Bookkeeping Advice

Dealing With Auto Bank Downloads in QuickBooks

Both QuickBooks Online and QuickBooks Desktop versions offer tools for processing automatic bank feed downloads.  QuickBooks Online has a good advantage over QuickBooks Desktop with its intuitive user interface and the flexibility of its renaming and allocation rules for auto bank feed downloads.  When trying to set up renaming and account allocation rules, however, the

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How to Host QuickBooks for Multi-User Access

Multi-user access is a great option if you need two or more users accessing your QuickBooks company file at the same time.  You must begin by assessing how many simultaneous users your QuickBooks software license will allow.  To find this information, press the F2 key within your QuickBooks Desktop file.  Your information will be displayed

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Organizing Your Chart of Accounts in QuickBooks

Nearly every time I begin working with a new client, I have to modify their Chart of Accounts.  There is generally a lack of proper organization and a misuse of Balance Sheet and Income Statement type accounts that requires my assistance.  There are usually three issues found in the misuse of the accounts: Redundancy –

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Owner Distribution vs. Owner Payroll

A popular question that is often asked by small business owners is whether they should pay themselves through a taxed payroll system or simply take the money from the business through Owner Distributions. My CPA recently answered a client as follows: “As long as you are NOT a C Corporation, then you can withdraw funds

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Accrual-Based Reporting vs. Cash-Based Reporting

Every business owner needs to understand accounting recognition methods and choose the one that will best fit their company structure.  In making this decision, you will answer WHAT you will be recognizing as earned revenues/sales and expenses.  This is an important decision, as your recognized numbers are the ones you report to outside agencies, such

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Delayed Charges in QuickBooks

Working with Delayed Charges can sometimes be a challenge in QuickBooks Online, especially if you need to reuse a Delayed Charge that has been “closed.” I recently had this issue when I used a Delayed Charge (entered previously) on a customer’s invoice and then realized that the invoice was incorrect only after having emailed it

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Using Journal Entries Advice

Journal Entries are simple yet powerful means of adjusting your financial accounts.  You will normally use other methods to affect your accounts, such as entering a check payment or issuing a refund.  There are generally two main reasons to use journal entries in your QuickBooks file: When a financial transaction must be created and the

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Customizing Forms in Quickbooks Online

In order to customize your outgoing forms in QuickBooks Online you would click on (at the date of this post writing) the Gear Icon>Account and Settings>Sales>Customize Look and Feel (green bar)>New Style (or select the one you want if you already have some created),>(select which type of form you want to customize). There are four

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Basic Job Costing Info in QuickBooks

Briefly, job costing is simply applying your revenues and expenses to the customers and jobs (or projects) for which they were used.  In QuickBooks, for each bill, check, and credit card transaction related to a particular job, be sure to complete the Customer:Job column.  Remember to complete this column for both labor and materials. Once

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Handling Petty Cash in QuickBooks

Petty Cash is a bank-type account in QuickBooks, and you transfer (deposit) to this account each time cash is actually withdrawn from your bank to be kept in the office.  This cash is generally kept on hand to cover small, on-the-fly transactions such as office meals, landscaping, fuel, etc. A word of caution on using

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