Bookkeeping Advice Archives - Page 2 of 11

Tracking Investments Bookkeeping- Part 5

Part 5 in this series of tracking investments bookkeeping will cover cost basis and market value adjustments. To re-cap from what you may already know: Cost Basis = What you actually paid at the time you purchased your stock. Market Value = What your stock holdings are worth today on the open market. If you

Create Your Own Speculative Job Costing Report

This article addresses the concept of creating something other than a typical pre-made job costing report for your speculative (not custom) home building projects in QuickBooks Online. QuickBooks, both the Desktop and Online versions, have a number of pre-made job costing reports available for your reporting needs, if the information is indeed posted correctly and

Create Your Own Customized Job Costing Report

This article addresses the concept of creating something other than a typical pre-made job costing report for your custom (not spec) home building projects in QuickBooks Online. QuickBooks, both the Desktop and Online versions, have a number of pre-made job costing reports available for your reporting needs, if the information is indeed posted correctly and

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

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

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

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

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

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.

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