It 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
Read MoreThis article addresses how to create a new account within your Chart of Accounts in QuickBooks Online. So, let’s get started: Go to your Chart of Accounts and click on the “New” green button in the upper right-hand corner. At the top, choose the most closely-related type of account you are wishing to
Read MoreThis article deals with posting a business vehicle fixed asset sale in your books. Let’s assume the following items: There were no liens on your business vehicle. This was entirely a cash sale. There are no trade-ins involved. Before proceeding in your books, you will need to realize the following: You
Read MoreIt is always a good idea to have each of your service subcontractors complete a W-9 Taxpayer Identification form as soon as you hire the subcontractor to commence any work for your business. Similar to employees, it is required to report income paid to subcontractors to the IRS. Here are some fields within the W-9
Read MoreThis article is Part 3 of a series of articles dealing with the matter of posting payroll expenses and liabilities in your books via journal entries. Part 3 will specifically address recognizing retirement benefits employee deductions and the corresponding company contributions and liabilities in your books via journal entries. So, to get started,
Read MoreThis article deals with posting a business vehicle fixed asset purchase in your books. Let’s assume the following items on your motor vehicle buyers order: Tax, Title, License and Registration fees GAP Insurance There was a cash deposit from the buyer. The vehicle is financed primarily by a loan. In this article, we
Read MoreThis article addresses how to create a Bad Debt Expense entry in QuickBooks Desktop. A Bad Debt Expense is simply an Accounts Receivable debt obligation that a customer owes you for previous services or products sold to that customer. If a customer seems like they will be unwilling to pay this debt obligation to
Read MoreThis article addresses how to conduct an Advanced Search in QuickBooks Online. QuickBooks Online has excellent Search and Recent History features that allow a user to efficiently locate: Audit history of a particular already-entered transaction. Very recent history of transactions just posted. Advanced Search function to locate just about anything. Let’s explore
Read MoreThis article is Part 2 of a series of articles dealing with the matter of posting payroll expenses and liabilities in your books via journal entries. Part 2 will specifically address recognizing health insurance employee deductions and the corresponding company contributions and liabilities in your books via journal entries. So, to get started,
Read MoreThis article addresses how to create a Balance Sheet Detailed report that displays both the activity within a certain time period and also the overall company balances of your assets, liabilities and equity account as of a point in time. To begin, remember a typical Balance Sheet Summary report (most likely the report you
Read More
AccuraBooks