DIY Bookkeeping Lesson No. 1 As much as I enjoy working for my clients and getting new clients I understand that not every small business needs a bookkeeper. Some businesses are small enough that the owners cannot justify paying someone else to do the small amount of record-keeping that they can do themselves. If you … Continue reading You Can Do Your Own Bookkeeping
Paying Sales Tax in QuickBooks
Of all its features, paying sales tax in QuickBooks can be one of the most challenging to use. This can be because sales tax items have been set up incorrectly. It can also happen if you don't understand how sales tax tracking works. If you have made mistakes in setting up or working with sales … Continue reading Paying Sales Tax in QuickBooks
Best Bookkeeping Practices
I thought I would put together a list of what I consider to be best bookkeeping practices. These come from many years of experience. Some of these I have learned from others and some I have learned by constantly looking for better ways to operate as a bookkeeper. Keep a monthly checklist This is a … Continue reading Best Bookkeeping Practices
Month End Closing
Performing month end closing will keep you from getting behind in your bookkeeping. Leaving things open or unresolved for a few months or even until the end of the year can lead to problems. You might forget to reclassify transactions that need correcting or you might have failed to enter them in the books in … Continue reading Month End Closing
Tax Deductible Meals
When it comes to tax deductible meals, business owners aren’t always clear on the IRS rules. One can be surprised to learn that only 50% of the cost of meals are deductible on their tax return and that it can only be deducted in certain cases. There is also the question of how much of … Continue reading Tax Deductible Meals