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Client Testimonials

I had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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QuickBooks CPA discusses the Loan Manager Feature | Wilmington NC

QuickBooks CPA Wilmington NC

Gary Bode, CPA: we try to make QuickBooks managerially useful. For a free phone consult, call 399-2705.

QuickBooks bookkeeping, for recurring loan payments, used to be irritating because of;

  • The nature of loan payments themselves. Although the payment remains the same, the split between principal and interest changes with every payment.
  • The accounting treatment for loan payments. Interest is an Income Statement item, while principal is a Balance Sheet item.
  • While you could set up a memorized, split and recurring payment, the amounts had to be individually tweaked.
  • A loan amortization schedule had to kept external to QuickBooks.
  • Timing discrepancies made the loan amortization schedule less accurate.

Do you really want to use Loan Manager?

Perhaps not. Accounting data can and should be used for managerial purposes. A good QuickBooks CPA adjusts their own perspective to whatever helps the client. Sure, technically, the loan payment is split between the Income Statement and the Balance Sheet. But many small business owners think in terms of cash flow. So I’ll set up the Income Statement to reflect true cash flow, making it a great budgeting tool and cash flow manager. Even though it’s temporarily incorrect. Year end adjustments return the books to IRS and accounting compliance. 
– Gary Bode, QuickBooks CPA in Wilmington NC

QuickBooks Loan Manager

The Loan Manager feature, found under the Banking tab, calculates a loan amortization schedule based on the length of term, interest rate, balloon payment, etc. QuickBooks then automatically produces a timely check each period, complete with the proper amount and split. Loan Manager makes the bookkeeping easier, faster and more accurate.

Limits of Loan Manager

Folks don’t always pay on time. Or pay early. Some late payments include a lender defined amount of interest, which helps keep the amortization schedule intact. But any QuickBooks CPA knows a year-end adjustment is still required, even with Loan Manager.

Your QuickBooks CPA makes difference in how useful the program is to your company. What’s the point in having a powerful and flexible tool if it isn’t tweaked to your mindset and company’s needs? We’re a Wilmington NC QuickBooks CPA firm serving a wide geographic base through our Virtual Office. So, if you like what you’re reading, and don’t have local QuickBooks expert, give us a call for a free phone consult at (910) 399-2705.

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