There may be times when you have to take a customer’s Accounts Receivables credit balance and transfer it over to another customer’s Accounts Receivables balance in your bookkeeping system, within the QuickBooks Desktop version. The main reason you would ever have to do this is if one of your customers has multiple locations or subsidiaries
Read MoreThere may be times when you have to take a customer’s Accounts Receivables credit balance and transfer it over to another customer’s Accounts Receivables balance in your bookkeeping system, in QuickBooks Online. The main reason you would ever have to do this is if one of your customers has multiple locations or subsidiaries and thus
Read MoreThis article addresses how to create a simple Customer Retainage system in QBO. This is for your customers who keep a portion of what’s owed to you, say 10% of the entire invoiced amount, until the entire project is complete. To begin, you will need to create three things here in QBO: Now to test
Read MoreThis article addresses the concept of ensuring your payroll tax filings and payments are up to date and correct. One sure sign that your payroll tax obligations might be amiss is if a recent payroll tax payment never cleared your bank account. This could be due to the fact that you depended on your payroll
Read MoreEach month or quarter or some other consistent period of time, you, as the bookkeeper for your business, should be reconciling all cash and credit accounts to the corresponding periodic closing statements. This bookkeeping task is crucial to let the reader of your financial statements know that you have verified all cash and credit transaction
Read MoreThe topic of categorizing business meals expenses in the most appropriate way in your bookkeeping system can cause confusion because business meals (and perhaps the associated entertainment costs) can occur for a variety of reasons. In the old days, it might have been enough to categorize business meals based on two main principles: Geography: local
Read MoreThis article addresses the benefits of reviewing a Vendor Expenses Summary report. The Vendor Expenses Summary report in QuickBooks will give you information regarding how much money was spent on each vendor within a given time period. The report can be processed in both cash and accrual basis. Provided that you actually fill in
Read MoreThis article addresses the benefits of reviewing an Open (customer) Invoices report in comparison to a typical Accounts Receivables report. Most of the times small business owners are familiar with the term Accounts Receivables and thus will process the corresponding named report in a bookkeeping software to ascertain which customers still owe them money.
Read MoreThis article addresses the benefits of and how to create an Accounts Payable by Report Date in QuickBooks Online. This report is one that you will need to customize the parameters from a typical Accounts Payable Summary report by simply choosing the “Report Date” option in lieu of the “Current” date option. Most of
Read MoreThis article addresses one of the more common payroll adjustments needed in your bookkeeping; the purpose is for the proper recognition of your gross wages. Typical outsourced payroll providers withdrawal your bank account mainly for the following three reasons: Total wage payouts to your employees Total tax payouts to tax agencies Fees charged by the
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