Posts Tagged ‘Mary Ferguson’

Employee Spotlight: Mary Ferguson

Mary FergusonAs a Manager in the Entrepreneurial Services department, Mary Ferguson has a wealth of experience helping clients with their internal accounting and bookkeeping needs. She is a QuickBooks Desktop and QuickBooks Online Certified Pro Advisor who helps businesses and organizations with the setup, installation and training of QuickBooks.

Mary also provides payroll processing, Family Office services, bookkeeping on loan services and financial statement review and analysis. She has a bachelor’s degree in business and accounting from IUPUI, having grown up in Indianapolis and attended school here, including Forest Manor Middle School and Arlington High School (which will become a middle school next year).

Like a number of other Sponsel CPA Group employees, Mary joined the firm at its inception, and has watched the company grow, helping foster new talent and expand the organization’s capabilities.

Mary has been married for 34 years to Stan, and together they have two sons, Pleas and Zachary, and one granddaughter, Tierra Renee. Their son Zachary and his wife, Brittany, married last June and are expecting a baby boy in January. In her spare time, Mary enjoys sewing, walking and serving on the board of the Greater Gethsemane Missionary Baptist Church Summer Youth Academy (SYA).

Be Ready for Earlier W-2 and 1099 Deadlines

Mary FergusonBy Mary Ferguson, QuickBooks Certified Pro Advisor
Manager, Entrepreneurial Services

As businesses prepare for the holiday rush as well as year-end payroll and planning, many people may not be aware that the Internal Revenue Service has instituted earlier filing deadlines for W-2 and 1099 forms.

Beginning with the 2016 forms (those filed in 2017), Form W-2 and Form 1099-MISC reporting wages for employees and non-employee compensation, respectively, must be filed with the Social Security Administration or IRS by January 31.

Previously the deadline had been February 28 (or March 31 for electronic filing). So this will require some foresight and planning by employers and small businesses.

Copies must still be provided to employees and payees by January 31 – so the deadlines for reporting to the government and to employees now coincide. Also, beginning with the 2016 forms, only one 30-day extension to file Form W-2 will be available, and the extension is not automatic.

These changes came as a result of the PATH Act aimed at helping the IRS verify the legitimacy of tax refunds before issuing them.

If you have any questions about IRS filing deadlines, please call Mary Ferguson in our Entrepreneurial Services department at (317) 613-7847 or email

Quick Tips for QuickBooks

Mary FergusonQuickBooks is one of the most powerful and popular accounting software packages available today, and here at Sponsel CPA Group we assist many clients with installation, training and support for their business or organization.

It is a complicated program, and can be intimidating to uninitiated users. Fortunately, we have several staff members who are certified QuickBooks ProAdvisors, including myself.

We’ve put together a list of Frequently Asked Questions and answers to help with your company’s QuickBooks operations. These are commonly faced obstacles, so don’t feel bad if you stumble at first!

Q. Why is the beginning balance on the QuickBooks reconciliation different from my bank statement beginning balance?
A. It is the first time the account has been reconciled, or a previous reconciliation has been “undone.”

Q. Why can’t I use department codes (01, 02 etc.) when creating a chart of accounts?
A. It is best to utilize the “CLASS” option instead.

Q. Can I void/delete stale dated checks (from prior periods)?
A. No. Voiding and/or deleting them will zero the check out and change information on the financial statements. If the check is from a prior period, it is best to remove it by Journal Entry (JE).

Q. How do I import changes from the Accountant’s copy of QuickBooks into my QuickBooks?
A. File, View, Import Changes

Q. Why is there a need to have my closing date password protected and can I remove it?
A. QuickBooks does not use a hard close to zero out income and expense accounts from prior periods. Setting a password protects or restricts access so that changes cannot be made to a closed period.

Q. What are the advantages and benefits of using QuickBooks’ Online versus Desktop version?
A. You can access Online QuickBooks from any computer at any time; it is friendly for either Apple or PC systems; no backup is required; you can invite up to two accountants at no extra cost; and there is no software to install and keep up to date.

Q. What is the undeposited funds account and why is there a balance?
A. These are payments received from customers that have not yet been deposited. It is a “holding account” until a deposit entry is created.

Q. How do I write off payables that we are not going to collect?
A. By Journal Entry (JE). Credit Accounts Receivable: select an offsetting revenue account to debit. You will need to choose the customer’s name.

Q. When purchasing new vehicles or machinery, how do I enter it correctly?
A. If you utilize the Fixed Assets List, enter them on the ITEMS tab when writing the check. Otherwise, they can be entered using a Journal Entry (JE).

Q. Can I open an accounts transfer file in a newer version of QuickBooks for prior years?
A. Yes.

Q. Why is there a balance in the Accounts Receivable account on a cash basis Balance Sheet?
A. A deposit has been made but not linked to an invoice.

Q. Why can’t I see all of the columns on the input screen for Write Check?
A. Your computer’s resolution setting may need to be adjusted. Try 1440 x 900.

If you have any additional questions about QuickBooks, we are happy to help! Please call Mary Ferguson in our Entrepreneurial Services department at (317) 613-7847 or email

Employee Spotlight: Mary Ferguson

Mary FergusonMary Ferguson has been with Sponsel CPA Group since the beginning. A Manager in the Entrepreneurial Services department, she is a QuickBooks Certified Pro Advisor whose duties include installation, training and setup of QuickBooks for clients. She also provides bookkeeping on loan services, payroll processing, Family Office services and review/analysis of financial statements.

“The Entrepreneurial Services Group has nearly doubled since the firm’s founding six years ago. My own growth as a manager has come with the evolution of technology, the addition of younger staff and unique client needs,” Mary said. “As a firm, Sponsel CPA Group has consistently provided the resources and tools necessary to achieve this development.”

An Indianapolis native, Mary went to the first middle school in the IPS system, Forest Manor Middle School, and graduated with honors from Arlington High School. She earned her bachelor’s degree in business and accounting from IUPUI.

Mary and her husband, Stan, met in college and have been married 32 years. They have two sons, Zachary and Pleas, and were thrilled to welcome their first grandchild last December when Pleas and his wife had a daughter, Tierra Renee. Zachary is currently engaged to be married.

In her spare time Mary enjoys sewing, walking and Zumba. She is a volunteer mentor at New Tech High School and serves on the board of the Greater Gethsemane Missionary Baptist Church Summer Youth Academy (SYA).

Our Entrepreneurial Services are Ideal for Businesses of All Sizes

As partner and director of entrepreneurial services, I am honored to be a member of this exciting team. Myself, along with Mary Ferguson and Tina Kelly, bring significant financial experience and business leadership to Sponsel CPA Group.  In my role, I work directly with business owners and executives to provide consulting and entrepreneurial services. I partner with clients to develop and implement financial and business strategies, models and processes that enable them to become more scalable, efficient, productive and profitable.

To learn more about what the entrepreneurial services team can do to help you, schedule a consultation today.

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