Saturday, February 9, 2013

Why connect Time Tracker to QuickBooks PC or QuickBooks Online? & 6 Easy Steps to Connect Time Tracker to QuickBooks PC or QuickBooks Online


Nicole Sorochan for eBillity writes: Many of our customers find that when they connect Time Tracker to their QuickBooks PC or QuickBooks Online account, they can create a much more efficient time entry and billing process. 

Time Tracker makes it easy for your employees to enter time from anywhere, including from their mobile devices, iPadOutlook, and the Desktop Widget. An admin (usually the manager or a bookkeeper) then reviews and approves these entries in Time Tracker. Once you connect Time Tracker to QuickBooks, any approved entries automatically sync to QuickBooks for billing, and if enabled, payroll (optional). It works with QuickBooks PC or QuickBooks Online. 
If you'd like to jump right in and start connecting Time Tracker to QuickBooks, here's a step-by-step guide
Here's how it works.

Employees make entries in Time Tracker 

Let's say you are a law firm. Your team uses Time Tracker to make their time entries. So one attorney might enter his hours at court with Time Tracker's free iPad app. Another attorney might enter her hours while working from home using Time Tracker's free Microsoft Outlook plugin.
The nice part is that when you connect Time Tracker to QuickBooks, your employees can enter time under your QuickBooks employee, customer, and service items.

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If you use payroll and classes in QuickBooks those will be available too.
Timesheets from QuickBooks will also sync to Time Tracker. So any employees, customers, or service items you created in QuickBooks will appear automatically in Time Tracker.
This makes your billing administration much more efficient and saves you or your bookkeeper from having to manually enter time and billing descriptions at the end of the month.

Employees submit their time 

At the end of the day, week, or month, employees can submit their time entries for approval. These entries are then sent automatically to the Time Tracker admin (usually the manager or bookkeeper). 

The admin approves entries for billing in QuickBooks

All of these time entries will appear in the admin's central dashboard. The entries can be edited and approved.

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Time Tracker will automatically sync the finalized entries to your QuickBooks PC or QuickBooks Online account for invoicing and payroll (payroll is optional and you can use the connection just for invoicing if you like).

You bill for time in QuickBooks 

When you login to QuickBooks, you'll see all your approved entries waiting for you in QuickBooks' Weekly Timesheet. You can then create invoices from those entries. Do payroll, if you decide to enable this service. And pay any regular contractors.
Once connected, Time Tracker and QuickBooks will automatically sync with each other.

But what if I have data saved in QuickBooks?

Any data that you have in either Time Tracker or QuickBooks will be synced within a few minutes. Once you connect your accounts any existing employees, customers, classes, payroll, and service items will automatically appear in Time Tracker.

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And if you create a NEW item to the above mentioned lists in QuickBooks—you and your employees can immediately enter time for those items in Time Tracker.

How to connect Time Tracker to QuickBooks for PC or QuickBooks Online 

Connecting Time Tracker to QuickBooks only takes 5-10 minutes. You can request free help from a Time Tracker expert. Or do it yourself with this step-by-step article below:

Time Tracker and QuickBooks can work together!
Time Tracker makes it easy for your employees to enter time from anywhere, including from their mobile devices, iPadOutlook, and the Desktop Widget. An admin (usually the manager or a bookkeeper) then reviews and approves employee entries in Time Tracker. Once you connect Time Tracker to QuickBooks, any approved entries automatically sync to QuickBooks for billing, and if enabled, payroll (optional). Works with QuickBooks PC or QuickBooks Online. 
There is a $5 per month connection fee. 
This article offers step-by-step instructions for how to sync Time Tracker to your QuickBooks PC or QuickBooks Online account. 
The process is very easy, but if you get stuck our US-based support team can offer free personal help. Email <support@ebillity.com > or call us at 1-800-851-0992. 

Step #1: Do you have QuickBooks PC or QuickBooks Online?

If you don't have QuickBooks, you'll need to sign up for it. You need to have an existing QuickBooks account to make Time Tracker work with QuickBooks. You canget QuickBooks here.

Step #2: Set-up the Intuit Sync Manager (for QuickBooks PC)

If you have QuickBooks PC, you'll need to set up your Intuit Sync Manager. QuickBooks Online customers have the Sync Manager automatically set-up and can skip to step 3.
Time Tracker and QuickBooks need to talk to each other. This is made possible through the Intuit Sync Manager. If you have never used this feature in QuickBooks PC, you'll need to set it up. If you don't, you won't be able to connect Time Tracker with QuickBooks PC.
In QuickBooks 2013, click "File" and then "Launch Intuit Sync Manager." 

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 If you are running an older version of QuickBooks, you can click on "online services" and then click "Set Up Intuit Sync Manager."

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This is easy to set-up, but if you need more detail here is an article from Intuit to take you through the steps.
If you get stuck our US-based support team can offer personal help. Email or call us at 1-800-851-0992.

Step #3: Login to your Intuit Account

After you launch the Intuit Sync Manager you'll be asked to enter your Intuit user name and password.

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If you don't have an Intuit account, you can create one free here (as shown below): 
 After you sign in or create your Intuit Account, just follow Intuit's prompts to finish the Sync Manager set up.

Step #4: Got QuickBooks and your Sync Manager?

We've set up the Intuit Sync Manager inside of QuickBooks. Now, we need to go into Time Tracker to finish the connection.
First, go to the QuickBooks Connection screen inside of the Time Tracker app. Just click Admin. Then click on Billing.

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You'll then see the Connect to QuickBooks button. Check the box to activate the 5$ per month QuickBooks connection fee. Then click on the Connect to QuickBooks button.

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Step #5: Follow the Connection Wizard

After you click the "Connect to QuickBooks" button, you will be asked to login to Intuit. Login using your Intuit password.

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Choose the QuickBooks product you use—either QuickBooks PC or QuickBooks Online.

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Finally, you'll see your Time Tracker account appear in the list. Select it!

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Step #5: Run the Sync Manager

Your final task is to run the Sync Manager. Open your QuickBooks account. Click on "File" and then click on "Sync." Then click on "Start Sync Now." In QuickBooks 2013, this appears as below.

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Your Time Tracker and QuickBooks account will sync.
From now on, Time Tracker and QuickBooks will automatically sync. You don't even need to keep QuickBooks open in order for the Sync Manager to function. You can close QuickBooks when you are done and minimize the Sync Manager to your toolbar where it will continue to update your QuickBooks file automatically.

Step #6: Success!

You can now view your entries Excellent work! Now, you'll now see any approved Time Tracker entries in QuickBooks for simple billing and payroll (if you have payroll enabled). This means if an admin approves an employee's time entries, they will be sent to QuickBooks.

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To view the entries you send from Time Tracker to QuickBooks, open up QuickBooks. Click on "Employees" and then "Enter Time."

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Finally, click on "Use Weekly Timesheet." You'll now see your team's approved Time Tracker entries ready for billing and payroll in QuickBooks. Here's a helpful video explaining how to make time entries in Time Tracker and then approve and send those entries to QuickBooks.

Three final things to remember:

#1) You must approve time entries in Time Tracker before they appear in QuickBooks. This is the role of the admin. So have your team make time entries in Time Tracker. You—or any employee you make an admin—can approve them. After approval, they will be synced with QuickBooks.
#2) Time Tracker + QuickBooks will sync your data. If you have created service items and customers in Time Tracker prior to connecting with QuickBooks, don't worry. We will automatically create these for you in QuickBooks.
#3) Going forward, you now must create new customers and service items in QuickBooks, not Time Tracker. After you create new customers and service items in QuickBooks, they will automatically sync with Time Tracker.

Posted on 2:43 PM | Categories:

Tax Strategy – Itemized Deduction Grouping


Kevin McMullen for dagoodolboys.com writes: Do you own a home or give to charity in Oshkosh or the Fox Valley?  If so, timing certain payments can save you hundreds of dollars in taxes by grouping your deductions in certain calendar years. Tax Relaxer is available to help you maximize your deductions.
You may already know that you receive a tax deduction for paying real estate taxes, mortgage interest, and contributing to certain charities, but timing these payments can make all the difference. A well-known tax strategy called grouping deductions can be employed to create additional deductions just by knowing the tax code. Below is a simplified example of this strategy:
A homeowner makes $50,000/yr and contributes $1,000/yr to the Oshkosh Area Humane Society. In addition, he pays $2,500/yr in mortgage interest and $3,000/yr in property taxes. In 2013 he can pay the amounts each year with no tax planning and would itemize his deductions to total $6,500. He would contribute the same amounts in 2014 and itemize his deductions to the same $6,500.
With Tax Relaxer’s guidance, the homeowner mentioned would be able to create an additional $3,600 dollars in deductions by grouping payments.
The first step is to plan when to pay your real estate tax payment. In 2013, the homeowner would normally payproperty taxes for 2012- often in the first few months of 2013. Then, rather than paying 2013 taxes in 2014, the homeowner would pay the real estate taxes in 2013, effectively paying $6,000 in property taxes for the 2013 calendar year. In addition, by donating $2,000 during 2013 and not splitting the contribution by calendar year, the homeowner creates $2,000 in deductions for 2013. In total, the homeowner has $6,000 in real estate tax deductions, $2,000 in charitable contribution, and $2,500 in mortgage interest for a total of $10,500 in federal tax deductions.
The following year, the home owner would take the standard deduction at $6,100 because he would not have enough deductions to itemize by design. The only itemized deduction he would have is mortgage interest of $2,500, well below the $6,100 standard deduction. The ending result is $16,600 in total deductions. Without planning and itemizing in both 2013 and 2014, the homeowner would have $13,000 in total deductions. The difference is $3,600 and may not seem significant. However, the additional $3,600 in deductions can translate to an extra $500 – $750 in tax refunds at the end of the year! 
Posted on 2:30 PM | Categories:

Don't overlook these 2012 tax year tax breaks

One of my favorites Texas journalist Kay Bell writes:  First, for you wisea... uh, acres (yeah, wiseacres; let's use that term) popping off about the headline, no I'm not about to list 2,012 tax breaks. These tips (coming up after a few more prefatory words) total 10 and are for tax year 2012, that return you're working on right now. 

Second, once again life, work and taxes have conspired to make sure that I don't get around to posting the Daily Tax Tip as quickly each day as I had hoped. OK, busted. Some days I don't get to posting the day's tip at all. But I eventually get them all listed in the special tax tips pages. January and February are live now, with March and April going up when they roll around. 

Third, I am caught up now! And the tax tip there in the upper right of the page about overlooked tax tax breaks is today's, Friday, Feb. 8's piece of tax advice. Yay! Please join me in cheering! Finally, since another tax tip will take this one's place as the featured tax tidbit sometime tomorrow, I'm posting today's tip's relevant points here now. 

10 tax breaks you shouldn't miss: While the Internal Revenue Service says that our duty as good U.S. taxpayers is to meet our tax paying obligations each year, we all know the real goal of filing returns. It's to make sure Uncle Sam gets as little of our money as possible. To accomplish that, we taxpayers need to claim every tax deduction, credit or other income adjustment we can. But it's easy to miss some. 

Here are 10 that are often overlooked: 

1 Job hunting expenses (an itemized deduction under miscellaneous expenses) 

2 Moving costs (an adjustment to your gross income, also known as an above-the-line deduction) 

3 Retirement Saver's Credit (a tax credit, which is better than a deduction because it reduces your tax tax bill dollar-for-dollar) 

4 Noncash charitable gifts (or how you can make at least some itemized tax deduction use of volunteering at your favorite nonprofit) 

5 Travel expenses for military reservists (another above-the-line deduction)

6 Child and dependent care costs (another valuable tax credit) 

7 Points paid to refinance a mortgage (on of the many homeowner related tax breaks, in this case an itemized deduction) 

8 Many medical costs (again for itemizers, but you need a lot so don't forget things like some weight reduction expenses) 

9 Educational expenses (including the American Opportunity tax credit that the IRS will start accepting claims for on Feb. 14) 

10  Energy efficient home improvements (another credit that was renewed as part of the American Taxpayer Relief Act, better known as the fiscal cliff tax bill) 

Of course there are eligibility requirements and IRS rules to follow. And even if you don't have to itemize, you'll have to fill out some worksheets and an extra form or two. But check these tax breaks out. If you're eligible for any, make sure you claim them on your 2012 tax return.
Posted on 9:17 AM | Categories: