Bookkeeping Advice Archives - Page 8 of 12

Maintaining Loan Accounts

This article addresses the bookkeeping maintenance of a typical cash loan, mortgage or line of credit account. It does NOT address the maintenance of credit card accounts. Updating and reconciling a loan account is just as important as maintaining your bank and credit card accounts in your bookkeeping records. I say this because so many

The Profit & Loss Value of Maintaining Accounts Receivables & Payables

When you process an overall company health financial statement such as the Profit & Loss or a Balance Sheet, you may find inaccurate balances due to the fact that your Accounts Receivables and Payables need attention. In my experience, it can be quite common to see a business owner disregard the value of each detailed

The Value of Bank Reconciliations

Periodically reconciling all of your banking, credit card, lines of credit and even accounts that only accumulate accrued interest is always the first step in bookkeeping maintenance and ensuring your financial reports are accurate. I have seen too many times where the books (even the most complicated books) are maintained like clockwork with expertise, however

Payroll Setup in your Chart of Accounts

Whether you are going to be integrating your payroll data from a 3rd party provider into your current bookkeeping platform or utilizing your own in-house payroll system, it is always a good idea to properly setup your corresponding liability and expense accounts in your chart of accounts AND periodically check the data and balances in all

Tracking Expenditures Using Funds from the Paycheck Protection Program

If you have received moneys associated with the Paycheck Protection Program, it is probably a wise thing to invent a temporary bookkeeping system and process to distinguish all financial activities associated with/utilizing these funds from the rest of your bookkeeping system. That way there can be no doubt that you can prove your PPP expenses/activities

Don’t Fall Behind in Your Bookkeeping

It is highly recommended to never fall more than three months behind in your bookkeeping. Case In Point: The recent COVID-19 outbreak has slowed down the economy and thus has caused a lot of small businesses to file claims for Disaster Relief and Paycheck Protection coverage. However, like any other request for business financial assistance,

QuickBooks Online Bank Auto-Feeds – Pros & Cons

The bank auto feeds section in QuickBooks Online, which is accessible by hovering over the “Banking” tab on the left side and clicking on “Banking”, is a convenient perk function that allows the ability to directly connect your bookkeeping software to the transactional activity that occurs in your financial institutions, such as your bank and

Should You Switch Bookkeeping Platforms?

Every once in a while, a current client will communicate to me their possible desire to make a bookkeeping platform switch, either as a temporary or permanent solution. For temporary solution purposes, the client may want this to be able to provide or have access to their books due to sudden needs arising from, perhaps

E-Commerce Revenues Entries

Manually booking your Amazon sales begins with logging into your Amazon Seller account and downloading those bi-weekly PDF revenues settlement statements. These are the statements notifying you of your detailed split out summarized revenues activities for the period of time and when to expect a bank transfer payment from Amazon. These statements outline the following

Using EFTPS for Multiple Companies but with the Same Bank Account

Sometimes there are multiple companies created (by one person) for various reasons, however the safest way to handle this is to create a new bank account for each entity. If you decide to keep the same bank account, keep in mind that the IRS, for payroll purposes, is tracking all of this activity and this