Category: Bookkeeping Tutorials
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How a Chart of Accounts Differs for B2B vs B2C Businesses
How a Chart of Accounts Differs for B2B vs B2C Businesses When setting up your business for effective bookkeeping, a well-structured chart of accounts is essential. The right chart of accounts helps you categorize every transaction accurately, avoid duplicate account names, and keeps your books manageable. A poorly structured chart can make it difficult to Read more
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How to Track Principal and Interest Payments on Notes Payable in Google Sheets
Here you’ll learn how to track principal and interest payments on Notes Payable in Google Sheets. I am using Google Sheets for a specific reason. If you want to use Google Sheets but value privacy, you can just use the loan number from your lending institution as the file name, or something that people can’t Read more
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How to Track Principal and Interest Payments on Loans in QuickBooks Online
Tracking Principal and Interest Payments on Liabilities in QuickBooks Online Tracking principal and interest payments on a loan in QuickBooks Online may seem complicated at first, but with a few clear steps, you can stay organized and accurate. This post will walk you through recording payments, splitting principal and interest, and keeping your accounting records Read more
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How to Hire People Under 18 (Who Aren’t Your Children) for Jobs in Your Small Business
Hiring minors in a small business is a bigger responsibility than many owners realize. Business owners often know the rules for hiring their spouse or their own children, but hiring people under 18 who aren’t your children has a different set of federal and state requirements. In this post, I’m walking through the tax, payroll, Read more
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How to Overcome Impostor Syndrome When Inheriting a Business
If you’re dealing with impostor syndrome inheriting a business, you are not alone. When you step into ownership—whether through inheritance or purchase—the first thought many people have is, “What did I get myself into?” That feeling is natural. In fact, it’s a sign that you are taking your new responsibility seriously. If you were trained Read more
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I Screwed Up 2! How to Record a Business Expense Made With a Personal Bank Account (Without Messing Up QuickBooks)
It happens. We all know we shouldn’t pay for business expenses using a personal bank account, but sometimes the wrong card gets used. Maybe the debit cards in your wallet switched places, or you were just starting your business and didn’t have a business account yet. Whatever the reason, the question is the same: how Read more
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I Screwed Up! How to Record a Personal Expense (Without Ruining Your Reconciliation)
It happens. You’re rushing through the day, grab your business card, and before you know it, you’ve just paid for a personal expense using the company account. No need to panic—but don’t delete, void, or exclude the transaction. That’s the worst thing you can do. It’ll make reconciling your bank account later a nightmare, and Read more
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5 Proven Ways to Keep Your Business Financial Records Organized All Year
Organized financial records are not something that comes naturally to most people. For decades, we were taught that a receipt is just a scrap of paper to toss away—or worse, one we forget to throw away while the ink fades and it sits crumpled next to our keys and phone. But in business, every time Read more
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Lots of credit sales and invoices? Use Days Sales Outstanding KPI!
We started talking about KPI’s in a previous post. One Key Performance Indicator that is crucial for any business that issues invoices is Days Sold Outstanding (DSO). This is a crucial report in bookkeeping for businesses with accounts receivable. Days Sold Outstanding shows you how quickly your business collects payments. A poor DSO indicates cash Read more
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How to take Installment Payments in QBO
This is for accrual-based accounting, which is best for businesses that have lots of invoices and receivables, long-term projects, and you want to match income and expenses to the time periods they actually occur. Let’s say you’re installing a koi pond for a fancy restaurant’s outdoor area. Gear wheel – Accounts and Settings Sales -> Read more