This article deals with if you are in a scenario where you are an entrepreneur and have two small business entities to maintain the bookkeeping for. This is a rather common scenario and it is vital that you, as the owner of both of these small businesses, understand simple do’s and don’ts when it comes
Read MorePart 5 in this series of tracking investments bookkeeping will cover cost basis and market value adjustments. To re-cap from what you may already know: Cost Basis = What you actually paid at the time you purchased your stock. Market Value = What your stock holdings are worth today on the open market. If you
Read MorePart 4 in this series of tracking investments bookkeeping will cover reinvested dividends and market value adjustments. In general, Reinvested Dividends do not get paid out in cash, but rather the income is simply reinvested in the underlying equity; in other words, more shares of stock are purchased with the earned dividends. In general,
Read MoreBookkeeping for a line of credit and perhaps some loans as well, can be confusing when those monthly closing statements list BOTH a Principal Balance and a Total Balance. The question you may have to ask yourself is which balance do you want to reconcile to each month? Example: A Business Line of Credit
Read MorePart 3 of this series of payroll entry blogs will look into the payroll entries that can be posited to recognized unpaid payroll tax liabilities. If you process a payroll for your employees and you decide to wait until a later time to submit the corresponding tax payments to the appropriate tax agencies, then
Read MorePart 2 of this series of payroll entry blogs will look into how you can post manual payroll entries that recognize payroll-related 401(k) obligations. As a reminder, if you subscribe to a separate 3rd party payroll provider that is NOT integrated into your bookkeeping platform, then you will have to post the payroll expenses
Read MoreThis series of blogs will look into the various ways you can recognize your payroll costs in your bookkeeping platform. If you subscribe to a separate 3rd party payroll provider that is NOT integrated into your bookkeeping platform, then you will have to post the payroll expenses into your financials yourself. There are certainly different
Read MoreIf you are constantly using a Paypal payment account to transact both payments from customers and payments to vendors, then you should be treating your Paypal payment account just like a typical bank account in your bookkeeping files. I would recommend that you complete a reconciliation of this account at least on a monthly basis
Read MorePart 3 of this series of Spec & Custom Bookkeeping Overview deals with the purchase of the Land Lot (for Spec work) and the corresponding loan to pay for both the Lot and the Construction Funds to Draw. It is recommended that you utilize a journal entry to capture the following: Purchase price of the
Read MoreMaintaining a services and products (non-inventory) items list (in your bookkeeping software platform) for an exterior remodeling type of business probably does not have to be as sizable and complex as may be for a complete home building type of business. In fact, overall, I probably would recommend that you keep your items list (not
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