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      March 2009 Newsletter
         

               March Due Dates  
          Mar 15 16 - Monthly Payroll Deposits are due
          Mar 15 16 - Most business tax returns are due
                            (Call you tax preparer and request an extension)
          Mar 20   -   Monthly Sales Tax Reports are due
          Apr 15   -    Sole proprietor and personal tax returns are due                            

A Taste of Tuscany - The Rotary Wine Tour on Tuesday, April 7
 Tuesday, April 7 from 5:30 to 8:30 pm, Red Roof Inn, Brainerd MN       Come tease your taste buds on a wide array of wines, beer, scotch, cordials  and non-alcoholic beverages.  Sample delicious hors d'oeuvres.  Silent Auction.   Lightning Live Auction at 6:45pm. 
$30 in advance, $35 at the door.  Tickets available from Yvonne or any Noon Rotary member.  Proceeds benefit youth programs in the Brainerd Lakes area.
Pay via PayPal:  Go to www.PayPal.com.  Send Money to  pp@accountabilitysolutions.net
 

    Bartering Isn't Just for Chickens

Bartering opens your business to new possibilities; conserves cash and puts idle resources to work.  Here’s one way to record barters in QuickBooks:
 

Set up:

a.  Set up a Payment Item for Trades.  From the top menu, select: Lists à Customer and Vendor Profile Lists àPayment Method List.  Right click:  New àPayment Method:  “Trade” and Payment Type: “Other”

 

b.  Set up a Bank Account for Trades.  Again, from the top menu, select: Lists àChart of Accounts.  Right click: New àBank.  Press: Continue.  Account Name:  “Trades Pending”

 

Record both sides to every transaction:

c.  Invoice your customer as usual; include sales tax if appropriate.  When the “Chicken” or other bartered product or service is received, receive the payment à Payment Method will be “Trade” and deposit this to “Trades Pending”.

 

d.  Spend the “Chicken” or other bartered product or service from the “Trades Pending” bank account.  If the “Chicken” is going home to your dinner table, write a check from the “Trades Pending” bank account for an Owner’s Draw.  If Advertising services were received, then write the check for Advertising Expense. 

 

Note:  Review the balance in the “Trades Pending” account.  Balances will linger due to timing differences between when either side of the trade is completed.  Occasionally, a Credit Memo may need to be applied to the original invoice due to a mismatch between what was given and what was received.

 Employee Benefits.   Now's a great time to add a Retirement Plan for your employees (and your self).  A SIMPLE retirement plans works well for many small businesses and only costs up to 3% of workers compensation plus about $60 per year per account.  We can help modify QuickBooks to accommodate the retirement plan in your payroll reporting.  Your investment advisor or banker can set the plan up for you. 

Accept Credit and Debit Cards via PayPal: 
Many customers prefer to use their debit cards.  If you don't already have a merchant account, consider using PayPal.  PayPal accepts credit cards, debit cards and PayPal funds.  The cost is 30¢ plus 2.9% per transaction.  Transactions are quick and confidential. 
All you need is an easy to set up PayPal account.  Ask us for more information.  FYI:  We accept payments via PayPal.         Mar. 4, 2009
 

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16044 Ahrens Hill Road, Brainerd MN 56401