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
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
Read MorePart 2 in this series of tracking investments in your QuickBooks Desktop file will only cover tracking your cost basis of your paper investments. For each type of equity holding that you purchase: Example: 50 shares of XYZ, Inc. at a market price of $2/each = a value of $100 cost basis. I like
Read MoreOverall, it is always recommended that you choose proper befitting software or other method for your own manual investments tracking needs. This series of blogs will delve into a possible method for tracking your paper investments within a specifically created QuickBooks Desktop company file. To begin, you should always begin the bookkeeping for your
Read MoreIf you have a small-time inventory business and are literally storing your inventory in your garage and are not utilizing a complex inventory software to track your stock status and calculate the Cost of Goods Sold, then here are some tips to post manual entries into your bookkeeping records to help assist in your inventory
Read MoreIf you as the business owner have loaned your business a lump sum amount, then you will need to treat it like an official loan to be amortized and create a predetermined schedule of repayments from the business to yourself. This is fairly easy to do as this can be created and maintained in a
Read MoreBookkeeping for a line of credit and perhaps some loans as well, can be confusing when those monthly closing statements list BOTH a Principal Balance and a Total Balance. The question you may have to ask yourself is which balance do you want to reconcile to each month? Example: A Business Line of Credit
Read MorePart 3 of this series of payroll entry blogs will look into the payroll entries that can be posited to recognized unpaid payroll tax liabilities. If you process a payroll for your employees and you decide to wait until a later time to submit the corresponding tax payments to the appropriate tax agencies, then
Read MoreIn part 4 of these series regarding the Chart of Accounts setup, I will delve into thinking about recognizing Overhead Expenses in your Chart of Accounts. Overhead costs, which are sometimes referred to as General Administrative or Indirect Costs, can be fixed in nature, such as rent and insurance, or can be purchases that have
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