Bookkeeping Tips

How To Create Customer Retainer Report in QuickBooks Online

For businesses, such as legal and professional design services, that collect retainer fees upfront, here is a report you can build in QuickBooks Online without having the need to create lots of retainer other current liability accounts in your chart of accounts. Be sure you do have one Client Retainer (other current liability type) account

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1099 Advice – Part 2

Part 2 of this 1099 Advice series continues to explore some other possible tasks to consider in preparation for the 1099 season for the small business owner. Keep in mind to never take the 1099 obligations lightly because, like payroll tax forms, your small business is declaring payments to other entities.   So here are

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1099 Advice – Part 1

1099 season always seems like it is just right around the corner. Here is an article that can provide you with some ideas to think about prior to this season. As a small business owner, your time probably is in high demand each day, week and month due to all of the different types of

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Do you need to hire a Bookkeeper?

This article may help you address some issues and/or questions in your overall decision to hire a bookkeeper to assist with your small business financial reporting needs. In my opinion, there are two main reasons why a small business owner could consider hiring an outsourced bookkeeper to provide ongoing maintenance of the books: The owner

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Advice on Posting Batch Deposits in QuickBooks Online

If you are receiving both check and cash payments from customers, then you will probably be depositing multiple payments during one trip to the bank. To post the entry in your bookkeeping, this requires the use of the undeposited funds account in QuickBooks Online. This particular function can be confusing to understand and utilize in

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Apply Inventory Prepayments to Bills

Here is a video showing how to create and apply an inventory prepayment:

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Spec & Custom Homes Bookkeeping Overview – Part 3

Part 3 of this series of Spec & Custom Bookkeeping Overview deals with the purchase of the Land Lot (for Spec work) and the corresponding loan to pay for both the Lot and the Construction Funds to Draw. It is recommended that you utilize a journal entry to capture the following: Purchase price of the

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Build Inventory Assembly Item in QuickBooks Desktop Enterprise

If you have to purchase and track the actual part items used later on for building your final inventory to sell, then here are basic instructions to construct inventory builds in QuickBooks Desktop: Note: this is not for Group type of items. First, to build a basic part inventory (sub) item (note: some item fields

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Basic Commercial Rental Invoicing

If you are new to creating invoices for your commercial rental tenants, here are some tips to help you ensure you are properly delineating everything on a basic rental invoice: Be clear to state the actual month that you are collecting the rent payment for. Commercial tenants typically pay for expenses in addition to the

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Inventory Adjustments Advice

Periodically, you will have to post manual inventory adjustments in your bookkeeping platform to ensure you have the correct and up-to-date stock statuses and inventory values on hand. Manual inventory adjustments (corrections) can occur for a variety of reason. However, the main goal is to ensure your company financials are reporting accurate information. Balance Sheet

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