Invoice billing is a method of billing where a seller sends a document (the invoice) to a buyer with a detailed description of goods or services provided and the amount owed. It’s like a friendly reminder from a friend that you owe them money, except it’s a business and they mean business. The billing info […]

Net sales are needed for reporting in documents such as income statements and tax forms. Net sales are also the starting point to finding other important figures. Once calculated, you can deduct the cost of goods sold (COGS) from your net https://x.com/BooksTimeInc sales to find gross profits. Net sales are calculated and used as a basis for […]

If you want to score bonus points with the teller, enter your deposit amounts in dollars and cents. The box on the far right is for the decimal (or cents) portion, and the next box to the left is for the dollar amount. It’s not a big deal if this isn’t perfect, but with some […]

Initially, the payment made in advance is recorded as a current asset, but the carrying balance is reduced over time on the income statement per GAAP accounting standards. To summarize, rent is paid to a third party for the right to use their owned asset. Renting and leasing agreements have existed for a long time […]

Next, If you have any past due invoices, there is no better time to send them a reminder. On the other hand, confirm that you’ve settled all your vendor invoices or reach out to them if need be. These reports will let you know if there are any invoicing errors, incorrect transactions, or duplicate invoices […]

As a freelancer, building long-term relationships with good clients is essential. Conclude every invoice with a simple “thank you” as a way to show your gratitude and appreciation for your client’s continued business and support. The total amount due is the final dollar amount for which you are requesting payment. This is the sum total […]

It’s important to perform a bank reconciliation periodically to identify fraudulent activities or bookkeeping and accounting errors. This way, you can ensure your business is in solid standing and never be caught off-guard. Finally, compare your adjusted bank balance to your adjusted book balance. Since you’ve already adjusted the balances to account for common discrepancies, […]

He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University. Tim is a Certified QuickBooks ProAdvisor as well as a CPA with 28 years of experience. He spent two years as the accountant at a commercial roofing company utilizing QuickBooks […]

Though a financial statement is a better fit for most lenders, many actuals used to validate your forecast are applied to both documents. No matter what approach is used, a forecast stands or falls based on its underlying assumptions. Firstly, it could be worth it to spend some time creating different versions (called scenarios) of […]

Since QuickBooks Commerce is connected to QuickBooks Online, we also examined that platform to see if its a worthwhile partner for inventory management users. Nowadays, many businesses are selling to customers on multiple platforms, including Etsy and Facebook Marketplace. With QuickBooks Commerce, you can connect those platforms so your inventory and sales numbers are kept […]