This article deals with having to post transactions into your bookkeeping file, however the dates of these new transactions will be in financial periods that have already closed. Depending on advice from your CPA, you may or may not be inclined to make changes within your financial records after-the-fact. This can typically be due
Read MorePart 4 in this series of tracking investments bookkeeping will cover reinvested dividends and market value adjustments. In general, Reinvested Dividends do not get paid out in cash, but rather the income is simply reinvested in the underlying equity; in other words, more shares of stock are purchased with the earned dividends. In general,
Read MoreThe article will address basic bookkeeping concerns to think about when utilizing a 3rd party (outsourced) bill payment service (such as Bill.com). To begin, a 3rd party bill payment service can be a most convenient tool or service for your business, especially if it integrates directly with your bookkeeping software, such as QuickBooks Online.
Read MorePart 3 in this series of tracking investments in your QuickBooks Desktop file will cover selling your paper investments. When you engage in the sale of your investment (or even a fixed asset), there are essentially three main categories to be concerned with and thus adjusted here: Cost Basis Gains or Losses as a
Read MoreThis article addresses how to create a report in QuickBooks Desktop that shows specifically which customer invoices you applied a customer’s payment to. Here is the scenario: You received a customer’s payment and applied this payment to multiple invoices. Perhaps some time later (days, weeks, etc) the customer is now requesting a report that
Read MoreThis article addresses how to apply a bounced customer payment check to the customer’s accounts receivables account in QuickBooks Online. In this scenario: A customer’s check payment to you has bounced due to insufficient funds in the customer’s bank account. The bank then deducts the funds back out of your account, after crediting you with
Read MoreThe article addresses the tracking of any bank or credit card activity that has been posted into your bookkeeping system but did not clear your bank or credit card accounts. In other words, posted transactions in your bookkeeping system that cannot be matched to any bank or credit card monthly closing statements. Here are some
Read MoreThis article addresses how to create an Accountant’s Copy of your QuickBooks Desktop file with the goal of sending to your CPA. Creating an Accountant’s copy will create a type of file known as a QuickBooks Accountant Transfer File (.QBX). The purpose of this file type is for your CPA to restore, post changes, then
Read MoreThis article addresses how to select either the Decimal or Minutes time format in QuickBooks Desktop. It is important that you understand and choose the correct time format setting in your bookkeeping software. Here are two time format options to choose from in QuickBooks Desktop: Decimal: This uses the “base 10” number system
Read MoreIt is important to have a general outline of how to handle the sales of your speculative homes (spec homes) in your bookkeeping system. Typically, all of the purchases (including land, materials, labor, etc) related to the construction of the speculative home would have been capitalized (put into asset type of accounts on the balance
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