Category: Bookkeeping – Regular Business Activity
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Bookkeeping – Tracking Sales Tax (Lesson 40)
Many businesses especially retail have to collect sales tax as a function of their legal mandate from state governments. In effect the business is a collection agent for the state.
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Bookkeeping – Tracking Returns and Allowances (Lesson 39)
Not every customer is satisfied with the product they purchase. The old saying of ‘You can’t please everyone all the time’ is true.
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Bookkeeping – Sales Via Debit and Credit Cards (Lesson 38)
Historically the only two forms of payment were either cash or check. Then credit card payments became very popular in the eighties and today the preferred method is debit. Debit payments are an instantaneous removal of value from the customer’s account and suspended by the banking system until deposited into the business checking account.
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Bookkeeping – Accounts Receivable Management (Lesson 37)
In my mind accounts receivable management is the highest priority duty of a bookkeeper. Cash is the lifeblood of small business.
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Bookkeeping – Tracking Invoices (Lesson 36)
Every small business should track their sales in order to evaluate performance, opportunity and trends. In a good system sales will identify date and time of purchase; customer’s name and demographic information; items purchased with quantity and dollar values and finally, methods of payment.
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Bookkeeping – Employee Benefits (Lesson 35)
One of the best parts of being a bookkeeper is seeing employees smile when they utilize employee benefits. There are a multitude of different employee benefits out there including: 1) Health Insurance, 2) Retirement, 3) Life Insurance, 4) Dental Care, 5) Vision Care, 6) Cancer Insurance, 7) Disability Insurance and 8) Child Care.
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Bookkeeping – Quarterly and Annual Payroll Reports (Lesson 34)
Federal and state compliance requires the filing of several different reports by certain deadlines. In this lesson I explain the various reports, filing deadlines and best practices to comply with the law. I’ll explain the quarterly set of reports first then the respective annual requirements.
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Bookkeeping – Payroll Compliance and Documentation (Lesson 33)
The key to success with payroll accounting is properly documenting all aspects of payroll thus complying with the various legal requirements.
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Bookkeeping – Payroll Cycles (Lesson 32)
Similar to the bookkeeping cycles, payroll cycles have many frequent activities, fewer incremental requirements and one important end of the year report. This lesson explains these respective cycles and how they tie together for the final year-end report. Other lessons in this section of the website go into some details about various functions of payroll…
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Bookkeeping – A Simple Payroll (Lesson 31)
In Lesson 30 I explained the payroll account structure using parent-child accounts. This lesson is a part of the daily operations section of bookkeeping illustrating an actual payroll entry. If you haven’t done so yet, please read: Payroll – An Introduction.