By Philip B. Goodman CPA
Addressing a standard challenge for small-business vendors, this obtainable guide is the major to realizing the bits and bobs of accounting. Demonstrating the best way to thoroughly retain files and practice bookkeeping principles, this consultant demonstrates easy methods to maintain tune of all monetary issues and visual display unit the final wellbeing and fitness of any enterprise. warding off advanced and burdensome accounting jargon, this transparent and concise assessment interprets the necessities into useful company language, answering the main commonly asked questions awarded to accountants by way of small-business vendors at the present time. themes coated comprise accounting components such as revenues, charges, resources, liabilities, and proprietors' gains.
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Additional info for Accounting Savvy for Business Owners: A Guide to the Bare Essentials
NOTE: It’s best to let your accountant enter JEs (or provide specific instructions for you to follow). For example, when you depreciate or amortize an asset, no “real” transaction takes place; there’s no check written, no 28 Chapter 2 • Accounting Components money moves in or out of your bank account, and no customer or vendor is involved. Table 2-2 is an example of a depreciation JE. 00 Table 2-2: You need to use a journal entry to enter depreciation. Chapter 10 covers the common year-end journal entries that businesses create.
WARNING: If you opt to run your business on a fiscal year, you must still keep payroll records and file payroll forms on a calendar year basis. The same rule applies to subcontractors you pay who receive Form 1099. All accounting software is able to handle this scenario. Most businesses that adopt a fiscal year do so because of their annual business cycle or in order to avoid facing year end tasks and tax preparation chores during their busiest times of the year. This almost exclusively applies to retailers who have a surge of sales activity in November and December (and perhaps even part of January), and aren’t prepared to devote the personnel and time needed to perform the intensive work involved in using a December 31 year end date for closing the books and preparing reports for taxes.
Open a transaction and press Ctrl-Y to see the journal. Journals can track additional information you record in addition to the accounts and amounts, such as the reference number for the source document (invoice number, check number) and the vendor or customer involved in the transaction. Direct Journal Entries It’s also possible to create a journal entry (often called a JE or AJE for Adjusting Journal Entry) to post amounts to the general ledger. Journal entries are used to adjust existing numbers; they’re not normally used in the course of your daily business to record individual transactions.