Recent Articles

Chart of Accounts

The goal of accounting is to record the economic activity of the business. This is achieved by entering each economic transaction into a set of books. The books are formatted to reflect the balance sheet and income statement items. The chart of accounts is designed to present the information in the prescribed format. So the layout of the chart of accounts is essential in the final outcome of reports for the entrepreneur.

Bookkeeping – Other Transportation Costs (Lesson 63)


There is much more to transportation with bookkeeping than accounting for vehicle operations, addressing mileage reimbursements or tracking auto costs related to owners and family members.   Bookkeepers must track the following too: A) Parking [...]

Working Trial Balance


The accounting profession uses various tools to generate accurate accounting information at the close of accounting cycles (monthly, quarterly and annually). The primary document is the working trial balance.  It is very similar to the traitional [...]

Bookkeeping – Payroll Structure (Lesson 30)


Every bookkeeper needs to understand how to process a payroll.   This is one of the many regular tasks in the bookkeeping cycle.   In this lesson I’m going to illustrate a payroll structure as it pertains to the chart of accounts.   But [...]

Bookkeeping with QuickBooks (Lesson 27)


QuickBooks by Intuit is by far the best all around accounting software for small business.   Intuit even creates industry specific versions of QuickBooks.  I personally endorse the Pro version due to the payroll feature and class accounting [...]

Bookkeeping – Other Expenses and Revenue (Lesson 19)


In accounting sometimes an extraordinary  event occurs.   When this happens the associated revenue and expense is recorded in the expense type of accounts.   There are two different methods used to record this transaction – gross or net.   [...]
1 2