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QuickBooks Tips Blog

Accounts Receivable - What A Mess!

Posted by Joe Mazur on Oct 9, 2013 7:00:00 AM

"My Profit & Loss report tells me that I'm making a lot of money, but where is it?"  This is a common question we get asked frequently.  I usually tell that person to open their Accounts Receivable report.  Accounts Receivable is one of those reports that can be scary the first time
it's opened.  This shows the amount of money that the company has invoiced its customers for whom have not paid yet.  In accrual based reporting, these amounts show up on the Profit & Loss and have a major impact on the bottom line.  Streamlining your invoicing process can eliminate having a wrong AR report.  Also, streamlining the process in which your customers pay your company can reduce your AR balance and make your cash flow much more predictable. 

 

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Topics: Cash Flow Management, Bookkeeping Processes, Accounts Receivable, credit card quickbooks, Accrual Accounting

QuickBooks Tip: How To Pay Bills (2 of 2)

Posted by Alex Viau on Mar 27, 2013 7:34:00 AM

As a continuation from our previous post How To Enter Bills In QuickBooks this second part will touch upon the basic functions of the Bill Pay window in QuickBooks. The Bill Pay window
in QuickBooks allows you to select a bill and post the payment in a myriad of options to help track the credit card payments (liability) or cash payments via check or debit card (asset).

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Topics: QuickBooks Tips, Bookkeeping Processes, Accounts Payable, QuickBooks Bills, quickbooks bill pay

QuickBooks Pointers For Utah Real Estate Investors

Posted by Joe Mazur on Nov 28, 2012 7:13:00 AM

If you flip houses, rehab them, or purchase them for long term rentals, then you know the real estate business is full of highs and lows.  The best way to be prepared for the swings is to have an accurate financial reporting system.  Not all Utah Real Estate Investors have a bookkeeping system that is set up for the long haul.  Getting your Chart of Accounts set up in QuickBooks is the initial step to getting your system optimized working in your favor.  Sometimes this initial step is ignored and the bookkeeping system unravels quickly.  Investors may focus on the purchase price and sale price of the property and ignore the small dollar amount transactions such as rehab costs, utilities, financing charges, and HUD costs.  Since your business lives and dies by the profit of each property, it would make sense to track each transaction to the penny.

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Topics: QuickBooks Tips, Accounting Services, Bookkeeping Processes, outsourcing bookkeeping, outsourcing bookkeeping, Real Estate Bookkeeping

QuickBooks Reconciliation: Are You Utilizing It Properly?

Posted by Matt Roberge on Oct 8, 2012 7:54:00 AM

One of the most powerful and important features in QuickBooks is its ability to reconcile your
balances. This means, in short, ensuring that all your transactions add up to what you think they do, and confirming that the amount you believe you have matches what is actually in your account. QuickBooks reconciliation is vital to properly keeping your books, and keeping your accountant happy.

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Topics: QuickBooks Reconciliation, bank reconciliation, bookkeeping challenges, bookkeeping needs, Bookkeeping mistakes, Bookkeeping Processes, Bookkeeping Business

Video QuickBooks Tip: Setting Up 1099 Contractors In QuickBooks

Posted by Matt Roberge on Aug 29, 2012 8:16:00 AM

In this QuickBooks video blog we will go over how to properly set up and track 1099 contractors in QuickBooks.  Issuing 1099's is a pretty simple task but your QuickBooks company file must be set up properly for everything to work flawlessly.  The last thing you want to do is issue incorrect information to the IRS.

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Topics: QuickBooks Tips, QuickBooks advice, QuickBooks, Independent Contractors, 1099's, QuickBooks Blog, Bookkeeping mistakes, 1099s, Bookkeeping Processes, Bookkeeping Tips, QuickBooks Video Tips