In this post, I contrast the QuickBooks Home window with a table I made that shows how money flows into and out of a business.
It is possible to enter any date you want for any transaction in QuickBooks. Back-dating is an option, but care must be exercised.
If you are a sole-proprietor, you may have wondered about the Owner’s Draw account and how it works. I’ll try to explain it in a way that makes sense to people who use QuickBooks.
Owner's Draw is an equity account on the Balance Sheet. It represents the sum of personal money that the owner has added and removed from the business. I recommend that sole proprietors do the following. 1. Change the name of Retained Earnings to Owner's Draw. If there is already an Owner's Draw, Owner's Investment, or … Continue reading Everything you want to know about Owner’s Draw in QuickBooks
Here I explain a very efficient way to get a lot of transactions inputted quickly into QuickBooks. I honestly believe it is faster than relying on downloads. It uses a single window, the General Journal, to enter every transaction for a statement for the month.
There is a trend in bookkeeping and accounting for small businesses to rely on bank and credit card feeds to handle the bulk of transaction processing. While I applaud the advancement of technology, this trend has two significant limitations.
Andy asked me this question: I am a realtor with an LLC. My real estate broker is a local Keller Williams Realty office. I pay office dues to them monthly and they pay me a commission when I make a sale. I am an independent contractor working with them as an affiliate. As you can … Continue reading Vendor is also a customer
A gal named Peggy asked me this question: The business has undergone a loan refinancing. I need to close out the old loan and open a new one with the new balance and new account number. Can you help? Thanks. My answer: There might be other ways, but here's how I would do it. First, … Continue reading How to record a loan refinancing in QuickBooks
Here is a question I received about paying for business expenses with personal funds. I am trying to set up a small company in quickbooks. The company has been in business for about 2 months. When the company first started they had not set up a bank account for the business. Supplies were paid for … Continue reading Business expenses paid with personal funds
When I first started using QuickBooks in 2004, I had no idea what Items did and nobody explained them in a way that made sense to me. Then a light dawned and I got it.