Work Cheat Sheets Bookkeeping Question

Work Cheat Sheets

Work Cheat Sheets

I have not worked in almost 30 years and am preparing to return to work as a bookkeeper, the old fashioned way.

I have completed the accounting principles course with a high score,my question is are cheat sheets acceptable to use at work?

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Oct 09, 2015
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starstarstarstarstar 		Good
by: Anonymous

This website is about Book Keeping Basics. It has a lot of informative data about books which is very useful for all of us. So thank you for sharing it here.
Jul 13, 2011
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starstarstarstarstar 		Using Cheat Sheets At Work
by: Steph

Whether you have not worked in 30 years or not, I say Cheat Sheets are definitely allowed at work!

It's basically a necessity in the tax industry as things change all the time. And there are often new bookkeeping challenges or transcations that come up that aren't the norm, so having some kind of reference handy is a must.

Using scratch pad T accounts tends to be a common practice at month end in all the offices I've ever work for also!

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Reimbursement Employee to Employer

by Rich
(Egg Harbor Twp. NJ 08234)

We bought cell phones for some of our Employees, to be used for both business and personal use. Employee is responsable for an agreed upon portion of the expenses.

How do I track cell phone charges that are paid buy Employer(Co.) and than partially reimbursed by employee.

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Aug 24, 2023
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starstarstarstarstar 		Cell Phone Expenses Entries
by: BB

Certainly! Tracking cell phone charges that are partially reimbursed by employees can be done by setting up specific accounts and using appropriate journal entries in your accounting system. Here's a general way you can handle this:

Create an Expense Account for Cell Phone Charges: This is where the total cost of the cell phone charges will be recorded.

Create a Reimbursable Expenses Account: This can be a liability account where you'll record the amounts that are expected to be reimbursed by the employees.

Create an Employee Reimbursement Income Account: This can be an income account where you'll record the actual reimbursements received from employees.

Journal Entries:
When you pay the cell phone charges:

Debit: Cell Phone Expense $Total Amount
Credit: Bank/Cash $Total Amount
When recording the agreed-upon portion to be reimbursed by employees:

Debit: Reimbursable Expenses (Liability Account) $Employee Portion
Credit: Cell Phone Expense $Employee Portion
When you receive the reimbursement from employees:

Debit: Bank/Cash $Reimbursed Amount

Credit: Employee Reimbursement Income $Reimbursed Amount

Credit: Reimbursable Expenses (Liability Account) $Reimbursed Amount

By using this approach, you'll be able to track the total expenses, the amount to be reimbursed by employees, and the actual reimbursements received. Make sure to consult with a local accountant or financial professional, as they may have specific recommendations tailored to your company's accounting practices and local regulations.
Aug 24, 2023
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starstarstarstarstar 		Cell Phone Expenses Entries
by: BB

Certainly! Tracking cell phone charges that are partially reimbursed by employees can be done by setting up specific accounts and using appropriate journal entries in your accounting system. Here's a general way you can handle this:

Create an Expense Account for Cell Phone Charges: This is where the total cost of the cell phone charges will be recorded.

Create a Reimbursable Expenses Account: This can be a liability account where you'll record the amounts that are expected to be reimbursed by the employees.

Create an Employee Reimbursement Income Account: This can be an income account where you'll record the actual reimbursements received from employees.

Journal Entries:
When you pay the cell phone charges:

Debit: Cell Phone Expense $Total Amount
Credit: Bank/Cash $Total Amount
When recording the agreed-upon portion to be reimbursed by employees:

Debit: Reimbursable Expenses (Liability Account) $Employee Portion
Credit: Cell Phone Expense $Employee Portion
When you receive the reimbursement from employees:

Debit: Bank/Cash $Reimbursed Amount

Credit: Employee Reimbursement Income $Reimbursed Amount

Credit: Reimbursable Expenses (Liability Account) $Reimbursed Amount

By using this approach, you'll be able to track the total expenses, the amount to be reimbursed by employees, and the actual reimbursements received. Make sure to consult with a local accountant or financial professional, as they may have specific recommendations tailored to your company's accounting practices and local regulations.

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Workers Compensation

I have a client and the employer takes a percentage of his income weekly for workers compensation. Do I report it?

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Aug 24, 2023
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starstarstarstarstar 		Workers Compensation Employee Deduction
by: BB

Yes, you should report workers' compensation deductions taken from an employee's wages, but the manner of reporting can depend on jurisdiction and the specific circumstances.

Typically, workers' compensation premiums are the responsibility of the employer, not the employee. If, in your client's case, the employer is deducting a portion of the premium from the employee's wages, you'll want to confirm that this practice is legal in your jurisdiction.

Here's a general way you might handle this:

Record the Deduction on the Pay Stub: If the deduction is lawful, it should be itemized on the employee's pay stub, showing gross pay, the workers' compensation deduction, other deductions, and net pay.

Consult with a Labor Law Expert or Accountant: If you're unsure about the legality of this practice in your area, it would be wise to consult with a local labor law expert or accountant to ensure compliance with all relevant laws and regulations.

Report Appropriately on Tax Forms: Depending on jurisdiction, the way this deduction interacts with taxes might vary. In some cases, it may not affect the employee's taxable income, while in others, it might. Again, consulting with a local tax expert is advised.

Communicate with the Client: Make sure your client understands the nature of this deduction and has agreed to it if it's part of a legal practice in your jurisdiction.

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WorkSafe Premuim Refund

What account do you post a WorkSafe premium refund? Is it to Misc Income or the WorkSafe Expense code?

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Aug 24, 2023
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starstarstarstarstar 		Worksafe Premiums
by: BB

A WorkSafe premium refund typically represents a return of premiums previously paid, often related to overpayment or an adjustment based on the actual experience during the policy period. How you record it will depend on your accounting method and practices.

Miscellaneous Income: If you want to treat the refund as an independent income, you can credit it to a Miscellaneous Income account. This might be the case if the refund is unexpected or unrelated to regular business operations.

WorkSafe Expense Code: Alternatively, if you prefer to offset the cost of WorkSafe premiums, you might credit the refund directly to the WorkSafe Expense account. This would reduce your overall expenses in the category and better reflect the true cost of the premiums.

Consideration for Tax Purposes: How you handle the refund might have tax implications. Consult with a tax professional or follow your jurisdiction's tax guidelines to ensure proper handling.

Accounting Consistency: Whatever approach you take, strive for consistency in how you handle these types of transactions. Your decision might be guided by how you have handled similar transactions in the past or by consultation with an accounting professional who knows your business.

In many cases, crediting the refund to the WorkSafe Expense code could be the more accurate approach, as it directly reflects the actual expense related to the WorkSafe premiums. However, specific circumstances and accounting practices could lead to a different conclusion.

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