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
Read MoreBookkeeping 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
Read MoreWhen you find yourself seriously behind in your bookkeeping to the point of considering hiring someone to catch up your books for you, here are some tips to help you, as the business owner, consider and review first: Review the status of all of your bank and credit card reconciliations. Cash and credit reconciliations are
Read MoreThe recent CARES Act has provided some debt relief payments to 7(a), 504, and Microloans from the Small Business Administration. Basically, the SBA will make monthly payments to these types of outstanding small business loans for a period of time, depending on the specific debt relief and loan payment criteria. This activity may pose an
Read MoreEach 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
Read MoreOffering 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
Read MoreThis 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
Read MoreMy 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
Read MoreIf 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
Read MoreIt 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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