Perhaps you haven't received your canceled checks back from your bank in years, or perhaps your bank has even stopped providing you with printed images of those checks with your bank statement, like mine has - and I must confess I can't even remember when they stopped doing that with our business account - but I do know that it's been several years.
So what happens when during an IRS Audit you are asked to produce cancelled checks to substantiate the payment of an expense? Continue reading
Your business spends money on a wide variety of things - employee payroll, payroll taxes, office supplies (such as paper and envelopes), utility bills, things that you purchase to resell to others, and goods or services from others are just a few examples. In essence every penny that your business spends is an expense to your business - but how you record the purchase in QuickBooks does make a difference.
When entering bills, checks, or even credit card purchases in QuickBooks you have the choice to use an Items or Expenses tab - choosing the Items vs. Expenses tab will depend on what the money being spent was for. Continue reading
While it is fair to say, most people don't steal, embezzlement does happen; so it only makes good business sense for you to consider what you can do to minimize your employees' opportunities to steal. Continue reading
QuickBooks automatically prefills the date field in every transaction you create (Enter Bill, Write Checks, Create Estimate, etc.) and report that you generate. In many cases, the date that QuickBooks provides you with is not the correct date that you need. Continue reading
Technically, the bill should be approved before it is input into QuickBooks; and generally indicating on the front or face of the document/purchase order/voucher/vendor invoice or whatever you happen to call it, is usually the relied upon method. Continue reading
If you think that job costing is all it takes to have a good construction accounting system – think again! You need a firm handle on your costs and QuickBooks when properly setup and used does a very good job, however, you also need to be able to control those costs. Continue reading