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Thank you for this wonderful community, learning so much!
I've started quickbooks as recommended by my accountant to streamline BAS reports. This is my current employment situation
Company A: Contractor (non-GST billing industry)
Company B: Contractor (GST billing industry)
Company B: Also part-time employee
Part-time income through company B is taxed before deposit ie. with-held as you go by employer.
My question is does quickbooks have the scope to handle my part-time income so the end of year tax is super easy?
Also, given my above arrangement, is this the right way to set rules for money coming in?
When part-time salary comes in: Opening balance equity / Out of scope
When any personal income is transferred to my personal savings: Owners drawings / Out of scope
Thank you in advance :)
Hi TravelBug26,
Thank you so much for your wonderful feedback, we really appreciate it!
This may be a question best posed to your Accountant as it does include accounting specific advice that we are not able to provide as technical support.
In terms of whether or not QuickBooks can record both sets of information, yes it can, but it will just depend on how your Accountant would like you to record your information as to how we can recommend using our features.
Please let me know if you have any other questions.
Thanks,
Rebecca
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