Bookkeeping Advice

Ensure Payroll Filings and Payments are Correct

This article addresses the concept of ensuring your payroll tax filings and payments are up to date and correct. One sure sign that your payroll tax obligations might be amiss is if a recent payroll tax payment never cleared your bank account. This could be due to the fact that you depended on your payroll

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Correcting Changes to Reconciled Transactions in QuickBooks Online

Each month or quarter or some other consistent period of time, you, as the bookkeeper for your business, should be reconciling all cash and credit accounts to the corresponding periodic closing statements. This bookkeeping task is crucial to let the reader of your financial statements know that you have verified all cash and credit transaction

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The Categorization of Business Meals

The topic of categorizing business meals expenses in the most appropriate way in your bookkeeping system can cause confusion because business meals (and perhaps the associated entertainment costs) can occur for a variety of reasons. In the old days, it might have been enough to categorize business meals based on two main principles: Geography: local

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Payroll Taxes to Wages Payroll Adjustment

This article addresses one of the more common payroll adjustments needed in your bookkeeping; the purpose is for the proper recognition of your gross wages. Typical outsourced payroll providers withdrawal your bank account mainly for the following three reasons: Total wage payouts to your employees Total tax payouts to tax agencies Fees charged by the

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Convert PDF Transactions to Spreadsheet for Import into QuickBooks

This article addresses the issue of conveniently importing credit card transactions into your QuickBooks company file, but from a PDF type of file. Sometimes (for whatever reasons), you may not be able to obtain a convenient spreadsheet download (or from a bank feeds connection) of your credit card transactions, but instead are able to obtain

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Sale of Spec Home – Income Statement Overview

It is important to have a general outline of how to handle the sales of your speculative homes (spec homes) in your bookkeeping system. In a previous article, I discussed the Balance Sheet type of accounts that would be affected when you finally sell your speculative home that you have built from the ground up.

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When CPA’s Ask for the Financial Statements

This article addresses what to do when your Accountant requests the “financial statements” regarding your business activities. Sometimes your CPA may not be very specific in these requests, however, typically the financial statements are what I like to call, The Big 3: Balance Sheet Profit & Loss General Ledger Be sure, however, that you do

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Making Changes to Closed Periods

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

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Tracking Investments Bookkeeping- Part 4

Part 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,

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Third Party Bill Payment Service Usage

The 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.

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