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:
Read MoreNote: This is assuming the customer deposit was already booked BEFORE the payment was actually applied to the customer’s open invoice. Note: This is assuming you do not have your preference setting that makes QuickBooks automatically apply customer credits to open invoices. Be sure that the pre-existing customer deposit is actually booked correctly for
Read MoreHere is a video showing how to go thru a basic bank reconciliation process in QuickBooks Online:
Read MoreNote: Be sure you understand what information to enter for both payment and 1099 purposes. Go to your vendor center in QuickBooks Online (Expenses>Vendors) and then click “New Vendor” in the upper right corner. You will notice the fields First, Middle, Last name AND also the Company AND the field “Display name as”: For payment
Read MoreNote: This is assuming your inventory/purchase orders function is active in QuickBooks and you already have an inventory list created with quantities that need to be manually adjusted, perhaps due to a physical count of the inventory. Go to your inventory list in QuickBooks List>Item List Scroll to find the inventory type item that you
Read MoreEach year I process W2 forms for employees, via AccuraBooks Full Service Payroll Solutions, for my clients. It seems like each year, I learn something new regarding what to review and watch out for prior to actually processing any payroll tax forms. So here are some basic things to watch out for prior to processing
Read MoreThis article addresses how to conduct a manual import of transactions from a spreadsheet into your QuickBooks Online bank feeds center. This does NOT address how to import directly from a bank website. Note: You must first prepare your spreadsheet for the importation of data into QuickBooks Online. Here are some simple tips on how
Read MoreAs a small business owner, if you accept credit or debit cards payments then you probably understand the convenience of simply charging your customer’s credit cards on file rather than wait on a check payment to settle accounts receivables. However, this convenience is not free of charge either, in that the credit card processor that
Read MoreThis article addresses how to reconcile to a bank statement closing balance. A closing balance is best viewed by printing out a monthly (a month-close) PDF closing bank statement. This is because an official monthly closing statement can (but not always) calculate all of the withdrawals and deposits and sum these up onto the monthly
Read MoreHere is a video showing how to apply an old vendor credit to a new vendor bill:
Read More
AccuraBooks