DIY Bookkeeping Lesson No. 4 It is very important to reconcile a bank statement. If you have ever found yourself standing for an hour at your bank working with a teller to help you figure out why you bounced checks and your account balance is negative, you know what I mean. The problem is that … Continue reading How to Reconcile Your Account with the Bank Statement
Setting up and maintaining a home based bookkeeping business can be challenging as new clients are added to your service. It is important to know how you personally define ‘home based’. If you don’t, you could find yourself moving in a direction you might later regret. Working At Home When I started my bookkeeping business, … Continue reading Home Based Bookkeeping Business
What is bookkeeping? It is the process where all financial transactions of a business or other entity are recorded into a set of journals and ledgers. Putting this information into a set of books makes it easier to review and analyze. It can be compared to the way an author compiles information into a book … Continue reading What is Bookkeeping?
DIY Bookkeeping Lesson No. 3 Meals expense is something else that is very important to understand when it comes to business deductions. Meals are only 50% deductible but that is not the main issue. The main issue when it comes to meals is that your meals have to be with a client in order for … Continue reading Meal Expenses
DIY Bookkeeping Lesson No. 2 If your business requires you to travel from point to point to provide services and or deliver products to your customers, you can keep track of your automobile expenses to deduct on your tax return. There are two methods: Actual Expense Method If you are tracking actual automobile expenses, then … Continue reading Automobile Expenses