Bookkeeping News & Tips

Customizing Your Chart Of Accounts With TaxSlayer Books

 A chart of accounts is defined as a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. Each account is listed by a name and an identification number. One of the biggest advantages of using TaxSlayer Books is that it assigns a standard list of accounts for your company based on the type of industry that you select. When configuring your TaxSlayer Books software, the program allows you to choose predefined charts of accounts for different types of industry, all including basic account types of assets, liabilities, equity, income, and expense. TaxSlayer Books also offers you the option to customize your chart of accounts. Some customers like to customize their chart of accounts with the financial analysis of their company in mind, allowing them to see specifically where their profits and expenses are coming from. Customizing Your Chart Of Accounts If you selected a predefined chart of accounts and wish to add a new account to the chart, start by scrolling over Setup on the Main Menu and choose Chart of Accounts. Then click on “Add New GL Account” button. Select the type of account you wish to add, review the description provided for that account type, and click next. Make any necessary changes to the “Account Name”, assign an account number if you are using account numbers, verify the account type and click finish.   Creating Your Own Chart Of Accounts If you do not want to use the default chart of accounts in TaxSlayer Books or your industry is not listed, scroll down to the bottom of the drop down list of industry types. Choose “Empty Chart of Accounts” to build your own listing of general ledger accounts to meet your needs.    

Setting Up Information In TaxSlayer Books

You have decided to use TaxSlayer Books for your small business accounting and payroll software, now what do you do? Maybe you are new to using accounting and payroll software, have no previous knowledge about bookkeeping, or you are  just starting to use  TaxSlayer Books as your new software package, so when you open the program you have no idea what to do next.  In this article, we will go through a few helpful steps for setting up your company, payroll, customer, and check information and your chart of accounts.   Company    Contact InformationYou should enter the contact information for the company whose financial transactions will be recorded in TaxSlayer Books, not your personal contact information.   Your Industry Is Not Listed In Industry TypesIf your industry is not listed in the industry types, select the industry that is most like your industry. You may choose “Other” or “Empty Chart of Accounts.” The default chart of accounts by industry is a listing of commonly used general ledger accounts offered to save you time in setting up your company. You can edit it to your specifications or create one on your own. Later in the article, we will discuss how to create your own chart of accounts.   Payroll Setting Up Payroll AdditionsTo set up payroll additions from the Main Menu, choose Payroll and then Company Payroll Wizard. Click Add New Addition. TaxSlayer Books Online provides a variety of default payroll items preset with recommended GL accounts, W2 box assignments, etc. to assist you in the setup of several commonly used payroll additions. The Add to Indicators should be check marked where the payroll addition will be subject to taxes. The Update Employees box should be checked, if the new payroll addition will apply to all existing employees. If only new employees will be affected by the new payroll addition, the Update Employees box should be left unchecked.   Setting Up The State Unemployment RatesYou will set up the company's state unemployment rates in the Company Payroll Wizard under Payroll on the Main Menu. The taxable wage limits for each state are provided in TaxSlayer Books Online, but contribution, assessment, and surcharge rates are set by state departments of labor based on each individual company's circumstances. Enter the company's state unemployment ID number and the rates assigned by the state department of labor. Choose Save to finish the setup.   Mark A Withholding As Pre-TaxIf the payroll withholding should be deducted from employee wages before taxes are calculated, then place a check-mark in the box beside that tax under Pre-Tax Indicators. If the box is blank, the tax will apply to the gross wage and the withholding will be deducted from the after-tax amount.   Adding An Employee To PayrollIn order to add employees to the payroll from the Main Menu, select Payroll and then choose Employee Payroll Wizard. Click the Add New Employee button and enter the employee information in the Employee Setup Wizard. Next you will assign employee additions, withholdings, and set employee starting balances (if desired). Refer to the specific articles on these topics for detailed instructions.    Customers Setting Up CustomersTo set up a New Customer, scroll over Setup on the main menu and select Customer Setup. Then click on Add New Customer. Enter the customer's information. If this is the only customer you need to set up at this time, uncheck the "Save and Add Another" box before clicking on Save. Otherwise when you choose Save, the screen will reappear to allow you to add another customer.   Checks Adjusting The Margins For Check PrintingTo adjust the check margins, scroll over Setup on the main menu and select Check Setup. The default margins are set at 0.35. You may increase or decrease the margins to adjust the printing. Be sure to Save when you are satisfied with the settings.   Chart Of Accounts Adding Account To Chart Of AccountsTo add a new account to your chart of accounts, start by scrolling over Setup on the Main Menu and choose Chart of Accounts. Then click on the Add New GL Account button. Choose the type of account you want to add, review the description provided for that account type, and click on Next. Make any necessary changes to the Account Name, assign an account number if you are using account numbers, verify the account type is correct, and click on Finish.   Creating Your Own Chart Of AccountsIf you do not want to use our default chart of accounts, scroll down to the bottom of the drop down list of industry types and choose “Empty Chart of Accounts” to build your own listing of general ledger accounts to meet your needs.   Beginning Balances For Your Chart Of AccountsYou may obtain your beginning balances from your previous bookkeeper, your bank statement, or by running a general ledger report or trial balance from your previous software. Make sure that the balance is a year-to-date balance of all the accounts you will enter into TaxSlayer Books and that you enter the beginning balance date to match the date as of the report.   For more information about setting up and using TaxSlayer Books online accounting software, or if you have any questions, check TaxSlayer Books’ knowledgebase.  

Why Use Accounting And Payroll Software

Accounting and bookkeeping are necessary for any business to run, due to the fact that they are the processes used to identify, measure, record, and communicate economic information about your company. Bookkeeping allows you to record all of your company’s financial transactions within the organization, helping you to prepare financial statements, tax returns and other financial reporting. Accounting and bookkeeping are essential in order to provide pertinent information to you as a business owner, manager, banker, investor, or others who would need this type of information. As a business owner, you are constantly searching for new and innovative ways to decrease your business costs and increase your efficiency. There are many great strategies you can implement into your plans to decrease your costs and increase your productivity, but one valuable solution is small business accounting and payroll software. By using accounting and payroll software, your life will be a lot easier. Accounting software programs help to organize your finances, allowing you to be able to pull complex reports and make comparisons easily and instantly. Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business.    See how TaxSlayer Books can help you with your small business accounting needs.

Handwritten vs. Laser / Ink Jet Checks

Are you still writing checks by hand? Consider the benefits of printing checks on your laser or ink jet printer. Printed checks are a fast and efficient method of paying your bills. After entering bills into TaxSlayerBooks, use the "Check Printing" feature to choose the bills you’re ready to pay / print. Not only will your checks be printed, they will also be recorded directly to your checkbook, providing the ‘real-time’ balance of your account. Printed checks also provide hard-copy record keeping. While you give the check and one stub to your vendor, you keep the additional (printed) stub for your own records. Choosing laser or ink jet compatible checks also expedites mailing your bills. Once processed through TaxSlayerBooks, each check will have the vendor name and address, as well as your company information printed on them. Compatible double-window envelopes then display the addresses, while hiding sensitive information such as the account number and amount. Whether you decide to upgrade to TaxSlayerBooks compatible laser checks or would like to use handwritten checks, Dynamic Systems has the supplies you need to run your business. As the recommended source for TaxSlayerBooks, you are assured all checks and forms are 100% compatible. Visit Dynamic Systems for a complete online catalog at As a TaxSlayerBooks user, Dynamic Systems offers a “Buy 250 Laser Checks – Get 250 Free” promotion on your first online order. Just enter Promo Code GET250 to take advantage of this limited-time offer.

Books Tip of the Month: Configuration

Everyone loves options…and options are only good when we know they are available to us, and how to make use of them. So here are some simple options in TaxSlayer Books that you may find useful if only you knew they were there! And “where is there?” you may ask…”In Configuration” I would answer! • TaxSlayer Books uses your computer’s C: drive as the default backup location. So when you choose to make a backup copy of your company file (under Maintenance on the Main Menu bar), it’s automatically set to save to the C: drive. This is not the safest place to keep a copy of your data since your computer itself is vulnerable to loss through system crashes, viruses, theft, etc. We recommend that you make a backup copy of company files on a regular basis to an external source such as a jump drive or CD. To expedite that process, you can assign the computer drive that uses those devices as your backup location. Once the backup path is set, it’s just a few clicks of the mouse to quickly backup your work. So, No More Excuses! • If your payroll checks aren’t printing exactly as they should to your pre-printed check stock, you can adjust the check margins to change the alignment of the check text. Just checkmark the Adjust box, and increase the check margin if you need to move the wording lower on the page, or decrease the margin if the wording should print higher on the check. • We all have individual tastes and often express that through the background picture that shows on our cell phones and computer screens. TaxSlayer Books offers several backgrounds – from the patriotic (Flag and Washington) to the peaceful (Ocean Night) and a few basics for those less selective (Blue, The Blues, and a solid white screen). So those are the kinds of tweaks you’ll find in Configuration. Stay tuned for more to learn what’s in Company Config!