Tag Archives: bookkeeping

Bookkeeping – Dealing with Uncategorized Transactions

Each time I reconcile a client’s bank or credit account, there are inevitably going to be transactions where I am not sure where to book them. Some examples of transactions where a bookkeeper may be unsure where to book them are: Amazon, Walmart, Target, Other E-Commerce purchases: Lots of different types of items can be

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Bookkeeping – Payroll Health Insurance Accounts

Offering Health Insurance benefits through your company payroll can be an attractive benefit to obtain and retain employees, however the bookkeeping for BOTH health insurance paycheck deductions and company contributions is something that has to be monitored quite continuously, even if your do not alter any wages during the year. This is because the cost

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Bookkeeping – Maintaining Loan Accounts

This article addresses the bookkeeping maintenance of a typical cash loan, mortgage or line of credit account. It does NOT address the maintenance of credit card accounts. Updating and reconciling a loan account is just as important as maintaining your bank and credit card accounts in your bookkeeping records. I say this because so many

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Spec & Custom Homes Bookkeeping Clean Up

My client, Kimberly, is the owner of a home building business and specifically Kimberly builds both Spec and Custom homes. Kimberly hired AccuraBooks to catch up and clean up the entire bookkeeping system to help close out the previous fiscal year and to catch up the current fiscal year. Kimberly needed all of this bookkeeping

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Tracking Expenditures Using Funds from the Paycheck Protection Program

If you have received moneys associated with the Paycheck Protection Program, it is probably a wise thing to invent a temporary bookkeeping system and process to distinguish all financial activities associated with/utilizing these funds from the rest of your bookkeeping system. That way there can be no doubt that you can prove your PPP expenses/activities

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Don’t Fall Behind in Your Bookkeeping

It is highly recommended to never fall more than three months behind in your bookkeeping. Case In Point: The recent COVID-19 outbreak has slowed down the economy and thus has caused a lot of small businesses to file claims for Disaster Relief and Paycheck Protection coverage. However, like any other request for business financial assistance,

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Job-Costing Without Using a Complicated Items List

My client, Amelia, is a sole general contractor and has hired AccuraBooks to maintain the bookkeeping for her sole long-term construction contract. Each month Amelia receives funds from her client to pay for her administrative/management fees and also pre-payments (deferred income) for upcoming job labor and materials expenses.   For her bookkeeping, Amelia does NOT

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Should You Switch Bookkeeping Platforms?

Every once in a while, a current client will communicate to me their possible desire to make a bookkeeping platform switch, either as a temporary or permanent solution. For temporary solution purposes, the client may want this to be able to provide or have access to their books due to sudden needs arising from, perhaps

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Bookkeeping for Loan Refinance

My client, Sophia, has recently obtained mortgage refinancing for two of her properties and has asked AccuraBooks (her current bookkeeping service provider) to make these entries into the bookkeeping platform. In particular, Sophia was able to close out (pay off) the old loan and obtain a much higher loan as part of the terms for

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Periodic Bookkeeping – Amazon Revenues Entries

Manually booking your Amazon sales begins with logging into your Amazon Seller account and downloading those bi-weekly PDF revenues settlement statements. These are the statements notifying you of your detailed split out summarized revenues activities for the period of time and when to expect a bank transfer payment from Amazon. These statements outline the following

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