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
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 MoreThis 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,
Read MoreThis 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
Read MoreThis 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,
Read MoreThis 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
Read MoreThis 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
Read MoreThere a function in QuickBooks Online called “Delayed Charges”. This is located underneath the Customers menu within the “New” button on the left-hand side. The purpose of this function (it also can be called a non-posting charge) is to store your ongoing charges, to be billed out to your customers at some point. This function
Read MoreIf you are a small business that engages in speculative home building, then you probably also have access to that speculative home’s construction escrow account (from a previously arranged loan agreement). Since the building of a speculative home will be financed by a lender (such as a bank), you, as the home builder, will need
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