Basic Accounting

Sometimes a check from a closed accounting period does not get cashed. Here’s how to handle it, without altering the closed period.

Understand the Void Check Function

When we use the Void Check function, QuickBooks zeros the amount of the check, and also zeros the amount that was used in the lower half of the screen. Usually, this is some type of expense. For example, it could be office supplies, auto expenses, or some other type of expense.

If we v Read more

Sometimes new users of QuickBooks have questions about how credit card work in the software. Here are some helpful bites of information about this subject.

Aren’t Credit Cards Expense Accounts?

No. In the Chart of Accounts, liability accounts represent amounts of money owed to others. Credit cards are liability accounts, because every time we use our credit cards, we owe money to the credit card company. One nice feature of QuickBooks is that it allows us Read more

Over the 30 years or so of managing and advising businesses the most critical basic issue is cash flow. Managing it requires it to be a war plan, meaning that it must be a ruthless (meaning completely focused) process of planning beyond the simple budgetary forecast.

Ive seen large companies with accumulated equities show profits and they were invariably comfortable in making a profit. However when viewed as just how much discounting on payables, interest income, the la Read more

Think youve maybe outgrown Quicken as a small-business accounting solution? Maybe, maybe not. Small-business accounting systems (including Quicken) are supposed to do three things:

1. Measure your profits and cash flow so that you can prudently manage your business.

2. Track the assets and liabilities of the business so that you know what you own and what you owe.

3. Generate the business forms that you use to transact business.

As long you keep these Read more

As a business owner, you know that there are plenty of accounting tasks and duties that you should take care of. Your accountant makes suggestions. Your banker maybe specifies particular requirements. Heck, even your bookkeeper may regularly be pointing out things you need to take care of. Here, however, rather than pointing out things you should do, Ill point out two things that you should never do.

Misrepresent Your Financial Affairs

You should never misr Read more

Adding up every little detail of income and expenditure on a day-to-day basis can be a tiresome job that needs to be done with painstaking effort to ensure its accuracy. Now imagine this job being amplified multiple times sounds scary? Well, the accounting division of any business whether large or small scale, requires the same dedication and much more effort and at the same time utilizes a great amount of resources, both financial and human. Only a professional qualified char Read more

If you have an ambition is to become a successful accountant and want to choose accounting field as your career path after graduation. Then, you need to start planning for your career path and working toward the success of achieving your career goal. In accounting field, a good knowledge in accounting, constant accuracy and working experience are of utmost important for a success. Here are 8 steps that you can include in your career path planning to ensure you are in the right Read more

There is nothing more heartbreaking than to spend weeks and months, and thousands of dollars developing your bookkeeping, accounting or tax practice and seeing it languish as you struggle to attract new customers and clients.

You have knowledge and experience, and you have a passion that you wanted to share with the world but it was not necessarily what the world wanted to hear.

To avoid the waste of both time and emotional energy caused by failed projects you need Read more

Running a day care center is challenging enough without financial accounting problems. Picking the best day care accounting software is an important decision, as it will store all of the critical business accounting data and client data of your day care center.

The first step in picking the best software is to survey what is currently available.

There are many generic financial accounting solutions available, but they will not provide the day care industry-specific Read more

I know you’ve heard it time and time again, in order to manage your finances you need a budget. Everybody knows this is true and still not everybody budgets, knows how budget or knows exactly where to start.

First things first, a budget is a tool it can be as simple or as complex as you want it to be but the end result is the same. It takes away the guess work, eliminates the worry and puts you in control of your money.

I’ve seen people shudder and sometimes run for Read more