This article deals with the purpose and usage of an equity account called “Opening Balance Equity.” The Opening Balance Equity account is primarily going to be a bookkeeping software invention and thus is automatically created by a bookkeeping software (QuickBooks) whenever you begin a new company bookkeeping (accounting) file and begin posting banking and/or credit
Read MoreThis article concludes the series dealing with if you are in a scenario where you are an entrepreneur and have two small business entities to maintain the bookkeeping for. As mentioned in the previous parts of this series, this is a rather common scenario and it is vital that you, as the owner of both
Read MoreThis article continues the series dealing with if you are in a scenario where you are an entrepreneur and have two small business entities to maintain the bookkeeping for. As mentioned in Part 1 of this series, this is a rather common scenario and it is vital that you, as the owner of both of
Read MoreThis article deals with if you are in a scenario where you are an entrepreneur and have two small business entities to maintain the bookkeeping for. This is a rather common scenario and it is vital that you, as the owner of both of these small businesses, understand simple do’s and don’ts when it comes
Read MoreThis article deals with your purchase of a Lot (Portion of Land) for the purposes of building a Spec Home (on it) in the near future. A Spec home’s building costs are typically going to be capitalized and converted to COGS upon sale of the completed build. However, the purchase of a Lot (Portion of
Read MoreThis article deals with utilizing a spreadsheet-upload function to ultimately upload all of the 1099 data onto an independent 3rd party e-filing platform (online) so you can submit 1099 forms to both the IRS and your contractors. This article does NOT refer to uploading data directly onto the IRS FIRE system to submit your 1099
Read MoreThis article deals with verifying very basic items prior to filing a vendor 1099-NEC tax form. As you know, each January is the 1099-NEC tax filing month, which can be a daunting task to complete during the entire month. You want to be sure to NOT rush this activity, but you do have a deadline
Read MoreThis article deals with posting a closing Construction in Progress journal entry as a result of selling, for example, a Spec built home that, you as the homebuilder, have sold and are trying to close out in your books. During the course of the build of a Spec home, you would post all associated costs
Read MoreThis article deals with posting journal entries as a result of selling, for example, a spec built home that, you as the homebuilder, have sold and are trying to close out in your books. The main document that you will need to post the income, closing costs, cash deposit and reduction to zero out any
Read MoreThis article deals with posting manual adjustments to your client retainer balances (particularly to manually reduce a client’s retainer balance) in your bookkeeping software. Client retainer balances are increased normally by simply creating an invoice and billing the client for a retainer fee up front, say for $5000. Over time, as the work is completed
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