If you are receiving both check and cash payments from customers, then you will probably be depositing multiple payments during one trip to the bank. To post the entry in your bookkeeping, this requires the use of the undeposited funds account in QuickBooks Online. This particular function can be confusing to understand and utilize in
Read MorePart 3 of this series of Spec & Custom Bookkeeping Overview deals with the purchase of the Land Lot (for Spec work) and the corresponding loan to pay for both the Lot and the Construction Funds to Draw. It is recommended that you utilize a journal entry to capture the following: Purchase price of the
Read MoreIf you are new to creating invoices for your commercial rental tenants, here are some tips to help you ensure you are properly delineating everything on a basic rental invoice: Be clear to state the actual month that you are collecting the rent payment for. Commercial tenants typically pay for expenses in addition to the
Read MorePeriodically, you will have to post manual inventory adjustments in your bookkeeping platform to ensure you have the correct and up-to-date stock statuses and inventory values on hand. Manual inventory adjustments (corrections) can occur for a variety of reason. However, the main goal is to ensure your company financials are reporting accurate information. Balance Sheet
Read MoreMaintaining a services and products (non-inventory) items list (in your bookkeeping software platform) for an exterior remodeling type of business probably does not have to be as sizable and complex as may be for a complete home building type of business. In fact, overall, I probably would recommend that you keep your items list (not
Read MoreIf you are in the business of replacing windows, siding, gutters, etc. on homes, then you may want to track the various types of remodeling work that is most profitable for you. What is key is to have an actual job folder for every single project that you sign a contract to. Within this folder
Read MoreIf using the QuickBooks software to track your Spec and Custom homes activities, it is recommended that you create a labor and materials items list prior to actually commencing any bookkeeping. To begin, you can create this list in a spreadsheet and then import into QuickBooks within certain parameters (be sure you fully understand the
Read MoreBookkeeping for Spec (speculative) and custom homes can be done rather simply or with great complexity depending on your needs. Spec homes typically are funded by construction draw loans and thus all moneys (predetermined by the loan amount) coming in are applied against that loan (or escrow account depending on your bookkeeping philosophies). Custom homes
Read MoreWhen you find yourself seriously behind in your bookkeeping to the point of considering hiring someone to catch up your books for you, here are some tips to help you, as the business owner, consider and review first: Review the status of all of your bank and credit card reconciliations. Cash and credit reconciliations are
Read MoreAnyone who maintains a payroll system should be detail oriented as it can be quite easy to make mistakes in any aspect of a payroll system over time. Proper payroll due diligence must always be maintained here, no matter how many years of experience one may have in dealing with payroll matters. This being said,
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