In part 2 of these series regarding the Chart of Accounts setup, I will delve into thinking about the various ways you can recognize income in your Chart of Accounts. Income (or revenues or sales) can be recognized based strictly on what you are selling, or you can just have on income account called “Sales”
Read MoreWhen creating your bookkeeping platform for the first time (or re-organizing it), the first thing to decide on is what you want your basic Balance Sheet and Income Statement financial reports to tell you. This is where you want to have a proper Chart of Accounts set up in your platform. The Chart of Accounts
Read MoreIf you are a small business owner and are actually reviewing your business financial reports from time to time, here are some tips to help see potential dangers on your Balance Sheet (Assets, Liabilities & Equity) report: Negative Account Balances Unless you have an Accumulated Depreciation asset type of account, you may want to closely
Read MoreIf you are a small business owner and are actually reviewing your business financial reports from time to time, here are some tips to help see potential dangers on your Income Statement (Profit & Loss) report: Negative Account Balances Negative account balances on your Income Statement (Profit & Loss) means perhaps this particular account is
Read MorePart 2 of this 1099 Advice series continues to explore some other possible tasks to consider in preparation for the 1099 season for the small business owner. Keep in mind to never take the 1099 obligations lightly because, like payroll tax forms, your small business is declaring payments to other entities. So here are
Read More1099 season always seems like it is just right around the corner. Here is an article that can provide you with some ideas to think about prior to this season. As a small business owner, your time probably is in high demand each day, week and month due to all of the different types of
Read MoreThis article may help you address some issues and/or questions in your overall decision to hire a bookkeeper to assist with your small business financial reporting needs. In my opinion, there are two main reasons why a small business owner could consider hiring an outsourced bookkeeper to provide ongoing maintenance of the books: The owner
Read MoreIf 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
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