http://www.bookkeeping-basics.net/bookkeeping-blog.html The Bookkeeping Basics Blog will keep you current with all additions and changes to the Bookkeeping-Basics.net Web site. Click on the RSS button to subscribe to my RSS feed. en-us bookkeeping Thu, 21 Jan 2010 01:42:29 GMT Thu, 21 Jan 2010 01:42:29 GMT bookkeeping-basics.net http://www.bookkeeping-basics.net/the-irs-offer-in-compromise-program.html If you are a taxpayer who is unable to pay your federal tax liability, you may be able to settle for a lesser amount through the IRSs Thu, 21 Jan 2010 01:42:25 GMT http://www.bookkeeping-basics.net/donated-labor.html How do I track donated labor? Mon, 14 Dec 2009 20:12:46 GMT http://www.bookkeeping-basics.net/managing-vendor-discounts.html Hi I am wondering what is the correct way to manage discounts I get from Vendors. They are flat rate discounts which vary from product to product. Mon, 14 Dec 2009 20:10:45 GMT http://www.bookkeeping-basics.net/company-vehicle.html How do you record in Quickbooks the following scenario: Sold company vehicle for 17,500: All accummulated depreciation is used. Should be a gain of Mon, 14 Dec 2009 20:05:48 GMT http://www.bookkeeping-basics.net/accounting-definitions-d.html Accounting definitions starting with the letter D to help improve your bookkeeping knowledge of bookkeeping and accounting terms. Tue, 08 Dec 2009 19:31:59 GMT http://www.bookkeeping-basics.net/accounting-definitions.html Accounting definitions to improve your bookkeeping knowledge. There are 100's of bookkeeping terms and bookkeeping definitions here in my accounting terms and bookkeeping glossary. Tue, 08 Dec 2009 02:24:46 GMT http://www.bookkeeping-basics.net/accounting-definitions-c.html Accounting definitions starting with the letter C to help improve your bookkeeping knowledge of accounting and bookkeeping terms. Tue, 08 Dec 2009 02:12:43 GMT http://www.bookkeeping-basics.net/foreign-currencies.html I have a new client who deals in US $ and does not need to exchange into CAD $ as he pays his expenses, salaries etc all in US $ . I am writng from Tue, 08 Dec 2009 01:19:38 GMT http://www.bookkeeping-basics.net/accounting-definitions-b.html Bookkeeping and accounting definitions starting with the letter B to help improve your bookkeeping knowledge of accounting terms. Mon, 07 Dec 2009 20:38:19 GMT http://www.bookkeeping-basics.net/accounting-definitions-a.html Accounting definitions starting with the letter A to help improve your bookkeeping knowledge of accounting and bookkeeping terms. Mon, 07 Dec 2009 20:28:30 GMT http://www.bookkeeping-basics.net/invoice-discounts.html If you offer a customer a 110 Net 30 on an invoice and they are paying and invoice within terms but owe older invoices do the qualify to get that Sun, 06 Dec 2009 01:07:38 GMT http://www.bookkeeping-basics.net/frauditor.html These groups of accountants were embezzling funds from their company and cooking the books. So this new Financial Controller comes and started to Wed, 02 Dec 2009 23:39:23 GMT http://www.bookkeeping-basics.net/leased-assets.html What are leased assets capilized Mon, 23 Nov 2009 21:54:32 GMT http://www.bookkeeping-basics.net/deleting-posted-payments.html After 38 years of working, I have always believed that a computer system should not allow staff to delete payments, charges and adjustments once they Mon, 23 Nov 2009 21:50:48 GMT http://www.bookkeeping-basics.net/financial-satements.html Which one asset account will always be carried over from the unadjusted trial balance columns of a work sheet to the balance sheet columns of the work Mon, 23 Nov 2009 21:46:41 GMT http://www.bookkeeping-basics.net/collection-agency-entries.html Our office uses The Therapist software by Beaver Creek for our accounting. When we receive a payment from the collection agency, it is entered into Mon, 23 Nov 2009 21:45:16 GMT http://www.bookkeeping-basics.net/paper-copy-of-receipts.html I am doing the bookkeeping for an information technology business and i don't even know the best way to document purchases made on the internet. Mon, 23 Nov 2009 21:39:25 GMT http://www.bookkeeping-basics.net/cash-sales.html I sold a piece of equipment to a customer outside of the USA. He came here in person to inspect the machine and paid me in cash the balance owed. I Mon, 23 Nov 2009 21:35:06 GMT http://www.bookkeeping-basics.net/statutory-holiday-and-overtime.html Here is how I record when someone works on a Statutory Holiday. I first calculate their Statutory holiday. we will say 6 hours @ $12.00 per hr. Mon, 23 Nov 2009 21:30:27 GMT http://www.bookkeeping-basics.net/business-credit-cards.html When you make a purchase by business credit card how does this get recorded in the ledger accounts? I understand that when paying the card off you Mon, 23 Nov 2009 21:28:52 GMT http://www.bookkeeping-basics.net/pre-paid-rent.html I am just starting out doing some bookeeping for a friend. She paid her 1st and last months rent plus a security deposit. How will I post the last Mon, 23 Nov 2009 21:19:58 GMT http://www.bookkeeping-basics.net/expense-and-subsequential-refund-8-months-apart.html I am a bookkeeper for a non profit organization. We paid an unemployment benefit expense in December of 2008 and last month received a credit from Mon, 23 Nov 2009 20:58:57 GMT http://www.bookkeeping-basics.net/journal.html Which of the following statements best describes journalizing transactions? A. Journalizing occurs after posting to the ledger. B. Journalizing must Mon, 23 Nov 2009 20:42:49 GMT http://www.bookkeeping-basics.net/balancing-at-year-end.html I do not know what part of the balance sheet reads to what part of the P&L. Also, What should I look for when balancing? I know about bank balances, Fri, 20 Nov 2009 20:43:59 GMT http://www.bookkeeping-basics.net/posting-a-loan-correctly.html I loaned another company $25,000.00 and later that week they paid it back in full. How should I post this in Quick Books? Hello, Thank you for your Fri, 20 Nov 2009 20:12:39 GMT http://www.bookkeeping-basics.net/meanings-of-salary.html Why does salary have different meanings under different headings? For example: When we are calculating gratuity we include basic salary, dearness Fri, 20 Nov 2009 19:52:36 GMT http://www.bookkeeping-basics.net/suspense-accounts.html 1. $200 cash taken for the owner's personal expense had been debited in the cash account, and debited to general expense. What is the correct entry? Fri, 20 Nov 2009 19:46:05 GMT http://www.bookkeeping-basics.net/using-suspense-account-on-myob1.html I needed that you please let me know in detail how you process on MYOB monies that you don't know where they are coming from and why. Step by step Fri, 20 Nov 2009 19:44:15 GMT http://www.bookkeeping-basics.net/goods-service-tax.html I am not registered for a GST #. I am not collecting GST. When I am entering bills that have GST on them what account do I use for the GST. What is Fri, 20 Nov 2009 19:36:44 GMT http://www.bookkeeping-basics.net/basic-bookkeeping-forms.html Get your free basic bookkeeping forms here. You will find basic Excel bookkeeping forms, QuickBooks templates, and income tax deduction lists for firefighters, law enforcement, educators and more. Fri, 20 Nov 2009 19:03:17 GMT http://www.bookkeeping-basics.net/vehicle-payment.html If your business is a general partnership and it is buying a vehicle, what do you record the vehicle payment as? A vehicle expense or something else? Thu, 19 Nov 2009 21:18:24 GMT http://www.bookkeeping-basics.net/how-to-record-liquidation-of-petty-cash-fund-in-a-cash-disbursement-book.html From last month petty cash, there is a balance forwarded of $500. Then another check with the amount of $4,500 was issued to replenish the monthly Wed, 18 Nov 2009 22:33:28 GMT http://www.bookkeeping-basics.net/profit-and-loss1.html ROHIT BOUHT A TAPE RECORDER FOR RS 1,500 AND SOLD IT FOR RS 1,800. CALCULATE ITS PROFIT OR LOSS PERCENT. Hello Chesta, Thank you for your inquiry. Wed, 18 Nov 2009 21:58:29 GMT http://www.bookkeeping-basics.net/petty-cash1.html I want to set up Petty Cash thru Simply Accounting. What are the general journal entries to set up PCash, how do i enter the expenses and then Wed, 18 Nov 2009 21:40:07 GMT http://www.bookkeeping-basics.net/petty-cash.html Hi, I have just taken over an Administrative Assistant position from someone that was there for many years. She did not enter petty cash into the Wed, 18 Nov 2009 21:38:36 GMT http://www.bookkeeping-basics.net/setting-up-petty-cash.html I am setting up Petty Cash for the first time in my accounting software. Petty Cash existed before but it was manual and the records were done Wed, 18 Nov 2009 21:37:09 GMT http://www.bookkeeping-basics.net/advice-for-business-owners-on-how-to-avoid-an-irs-audit.html Here is some advice for business owners to help them avoid an IRS audit. Business owners of all sizes often do not realize that they may be putting Wed, 18 Nov 2009 20:08:09 GMT http://www.bookkeeping-basics.net/bookkeeping-quiz1.html The balance sheet reports the condition of the business for future period, for past period, or on a specific data? Hello, Thank you for your Mon, 14 Sep 2009 20:57:04 GMT http://www.bookkeeping-basics.net/biltmore-whos-who-successful-women-of-2007.html Biltmore Who's Who provides biographies of notable business leaders and successful professionals located within North America. Members of Biltmore Mon, 14 Sep 2009 20:47:54 GMT http://www.bookkeeping-basics.net/new-credit-card-rules.html Do you have any information on the new credit card rules taking effect? Hello, Thank you for your question. Some of the provisions of the new Wed, 09 Sep 2009 03:26:08 GMT http://www.bookkeeping-basics.net/question-about-not-recieving-an-invoice.html I am a Jr. High football coach at a school in Tennessee. I had a P.O. pulled for some equipment I ordered back in June. Most of the equipment has been Wed, 09 Sep 2009 02:17:04 GMT http://www.bookkeeping-basics.net/accrual-basis.html On October 1, your calendar year company, which is on the accrual basis, signs a $15,000 painting contract and makes a $5,000 advance, which you Wed, 09 Sep 2009 02:11:02 GMT http://www.bookkeeping-basics.net/trading-off-an-old-van-for-painting-work.html How do you book this entry? the van is in a Sub-S corp and it was traded for painting at personal home. Hello KJB, As long as the Van was fully Wed, 09 Sep 2009 02:07:33 GMT http://www.bookkeeping-basics.net/sales-tax-customer-returns.html A customer has returned an item ( price and sales tax). The client wrote a check to the customer for the refund. My client uses specialized journals. Wed, 09 Sep 2009 02:03:29 GMT http://www.bookkeeping-basics.net/what-taxes-must-be-claimed-when-selling-personal-items.html I have accumulated a large quanity of computer parts over the past 20 years. I am located in the state of PA and have sold the parts to a tax exempt Wed, 09 Sep 2009 01:29:48 GMT http://www.bookkeeping-basics.net/provision-for-future-obligation.html I shall thank you to advise me on the following. Last financial year $500 was provided to meet the auditor's fee and other contingencies. The entries Wed, 09 Sep 2009 01:19:19 GMT http://www.bookkeeping-basics.net/term-discount-on-gst.html Terms of 1/10. Is the 1 to be taken on the whole invoice amount including G.S.T. or does the discount only apply to the product and customer has to Wed, 09 Sep 2009 01:17:58 GMT http://www.bookkeeping-basics.net/employee-compensation-perks.html How do I account and track employee compensation perks? For example tickets to a broadway show or sporting event? Hello Hazel, Thenk you for your Wed, 09 Sep 2009 01:07:16 GMT http://www.bookkeeping-basics.net/sale-of-capital-stock.html How do I record sale of capital stock for cash If you sold 100 shares of Capital stock for 1,000 cash you would record the transaction as follows: Wed, 09 Sep 2009 01:03:06 GMT http://www.bookkeeping-basics.net/insurance-audit-refund.html We are getting a refund from our recent GL/Auto insurance audit. We have asked that they apply it to this year's premiums, which they did this month. Wed, 09 Sep 2009 00:52:37 GMT