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Found 9 results

  1. I was recently asked a question about choosing invoice software by a new VA that’s just started their business and wondered with which software I suggested they start. The VA said “I've been leaning towards using Freshbooks but then I recently learned that Xero has a great project management feature which can be great for a small business.” My response to them was pretty straight forward. “I have no experience with Xero, which is fairly new on the scene and my little bit of experience with Freshbooks I was not impressed. I will tell you that for US Based bookkeeping, the majority of small businesses (and CPAs) prefer QuickBooks primarily; of course this is mostly due to marketing (think Microsoft vs. Apple). I think you would be best off going with bookkeeping specific software and separate management software (many of which are free and info can be found on this forum.) I then explained that if they had considered and discarded QuickBooks because it is so expensive I could suggest an alternative to the high-priced versions. In 2010, QuickBooks put out a free version of "QuickBooks Simple Start", which is great for basic bookkeeping when you are starting out. My first version of my book "How To Do Your Own Small Business Bookkeeping" was based on QB Simple Start. Because the software was free, I still include a cd-rom copy of the software with the book when folks purchase the book through me. A cd-rom copy means that it is not cloud based and that it will be on your hard drive only. I am not a big fan of cloud-based when folks are starting out as it can be fairly expensive as there are usually monthly if not annual charges involved. So, when possible, I load software on my desktop computer. The QB Simple Start 2010 version of my book with the free software is $24.99 including shipping if you order it directly from me. The full version of my book, which is currently for QB 2014 (and is a completely different program than the QB Simple Start) is available at Amazon for $44.95, but you have to buy the software separately, which can run over $150.00. Please note I don't recommend purchasing any software used as if it has been registered once you can't re-register it without buying a new license, so you would be back to paying for full price software. I have attached sample pages for QBSS 2010. If anyone is interested in purchasing the book/software package, simply pay me for for it through Paypal (send a payment to lily@virtualofficegoddess.com); Be sure and include your mailing address in the notes section of the payment and I will get it right out to you. And, of course, you can always PM me here or email me if you have any questions regarding this or any other bookkeeping-related questions. CLICK link below to DOWNLOAD how_to_bookkeeping_QBSSexample.pdf
  2. Should my line of credit be positive or negative on my balance sheet? I have a line of credit that needs to be manually added to a balance sheet. It is paid off. Should this show up as a negative or positive value on the sheet? How can I show how much is lent to me without having it show up as if it is owed? Should loans to affiliated companies show up as positive or negative?I have several loans lent to several businesses. Should this amount show up as positive or negative on a balance sheet?
  3. United States IRS regulations require all vendors who were paid $600 or more during the prior fiscal year to be issued a 1099 Form by the business who paid them. The IRS then uses this information to verify the amount of income reported on annual tax returns by the vendors. First, be sure your QuickBooks vendors that should be issued 1099s are set up properly in QB. If you don’t have their tax ID information, Now is the time to request it (send the vendors a W-9 to request the tax ID information.) Now is also the time to order your blank 1099/1096 and W-2/W-3 forms from the IRS. Visit www.IRS.gov/orderforms. Click on Employer and Information Returns, and they’ll mail you the forms you request for free! Unsure how to do your bookkeeping? Then it's time to order my book! "How To Do Your Own Small Business Bookkeeping".
  4. What should I know about accounting and bookkeeping? The importance of keeping adequate records cannot be stressed too much. Without financial records, you cannot determine how well your business is doing or where it is going. At a minimum, records are needed to substantiate: Your tax returns under federal and state laws, including income tax and Social Security laws; Your request for credit from vendors or a loan from a bank; and Your claims about the business, should you wish to sell it. What other items do you feel are important for your businesses bookkeeping needs?
  5. Hi, guys. So I am taking my time going through the VAC, because I really want to do things right. Some of the best advice for me, has been to keep my skills updated and polished. It is a lot of work, but I know that it will pay off tremendously. One of the areas that I have been working on, is my capability with MS Excel. I searched and searched online for different programs that would meet my needs. I was just going through my trial period with a program that required a fee, until I discovered the best Excel training program of all! The program is called Excelisfun, and it is technically not a "program". It is actually a YouTube channel with over 2,000 videos of Excel tutorials. The presenter is Mike Girvin, a teacher and Excel Guru from Seattle. The material is wonderfully helpful, and I cannot believe that it is free. He even provides practice assignments for each concept! If you are looking to learn Excel, or simply brush up on your skills, then I highly recommend Excelisfun. Click here to go to the channel. Another YouTube channel with great Excel lessons is Ann K. Emery (her channel is named after her). She is a Data Analyst & Visualization specialist, and focuses on how to use Excel for those purposes. She also has an amazing blog, with lots of helpful information. Here is the link: click me. My last tip is a site called GCFLearnFree.org. They have free courses in Excel, along with downloadable exercises. In addition to Excel, they have lessons on many other software applications, including MS Access, Google Docs, etc. They also have a YouTube channel by the same name as their website. These three resources are and have been very helpful to me, and I hope that you guys will find them helpful as well. Always learning, Meghan
  6. Hi Everyone, I've noticed one contractor posted their bookkeeping package rates on their Craigslist ads. 1) Should I take advantage of "free" advertising and post my hourly or package rates into Craigslist ads until I build enough of a clientele to afford to put up a website? 2) Or is this strategy ill advised as I run the risk of potentially being labelled a "fly-by-night"? 3) Do any of you advise using offline newspaper ads for marketing a new bookkeeping practice the way plumbers use them to advertise their businesses? Any feedback, insight, or information would be greatly appreciated! Have a Happy New Year!
  7. Hi Candy, I took a basic bookkeeping course and I'm still struggling to understand debits & credits. All the instructor said was that debits and credits are the reverse of what you do when balancing your checkbook. I'm hoping an experienced bookkeeper can explain it to me in simpler terms. Please explain to me in layman's terms what debits and credits are in double entry bookkeeping? Thanks in advance, Yvette
  8. Is anyone familiar with the Interior Design Industry specific accounting software, Design Manager? I have a client that is looking for some help with it. Any insight is welcome! Thanks, Tiffany tiffany@loneorange.com
  9. Re: http://www.sleeter.com/blog/2012/06/quickbooks-professional-bookkeeper-2012/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+QuickBooksAndBeyond+%28QuickBooks+and+Beyond%29#.T-XnDfUvuP9 I was reading this article at Sleeter. I must agree with them. I'm not sure I see the point. If you are going to use those functions with the "Bookkeeper" edition, you would want to spend the $100 bucks and get the full premier accountant edition. Especially for the report writer since reports are what bookkeepers do a lot of these days. Kind of an odd move by Intuit. Not really sure what the deal is there, but thought I'd share. Make sure you scroll down to the bottom to see the differences. Weird.
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