Bookkeeper Bookkeeping Question

Bookkeeper Bookkeeping Question

Bookkeeper Bookkeeping Question

If the owner of the business takes something from stock to use for personal use, what entries need to go through the books?

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Aug 07, 2023
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starstarstarstarstar 		Bookkeeping Inventory Drawings
by: BB

When the owner of a business takes something from the stock for personal use, it's referred to as drawings. In such a case, the following entries typically go through the books:

Decrease in Inventory: The value of the inventory needs to be decreased by the cost of the goods taken by the owner.

Increase in Drawings: The drawings account, which is a contra equity account, should be increased by the same amount.

To record this, you'd debit the Drawings account and credit the Inventory account. This action reflects the reduction in assets (Inventory) and the reduction in Owner's Equity (because the owner has drawn out stock for personal use).

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Bookkeeper Reformatting Checks

Reformatting Checks

Reformatting Checks

How can I reformat checks in my bookkeeping software, when the date, employee name, and amount are in the wrong place, and the account number/check number are missing entirely?

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Aug 07, 2023
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starstarstarstarstar 		Bookkeeping Software Check Formatting
by: BB

To reformat your checks in your bookkeeping software (the exact process might vary depending on the software you are using):

Open your bookkeeping software and navigate to the check printing section, Look for an option for 'Check Design' or 'Check Format'. This is typically found under 'Settings' or 'Preferences'.
Open the check design interface. Here, you should be able to click and drag the elements (date, employee name, amount) to the correct areas on the check.

If the account number and check number are missing, look for an option to add fields to the check design. You should be able to select 'Account Number' and 'Check Number' from a list of fields to add.

After adding and rearranging all the elements, save your new check design. Remember to print a test check on plain paper first to make sure everything is correctly aligned before you print on actual checks.

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Bookkeeper Course

Bookkeeper Course

Bookkeeper Course

What are the essential college courses required to pursue a career as a bookkeeper? What specific courses should be included in your curriculum to acquire the necessary skills and knowledge for bookkeeping services?

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Jul 17, 2023
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starstarstarstarstar 		Bookkeeper Course Curriculum
by: Stephanie

To pursue a career as a bookkeeper, there are several essential college courses that can provide you with the necessary skills and knowledge. Some of the specific courses that should be included in your curriculum are:

Financial Accounting: This course covers the basic principles of accounting, including the preparation of financial statements such as the profit and loss statement, and the recording of financial transactions.

Managerial Accounting: This course focuses on the use of accounting information for internal decision-making, budgeting, and cost analysis.

Taxation: A course in taxation will help you understand the various tax laws and regulations that apply to businesses and individuals.

Payroll Accounting: This course teaches you how to process and manage payroll, including calculating wages, deductions, and taxes.

Accounting Information Systems: This course introduces you to the use of technology in accounting and how to effectively utilize accounting software and databases.

Business Math and Statistics: These courses provide a foundation in mathematical and statistical techniques used in financial analysis and forecasting.

Excel Skills: Proficiency in Microsoft Excel is crucial for bookkeepers. Taking a course that focuses on Excel skills can enhance your ability to work with spreadsheets and analyze financial data.

Business Communications: Effective communication skills are essential in the business world. A course in business communications will help you develop professional writing and interpersonal communication skills.

By including these courses in your curriculum, you can acquire the necessary skills and knowledge to excel as a bookkeeper and effectively perform tasks such as recording financial transactions, preparing financial statements, managing payroll, and complying with tax regulations.
Sep 12, 2011
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starstarstarstar 		Bookkeeper College Courses
by: Anonymous

The best way to get started as a bookkeeper is to take an accounting college course. There are different levels of accounting courses, most of which as you proceed are geared towards becoming an actual accountant.

However, the beginning Accounting 1 courses are good enough to get you started as a bookkeeper as the class will teach you about important basic aspects of bookkeeping such as what are debits and credits and which accounts carry normal credit or debit balances.

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Bookeeper and Treasurer

by Sharon
(Toledo, Ohio)

Bookkeeper vs Accountant vs Treasurer

Bookkeeper vs Accountant vs Treasurer

Should the same person be the bookkeeper, accountant and treasurer?

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Aug 07, 2023
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starstarstarstarstar 		Bookkeeper vs. Accountant vs. Treasurer
by: BB

In an ideal situation, especially in larger organizations, the roles of bookkeeper, accountant, and treasurer should be held by different individuals. This separation of duties provides checks and balances, reduces the risk of errors and fraud, and allows for more robust financial management.

However, in small businesses with fewer resources, it's common for these roles to overlap or be held by the same person. Still, it's beneficial to have outside audits or reviews to ensure financial transparency and accuracy.

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Just the Bookkeeper Facts Ma'am

Bookkeeper Beginner's Guide

Bookkeeper Beginner's Guide

I've recently been hired as an Office/Business Manager, a role that includes bookkeeping, despite having no formal training or education in accounting. My experience is limited to managing household bills and balancing my checkbook. As I have no time to pursue formal education at the moment, I rely on self-teaching resources, libraries, and the internet.

I require help understanding the basics, especially the Generally Accepted Accounting Principles (GAAP). I often feel overwhelmed with terms like debits, credits, cash flows, and general ledgers, which most basic courses assume I understand. Could anyone provide guidance or suggest resources that start with the most basic concepts of bookkeeping?

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Aug 07, 2023
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starstarstarstarstar 		Bookkeeper Beginners Guide to Bookkeeping
by: BB

Of course, learning bookkeeping from scratch can be a daunting task but it's definitely manageable. Here are a few steps you can take:

Start with Basics: Begin with basic concepts like what debits and credits are in accounting, not in banking terms. Understand what cash flows, general ledgers, and balance sheets are.

Online Courses: There are many online courses that cater to beginners. Websites like Coursera, Khan Academy, and Udemy offer beginner-level courses in accounting and bookkeeping.

Books: Consider purchasing or borrowing introductory books on accounting. "Bookkeeping for Dummies" is a great starting point and can help you understand the basics.

YouTube: This is an excellent free resource where you can find instructional videos explaining accounting and bookkeeping concepts.

Networking: Join online communities and forums for bookkeepers and accountants. People there are often very willing to help newcomers.

Remember, it's important to take your time and not rush the process. Good luck with your new role!

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