One QuickBooks feature I see little used is the ability to map income and expenses to the appropriate categories in federal income tax forms. Once this mapping is properly completed you can not only print a report of income and expenses by the appropriate tax category, you can import it into TurboTax and Lacerte Tax preparation software.
When you set up your company, you indicate the type of tax return your organization files as shown below.
Once you have selected the appropriate form, QuickBooks automatically loads the appropriate table of tax categories to be selected from in mapping accounts. Simply edit each account as shown below and select the appropriate tax category from a drop down list.
You can also run a report to make sure that all income and expense accounts are properly mapped.
Robert Guild is certified QuickBooks ProAdvisor in Austin, TX who conducts CPE courses for CPAs and individual training and group classes to QuickBooks users. His company at www.QBCoach.biz, maintains a sixteen-station QuickBooks lab, providing hands-on training. You can contact him directly at rguild@QBCoach.biz or follow him on twitter at QBPro