Bookkeeping – Regular Business Activity

Day to day activity for accounting is comprised of multiple functions. These include entering purchases, running a payroll, issuing cash disbursements, reconciling banking activity and generating basic reports.

Bookkeeping – Advanced Skillsets (Lesson 70)

Accounting Skillsets

The next section of bookkeeping (advanced skillsets) introduces the bookkeeper to the different organizational methods and explains why certain kinds of transactions are handled differently than standard entry practices.   In addition some tax knowledge is infused throughout as the tax code impacts much of how accounting is performed.

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Bookkeeping – Closing the Books (Lesson 69)

Closing the Books

The closing process is designed to finalize the financial information for that period of time.   It involves correction of errors, posting omissions and confirming balances
of accounts.   Once done, the bookkeeper and management can prepare reports with a high level of confidence with their accuracy.

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Bookkeeping – Adjusting Journal Entries (Lesson 67)

Adjusting Journal Entries

One of the many tasks for bookkeeper in their daily operations is reconciling accounts including bank accounts, accounts receivable, accounts payable and many others.  Invariably, the balances are off and need adjusting.  To reset or balance the account the bookkeeper must use an adjusting journal entry.

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Bookkeeping – Complex Entries Expanded (Lesson 66)

Complex Entries

A journal entry with multiple lines of entry affecting several different ledgers (accounts) is commonly referred to as a complex entry.  Many bookkeepers shy away from them as they feel intimidated by the difficulty involved and do not want to make an error.  This lesson helps the bookkeeper understand how to break the complex entry down into a series of standard entries.

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Bookkeeping – Recurring Entries (Lesson 65)

Recurring Entries

Every day bills arrive from vendors that are mere repetition like the electric or phone bill.  They basically recur every so often (mostly monthly).  The bookkeeper must create a new entry as a part of his/her  daily functions.  This repetition consumes time and is a nuisance.

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Bookkeeping – Charitable Giving (Lesson 64)

Charitable Giving

Many small business owners are actively involved in the community and thus donate time and money to their favorite cause.  In almost every case the owner believes the donation is a business deduction.   It is NOT a business deduction for tax purposes except under the C-Corporation status; however, the business is still writing the check. Therefore the bookkeeper must still track the deduction and identify the donation properly so the gift is deductible on the owner's personal tax return.

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Bookkeeping – Auto Costs Related to Owners and Family Members (Lesson 62)

Deductible Auto Costs

The Internal Revenue Service scrutinizes expenses that can and often are benefits to owners.   The most common benefit is the use of a company owned car for personal travel including using the car to get to and from work.   Owners would love to have this cost of travel paid by the company and deductible for tax purposes.

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Bookkeeping – Mileage Reimbursement (Lesson 61)

Mileage Reimbursement

Some small businesses manage transportation costs in incremental payments by utilizing mileage reimbursement.   It is a very advantageous system if used correctly.   Other small businesses augment their existing vehicle fleet by paying employees via mileage reimbursement for the use of the employee's automobile.

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