Bookkeeping Tips

Sample Report: Profit & Loss

Keeping abreast of the financial position of your company is a must for any small business owner.  One of the most crucial reports for you to review on a regular basis is the Profit & Loss Report.  In QuickBooks, you will find this report by clicking on Reports>Company and Financial>Profit & Loss (Standard or Detail).

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Sample Report: Unpaid Bills Detail

The Unpaid Bills Detail report can be created by clicking on Reports>Vendors and Payables>Unpaid Bills Detail.  This report is an excellent means of viewing what your company owes to each of its vendors at any point in time.  There are a few noteworthy items in this report: The report defaults to show bills dated today

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Tying Up Loose Ends

When you are reconciling your accounts each month, have you noticed that there are Uncleared Transactions on your Reconciliation Detail Reports?   It is expected that some transactions may not have cleared your bank at the time of statement closing, such as checks that were recently printed and mailed.  What you should always be careful to

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Who Posted This Transaction?

Have you ever come across a situation when you wanted to know who posted a transaction in QuickBooks and why? Both the QuickBooks Desktop and QuickBooks Online platforms provide the answer of at least “who posted a transaction” in the form of an “Audit Log” for QuickBooks Online (Gear Icon>Tools>Audit Log) and an “Audit Trail”

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Payroll Conundrum

A client had a rather unique payroll issue some years back, when I first took over the back-end bookkeeping for his business. He was utilizing QuickBooks Online Enhanced Payroll. He had a history of giving payday advances to his employees, but he was not doing the best job of keeping records of the ongoing balances

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Sample Report: Open Invoices Report

Working with customers and receivables is an integral part of running your business.  This is where your income actually comes in to your company, providing a cash flow to continue operations.  While there are a few reports that will help you with assessing the expected income for a period of time, the Open Invoices Report

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Catching Up From a Previous Tax Year (Or Two)

All too often, I have taken over bookkeeping for a client whose books are in complete disarray for the current and previous tax years.  The issue is further compounded due to tax returns having been filed for the same previous tax years that are in disarray. There can be a multitude of reasons that the

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Inventory Management

A pet food manufacturer/guarantor client has their products delivered to distributors across the country. They needed some inventory management consulting, and found me through my profile on the Intuit QuickBooks Find-A-ProAdvisor website. This client uses the QuickBooks Enterprise Desktop software for all their bookkeeping, and they were interested in activating the QuickBooks Advanced Inventory Module

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Sample Report: Expenses By Vendor Report

Creating an Expenses by Vendor Detail report on a regular basis can help you to see where your company is spending money. It is important to know where the money is being spent so that you can find ways to spend less of it (and increase your overall bottom line). Using a report for a

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Maintenance for Quickbooks Online

A client uses the QuickBooks Online platform for their basic bookkeeping needs, including sending invoices to their customers and processing payroll for their employees. I log into the client’s QuickBooks Online company file monthly to reconcile their bank and credit accounts, and review important reports such as current Accounts Receivable Aging, Income Statement and the

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