Timothy Sumer

This learn QuickBooks for home financed video will show you how to record retirement fund contributions in to QuickBooks and retirement funds deductions from your retirement account . All these I.R.A., S.E.P. or other retirement funds must be recorded in to your home finance records. Retirement funds behave differently from normal bank accounts when keeping records with QuickBooks for non-business family or trusts and Estates. Normally, when a bank account increases, you would only record income as the reason and, normally when a bank account decreases, you would record some expense. However, when your retirement fund increases, you are contributing to the retirement account and must record in to QuickBooks that you are deducting what you put into the fund and it's lowering your net taxable income. Things like: I.R.A. contributions can be recored At the same time, your net worth is increasing when you put money in because you have more money in an additional bank account