QuickBooks Pro Desktop 2019 tracks more of our year-end tax needs in one QuickBooks file by using tax tracking methods
⏱️ Length: 4.8 total hours
⭐ 4.29/5 rating
👥 22,168 students
🔄 October 2019 update
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- Course Overview
- This specialized course, “QuickBooks Desktop Pro-Personal Tax Tracking Tricks,” offers a unique approach to managing your year-end tax requirements directly within your QuickBooks Desktop Pro 2019 file. It addresses the common challenge faced by sole proprietors, freelancers, and small business owners: effectively separating and tracking personal expenditures that have tax implications (such as medical expenses, charitable donations, or specific personal property taxes) from core business transactions. Instead of relying on disparate spreadsheets or external record-keeping, this program teaches you how to leverage advanced QuickBooks features to create a robust, integrated system for personal tax data collection.
- You will delve into strategic methodologies that streamline the often-complex process of identifying and categorifying personal tax-deductible items, ensuring they are readily available and accurately reported during tax season. The course emphasizes practical, actionable techniques designed to minimize year-end scrambling and reduce the potential for missed deductions. By focusing on smart utilization of QuickBooks’ inherent capabilities, this curriculum empowers users to gain greater control and clarity over their financial data, preparing them for a smoother tax preparation experience.
- Through a focused, hands-on curriculum totaling 4.8 hours, this course has already been highly rated by over 22,000 students, validating its effectiveness in solving a prevalent financial management pain point. It’s an essential resource for anyone looking to optimize their QuickBooks usage beyond basic bookkeeping, transforming it into a powerful, comprehensive tool for both business and personal tax tracking.
- Requirements / Prerequisites
- Foundational QuickBooks Desktop Pro Knowledge: Students should possess a working understanding of the basic navigation, data entry, and core functionalities within QuickBooks Desktop Pro. Familiarity with creating invoices, recording expenses, and running standard reports is expected.
- Basic Accounting Acumen: A fundamental grasp of accounting concepts, including the definition of assets, liabilities, and equity, alongside an understanding of how transactions impact these accounts, will be beneficial. While not a deep dive into accounting theory, knowing the purpose of a Profit & Loss statement and a Balance Sheet is helpful.
- Access to QuickBooks Desktop Pro 2019: To fully engage with the practical exercises and replicate the techniques taught, access to QuickBooks Desktop Pro 2019 software (or a closely compatible Desktop version where the featured functions remain consistent) is essential. The course content is specifically tailored to this version.
- Commitment to Efficient Tax Preparation: An eager willingness to learn and implement new organizational strategies to simplify and enhance your year-end tax data collection process is the primary attitudinal prerequisite.
- Skills Covered / Tools Used
- Strategic Account Customization: Learn to creatively adapt your Chart of Accounts and equity section to precisely capture and differentiate personal financial transactions that hold tax relevance. This goes beyond standard business categorizations to create specific tracking pathways.
- Advanced Reporting for Tax Segmentation: Master the art of generating custom reports that segment financial data, allowing for the isolation of personal tax-deductible items from your business’s operational performance. This includes designing reports that directly support various personal tax schedules.
- Implementation of Specialized Tracking Dimensions: Gain expertise in setting up and applying advanced tracking features, such as ‘Classes,’ not just for business departmental analysis but for innovative personal tax data partitioning within a single QuickBooks file.
- Internal Control for Personal Finances: Develop systematic processes for recording and verifying personal expenditures, ensuring high data integrity and accuracy for both internal financial review and external tax reporting purposes.
- Optimizing Data Flow for Tax Preparation: Acquire methods to establish a continuous, year-round data collection mechanism within QuickBooks, ensuring all relevant personal tax information is consistently captured, organized, and easily accessible when tax season arrives.
- Tools Utilized: The primary tool is QuickBooks Desktop Pro 2019, with a focus on its Chart of Accounts, Equity section, Class Tracking features, and Custom Reporting capabilities.
- Benefits / Outcomes
- Streamlined Year-End Tax Preparation: Significantly reduce the time, effort, and stress associated with manually compiling personal tax-relevant financial data, leading to a much smoother and more organized tax season.
- Enhanced Accuracy in Tax Reporting: Minimize the risk of errors and omissions in your personal tax filings by centralizing and systematically categorizing all pertinent financial information within a single, trusted system.
- Maximized Tax Deductions: Gain the confidence that you are identifying and tracking all eligible personal tax deductions, potentially leading to greater tax savings by ensuring no valuable item is overlooked.
- Improved Financial Clarity: Achieve a clearer understanding of the interplay between your business financials and personal tax-affecting transactions, providing a holistic and integrated view of your overall financial picture.
- Proactive Financial Management: Transition from reactive year-end scrambling to a proactive, continuous system of financial data capture, making you better prepared for any financial review or audit.
- Increased Confidence and Control: Feel more in control of your financial records, empowered with the knowledge and techniques to manage complex tax-related personal expenditures within a professional accounting software.
- PROS
- Highly Practical and Actionable: Delivers concrete, step-by-step methods directly applicable to a common real-world problem for small business owners and freelancers.
- Time and Stress Saver: The techniques taught can dramatically reduce the time and anxiety associated with year-end tax data compilation.
- Leverages Existing Software: Teaches creative and advanced uses of QuickBooks Desktop Pro features that many users may not be aware of, maximizing investment in the software.
- Addresses a Specific Niche: Fills a crucial gap by focusing specifically on personal tax tracking within a business accounting framework.
- Efficient Learning Curve: With a concise length of 4.8 hours, the course is designed for efficient knowledge acquisition without unnecessary fluff.
- CONS
- Version Specificity: The techniques and interface shown are tailored to QuickBooks Desktop Pro 2019; users of significantly different versions (e.g., much older, much newer, or QuickBooks Online) may need to adapt the principles.
Learning Tracks: English,Finance & Accounting,Taxes