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Steps for Uploading Bank Transactions in Quickbooks

1. Download the Bank Statements using Online Banking Website in PDF format.
2. Convert the Bank Statements from PDF to excel/ csv format using any software like Adobe
Acrobat XI.
3. Delete those transactions which are already appearing in Quickbooks and identify transactions
which are yet to be uploaded.
4. For those transactions which are yet to be uploaded, prepare a csv file containing the following
3 columns:
1) Date in format MM/DD/YY
2) Description
3) Amount: All debit amounts should be negative and all credit amounts should be
positive.
5. Go to website: qbo.intuit.com
6. Enter User ID and … Read more

Steps Need To Follow For Processing Closing Reports In Quickbooks

1) Open Closing reports in PDF.
2) Go to website: qbo.intuit.com
3) Enter User ID and Password to Sign In.

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4) Following screen will display :-

quick2Select the Company on which you are working.

 

5) Before getting started with the processing of closing reports, you have to setup the Customer
and Vendor list. For that go to the customer list on the panel given on the left side of the
screen:-

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6) Then Click on New Customer :-

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7) Fill the following mandate fields and Click Save button.

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8) For creating … Read more

How change in Service Tax rate should be tackled

As per the new notification dated May 19, 2015 vide D.O.F. no. 334/5/2015-TRU from service tax department, new service tax rate @14% is to be charged from the clients.

For this purpose, there are three following aspects to consider:

1.      Date of receipt of amount against the services provided or to be provided.

2.      Date of provision of services.

3.      Date of Invoice.

For any invoice to be raised or amount received after June 01, 2015, please note that if any two of the above three fall before May 31st 2015, then service tax rate will be @12.36% else it … Read more

Incentivizing States Under GST Regime

As tax rates during Goods and Services Tax (GST) regime will be closely aligned to the Revenue Neutral Rates (RNR) of the Centre and the States, the revenues of the Central and State Governments will not be impacted in the long run. To help States in the transition phase, the Constitution (122nd  Amendment) Bill, 2014, which was introduced in the Lok Sabha on 19.12.2014 for amending the Constitution to facilitate introduction of GST in the country provides for;

Levy of an additional tax of goods, not exceeding one per cent in the course of inter-state trade or commerce to be … Read more