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The Five Types of Accounts

SkynarBookkeeping / November 9, 2018
By: Rachel Himmelspach

When setting up your books, you must first manage your accounts. The word “account” in bookkeeping doesn’t refer to bank accounts, which one might first think. It actually refers to the different kinds of transactions made, which will all be grouped into their rightful place, a.k.a. “account.” Keep this in mind moving forward. Some examples of accounts are sales, payroll, and inventory, just to name a few.

Double Check Your Bookkeeping In These Five Ways

SkynarBookkeeping / March 8, 2018

Mistakes are likely happen in your bookkeeping, but it’s best if they don’t! We have a few common errors that can occur and how to avoid them. They’re easy to miss but also easy to fix. Sometimes it’s as easy as double-checking your entries and making sure numbers match up. When working on your books, be sure to keep your eye out for these five mistakes that can easily slip by unnoticed. 

Need To Write Off An Uncollectible Invoice?

SkynarBookkeeping / December 6, 2017
By: Rachel Raupp

Need to write off an uncollectible invoice but don’t know how? It’s sad but sometimes people don’t pay you what is owed.  You need to get these numbers out of your books, but you also want to track this correctly, so what do you do? Here are step-by-step directions to do this in QuickBooks:  

Step 1.  In your Chart of Accounts create an Income Account called “Bad Debt.”

Step 2.  In your Items create an item called “Bad Debt-Uncollectible” and link it to “Bad Debt” (the account you created in Step 1).

Step 3.  Create a Credit Memo in your QuickBooks and use the Item “Bad Debt-Uncollectible” (that you created in Step 2) with the amount that you need to write off.

Step 4.  Apply this Credit Memo to the invoice(s) that are uncollectible.

Now when you look at your P & L report, you’ll see a negative number in the Income Area, labeled as “Bad Debt.” Although it seems unusual to have a negative number for Income, this is correct.

Here is an example of what is happening in the background:

Consulting Services Income            $500.00

Bad Debt                                              -$500.00

                    Total:                                      $0.00

Step 5.  Make a note to never do business with this individual/company ever again!

Five Common Bookkeeping Mistakes And How To Avoid Them

SkynarBookkeeping / November 16, 2017
By: Rachel Raupp

Mistakes can happen in your books, no matter who you are. It’s important to know why your mistake happened and how they can be avoided.

Contact

Skynar Bookkeeping – Corporate Office – South Lyon, Michigan
13052 Pembrooke Circle
South Lyon, MI 48178
Phone 734-335-7702
Email info@skynarbookkeeping.com
68300 CR 388
South Haven, MI 49090
Phone 734-335-7702
2534 SW 13th Ave
Cape Coral, Florida 33914
Phone 239-361-2100

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