Archive for September, 2009
QuickBooks and Dept of Labor Reports
Certified Payroll Report
Projects that are publicly funded typically require the contractor to pay a prevailing wage rate for workers on the job. Then, for each payroll period, the contractor must create a Certified Payroll Report that shows the wages paid to each worker.
QuickBooks Now Signs Your Checks!
Print Signatures on Checks
Intuit Payroll has added a new check-signing feature in QuickBooks to make issuing checks more efficient. Instead of signing each check, you can now scan your signature once, save the image, and then use it in QuickBooks when you print checks on your preprinted check stock.
Record Retention Guide: What You Need to Keep
| Item | Retention Period | Item | Retention Period |
|---|---|---|---|
| Accident reports/claims (settled cases) | 7 years | Journals | Permanently |
| Accounts payable ledgers and schedules | 7 years | Minute books of directors, stockholders, bylaws, and charter | Permanently |
| Accounts receivable ledgers and schedules | 7 years | Notes receivable ledges and schedules | 7 years |
| Audit reports | Permanently | Option records-expired | 7 years |
| Backup of computer data | 1 year | Patents and related papers | Permanently |
| Bank reconciliations | 3 years | Payroll records and summaries | 7 years |
| Bank statements | 3 years | Personnel files-former employees | 7 years |
| Capital stock and bonds records; ledgers, transfer registers, stubs showing issues, records of interest coupons, options, etc. | Permanently | Petty cash vouchers | 3 years |
| Cash books | Permanently | Physical inventory tags | 3 years |
| Charts of accounts | Permanently | Plant cost ledgers | 7 years |
| Checks-cancelled (see exception below) | 7 years | Property appraisals by outside appraisers | Permanently |
| Checks-cancelled (for important payments, i.e. taxes, purchases of property, special contracts, etc. Checks should be filed with the papers pertaining to the underlying transaction.) | Permanently | Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules. Blueprints, and plans | Permanently |
| Contracts, mortgages, notes, and leases-expired | 7 years | Purchase orders-except purchasing department copy | 1 year |
| Contracts, mortgages, notes, and leases still in effect | While in effect | Purchase orders-purchasing department copy | 7 years |
| Correspondence-general | 2 years | Receiving sheets | 1 year |
| Correspondence-legal and important matters only | Permanently | Retirement and pension records | Permanently |
| Correspondence-routine (customers and vendors) | 2 years | Requisitions | 1 year |
| Deeds, mortgages, and bills of sale | Permanently | Sales commission reports | 3 years |
| Depreciation schedules | Permanently | Sales records | 7 years |
| Duplicate deposit slips | 2 years | Scrap and salvage records (inventories, sales, etc.) | 7 years |
| Employee manuals | Permanently | Stock and bond certificates-cancelled | 7 years |
| Employment applications | 3 years | Stockroom withdrawal forms | 1 year |
| Expense analyses/expense distribution schedules | 7 years | Subsidiary ledgers | 7 years |
| Financial statements-year-end | Permanently | Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability | Permanently |
| Garnishments | 7 years | Time cards/records | 7 years |
| General/private ledgers, year-end trial balance | Permanently | Trademark registrations and copyrights | Permanently |
| Insurance policies-expired | 3 years | Training manuals | Permanently |
| Insurance records, current accident reports, claims, policies, etc. | Permanently | Union agreements | Permanently |
| Internal audit reports (longer retention periods may be desirable) | 3 years | Voucher register and schedules | 7 years |
| Internal reports-miscellaneous | 3 years | Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses) | 7 years |
| Inventories of products, materials, and supplies | 7 years | Withholding tax statements | 7 years |
Deadlines – It’s Due When?

One of several important dealines for your small business
It’s important to not miss those deadlines. Here’s a list of Federal and Texas deadlines that may be important to you.
Be a Good Citizen
Be involved. Join your local Chamber of Commerce, join a service club in your community, and do charitable giving. As a business owner you will get hundreds and even thousands of requests for help. Individuals and businesses have an obligation to be good citizens. Give according to your ability and your conscience. Budget for it and stick to that budget.
Credit Cards: Top 10 Spending Habits That Will Get You Noticed

Santa Claus may not be watching you. But the Credit Card companies are.
Credit card companies are profiling you and certain types of purchases can be red flags to the card companies that are looking for signs of consumers with questionable finances.
Not too long ago, the Federal Trade Commission filed a suit against CompuCredit, which marketed the Visa Aspire card. Reilly Dolan was on the FTC’s litigation team. Mr. Dolan says, “Compucredit was reviewing how consumers used the credit card, and it would lower the available credit to consumers based on their transactional history.”
Feeling the Pinch? Tips for Using Your Money More Efficiently

Reevaluate your business to save money.
Read the rest of this article »
Internet: Small Business Website Myths Revealed

The Internet: It can save you money and make you money
I quit using the yellow pages quite awhile ago. I have several and while there are times it can be convenient — if you know exactly what you are looking for — it is usually much faster to use an internet search when you’re looking for products and services. Most people with a computer and and internet connection work this way these day.


