Bookkeeping Tips

Bookkeeping for Exterior Remodeling Business – Part 2

Maintaining a services and products (non-inventory) items list (in your bookkeeping software platform) for an exterior remodeling type of business probably does not have to be as sizable and complex as may be for a complete home building type of business. In fact, overall, I probably would recommend that you keep your items list (not

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Bookkeeping for Exterior Remodeling Business – Part 1

If you are in the business of replacing windows, siding, gutters, etc. on homes, then you may want to track the various types of remodeling work that is most profitable for you. What is key is to have an actual job folder for every single project that you sign a contract to. Within this folder

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Spec & Custom Homes Bookkeeping Overview – Part 2

If using the QuickBooks software to track your Spec and Custom homes activities, it is recommended that you create a labor and materials items list prior to actually commencing any bookkeeping. To begin, you can create this list in a spreadsheet and then import into QuickBooks within certain parameters (be sure you fully understand the

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Spec & Custom Homes Bookkeeping Overview – Part 1

Bookkeeping for Spec (speculative) and custom homes can be done rather simply or with great complexity depending on your needs. Spec homes typically are funded by construction draw loans and thus all moneys (predetermined by the loan amount) coming in are applied against that loan (or escrow account depending on your bookkeeping philosophies). Custom homes

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How to Create a Payroll Moving Reimbursement Item in QuickBooks Desktop Payroll

Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. Click on Payroll Item at the bottom of the screen, or simply select Ctrl+N. Select Custom Setup and click Next.

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How to Create a Payroll Bonus Item in QuickBooks Desktop Payroll

Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. Click on Payroll Item at the bottom of the screen, or simply select Ctrl+N. Select Custom Setup and click Next.

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Bookkeeping Catch-Up Overview

When you find yourself seriously behind in your bookkeeping to the point of considering hiring someone to catch up your books for you, here are some tips to help you, as the business owner, consider and review first: Review the status of all of your bank and credit card reconciliations. Cash and credit reconciliations are

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Proper Payroll Setup & Maintenance Tips

Anyone who maintains a payroll system should be detail oriented as it can be quite easy to make mistakes in any aspect of a payroll system over time. Proper payroll due diligence must always be maintained here, no matter how many years of experience one may have in dealing with payroll matters. This being said,

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Bookkeeping for CARES Act debt relief loan payments

The recent CARES Act has provided some debt relief payments to 7(a), 504, and Microloans from the Small Business Administration. Basically, the SBA will make monthly payments to these types of outstanding small business loans for a period of time, depending on the specific debt relief and loan payment criteria. This activity may pose an

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Overhead vs. Cost of Goods Sold

When constructing your chart of accounts, it is usually a good idea to, at least, create two major categories of expenses: Overhead (Indirect Costs) Cost of Goods Sold (Direct Costs) Direct costs and indirect costs are differentiated in the following ways: Direct costs are spent because they are used to create revenues for your business:

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