Handling Customer Deposits in QuickBooks

Many businesses who receive deposits (pre-payments) from customers are not aware of how to process these payments properly. One  mistake I see often is receiving a payment and leaving the payment “unapplied” to anything until some later date when an invoice is created.  This process wreaks havoc with your Accounts Receivable and can have serious…

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Setting Up QuickBooks Desktop: Your Beginning Balances

I know how intimidating setting up your beginning balances can be, this step-by-step guide can help. In order to set up your other beginning balances, you will need the following: Your Balance Sheet as of the last date before the start date of your QuickBooks.  Accounts Receivable ‐ A copy of each individual invoice that…

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Where Did My Profit Go?

I get a lot – and I mean A LOT – of small business owners wanting to know why their Profit and Loss report shows that they made money – yet they don’t actually have that money in the bank. I would probably get this question more often, but I only get it from people…

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What You Must Know About Inventory in QuickBooks and Job-Costing

If you do job-costing in QuickBooks, and you don’t sell individual items to your clients, I recommend you avoid using Inventory Parts if at all possible. But, sometimes it’s not possible. Here’s what you need to know about how inventory accounting works, and what you need to do in order to keep your inventory straight…

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Class Tracking in QuickBooks® – A Rarely Understood, Awesome Feature

Using “Classes” in QuickBooks to Track: Locations, Projects, Divisions If you need to keep track of your income and expenses by department, location, property, project or event, using classes in QuickBooks might be for you.  You can also track your Balance Sheet by class, but it can be problematic. First, let me say this: I…

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