Bookkeeping Advice

Inventory Advice in QuickBooks Desktop

My clients often ask me for help understanding and handling the Inventory process in QuickBooks Desktop.  I always assure them that Inventory in QuickBooks is not difficult to maintain if you are willing to take the time to learn the how’s and why’s behind the QuickBooks basic Inventory handling process. (Please note that QuickBooks BASIC

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Finding Bank Reconciliation Errors

Reconciling your accounts can sometimes prove to be a challenging task.  There are a few ways to help you find errors depending on your situation. What if my beginning balance does not match the beginning balance on my statement? Run a Reconciliation Discrepancy report under Reports>Banking, and look at any transactions that appear on the

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Simple Texas Payroll Setup Checklist for QuickBooks Enhanced

Getting setup for payroll with your QuickBooks Enhanced Payroll subscription is quick and easy if you take a few steps to have the information you need handy. You must have an EIN for your business in order to set up payroll.  Assuming you already have an EIN, here is a list of what you need

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Bookkeeping for Consignments

There are different methods for handling consignments in various bookkeeping systems.  In QuickBooks, one very efficient way to account for consignments is to incorporate the use of Sales Orders.  Sales Orders are “non-posting” transactions, so they will not affect your financials or your Inventory on hand levels.  You can set up your QuickBooks Inventory system

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Employee & Contractor Timesheets in QuickBooks

Entering time worked for employees and contractors into QuickBooks can be accomplished using one of two options: “Use Weekly Timesheet,” or “Time/Enter Single Activity.”  The Single Activity selection will allow you to track up-to-the-minute activity.  I always recommend using 15-minute increments in time entry to make both entry and other calculations easier to do.  The

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Double-Sided Inventory Items in QuickBooks Desktop

Inventory items are tracked items that you sell to your customers.  These items can also be used as parts to build inventory assemblies with. When creating your Inventory items, you should opt to make them “double-sided.”  This means that when you purchase an item, the appropriate expense/COGS account will reflect this item on your Income

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