This article addresses the concept of maintaining your various types of business-related loans in your bookkeeping system. Small businesses will typically be in debt and thus will need to maintain some sort of loan account in their bookkeeping ledgers. There are indeed various reasons why a small business would even carry a loan in the
Read MoreThis article deals with a particular issue you may run into from time to time when trying to reconcile a bank account. Sometimes a check payment is posted in your bookkeeping software, however, the actual check that clears the bank account is for a slightly different amount. You may be tempted to simply login to
Read MoreThis article deals with posting those bi-weekly Amazon revenues statements (payment statements) into your books. However, in this scenario, we will deal specifically with a periodic statement (from Amazon) that nets out to a negative amount. When there is a negative settlement, then Amazon should debit your bank account instead of crediting it for that
Read MoreThis article deals with bookkeeping reconciliation discrepancies with your bank account. Normally, when you are trying to match a bank account balance to the associated bank account balance in your books, you should be able to match each and every transaction that had occurred within a certain time period. The more often you complete a
Read MoreThis article deals with the concept of Deferred Income and how to simply convert to regular, or earned, income in your bookkeeping using a journal entry. Deferred Income is simply monies you have received in advance of performing your obligations to earn that income. These obligations can be providing a service or shipping of products
Read MoreThis article continues the series of blogs regarding Construction Escrow Accounts. As per the most recent blog about this topic, I will be discussing one popular way in which a Construction Escrow account can be accounting for in your bookkeeping. As stated previously, Construction Escrow funds are disbursed (drawn) only upon request, like a Line
Read MoreThis article deals with posting those bi-weekly Amazon revenues statements (payment statements) into your books. It is always a good idea to recognize the following bi-weekly Amazon summary activity into your books: The net of all this activity is what will be deposited into your bank account on a periodic basis (bi-weekly in this case).
Read MoreThis article concludes the series dealing with if you are in a scenario where you are an entrepreneur and have two small business entities to maintain the bookkeeping for. As mentioned in the previous parts of this series, this is a rather common scenario and it is vital that you, as the owner of both
Read MoreThis article continues the series dealing with if you are in a scenario where you are an entrepreneur and have two small business entities to maintain the bookkeeping for. As mentioned in Part 1 of this series, this is a rather common scenario and it is vital that you, as the owner of both of
Read MoreThis 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
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