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Accounting Basics Part 5: QuickBooks Bank Reconciliation

Last week's accounting topic was all about entering transactions into QuickBooks, and this week builds on that topic by helping you complete a QuickBooks bank reconciliation. A bank reconciliation is where you take your bank statement for a given account and make sure all transactions are entered into QuickBooks. I will take you through all of the steps you need to do to reconcile your account at … [Read more...]

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Before Payroll Part 5: Setting up Payroll Accounts in QuickBooks

Today I will help you work on setting up Payroll Accounts in QuickBooks. It is  important that you have all of the payroll liability and expense accounts set up before running your first payroll so that you can track your liabilities and expenses correctly. Getting everything set up right beforehand will help save you trouble down the road as you accrue and pay liabilities. I will help you … [Read more...]

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Accounting Basics Part 4: How to Enter Transactions in QuickBooks

So you have QuickBooks, you have set up the Chart of Accounts, and entered your Opening Balances; now I will share with you how to enter transactions in QuickBooks. You will need to have your bank accounts, credit cards, Paypal account, and loans entered into your Chart of Accounts before you go forward with this, so make sure you are caught up to speed with my previous posts. We will review how … [Read more...]

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Accounting Basics Part 3: How to Enter Opening Balances in QuickBooks

Continuing on from last week when we set up the Chart of Accounts, this post will help you understand how to enter opening balances in QuickBooks. This post will carry on from the prior post, so if you aren't at this point, view the previous posts under the Accounting category to catch up. The idea behind setting up the opening balance is that you have started your QuickBooks file as of a certain … [Read more...]

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Accounting Basics Part 2: Chart of Accounts in QuickBooks

Last week I discussed the accounting equation and how it laid the foundation for data entry, accounting for each transaction, and building the financial statements including the Balance Sheet and Income Statement. The next step I would like to introduce in helping you understand basic accounting, QuickBooks, and the financial statements of your business is the Chart of Accounts in QuickBooks and … [Read more...]

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Accounting Basics Part 1: Accounting Equation

Back on the subject of accounting today. My goal is to help you learn what you need to know about accounting to run your business, from basic to advanced. I feel it would be easier to learn through application and that there is no better way to apply these principles than through setting up and processing your business' books in QuickBooks. Last week I discussed QuickBooks as the preferred … [Read more...]

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Accounting – QuickBooks Review

Ok, the next main topic I want to delve into is quite large and has the potential to get quite complicated. But the goal here is to start at the beginning and give you what you need, from basic to advanced... so today we start at the beginning. Where is the beginning with accounting? Most accountants would say it is learning about double-entry bookkeeping, figuring out what an asset and a … [Read more...]

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