A popular question that is often asked by small business owners is whether they should pay themselves through a taxed payroll system or simply take the money from the business through Owner Distributions. My CPA recently answered a client as follows: “As long as you are NOT a C Corporation, then you can withdraw funds
Read MoreEvery business owner needs to understand accounting recognition methods and choose the one that will best fit their company structure. In making this decision, you will answer WHAT you will be recognizing as earned revenues/sales and expenses. This is an important decision, as your recognized numbers are the ones you report to outside agencies, such
Read MoreWorking with Delayed Charges can sometimes be a challenge in QuickBooks Online, especially if you need to reuse a Delayed Charge that has been “closed.” I recently had this issue when I used a Delayed Charge (entered previously) on a customer’s invoice and then realized that the invoice was incorrect only after having emailed it
Read MoreJournal Entries are simple yet powerful means of adjusting your financial accounts. You will normally use other methods to affect your accounts, such as entering a check payment or issuing a refund. There are generally two main reasons to use journal entries in your QuickBooks file: When a financial transaction must be created and the
Read MoreIn order to customize your outgoing forms in QuickBooks Online you would click on (at the date of this post writing) the Gear Icon>Account and Settings>Sales>Customize Look and Feel (green bar)>New Style (or select the one you want if you already have some created),>(select which type of form you want to customize). There are four
Read MoreBriefly, job costing is simply applying your revenues and expenses to the customers and jobs (or projects) for which they were used. In QuickBooks, for each bill, check, and credit card transaction related to a particular job, be sure to complete the Customer:Job column. Remember to complete this column for both labor and materials. Once
Read MorePetty Cash is a bank-type account in QuickBooks, and you transfer (deposit) to this account each time cash is actually withdrawn from your bank to be kept in the office. This cash is generally kept on hand to cover small, on-the-fly transactions such as office meals, landscaping, fuel, etc. A word of caution on using
Read MoreEvery now and then a payment from a customer will be completely processed through QuickBooks before you discover that the payment was applied to the wrong Invoice (or even the wrong customer). You will apply the payment, deposit it in the bank, and reconcile the payment on your bank statement. Then your customer calls and
Read MoreHaving an up-to-date backup of your QuickBooks files (and any other important financial files) is crucial to maintaining your business books. Technology fails us without warning, and sometimes entire systems go down and must be replaced. If you do not have a current backup when this happens, you will spend precious time and considerable effort
Read MoreIt is good practice to reconcile to ending statement balances as often as possible for bank, credit card, line of credit, petty cash, and even some asset and liability accounts. Comparing to these third-party “reality” statements is one of the best ways to verify that the numbers in your QuickBooks file are a true reflection
Read More
AccuraBooks