The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Bookkeeping · 3 min read ·
How to Properly Account for Customer Prepayments
Does your business accept customer prepayments or retainers? Perhaps you sell gift certificates or packages of services to be used over a certain period of time or number of sessions. Are you aware that this money is…
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About · 2 min read ·
Year-End Bookkeeping
If you are not regularly having your bookkeeping completed, now is the time to do so. In order to be prepared make sure to gather the following information for your bookkeeper: Bank statements Check register or check…
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Bookkeeping · 2 min read ·
Tips for Small Businesses on Avoiding Audits
Of the 230 million plus tax returns expected to be filed each year, about 16 million returns result in audits for small businesses and sole proprietorships. The root cause is often times traced to improper reporting o…
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Bookkeeping · 3 min read ·
Backup Your QuickBooks File to Avoid Data Loss
Imagine that you are ready to do your bookkeeping, you try to open your file and find that your data file is corrupt or lost. What would you do? Unfortunately this can happen, and merely assuming that the online backu…
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Bookkeeping · 2 min read ·
Understanding How Accounts Affect the Balance Sheet
In the last two posts, Understanding Assets on the Balance Sheet and Understanding Liabilities and Equity on the Balance Sheet , I explained the different types of accounts that appear on the Balance Sheet. This repor…
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Bookkeeping · 2 min read ·
Understanding Liabilities and Equity on the Balance Sheet
In my last post, Understanding Assets on the Balance Sheet , I discussed the different types of asset accounts. Today I'll give information on the remaining accounts that appear on the balance sheet: Liabilities and E…
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Bookkeeping · 2 min read ·
Understanding Assets on the Balance Sheet
As a bookkeeper, I provide reports to clients for them to know the health of their businesses. Two of the main reports are the Profit and Loss (also known as the Income Statement) and Balance Sheet. Sometimes clients…
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Bookkeeping · 3 min read ·
When to Make Mid-Year Tax Adjustments to Avoid Tax-Time Surprises
Chances are you aren't thinking of your income taxes in August. However, in certain circumstances, you may need to make an adjustment to your tax status mid-year. Most of us want to limit any unexpected surprises at t…
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Bookkeeping · 2 min read ·
Reporting Discontinuing Operations – New Update
“ Discontinuing operation” doesn't just refer to halting your business or closing shop; rather, the term refers to stopping a part of your business operations (usually to be replaced by a new set of operations), like…
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Bookkeeping · 2 min read ·
Handling IRS Notices
If you file your taxes and reports diligently and on time, you probably don't expect to hear back from the IRS. But what if you do receive a notice? Rule one: don't panic! Follow these tips on understanding and handli…
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Bookkeeping · 2 min read ·
Tips and Shortcuts for Using QuickBooks Online
Although we offer full-service bookkeeping, many of our clients choose to enter their own transactions into QuickBooks and then leave the rest to us. For those who use QuickBooks online, I thought I’d share some tips…
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Bookkeeping · 3 min read ·
Online QuickBooks Update: Harmony
If you are a QuickBooks Online user, you may have already had your file upgraded to the Harmony version. If not, you may be seeing it soon. When you log in, you might see an option to update now if you don't want to w…
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