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How to Set Up QuickBooks for Daycare Business?

Do you want to get into the daycare business and need help of QuickBooks for it? Have you got into […]

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Do you want to get into the daycare business and need help of QuickBooks for it? Have you got into a daycare business but unaware how to run that particular business?

Running a daycare business is not an easy task. Often, people know what they are doing, however, they need assistance in monitoring the numbers along with finer details. All in all, setting up QuickBooks for daycare accounting can make your life easy and help your business run smoothly.

When you are talking about daycare accounting software like QuickBooks, you must think about how it can meet your specific business needs.

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Why Setting up QuickBooks for Daycare business is important?

Setting up QuickBooks for daycare business helps solves a number of problems as given below:

1. Payroll

Payroll is mostly standardized across different businesses. However, it is important to remember that you can get big fines if you do not meet the deadlines or get it wrong. In contrast to income taxes, payroll taxes have payment and reporting deadlines the whole year. Hence, it is not something that a QuickBooks user will be able to pull off before April

Payroll comprises of a number of functions like:

  • Monitoring the hours that includes sick time and vacation time
  • Filing the W-2s at the completion of the year
  • Paying the Employees
  • Placing and then reporting the employment taxes to the concerned IRS

2. Accounts Payable and Expenses

QuickBooks for daycare accounting business can help users to monitor the expenses along with the bills, save receipts, etc. that you must pay so you have all that you require to claim the particular deduction at tax time.

3. Income from Service Fee

Regardless if your bill is daily, hourly, or monthly, you need to monitor it all. Just utilizing the bank deposits may get the taxes done for you in the systematic order. However, with QuickBooks accounting software, it is possible to professionalize your particular business operation with the help of the following characteristics:

  • Build catalogued invoices for the parents
  • Utilize automated payments to make things convenient for everyone
  • Acknowledge credit card and electronic ACH payments
  • Hassle-free preparation of receipts that parents require to claim the tax credits

How to Set up QuickBooks for Daycare Businesses?

With the help of QuickBooks, it is possible for users to monitor expenses, income, vendors, customers and other factors of a business. When QuickBooks is set up for your particular daycare business, you can choose an option that associates very closely with the service-based sector, align additional accounts suggested by accountants and utilize the Customer Type feature to monitor various types of customers for your given business.

Here are the steps to set up QuickBooks for Daycare businesses:

Step 1: Press the File menu and then choose New Company.

Step 2: Choose the button that says Detailed Start. This will help to start the interview.

Step 3: Enter the name of the company in the given Company Name field.

Step 4: Enter General Service-based business in the given field.

Step 5: Choose your tax filing status from the drop-down list Company Type. Enter your Tax ID number, and then press Continue.

Step 6: Enter the information of your company in the given fields. Press Create Company File and choose Start Working.

Step 7: Also, enter your phone, company street address, website, and email address.

Build More Accounts

Step 1: Choose the Lists menu and then choose Chart of Accounts.

Step 2: Choose the drop-down menu of Accounts and choose New.

Step 3: Choose any account that can meet your business requirements from the screen Example Accounts. If, in the Example Accounts screen, no accounts are shows, then choose the type of account that you require. Press Continue.

Step 4: Edit the account details as required. You may wish to edit the account name, description, number, and other details in the other fields that are available.

Step 5: Choose Next to save and then add one more account or press OK to save all the details and then close the particular screen.

Build Daycare Customer Type

Step 1: Press the Lists menu and choose Customer and Vendor profile and then press Customer Type.

Step 2: From the drop-down menu, press Customer Type and choose New.

Step 3: Add the name of the customer and then finish the fields that are left in the screen New Customer.

Step 4: Enter the type of membership plan that is given in the Customer Type field. In case you have weekly and monthly customers, you should create one customer type for those who pay you weekly and then create another customer type who pay you monthly. Also, you should add a drop-in option in case you charge your fees on per day basis.

Step 5: Press Next and then enter one more customer type and press OK and then close the screen.

Build Customers

Step 1: Press Customer Center and choose New Customer and Job and then press New Customer.

Step 2: Add the name and the balance details in the related fields.

Step 3: Press the Additional Info tab and then choose the type of customer. Add additional details, price level, and terms for Sales Tax.

Step 4: Press Next and then save your particular changes. Now add one more customer. You can also press OK and then close the particular Add Customer Window.

It is important to keep a track and monitor business finances since it defines the very definition of success and failure. QuickBooks provides small business best bookkeeping services.

We hope that now you can set up QuickBooks for Daycare business. We have provided all the details that you would require to set up QuickBooks for Daycare business. Kindly follow the steps in the sequence provided. However, some of you may face issues completing the steps on their own.

Accounting Professionals, CPA, Enterprises, Owners
Accounting Professionals

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How Daycare Business is Impacted due to QuickBooks?

With the help of this accounting software, a daycare business can:

Sync the data between various software programs and bank accounts automatically, instead of manual entry
Use reports and alerts to solve your queries or provide information
Evading mathematical and data entry problems
Automating of repetitive and monotonous tasks

Why daycare Accounting Problems require Accounting Software Solutions?

Like any other business, daycare business has several accounting problems. Only with the help of daycare management software that has in-built accounting tools can solve your business accounting problems.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

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Deletes

Deletes

Customization

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
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Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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