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Summary Balance Sheet
QuickBooks Pro Desktop 2020
This presentation we will generate and analyze a summary balance sheet comparing and contrasting it to the standard balance sheet or balance sheet standard report, which is going to be the general balance sheet that will be generated when a balance sheet is created, we will do this within QuickBooks Pro 2020, QuickBooks desktop 2020. Here we are in our get great guitars file, we currently have the open windows open, you can open the open windows by selecting the few drop down up top and the open windows lyst, we're going to first create actually our standard balance sheet so that we have something to compare the summary balance sheet to so let's first create this standard balance sheet.
As we have seen in the past, we go to the reports up top, we're going to go to the company and financial scroll on down to the company to the balance sheet standard. Here is the balance sheet standard Report, I'm going to change the dates with the customized up top, we're going to change the dates from a one a 120 to 1230 120, that's January through December 2020, then I'm going to say Okay, so here's going to be our balance sheet report. Now you can see that this is a fairly long report, it's got a lot of sub totals to it. And a decent amount of accounts that will vary, of course from company to company.
But this is the standard report that we would want. Because typically we want to see those accounts when we're going back and forth from the data. Because oftentimes, we'll want to use the auto zoom feature to go into that detail. However, when we give this report to somebody else, we may not they may not want the detail, especially if you're talking about someone that doesn't have a lot of financial accounting information, or they don't work with financial statements a lot, then or even someone that does that just wants the bottom line, they might just be a bottom line person, I just want the sub totals, I don't need all the detail, then we may not want to provide that.
So most people that work within QuickBooks will then always be going back and forth to this report as they enter data to see what happens to the particular accounts, either here or to a trial balance report, which gives all the report detail details basically the reports that will be on the list of accounts or Chart of Accounts. In other words, if we go to the lists drop down, and we take a look at the chart of accounts, if we were to generate the standard balance sheet and the standard income statement, or Profit and Loss report, all the accounts here that have a balance in them for that time period would then be dis
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IRS Tax Tip
Taxpayers who aren’t eligible for the Child Tax Credit should look into the Credit for Other Dependents
The Credit for Other Dependents is a tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include:
Dependents who are age 17 or older.
Dependents who have individual taxpayer identification numbers.
Dependent parents or other qualifying relatives supported by the taxpayer.
Dependents living with the taxpayer who aren't related to the taxpayer.
The credit begins to phase out when the taxpayer's income is more than $200,000. This phaseout begins for married couples filing a joint tax return at $400,000.
A taxpayer can claim this credit if:
They claim the person as a dependent on the taxpayer's return.
They cannot use the dependent to claim the Child Tax Credit or Additional Child Tax Credit.
The dependent is a U.S. citizen, national or resident alien.
Taxpayers can claim the credit for other dependents in addition to the Child and Dependent Care Credit and the Earned Income Credit.
Taxpayers can use the instructions for Form 8812 to help them determine if they can claim the Credit for other dependents.
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