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It’s almost time to file the extension 2007 tax returns! Are you going to see your Accountant with your records compiled in One-Write, Excel sheets or even a Dome book? These methods of bookkeeping are time-consuming, and are not likely to give you monthly financial reports in just a click of the mouse. Statistics show that improper bookkeeping can be the main cause of many companies failing within the first three years of business. You don’t have to be a CPA - but you should understand the numbers of your business. If you are trying to keep your own books, or if you’re hiring someone to do this for you, are you getting the information you need each month? If you’re reading these few sentences and answering “Yes!” to most of these questions, then it is time for a ‘Bookkeeping Makeover.’
With over 35-years in the bookkeeping profession, I have seen significant changes in bookkeeping methods. Currently, most of my clients are using QuickBooks® Accounting Software. As the non-Accountant's accounting software, QuickBooks® has greatly simplified the bookkeeping process and is used by 92 percent of small businesses. No accounting package, however user-friendly, can be operated properly without sufficient understanding of its features and functionality.
Please e-mail questions to: Joanne Resnick, Advanced Certified QuickBooks® Advisor, and owner of Bookkeeping Resources, at bookkeep@bookkeepingresources.com .
Question: I have a large amount in my undeposited funds account. My bank register does not show any deposits. What did I do wrong?
Answer: You must have entered customer payments against open invoices correctly for the amounts to go to an undeposited funds account. However, QB does not recognize that you actually made the deposit yet. It stores those payments into the undeposited account until you actually make the deposit.
Click the ‘Make Deposit’ Icon on the main Menu and a list of the checks you entered will appear. Check off the same checks that are in your actual deposit that is intended for the bank. The total matches your deposit slip. Click “OK”. You are now on the ‘Make Deposit’ screen. The screen show the bank account you are depositing funds into - make sure the date is correct. If everything agrees, “save and close.” If you go to your bank register, the deposit will now appear.
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