Recent Posts
Copyright 2006 Bookkeeping R Us All Rights Reserved
A limited partner is a member of a partnership and as such incurs limited responsibility of the partnership’s obligations. The limited partner’s liability is limited to the amount of their individual investment in the partnership. Also a limited partner is not allowed to take an active part in the management of the partnership.
On money: Save it when you need it least. Spend it when you need it most.
Attributed to Franco Modigliani (1918 - 2003)
Italian-born U.S. economist
Copyright 2006 Bookkeeping R Us All Rights Reserved
Interest computed on only the original principal. For example a deposit into a savings account that accumulated simple interest of 3% would only have the interest yield a yearly amount of $30 ($1000 x 3%) and interest would not be paid on the interest that accumulates in the account. Simple interest computation is also sometimes used with a short term promissory note payable.
Copyright 2006 Bookkeeping R Us All Rights Reserved
Do you charge by the hour or some other time related billing method? If you are using the methods most business people employ to tally up the hours you have spent on a job such as scraps of paper, notes on a pad of paper or even a calendar appointment book you may be loosing out on billable time. QuickBooks has a very handy tool for consultants and service business or any other business that allocates time to their billing. It can be used to accumulate the billable time you spend whether you are in front of a computer or not.
For example, suppose your business involves meeting with a client at your office, simply open your QuickBooks database, click on the Customer pull down menu, and choose the Enter Time option prior to your client arriving and then choose the option titled Time/Enter Single Activity. Make sure the date is correct and select your name from the drop down list. If your name does not appear choose Add New from the drop down list and select Other if you do not issue paychecks or Employee if you do. Also select your clients name from the Customer: Job drop down list and the service item which is the type of work you will be conducting. Of course if this is to be a billable item make sure the Billable check box is checked. When your client arrives and you start your meeting click on the Start Button. When your meeting is over click on the Stop button. This of course also works great should you be at your client’s place of business and you have your laptop with you.
This method can also be used when you are working on a project and you wish to accumulate the time you are spending. Should you be interrupted you can click on the Pause button and then restart by clicking the Start button once you are back to your desk. No more trying to recall just when you started, how much time you took for lunch or to answer a call that came when you were working.
Should you not have access to your QuickBooks database and need to accumulate billable time, then you might think that resorting back to well kept notes might be your only option. However QuickBooks offers a better solution - an online Time Tracker. This is available as an add on service for all users of 2006 and 2007 Pro, Premium and Enterprises versions of QuickBooks. Find out more about the TimeTracker by going to your Customer pull down menu, select Enter Time and then click on Learn About Online Timesheets. As long as you have an Internet connection you can accumulate your billable hours and then transfer them directly into your QuickBooks database.
If you should not have access to the Internet then once you have returned to your office you can use the Weekly Timesheet function also found under the Customer menu then choose the Enter Time option and then Use Weekly Timesheet. Simply choose your name from the drop down list as you did in the Time/Enter Single Activity function. Moving across the time sheet choose the customer name, the type of service, class if appropriate and fill in the hours worked for each day, making sure to check if the time if billable or not. With this method you may post time against more than one customer:job, type of service and/or class within one weekly timesheet.
What ever method you chose to use, these QuickBooks features will help you track and bill the correct amount of billable time to your clients while assuring that you are not losing income due to billing errors.
Not everything that can be counted counts, and not everything that counts can be counted.”
- Albert Einstein (1879-1955)
Copyright 2006 Bookkeeping R Us All Rights Reserved
Do you often enter more than one or two transactions at a time when the order you are entering them might not be in chronological order? Most bookkeepers do and changing or editing the dates can lead to some interesting and creative postings. For example perhaps you miss type the year, or the month. You might need to delete the entire date in order to change it. Or perhaps you forget to enter the / between the month, day or year. How often do you get an error message about the wrong format? Well here are some very handy shortcuts to help you avoid all these problems and make entering your transactions easier.
Get 20 % Off QuickBooks Accounting Software Products + Free Shipping
While in the Date field, to move to the next day, use the + (plus) key, or the previous day use the – (minus) key. If today’s date is what you are looking for then just type T. First day of the week, type W; last day of the week type K. First day of the month type M; last day of the month type H. First day of the year type Y, last day of the year type R.
And to access a date calendar where you can click on a particular and have it populate your date field, then click on the ALT key + the down arrow.
No more fumbling through the dates!
The secret isn’t counting the beans, it’s growing more beans.
Roberto Goizueta (1931 - 1997)
U.S. business executive
Fortune, November 13, 1995.