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quickbooks accounts setup? help.
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Posted 2/8/2018 09:31 (#6563117 - in reply to #6558641)
Subject: RE: quickbooks accounts setup? help.


Greg, recommending that the OP ask his accountant may be well intentioned advice but has about an 80% chance of being wrong.

The problem is that the majority of CPAs are at best QuickBooks semi-literate and at worst completely QuickBooks illiterate. Many have never spent much time with QuickBooks. Some only dabble in it at tax time, knowing just enough to get tax record information out of their clients' QuickBooks files, and some do nothing at all with QuickBooks, relying on someone on their staff to pull clients' tax data out of QuickBooks files.

If you hung out in some of the online places that I do--where QuickBooks professionals, including bookkeepers and CPAs, ask and give QuickBooks advice--you might be amazed at how many of those folks end up getting work at solving the QuickBooks problems created by well-intentioned QuickBooks illiterate CPAs and accountants; and also, at how much eye-rolling there is over some of the things QuickBooks illiterate accountants have recommended that their customers do.

Lots of CPAs think you can solve every problem with a Journal Entry. But there are QuickBooks-centric ways of doing things that make the whole accounting job a lot easier, so making a Journal Entry instead of using one of QuickBooks' forms (Bills, Checks, etc.) will sometimes amount to shooting yourself in the foot.

Accountants are only human (and not God) just as physicians are only human (and not God). Nobody can know everything there is to know about any subject, though they may have a diploma on the wall that suggests they have achieved a certain level of proficiency.

So this is a good place for the OP to ask his question. Information he gets here will give him other perspectives for evaluating what his accountant recommends when he asks him or her the same question.

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