Easily manage your ‘Penalties and Interest’ with QuickBooks

If you are an Entrepreneur, you must be aware of the fact that maintaining proper accounts is crucial for any business to achieve the success. It is essential to keep track of the income and expenses, bank loans, etc. To assess that whether your company is on the right path, you need to analyze the performance of your business from time to time.

QuickBooks is the only accounting software that helps you to manage your finances smoothly and efficiently without any error. It is top-rated accounting app in the world, and it is becoming more popular day by day because of its performance, reliability, and affordability. QB has advanced tools which enable you to store and manage your business data accurately. In case, you meet any difficulty while working on your QB, contact QuickBooks Customer Support Phone Number for availing tech support.

QuickBooks has advanced tools which help you to customize this app according to the needs of your business. You can quickly create new accounts and generate reports to analyze your business performance. You can also manage penalties and interest efficiently and accurately by using QuickBooks.

To create ˜Vendor account,' follow these steps:

• 1.       Launch your QuickBooks.
• 2.       Now, navigate to the main menu and look for the heading ˜Vendors,' find and select this option by clicking on it.
• 3.       Choose ˜Vendor Centre' from the list appearing on your screen.
• 4.       Next step is to choose the option ˜New Vendor.'
• 5.       Enter the valid data in the required field and click ˜OK' to save the settings.

For creating ˜Penalities and Interest ˜account, use the below-mentioned steps:

• 1.       Go to the main menu of QB and search the tab ˜Lists' and click on it.
• 2.       From this sub-menu, choose the option ˜Chart of Accounts.'
• 3.       A ˜Chart of Accounts' window will be displayed; just right-click on any open area in this window and list of options will be displayed.
• 4.       Select ˜New' to create a new account.
• 5.       Now, go to the radio button with the heading ˜Other Account Types' located in the last and click on it.
• 6.       Choose the option ˜Other Current Liability Account.'
• 7.       Fill in the required information in the field appearing on your screen.
• 8.       Finally, save the settings.

To enter the data in the ˜Penalties and Interest' account and ˜Vendor' account, use the following tips:

• 1.       Open your QuickBooks.
• 2.       Go to the tab ˜Vendor Centre.'
• 3.       Choose the relevant ˜Vendor' account.
• 4.       From the ˜Vendor' main menu, choose ˜New Transactions.'
• 5.       Now, go to the drop-down list and choose the option ˜Enter Bill.'
• 6.       Next, to feed the penalty and interest information, go to the heading ˜Accounts.'
• 7.       From the drop-down list, go to the account ˜Penalties and Interest.'
• 8.       Feed the valid data in the required field.
• 9.       To save the entry, click on the appropriate option.

QuickBooks is flexible enough to cater various needs of small and medium-sized businesses. You can customize it as per your requirements and create multiple reports and templates that are relevant to your business.

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