Sample Issues Solved

Reconciling the Payroll

My client, Barbara, recently applied for and received research and development funding for her business endeavors. This funding requires Profit & Loss reports to be submitted to board members each month for review. The problem we faced here, per the Accountant, was that the payroll summary reports from the outsourced payroll services company, must match

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Liability Catch-up

Recently I was hired on by my client, Maria, to take over the bookkeeping for her home design and remodeling company. There was an enormous amount of bookkeeping catchup and cleanup needed for her company because Maria had not had a bookkeeper nor maintained most of the bookkeeping for the past four months. After catching

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Owner Personal Loan to Small Business

My client, Mary, recently made a personal loan to her small business in the amount of $20,000. This personal loan actually originated from a bank, in which Mary took out in her own name, then she transferred these funds to her business bank account. This loan is also charging interest in which Mary will have

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Deferred Income for Job Build

My client, Katie, currently owns and operates a small home remodeling business. Each month, her client sends to her a $60k check payment as an upfront or prepayment for materials & labor costs. Then Katie proceeds to purchase the necessary materials and labor to continue the project for her client. As Katie’s bookkeeper, I do

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Handling Payroll Errors

My client, Elizabeth, had multiple payroll bookkeeping errors. I always advise clients to never fall into payroll errors and never let them fester and go ignored as these usually can have a direct effect on a payroll tax form or even a payroll tax payment. Elizabeth’s payroll bookkeeping errors were: Using two different bank accounts

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Intercompany Loan or Equity Transfers

My client, Tammy, has multiple companies (each company does have its own EIN) and thus is always transferring cash between companies: I have recommended to Tammy not to abuse this practice due to tax reasons, especially if she were to ever create business structures that would require, amongst other things, these transfers to be treated

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Handling Accounts Receivables Bad Debt Issues

My client, Veronica, had some accounts receivables issues recently. One accounts receivable issue was a customer was many months past due on payment on her invoice, which was still completely outstanding. Veronica instructed me to go ahead and write off this invoice to Bad Debt expense in the chart of accounts, which is exactly what

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Switching & Migrating Payroll Services

My client, Sally, has not been too happy with her current full service payroll provider this year and now we are in the 4th quarter of the current year and she is wanting to switch full service payroll providers, this time to AccuraBooks Full Service Payroll Solutions. So, to be able to successfully migrate everything

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Prepayments and Deferred Income

My client, Chelsea, owns and operates a simple local fitness business that provides services for both the class/group setting and personal/one-on-one setting. Chelsea’s locations are in apartment complexes and condominiums. For the most part, Chelsea receives her revenues prior to actually performing the services; these are also known as prepayments. So, to keep things simple,

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Monthly Job-Costing Tasks

Job-Costing is way of allocating certain income and expenses to particular customer jobs that your company has performed work for. So, instead of allocating income and expenses ONLY to your business-wide profit & loss statement, your income/expense data can ALSO be allocated to specific customer jobs. You do this extra step in your bookkeeping to

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