It is important to have a general outline of how to handle the sales of your speculative homes (spec homes) in your bookkeeping system. Typically, all of the purchases (including land, materials, labor, etc) related to the construction of the speculative home would have been capitalized (put into asset type of accounts on the balance
Read MoreThis article addresses how to create a Balance Sheet Detailed report that displays both the activity within a certain time period and also the overall company balances of your assets, liabilities and equity account as of a point in time. To begin, remember a typical Balance Sheet Summary report (most likely the report you
Read MoreThis article addresses how to create a Balance Sheet that displays different points in time on one statement in QuickBooks Online. To begin, remember a typical Balance Sheet Summary report (most likely the report you are used to always seeing) is only going to display your Asset, Liability and Equity account balances as of only
Read MoreThis report is simply a convenient way to view the capitalized costs (non-expensed) associated with each customer/job, separated out (and displayed) per column of information, but, of course, all on one report. This report, perhaps, would be convenient for industries such as speculative home building but can be useful for anyone that is especially interested
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
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