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QuickBooks Tips Blog

Use QuickBooks Online to Turn Year-end from Scary to Merry!

Posted by Tiffany Casey on Dec 13, 2017 9:00:00 AM

The holiday season is upon us! The jack-o-lanterns and spider webs have been packed away for another year, making way for pumpkin pies, twinkling lights, and silver bells. But for business owners, there’s still one huge spooky thing haunting them through the holidays… the Year-end Task List! BOO!

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Topics: Year End Accounting, Year End Bookkeeping, Tax Preparation For Year End, Year End Planning

QuickBooks Tip: Dealing with your Accounts Receivable

Posted by Joe Mazur on Jul 27, 2011 7:36:00 AM

When reviewing financials with clients, they sometimes look at their Profit & Loss and almost immediately ask "Well, if I made $40,000 this year, where is it?"  Business owners usually assume that if they made money it should be in their bank account.  If it's not in the bank account, it can be because of a few different reasons.   If they are paying off loans, a line of credit, a large credit card balance from a prior time period, or some other liability the money generated from the profit is usually allocated to these Balance Sheet items.  If the business does not have any liabilities, it could be due to Equity Draws by the owners.  Well if it's not Equity Draws or paying down liabilities, then where is it?  It is most likely tied to your Accounts Receivable balance.  This is the balance that customers owe the business for the purchase of their product or service.

Accounts Receivable Reporting

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Topics: Cash Flow Management, cash flow forecasting, revenue streams, QuickBooks, Efficient Bookkeeping, Year End Accounting, Year End Bookkeeping

QuickBooks Tip: Keeping Track of Inventory

Posted by Joe Mazur on Jun 9, 2011 9:44:00 AM

Sometimes keeping track of inventory can be a pain the butt.  A few initial steps can save a major headache down the road.  Come tax time, accountants will look at the Balance Sheet and use the inventory asset value to calculate your tax returns and having an incorrect inventory can throw off the entire return.   A physical count at year end is always the safest way to go, but why not keep track of it along the way?  Answers usually fall along the lines of 'It's too involving and confusing,' 'I don't have resources necessary,' or even 'I just don't care enough.'  Hopefully with these few easy steps I can help you change your mind.

When purchasing items that will act as inventory, you want to make sure you enter the bill correctly in QuickBooks.  There are 2 tabs within the 'enter bill' screen, one tab is labeled 'expenses' and the other 'items.'  You want to use 'items' to record inventory coming into your business.  Enter the name of the item and QuickBooks will either populate the 'memo' box with the item details or it will ask you to create this item.  When creating the item, make sure to put the proper information in such as; cost, sale price, income category, etc.  Double check to make sure the bill is properly entered and click 'save & close.'  This step will put the items into inventory and all of the details that go along with it.  Once this step is perfected, it all starts to fall into place.

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Topics: Product Information, QuickBooks Tips, Year End Accounting, Year End Bookkeeping, Business Efficiency, Bookkeeping Errors