Bookkeeping Advice Archives - Page 8 of 11

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

Dealing with Old Uncleared Transactions

When you are reconciling your accounts each month, have you noticed that there are Uncleared Transactions on your Reconciliation Detail Reports? It is expected that some transactions may not have cleared your bank at the time of statement closing, such as checks that were recently printed and mailed. What you should always be careful to

The Value of QuickBooks Audit Trails

Have you ever come across a situation when you wanted to know who posted a transaction in QuickBooks and why? Both the QuickBooks Desktop and QuickBooks Online platforms provide the answer of at least “who posted a transaction” in the form of an “Audit Log” for QuickBooks Online (Gear Icon>Tools>Audit Log) and an “Audit Trail”

Bookkeeping Cleanup Advice

All too often, I have taken over bookkeeping for clients whose books are in complete disarray for the current and previous tax years. The issue is further compounded due to tax returns having been filed for those same previous tax years that are in current disarray. There can be a multitude of reasons that the

Which Financial Reports Are Helpful to You?

It is always important to understand which types of reporting analysis will keep you moving to the next steps toward your ultimate goals. You don’t have to process the exact same reports that someone else finds helpful. You simply need to understand that making progress toward your financial goals will require ongoing, big-picture, realistic views

Payroll Tips

Handling payroll in-house is a responsibility that should be handled with the utmost care. Among all of your bookkeeping tasks, payroll has the potential to produce some of the most negative repercussions for your business. The main reasons for this increased risk are: 1) you are submitting payments to your employees whom are a part

Employee or Outsourced Bookkeeping?

AccuraBooks serves typical small businesses that gross approximately $5m or less in annual revenues. Most typical small businesses within this income range can get by with outsourced (contracted) bookkeeping services to handle recurring tasks. The most common among these tasks include bank/credit reconciliations, payroll, sales tax filings, and job-costing. Some additional tasks at this level

Handling Uncategorized Transactions

Almost every time I work at monthly or quarterly cash and credit reconciliations, there are inevitably transactions that I will have questions on and therefore need to obtain further clarification before booking to the appropriate account in the client’s financial database. I always like to book transactions to relevant accounts that have a useful purpose;

Sales Tax Options in QuickBooks

Tracking sales tax in QuickBooks can be made very easy or more difficult, depending on your needs. Very Easy Method – The relatively simple sales tax tracking in QuickBooks is best for those who do not invoice their clients directly from the QuickBooks software. For example, let’s say you are a retailer with an in-house

Tracking Paper Investments in Quickbooks

Paper investments, such as stocks, bonds, mutual funds, money market accounts, etc., are probably best tracked in a personal financial software such as Quicken because the auto-feeds capability of Quicken can handle and book these sophisticated entries to recognize events such as reinvested dividends, capital gains and interest income. However, not all of us are