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.
Read MoreThis 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
Read MoreThis 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 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 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
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 More
AccuraBooks