If you receive a K-1 for an investment owned by your small business, use these simple instructions to adjust your Investment Account (Long-Term Asset) in QuickBooks to reflect the net income and any of the other items on the form. When you’re finished, the amount in the Investment Account will equal the Ending Capital reported on the K-1.
Want to make sure your business QuickBooks file agrees with your tax return? Best practice is to use your accountant’s adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If neither are available, use this approach:
If your small business has fixed assets or property, how do you determine the amount of depreciation to be entered into QuickBooks? Best practice is to use your accountant’s depreciation schedule, adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If none are available, use this approach:
The selection process for deciding which bookkeeping tool is best for your business can be tedious and challenging to decipher in terms of features and benefits. If you've landed on QuickBooks®, congratulations! You've chosen what we at BudgetEase consider a necessary and highly effective tool to help make YOU more profitable!
It's all about the report! How often are you checking your books for accuracy? Reviewing a P&L (profit and loss statement) is a great practice to see how you’re netting out each month. But reviewing the GL (General Ledger) can quickly show you where something’s not adding up, or you've incorrectly entered data.
It is known that most Americans leave several days of vacation on the table each year, but what about the business owners? We rarely break away from our beloved business for evenings and weekends, let alone a few days or a week away. Pride and passion drive our vision, mission and ideally a strong bottom line.
Here are few reasons why you should give yourself permission to vacation:
It’s not just the busy tax season when accountants have more work than time. Clients facing new credit requirements, unanticipated employee departures and the need to learn how to clean up messy bookkeeping can keep accountants’ phones ringing. Even when accountants are neck-deep in filings, forms and statements, clients still need help with a myriad of tasks tied to the numbers of the business. When there is not one more minute in the day or night and the phone rings with a request for help, thinking of BudgetEase as a solution for your clients just makes sense.
A common first task for many of the new clients that engage BudgetEase is catching up their QuickBooks file to date. Often times it has been years since a reconciliation has been done, principle and interest have been lumped together for just as long or the bank feeds have not been cleared of transactions. When tackling such a project, organization and the setting of expectations is important. Whether you are an accountant beginning to catch up a file or a business owner that has an outdated QuickBooks file, it pays to have an understanding of what the catch-up journey might look like.
There are several ways to ensure your business’s financial data is recorded accurately and available for reporting when you need it. You can hire a full- or part-time employee to be located in your office, you can contract a bookkeeping firm to send a staff person to your office once a week, or you can hire a virtual bookkeeper.
Just as a personal budget can help ensure enough money is saved for retirement, a business budget can help ensure the company can succeed long into the future. Budgets also help start-ups step off on the right foot. Even without historical expenses data, taking the time to forecast income and expenses for the month, quarter and year(s) ahead will help keep your business lean, efficient and open for business.