Cash vs. Accrual Based Accounting in QuickBooks…. What does it mean?

Cash vs. Accrual Based Accounting…. What does it mean to the Small Business Owner? In my opinion, one of QuickBooks’ best features is its ability to run financial reports, like a  Profit and Loss, on both a Cash and Accrual Basis.  But  I am often asked by my clients “What does that mean?  What is…

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Contractors can you save money on Work Comp Insurance?

Contractors: Can you save money on Work Comp Insurance? If you are a general or specialty contractor, you may be able to save money on your Worker’s Compensation insurance just by making sure you are reporting your employee’s wages under the appropriate classification. Some examples are: If you are a General Contractor whose employees perform…

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Do you have a negative Accounts Receivable? Customers who have paid showing an open balance in the Customer Center?* includes free interactive lesson

Resolving Unapplied Payments and the Significance One issue that many people – including bookkeepers – are not aware of is the way unapplied payments and credits in QuickBooks can affect your Financial Statements. I am talking about payments you have received from customers that were “received” in QuickBooks by using the received payments window, but…

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QuickBooks™ Group Items – Create Lump Sum Draws

Progress Billing Solution for Sub-Contractors and Lump Sum Draws. QuickBooks™ Premier Contractor Edition offers many options for invoicing and includes a pretty flexible Progress Invoicing feature. However, the Progress invoicing feature is definitely geared more toward line-item billing for General Contractors. Specialty and many General Contractors run up against a customer billing issue when attempting…

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Payroll and Job-Costing in QuickBooks™

Perfect Payroll Option for Job-Costing in QuickBooks – Assisted Payroll Many businesses prefer to use an outside payroll service for the peace of mind provided by someone else taking responsibility for the Payroll Reports and Tax Payments. Many employers are more comfortable with this arrangement. I have personally known a few Employers who have gotten…

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