Articles and updates on bank statement conversion, reconciliation and automation.
Most landlords file Schedule E and pay no self-employment tax on rental income. Schedule C applies only when you provide substantial, hotel-like services. Here is how the IRS draws the line.
Read articleA tenant's security deposit is not your money and not income. It belongs on the books as a liability. Here is exactly how to set that up and record every step in QuickBooks.
Read articleUndeposited funds is one of the most misunderstood accounts in QuickBooks. It is a holding drawer for payments you have received but not yet deposited. Here is what it does and how to clear a balance that keeps growing.
Read articleThe most common loan mistake in QuickBooks is treating the money you borrowed as income. It is a liability. Here is how to set up the account, record the deposit, and split every payment between principal and interest.
Read articleWhen QuickBooks says your beginning balance is off, there is almost always one root cause: a transaction you already reconciled was changed after the fact. Here is how to find it and fix it.
Read articleThe exact formulas for average daily and average monthly balance, a worked example from a running-balance column, and why lenders check these numbers on business bank statements.
Read articleA line-by-line method for splitting personal and business spending on a bank statement so your deductions hold up at tax time, plus why commingling funds is risky for LLCs and sole proprietors.
Read articleHow many years of bank statements to keep for an IRS audit, the difference between the audit statute of limitations and the recommended retention period, and why seven years is the practical standard.
Read articleThe QuickBooks bank feed is convenient but reaches back only about 90 days and can drop or duplicate transactions. Importing from the official statement is the authoritative, complete record. Here is when to use each.
Read articleThe right way to record an owner's draw and an owner's contribution in QuickBooks Online, why both are equity and not expenses or income, and how the rules change for an LLC, a partnership, and an S corporation.
Read articleCancel anytime from your account settings · refund policy
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