Bookkeeping Advice Archives - Page 2 of 10

Tracking Investments Bookkeeping – Part 3

Part 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

Resolving Uncleared Transactions

The 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

Sale of Spec Home – General Balance Sheet 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. 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

Posting a Vehicle Fixed Asset Sale

This 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

The W-9 Review

It 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

Payroll Journal Entries – Part 3

This 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,

Posting a Business Vehicle Fixed Asset Purchase

This 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

Payroll Journal Entries – Part 2

This 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,

Payroll Journal Entries – Part 1

This article will be part of a series of articles dealing with the matter of posting payroll expenses and liabilities in your books via journal entries. Part 1 will specifically address recognizing 401(k) employee deductions and the corresponding company contributions and liabilities in your books via journal entries. So, to get started, let’s

Accountant’s Copy File in QuickBooks Desktop

This article addresses the Accountant’s Copy file in QuickBooks Desktop. Sometimes a CPA will request an Accountant’s copy of the entire QuickBooks Desktop company file in order to be able to review and post adjusting journal entries (for a prior period of time) without affecting any current bookkeeping work that is a part of your