Several months ago, I decided to focus in QuickBooks Online accounting. The more I'm exposed to this accounting program the more I learn how dynamic and how helpful this program is for many of my small business clients. The most outstanding feature of QuickBooks Online is the ability for multiple users to access their accounting software from any location,any office, any time, as long as they have Internet access. As I've mentioned in a previous blog post, Simple Start by QuickBooks is a very stripped down version of QuickBooks Online and has limited functionality, yet it can be used in certain situations, and best of all, its free. This particular blog post deals with QuickBooks Online Plus.
Recently, I was asked by one of my clients to assist them in the preparation of Form 1099 for their various real estate agents who worked on different properties here in south Florida. It was very simple question, and the answer is yes. QuickBooks Online is able to print out 1099s as well as track and accumulate all the information for each of my clients selling agents across different properties.It also keeps basic personal information for each contractor. The question that the client asked me, was whether or not QuickBooks Online Plus would be able to handle multiple projects since he represented different properties and want to track each property's profitability as it related to his business. The answer, once again, was yes, it he can handle multiple properties through its class tracking functionality. Then I was asked another question whether or not the QuickBooks Online Plus can print 1099s for each selling agent who worked on different properties while using the class feature. In other words, does the class feature work, when issuing 1099s for subcontractors and allow the client to monitor the activities for each selling agent for each property. The answer was again,yes.
The class feature is often confused and under utilized, but it is a very important and dynamic functionality that most small business owners should be using to monitor their profitability by project,division,product line,service line and etc.