Articles and updates on bank statement conversion, reconciliation and automation.
Automated sales tax in QuickBooks Online charges the right rate by location, keeps collected tax as a liability, and tells you when to file. Here is the setup, where the tax lands, and how to record the payment correctly.
Read articleInventory is an asset when you buy it, not an expense. QuickBooks posts cost of goods sold automatically the moment you sell the item. Here is the correct setup, the exact entries, and the few times you record COGS manually.
Read articleRefund Receipt, Credit Memo, or Expense? The right choice depends on whether the customer already paid and whether you are returning cash or giving credit. Here are the exact steps for each and how to avoid a double refund.
Read articleMost 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 articleCancel anytime from your account settings · refund policy
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