I often am asked this question by bookkeepers and business owners alike. The Internal Revenue Service defines a fixed asset as property used in a trade or business or in an income producing activity that wears out or becomes obsolete and it must have a determinable useful life substantially beyond the tax year. This [...]
Archive of posts filed under the Bookkeeping Articles category.
Reversing Entries
©D. L. MacMillan, QuickBooks Training. Web Learning
At the end of an accounting period entries are often needed to reflect a more accurate picture for that month or year. However some of these entries are made on assumptions. These entries are often made to reflect revenue and expense matching.
One example of this is in the construction business. A construction [...]
QuickBooks Simple Start 2008
©D. L. MacMillan, QuickBooks Training. Web Learning
Are you looking for a free (yes I said free) or inexpensive way to handle your company’s financial needs? QuickBooks Simple Start 2008 comes in two editions, the free edition (free QuickBooks!) and one that costs under a hundred dollars. This is one rare case of inexpensive being a [...]
Should Basic Math Be on the Endangered List?
©D. L. MacMillan, QuickBooks Training. Web Learning
Does anyone out there know how many items are in two dozen? This should be a question that any second grader could answer easily. The reason I am asking is that once again I have been amazed at the lack of common everyday knowledge that our young [...]
A Review of Bookkeeper 2007 (Not A QuickBooks Program)
©D. L. MacMillan, QuickBooks Training. Web Learning
This program intrigued me because of its inexpensive cost. However the old adage “you get what you pay for” certainly applies here. For those of you looking for the very basics Bookkeeper 2007 by Avanquest might seem the answer, but I found it difficult to nagivate. For those of you [...]
Year End Adjustments
©D. L. MacMillan, QuickBooks Training . Web Learning
At the end of each fiscal year there may be adjustments you need to consider. These might include accruing or deferring a revenue or expense, reclassification of revenue or expenses, and inventory adjustments to match book balances to actual physical counts and values. Year end adjustments [...]
What’s New QuickBooks Pro 2008?
QuickBooks Pro 2008 once again brings you the features you need to run your small business while not getting bogged down with the everyday bookkeeping tasks. As always you can invoice your customers, pay your vendors, handle payroll, receive customer payments and use all the other important financial tools and reports you need to [...]
QuickBooks 2008 Available for Pre-Release Ordering Today
QuickBooks 2008 is now available for pre-release ordering. Actual shipping dates for individual products will vary but users in a hurry will be able to purchase and download many new products as early as Oct. 1.
Some of the new functions you will see in the 2008 products are:
Available in QuickBooks Simple Start, Pro, Premier and [...]
QuickBooks 2008
At last the newest and greatest QuickBooks becomes available for pre-ordering on September 24! That’s only one short week away. As the release date nears I will be bringing you highlites of what has improved and what is new. And on the 24th I will be providing you direct links that will [...]
Full Charge Bookkeeper
A full charge bookkeeper within a business is the person who can perform all the necessary bookkeeping tasks required by a business. These tasks would include recording all cash, accounts payable and accounts receivable transactions as well as performing payroll functions. One would be responsible for filing all payroll tax returns as needed [...]
Partner Equity Accounts
When you are setting up a set of books for a partnership there are equity accounts needed that are unique to a partnership. An equity account for each partner needs to be set up. When the investment is received by the partnership the entry is debit cash and credit the appropriate partner’s equity [...]
Limited Partner
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.
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