp book data prior to the first 1120s you are filing for me?
In your new QBO-E, we can re-create P&L reports from your old books at the annual level and attach excel reports of the transaction detail. This allows you to run P&L by Year reports.
What if you are filing last year's 1120s for me and I don't want to re-build last year's books in my new QBO-E because I already have complete books somewhere else?
If last year's books are clean and organized, you can provide us your Trial Balance and General Ledger during training. We will build your new QBO-E by importing and categorizing transactions as of January 1st of this year. For prior years, in your new QBO-E, we can re-create P&L reports from your old books at the annual level and attach excel reports of the transaction detail. This allows you to run P&L by Year reports.
What if I still don't want to start a new QBO?
You can add us as admins to your QBO but you will be paying for QBO twice: through your subscription with us and whatever QBO charges you directly.
Do you help me create Profit & Loss reports for Schedule C of my 1040 individual tax return?
We don't use QBO to hold any transactions related to your Schedule C. But we will help you gather that information when we file your 1040.