Revenue vs. Deposit 
I'm a bookkeeper for a small engineering firm. Each month the partners want to see a cash flow of checks received and end of the quarter they look at the ...

Balance Sheet - Shares 
When preparing a balance sheet and you have public shares to add to your assets, do you list them by the book value or the market value at your year end?...

VAT On Sales Refund 
Hello.

I am writing a cheque as a refund to a customer. Can I claim vat back on this cheque payment as I would have paid the full vat on origional ...

My Check Bounced 
How do I reverse a check in quickbooks that I wrote to a vendor and bounced

Suspense Accounts 
What should be put into a suspense account from a journal account and how is it worked out, my bookkeeping book is not very clear - this is of course manual ...

Managing Vendor discounts 
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.

I ...

Revenue Account Questions 
The Revenue Account Questions page is where you can find information regarding income and revenue.

Suspense Account Questions  Not rated yet
Suspense Account Questions - Ask, answer or comment on questions about suspense or clearing accounts.

Company Start-Up Questions 
Find company start-up questions to start a set of books for a new business

Gift Certificate Donations 
When a company donates gift certificates for services, are they only recorded if the certificate is ever used?

I know that when you sell a gift certificate ...

Getting Paid As a Sole Proprietor 
How do I record the money I withdrawal from my business for myself? I am a sole proprietor of a small pet store and doing my own bookkeeping. I've always ...

Bookkeeping software? 
I have little knowledge of bookkeeping. At what point should I consider hiring a bookkeeper instead of using computer software?

I would highly recommend ...

Wage Discrepancies  Not rated yet
The employees payroll shows an amount of $500, but the boss paid the amount of $450, how
do I show this in the accounts, as I need to reconcile the bank ...

Payroll Questions  Not rated yet
Payroll Questions - Find out what you need to know about payroll services and verifying a payroll client.

Accrued Interest Expense  Not rated yet
I am really stuck and need some help.
I have a bank loan to the amount of 26624
The bank loan interest rates are 8% per year.

I am stuck with my ...

Equipment  Not rated yet
As to purchasing equipment, when I write the check for anything over $500.00 I want in as a fixed asset. What are the steps to doing this. I thought I ...

Journal Questions  Not rated yet
Journal Questions, Have a general journal question? Ask it here!

Help Answer Questions  Not rated yet
Help Answer Questions, Share Your Expertise and Help with Unanswered Questions here

Accounting For Food Purchased For Research And Photography  Not rated yet
I imagine this is some kind of expense, but how would you categorize it?

Our food production related product requires recipe research and food photography ...

Proprietor Contribution  Not rated yet
In a sole proprietorship how do I account for business expenses paid from personal account and visa versa?

Hi,

Thank you for your question.

In ...

Which Account   Not rated yet
The construction company bought gifts and gift cards for their subcontractors.

Can I post Promotion expense in journal?
or something else?

Hello,...

Don't Know What To Call It  Not rated yet
Just saw this Q and A. I am lost. I am so not a bookkeeper - helping a grandson so that he can go out and do the work.

How do I record expenses that ...

Loan Questions  Not rated yet
Loan Questions, Ask questions and get answers on loans and lending.

Gift Certificates  Not rated yet
What is the proper method to record gift certificates sold?

Personal Loan Paid by Company  Not rated yet
I am paying my personal automobile loan with my company. What account do I put that in? Since the company does not have the loan in it's name, do I ...

Chart of Accounts  Not rated yet
Which account should an income tax refund go to?

Hello Shari,

Thanks for the question. If you are a sole proprietor and are receiving an income ...

Bookkeeping Cash Account  Not rated yet
Drew a 1200 cheque and cash put in cash account, where do the ledger entries go?

Hi Rabia,

Thank you for your contribution. If you wrote a check,...

Withdrawal Account  Not rated yet
In a Partnership company, what does 'Withdrawal account' come under: Assets/current assets/liablities/current liablities or any other?

Thanking ...

Excel vs. QuickBooks  Not rated yet
Hello,

I am just starting a business and want to have everything lock and stock on my PC or software. I have excel but don't really know how to use ...

Trial Balance  Not rated yet
If you borrow money from a bank and you make a payment on the account, does your A/P (bank loan) and cash account both decrease?

Hi,

Thanks for ...

Buying Out Company Shares  Not rated yet
We have a client who previously owned his company with his former wife. He owned 51% and she owned 49%. They were divorced in 2009 and he bought out ...

Prepaid Questions  Not rated yet
Prepaid Questions, Learn how to account for prepaid expenses such as pre paid rent and prepaid estimated taxes.

Tax Questions  Not rated yet
Tax Questions, Get answers to your tax questions regarding sales taxes, VAT, estimated taxes paid, real estate taxes, etc..

Organizational Expenses  Not rated yet
2007 paid fee to State for Organization & First Report $25.00 and also in 2007 paid fee for Certificate of Incorporation $40.00.
New company started ...

Refunds  Not rated yet
How do you classify a refund...what type of account? Is it an expense account or an income account?

Hello,

Thank you for your question,

A refund ...

Record Shares and Stock purchases  Not rated yet
How do i record purchases of shares and stock in a company's books?

Bookkeeping  Not rated yet
Which of the following accounts has a normal debit balance?

a.equipment
b.bank loan
c.owner's equity
d.accounts payable

Hi Tasha,

Thanks ...

Customer Refund  Not rated yet
How do I record a customer refund in the checkbook? Not sure which account is credited and debited.

Hello,

Great question. Customer refunds are ...

Owners Withdrawals  Not rated yet
I am a sole proprioriety company. When I need to pay out money for personal use, I have been using an account called owners withdrawals. Example, When ...

Transfer from Main Account to Savings and Back  Not rated yet
I've transferred from my main account to my savings account as an owners draw but now I transfer back to the main account. How is this deligated? To ...

Lease Questions  Not rated yet
Lease Questions, Learn about leased assets and leased equipment bookkeeping entries.

General Ledger Questions  Not rated yet
The General Ledger Questions will help you with general ledger adjustments and other miscellaneous general ledger account issues.

Retainer  Not rated yet
How do I post a retainer paid to an attorney in Quickbooks?

Hi Jackie,

Thanks for your question.

A retainer deposited is posted in Quickbooks ...

Foreign Currencies  Not rated yet
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 ...

How Do I Account For a 'Refundable' Overcharge in Double Entry Accounts?  Not rated yet
In a small non-profit making set-up, in the year 08_09 I charged a client for £300.00. Neither I nor my client had noticed this at the time.

I now find,...

Collection Agency Entries  Not rated yet
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 ...

Statutory Holiday and Overtime  Not rated yet
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.

Hours ...

Website Business Questions  Not rated yet
Website Business Questions, Learn about what kind of bookkeeping format or system should be used for your website business.

Underpayment Penalty  Not rated yet
A taxpayer may owe an underpayment penalty for what?

Hi,

Thanks for your question,

A taxpayer may owe an underpayment penalty when he/she is ...

Paper Copy of Receipts  Not rated yet
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. Should ...

Unanswered Bookkeeping Questions  Not rated yet
Unanswered Bookkeeping Questions, please help and share your expertise on Bookkeeping here.

Balancing at Year End  Not rated yet
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,...

Accounts Receivable Questions  Not rated yet
Accounts Receivable Questions - Ask or answer a question regarding accounts receivable.

Donated Labor  Not rated yet
How do I track donated labor?

Financial Satements  Not rated yet
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 ...

Invoice Questions  Not rated yet
Invoice Questions, Find out about invoicing and invoice discounts.

Sales Questions  Not rated yet
Sales Questions - Get answers about cash sales and sales journal entries here.

Vehicle Questions  Not rated yet
Vehicle Questions, The place to go for answers to your questions about your company vehicle, entries for the purchase of a new vehicle, vehicle trades and vehicle payments.

Expense and Sub-sequential Refund 8 months apart  Not rated yet
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 the ...

Meanings of Salary  Not rated yet
Why does salary have different meanings under different headings?

For example: When we are calculating gratuity we include basic salary, dearness ...

Bookkeeping Quiz  Not rated yet
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 question....

Bookkeeping   Not rated yet
A) Johnny's corporation borrowed money and issued a note (in the amount of 10,000) to cover cash shortages during the slow season.

B) One month later,...

GST Questions 
GST Questions - Ask a question or share your expertise about GST.

Provision For Future Obligation  Not rated yet
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 ...

Advanced and deferred payments  Not rated yet
Which T-accounts are affected when a client pays rents in advance?

Which accounting statement is affected is affected by this transaction- P$L or Balance ...

Bad Debt  Not rated yet
Where do you record bad debt?

Hello,

Thank you for your question.

Bad debt is recorded on the Profit and Loss statement as an expense under ...

Narration  Not rated yet
What is a narration?

Hello Mwalye,

Thank you for your question.

Narration is the act of telling a story or giving an account of something

...

Insurance Audit Refund  Not rated yet
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....

Bookkeeping Question - Advanced Payment  Not rated yet
A law office has recieved a fee payment in advance to pay for filing fees. How do you set up this account?

Should this be set up as a liability account?...

Off budget items, or "pass through" funds  Not rated yet
I recently took over as treasurer for a nonprofit group. There's a chart of accounts and an annual budget. For many years, the group has collected money ...

Employee Compensation Perks  Not rated yet
How do I account and track employee compensation perks? For example tickets to a broadway show or sporting event?

Hello Hazel,

Thenk you for ...

Personal Questions  Not rated yet
Personal Questions is where you can ask questions and get answers about how to treat personal property and transactions such as personal laptops and personal donations.

Accounts Payable Questions  Not rated yet
Accounts Payable Questions, Get your delinquent accounts payable questions answered here.

Accrual Basis Questions  Not rated yet
Accrual Basis Questions - Ask, comment or answer questions about accrual basis bookkeeping.

Petty Cash Questions  Not rated yet
Petty Cash Questions - Ask a question or share your expertise about petty cash

Capital Account Questions  Not rated yet
Capital Account Questions - View, ask or comment on questions about the capital account

Fed-ED Fundings  Not rated yet
Why are some recognized Indian Tribes charged with the funding of the Fed-ED extension - I don't see the correlation. Also, who are the government entities ...

In Bookkeeping   Not rated yet
Where can we put the write off amount?

Hello,

You can put write-offs and bad debts to a Bad Debt expense account, but only if you have already ...

Profit and Loss Questions  Not rated yet
Profit and Loss Questions - Ask or answer a question about the profit and loss statement

New Signage  Not rated yet
I have put a down payment of $670.50 on a new back-lit sign. I will pay $212.66 for 36 months.

I was told to expense the payments and at the end of ...

Bookkeeping Nightmare  Not rated yet
I have a young man who started a construction business in November 2008, since that time he has not kept any books and has been paying for materials from ...

Deductions as a Realtor  Not rated yet
Can I claim/write off dental costs?

Can I claim/write off dry cleaning?

Can I claim/write off costs associated with the ownership of my cottage ...

Purchase Returns or Sports Equipment?  Not rated yet
If a piece of sports equipment was bought from a store and paid for by cash or cheque and was then returned being faulty and was sent back to the supplier ...

Inventory Questions  Not rated yet
Inventory Questions - Get answers to your inventory questions here.

Chart of Accounts Questions  Not rated yet
Chart of Account Questions - Ask or answer a question about the chart of accounts.

Confused  Not rated yet
We are a LDT company that is run out of our home and I'm not sure what we can write off on the business books. How do you know what kind of expenses can ...

Posting Questions  Not rated yet
The Posting Questions page is where you can read and help answer questions about making journal entries and which accounts should be posted to.

Profit Sharing & Data Bases  Not rated yet
At this time in order for my company to keep track of how much our future contributions are going to be every payroll cycle we put the amount on tallied ...

Bank Account Questions  Not rated yet
Bank Account Questions - Ask or answer questions about bank accounts and reconciliations.

Business Startup Questions  Not rated yet
Business Startup Questions, Find out how to separate business and personal transactions along with how to record business startup transactions.

Balance Sheet Questions  Not rated yet
Balance Sheet Questions - Ask a question or answer a question about the balance sheet.

Corporate Questions  Not rated yet
The Corporate Questions page is a place where you can view, ask or answer questions all about corporations.

Accounting Questions  Not rated yet
Have an accounting question? You can ask or answer accounting questions here.

Property, Plant and Equipment  Not rated yet
What kinds of things are usually reported under property, plant and equipment?

Assets that are used in the business are reported as Property, plant ...

Liability Account Questions  Not rated yet
Liability Account Questons - Ask, answer or comment on questions about liability accounts.