A bill is a document sent to a company by a vendor, listing goods purchased or services received, as well as the amount due for payment. There are several ways to create a bill in […]
An invoice is a document you send to a customer listing goods sold or services rendered, as well as the amount due for payment. There are several ways to create an invoice in QuickBooks Online. […]
Reconciling corporate credit cards in QBO is a little complicated due to how they are set up in the software. Starting with a proper chart of accounts and bank feeds setup is crucial. Most corporate […]
Bank feeds are used to connect bank and credit card accounts to your accounting software and import bank account activity. Bank feeds significantly speed up the reconciliation process because your book transactions that have been […]
1) Log into your PayPal account and download a statement in CSV format. 2) Open the CSV file and delete any rows that don’t contain transactions with “Completed”, “Cleared”, “Refunded”, “Partially Refunded” or “Reversed” status […]
1) Log into your PayPal account and download a statement in CSV format. 2) Open the CSV file and delete any rows that don’t contain transactions with “Completed”, “Cleared”, “Refunded”, “Partially Refunded” or “Reversed” status […]
Income Statement is a financial report showing revenue, expenses, and net profit (or loss) of a business for a period of time. It is also called Profit & Loss Statement. To run a Profit & […]
You can add a new account, edit an existing one, or make an account inactive from the Chart of Accounts in QuickBooks Online. 1) Click on the “Gear” icon>Chart of Accounts: 2) Click the “New” […]
1) Go to Accounting >Advanced> Chart of accounts: The chart of accounts in Xero is conveniently broken down into seven tabs: one tab for All Accounts, five tabs for each account type (Assets, Liabilities, Equity, […]
The Profit & Loss Statement provides a summary of your revenue and expenses for a specific period of time,such as a month, a quarter, or a year. Follow these instructions to run a Profit & […]
Tax season 2019 has kicked in. If it is hard to reach your accountant right now, it’s because a very large group of business returns is due in less than six weeks, and we are […]
If you use Xero accounting software, Gusto will be your preferred payroll provider. We love Gusto for their simplicity, a host of great features, and an amazing support team. Gusto and Xero are deeply integrated, […]
To invite your accountant (or another user) to access your Xero data file, from the dashboard you should: 1. Click on the organiztaion name> select settings: 2. Then click on Users: 3. Click Invite a […]
Tracking business expenses is not always the first thing on your mind while running day-to-day operations. However, a simple review of your Profit & Loss statement can uncover a few ways you may be wasting […]
If you still use Excel (or no system at all) to keep track of your business income and expenses, you may be wondering if you are ready for bookkeeping software. For calendar year businesses, January […]
2018 Tax Brackets In 2018, there are still seven tax brackets for individual taxpayers. However, the overall tax rates have decreased. While the bottom rate remained at 10%, the top rate dropped from 39.6% to […]
If you are an online retailer selling products across multiple states, you may have heard of the concept of Nexus. There is a lot of confusion about Sales Tax Nexus, especially in relation to FBA […]
You must be a Master Administrator or a Company Administrator to add or delete a user or change a user’s access. 1. Navigate to the Gear icon on the Toolbar Your Company Manage Users 2. […]
Your Xero accounting dashboard can be a very powerful tool if you know how to make it work for you. One of my favorite little features is Account Watchlist. I like to use it as […]
Sales Tax Nexus is a seemingly complicated concept that has become an online seller’s nightmare. There is very little knowledge, but a whole lot of confusion about Nexus. Sales tax laws and rates vary from […]
In the summer of 2015 the Congress passed legislation, subsequently signed by President Barak Obama, that modified tax return filing due dates, starting in tax year 2016 (2017 tax filing season). WHY THE CHANGES ARE […]
If your business does not have a properly kept set of books, an audit can be a nightmare. Tax deductions without proper records may be questioned and denied by the IRS. Use these tips to […]
If your business does not have a properly kept set of books, an audit can be a nightmare. Tax deductions without proper records may be questioned and denied by the IRS. Use these tips to […]
As a business owner, you probably started your company because you were good at something and enjoyed doing it. Having to deal with accounting, however, takes the fun right out of business. Desktop accounting software […]