Category Bookkeeping

The initial lockdown led to a complete halt in pub sales, forcing them to shift their focus to packaged beer sales, which surprisingly and thankfully increased. You can use your company’s historical data to help create budgets and forecasts, which…

So if you’re looking to invest in QuickBooks’ inventory management software, QuickBooks Commerce is here for you for the foreseeable future. (QuickBooks Commerce is not an ecommerce platform and requires you to connect an online store.) But then, with the…

Specializing in a career field can help to set you apart and lead to career stability and longevity. You may also be expected to take on more advisory and analytical roles as bookkeeping becomes more automated. There are many bookkeeping…

If your prospective bookkeeper does, you should consider what you’d do if they’re sick or call out for other reasons—have a backup plan in case your bookkeeper is out of office. Make sure you’re on the same page about their…

As a business owner, you know how important it is to manage a regular positive cash flow. QuickBooks Payments makes it easier for you to accept online payments when you send invoices from within the app. While setting up QuickBooks,…

Whichever service you use, you’ll want it integrated what is a fiscal year with your accounting software to automate your tax process. QuickBooks, on the other hand, is a software dedicated only to accounting. It has features required specifically for…

This can be beneficial to avoid the headache that can sometimes come with making credit sales. A cash receipts journal is a special journal that records the receipt of cash by a business from any source during an accounting period.…

Subsequently on a regular (usually daily) basis, the line items in the cash journal are used to update the subsidiary ledgers. Generally most cash receipts are from credit sale customers, and the subsidiary ledger updated is the accounts receivable ledger.…

All cash transactions made during an accounting period are documented in a cash receipts journal, which is set up as a subsidiary of the general ledger. Chronological entries are made in the cash receipts journal and the balance is continuously…

Credit sales are handled using the accrual basis of accounting, while cash transactions are handled using the cash basis. The credit sales which the busy ones make are not recorded in the cash journal as no cash is received while…