How Do I Record Customer Refunds in My Bookkeeping?
A customer refund should be recorded in a way that reduces the income from the original sale, not as a regular business expense.
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What Is a General Ledger?
A general ledger is the complete record of every financial transaction in your business, organized by account.
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Know Your Value?
Could you show your business is worth today? Clean books make it simple. Whether you’re applying for funding, planning to grow, or just curious—your books should reflect your business’s true value. That starts with consistent tracking in QuickBooks. Track income streams, expenses, and profit margins separately. Use tags or classes to compare different service lines….
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Tax Season Chaos?
Always behind on taxes? Track monthly to stay ahead. Waiting until April to sort through receipts and totals is stressful—and risky. A better move? Use QuickBooks to run profit & loss reports every month and estimate what you owe in real time. We recommend setting aside a percentage of profits as you go—especially if you’re…
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LLC or Not?
Still using your personal name? An LLC is a better way. If you’re growing your business but haven’t formed an LLC yet, now might be the time. It helps separate your personal and business finances—both legally and inside QuickBooks. Once you form your LLC, QuickBooks can be set up with a clean slate: a separate…
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Missing Deductions?
Skipping small expenses at tax time? You might be missing easy savings. If you’re not logging small expenses as you go, chances are you’re leaving money on the table. Subscriptions, client lunches, software renewals—even phone bills—can all be write-offs, but only if they’re tracked. Use QuickBooks to snap receipts from your phone, match them to…
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Bank Feed Messy?
Too many uncategorized transactions? A quick clean-up is a must. When your QuickBooks bank feed piles up, it’s easy to feel overwhelmed. But ignoring it means your reports won’t be accurate—and come tax time, that’s a problem. Start by going through just one month at a time. Use “bank rules” in QuickBooks to auto-label recurring…
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Get S-Corp Smart
Want to pay less in taxes? It might be time for an S-Corp. If you’re earning over $60K in profit as a sole proprietor or LLC, switching to an S-Corp could save you thousands in self-employment taxes. But it only works if you do it right—and track it properly. QuickBooks can help you manage payroll,…
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Check Your Numbers
Here’s what to do if your books don’t match your bank account. If your QuickBooks balance doesn’t match your actual bank account, don’t ignore it. That gap could mean missing expenses, duplicate income, or worse—fraud. Reconcile your QuickBooks account with your most recent bank statement. Look for uncategorized transactions, mismatched dates, or double entries. QuickBooks’…
