What is a Balance Sheet? Balance Sheets can mystify business owners. It’s sometimes helpful to simplify the balance sheet if you think of it in terms of buying a house where the assets are the house, liabilities the mortgage and equity what the house is worth. Informed by a company’s list of accounts – its…
Chart of Accounts COA Set-up/Clean up in QuickBooks® “Great business decisions are founded on accurate data! ” ~ Cindy Brooks, Mt Vernon, SBDC The Chart of Accounts (COA) is a complete list of a company’s accounts and balances. It classifies business transactions and informs the financial reports, making its accuracy critical to your business. Learn the best practices how…
The chart of accounts is how you know how much money your company has, what it owes, what monies are coming in as well as going out. Conveniently, QuickBooks comes with a chart of account ‘built-in’ in either standard or industry specific accounts. Common things to add to their ‘pre-populated’ list are things like company…
Very often small business owners try to categorize their personal expenses in their business but they aren’t expenses of the business. In fact the best recommended practice is to create an owner’s draw. Here’s how: 1) Create each owner or partner as a Vendor/Supplier: From Dashboard: Expenses > Vendors/Suppliers > Choose New Enter and save…
When setting up your Chart of Accounts, some small businesses use their tax form that their accountant will be using to file their taxes as a reference &/or as a guide. Do seek the help and guidance from your accountant or a professional business / accounting services provider to make sure the Chart of Accounts…
