Tag Archives: bookkeeping

Line of Credit Bookkeeping

Bookkeeping 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

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Posting Payroll Entries – Part 3

Part 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

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Posting Payroll Entries – Part 2

Part 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

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Posting Payroll Entries – Part 1

This 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

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Reconciling a Paypal Account

If 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

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Spec & Custom Homes Bookkeeping Overview – Part 3

Part 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

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Bookkeeping for Exterior Remodeling Business – Part 2

Maintaining 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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Bookkeeping for Exterior Remodeling Business – Part 1

If you are in the business of replacing windows, siding, gutters, etc. on homes, then you may want to track the various types of remodeling work that is most profitable for you. What is key is to have an actual job folder for every single project that you sign a contract to. Within this folder

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Spec & Custom Homes Bookkeeping Overview – Part 2

If using the QuickBooks software to track your Spec and Custom homes activities, it is recommended that you create a labor and materials items list prior to actually commencing any bookkeeping. To begin, you can create this list in a spreadsheet and then import into QuickBooks within certain parameters (be sure you fully understand the

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Spec & Custom Homes Bookkeeping Overview – Part 1

Bookkeeping for Spec (speculative) and custom homes can be done rather simply or with great complexity depending on your needs. Spec homes typically are funded by construction draw loans and thus all moneys (predetermined by the loan amount) coming in are applied against that loan (or escrow account depending on your bookkeeping philosophies). Custom homes

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