Jamie
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An error occurred while saving the comment Jamie
commented
I don't understand what you mean by this. Can you explain it in a little more detail, please?
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3,052 votes
An error occurred while saving the comment Jamie
commented
Creating employees as vendors against which to assign the expenses to the common account is a very innovative way of addressing this.
We use ZenPayroll, which sequesters all funds associated with a payroll and handles tax payments on our behalf in all states, so we don't need to track a by-employee amount with regards to payroll or associated taxes (i.e. a consolidated figure for each is sufficient). Were we to be doing payroll manually, I think that your solution is the best I've seen.
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2 votesJamie
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An error occurred while saving the comment Jamie
commented
This is an interesting idea that I don't think I've ever seen discussed before. I agree that it would be valuable for small businesses operating in industries in which their smallness might not be an asset. Another possibility is to use a custom invoicing scheme in which the invoice number is specific to the customer (e.g. XYZ-001, XYZ-002) so that the client would only know where the invoice stood in relation to others he or she had received.
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2 votesJamie
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1 voteJamie
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377 votes
An error occurred while saving the comment Jamie
commented
While I agree that this feature would be useful (and I would welcome it), I'd like to point out that this is among the most complicated features that an accounting system can accommodate, and it is not present even in most versions of QBO.
Regarding attribution of depreciation, the current way to accomplish this is to create fixed asset accounts at any level of granularity that your business might require as well as accumulated-depreciation contra accounts for each of the asset accounts, and use manual journals to assign depreciation to the expense and accumulated-depreciation account(s) as needed. Tax software such as TaxAct, TurboTax, etc. typically generates depreciation schedules as part of long-term planning, and these schedules can be used as the basis for the calculation.
I don't understand what you mean.