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How to account for customer deposits using QuickBooks Online – QuickBooks Online Tutorial

March 3, 2014 Categories: Bookkeeping Tags: , , , , , , , , , , , , , , , , , , , Ofir Gabay

This is a quick blog post describing how to account for customer deposits in QuickBooks. I have also made a YouTube video showing step by step instructions, followed by a example of accepting a customer deposit and later on invoicing that same customer.

Instructions for accepting a customer deposit

  1. Set up a new “Other Current Liabilities” account in your company file’s chart of accounts called “Customer Deposits.”
  2. Create a new product/service item in your item list called “Customer Deposit,” the income account associated with this item will be the Other current liability account we created in step 1.
  3. Accept a deposit from the customer or client using the Sales Receipt option under your customer center.
  4. Continue to filling out the sales receipt as usual and when choosing an item, choose the Customer Deposit item and input the amount of the deposit.

As always, if you have any questions or need any assistance please feel free to contact us at 954-358-9487 or fill the contact form below to have us contact you. I hope you have a wonderful day!

Microsoft Excel for Business – Payroll Modeling

February 28, 2014 Categories: Bookkeeping Tags: , , , , , , , , , , , , , , , Ofir Gabay

Microsoft Excel is an extremely powerful tool that every business owner should have in his arsenal. Excel spreadsheets can be used in a number of different ways, some of which include;

  • Creating company budgets and cash flow forecasts
  • Keeping track of inventory
  • Basic business bookkeeping
  • Expense and Payroll Modeling

This list can go on almost indefinitely, but I will stop it right there for now. Looking over this with just a few examples of how you can use Excel in your business, it is easy to see how this software can be a great asset in formulating your business plan.

Please check out the video I made below showing how I used Microsoft Excel to create a payroll model for a specific business that pays the greater of an hourly rate or base commissions. I will be making more videos on other uses for Excel and business tips in general so please subscribe.

If you have any questions or comments please feel free to post them below or e-mail me at [email protected]. I hope you have a great day!

Why is Bookkeeping Essential to Your Business?

January 28, 2014 Categories: Bookkeeping Tags: , , , , , , , , , , , , Ofir Gabay

January 27, 2013

Accurate bookkeeping is essential to every business.  Below are some examples of bookkeeping benefits, by establishing proper bookkeeping practices:

  • You will be able to maintain and grow your business where others have failed. There are many benefits to having accurate books for your business, and the goal of this post is to go over some of these benefits.
  •  You will be able to provide information regarding the financial affairs of a business.
    Bookkeeping Help

    Bookkeeping Help

    These financial affairs are represented in the form of various reports, the most commonly used reports are the Profit & Loss (income statement), Balance Sheet and the statement of cash flows. These reports provide a wealth of information ranging from the profitability of a company to its net worth.

  • Once your company’s financial reports are available on a routine basis, you will be able to take this information and analyze it by comparing your current progress to previous periods and other businesses in your industry.  Comparing the current profit and loss statement with that of the previous period will provide you with the information needed to spot areas and trends that need attention.
  • Whether your company needs to increase sales (prices, quantity etc.) or lower expenses, these financial reports are your key to problem solving and prioritizing internal issues. Eventually these records will allow you the opportunity to construct the best strategy for your business, which is truly priceless.
  • Keeping accurate books will also help when the time comes to file taxes. By having the proper reports to give to your tax preparer, you will save time, money and the stress of having to go through receipts and bank statements with the hopes of coming up with accurate figures for your tax return. Being prepared for tax time with reports that have been reviewed on a routine basis helps to ensure that there will be no unwanted surprises.
  • Inadequate bookkeeping will also inevitably result in the oversight of revenue coming in, or expenses going out which can lead to disastrous consequences.  In the fast paced business world of today, it is all too common to forget about a transaction that could have a big impact on your financial records. Reconciling your accounts and reviewing your financials habitually will decrease the chances of this occurring.

Unfortunately, a common mistake that businesses make is to short change their accounting/bookkeeping budget. This mistake is very costly because improper or inadequate bookkeeping will often result in more expenses down the line in the form of the agonizing, time consuming repair process of your company’s financial records. When it comes to bookkeeping, just like many things in life, it is a best practice to do things right the first time around. Please feel free to contact us if you need support or have any questions regarding your company’s bookkeeping.

Written by Ofir Gabay

New Year’s Resolution

January 22, 2014 Categories: Personal Development Tags: , , , , , , , , Ofir Gabay

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I just quickly wanted to welcome anyone reading this to our blog and encourage you to check in often. I will be updating the blog frequently with anything and everything to do with finances for yourself or business in general.

One of my New Year’s resolutions was to start this blog with the hopes of giving back content to the internet community from which I have learned so much. It took a little while (22 days to be exact) for me to start this blog, but in all honesty I have had a busy three weeks to start off the year. So it is only fitting that I start off this blog with my opinion of the idea of the New Year’s Resolution.

The idea of a new year’s resolutions is great because it gives people a reason to reflect and establish goals for the upcoming year. Any impetus that makes people set goals is awesome, BUT it can be a really bad thing if you are putting off something that should have been done a long time ago until the start of the New Year because “it is you New Year’s resolution” (in other words procrastination is bad).  I don’t mean to start the New Year, or this blog, off on a negative tone, but my plan for this blog is to be real and hopefully create some discussion with my opinions.

Procrastination is terrible and it is increasing, in my opinion, because of the shorter attention span due to the bombardment of the senses people are getting from their cell phones. I will close this post off by encouraging everyone to make procrastinating less a resolution for this year. And if you have been putting off getting your company’s financials in order you can always feel free to contact us 😉

What are some of your New Year’s resolutions?

Take care and happy New Year.

– post written by Ofir Gabay