Bookkeeping Tips

How to Set Up an Employer Contributions Health Insurance Payroll Item in Quickbooks Desktop

Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. You will need to create a new payroll item for the employer contribution portion of an employee’s health insurance plan,

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Tying Up Loose Ends

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

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Who Posted This Transaction?

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”

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Catching Up From a Previous Tax Year (Or Two)

All too often, I have taken over bookkeeping for a client 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 the same previous tax years that are in disarray. There can be a multitude of reasons that the

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Which Financial Reports Are Relevant to You?

If you track your business or personal financial data (or both), you should be analyzing this data in relevant financial reports regularly, even if it’s just for 30 minutes per month. In my bookkeeping world, I witness clients who fall into the extreme ends of the spectrum of actually reviewing financial reports. I see some

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In-House Payroll Recommendations

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

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When Do You Need to Employ a Full-Time Bookkeeper Instead of Outsourcing?

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 specialized outsourced (contracted) bookkeeping services to handle recurrent tasks.  The most common among these tasks include bank/credit reconciliations, payroll, sales tax filings, and inventory controls.  Some additional tasks at

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Dealing with 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;

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Fixing Deposit Issues in Quickbooks

After processing your bank reconciliation, you may sometimes find that you have deposit issues such as: Undeposited Funds account still has customer payments in it. The reconciled bank account still has uncleared deposits in it. Some of your customer receivables balances look too high or have a negative balance. The revenues on your income statements

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The Importance of Constant Bookkeeping

I recently had two clients fold their businesses. One of them had been a client of mine since the very inception of my business back in 2009. The common problem, shared by both of these clients, is that although I maintained their books on a monthly or quarterly basis (based on the client preferences), the

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