USA Quick Books Online - Desktop Version

[Vinny Williams]

First and foremost, would anyone be so kind as to walk me through the steps necessary to create an accumulated adjustments account on QBO desktop version?

Also- from a technical perspective I would like to make sure my accounting logic is sound. For an S-Corp, we will cost all state and federal income taxes to this accumulated adjustments account as these are non-deductible expenses that we do not want to effect the shareholders basis, correct?

 

[jecalderon]

Creating the account is not a complicated process. But not sure what type of account you are considering to be (Current Asset, Income, expense, long term asset or just a liability account. Please reply.