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QuickBooks Tips Blog

Using Equity Accounts In QuickBooks

Posted by Joe Mazur on Jan 20, 2014 6:14:00 AM

It is extremely important for business owners and shareholders to properly track the money they may contribute to the business or draw from the business. QuickBooks makes tracking these transactions easy once the equity accounts are properly set up within the Chart of Accounts.  Whether someone is contributing money for a stake in the company or an owner is drawing funds out in lieu of payroll, equity transactions are important come tax time and for monitoring startup costs.

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Topics: Do It Yourself Bookkeeping, Starting A Business, Small Business Owner

Stay In Tune With QuickBooks Best Practices

Posted by Joe Mazur on Jun 10, 2013 7:02:00 AM

Every small business owner or manager knows they need to keep an eye on their books; otherwise the wheels could fall off quick.  Eventually, the bookkeeping tasks will be outsourced when either the revenue hits a certain level or the stress hits a certain level.  Until that time comes, it makes sense to stay in tune with QuickBooks best practices.  Making
sure that QuickBooks is being used as efficiently as possible will allow for a smooth transition to the new bookkeeper.  I find that owners and managers tend to be really good a using QuickBooks for one or two things such as customer billing and tracking income while many other areas get neglected along the way such as Accounts Payable, reconciliations, financial reporting, etc.  As these areas get neglected, business decisions may be based on inaccurate data.  As bookkeepers, we like to make sure that our clients are making strong business decisions that are data driven.  Nothing is worse than seeing an owner make decisions based on their gut feeling and inaccurate financials.  

Use Accounts Payable

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Topics: Starting A Business, Outsourced Bookkeeping