Category: Bookkeeping

Let’s go back to the savings account example above and use the daily compound interest calculator to see the impact of regular contributions. See how your savings and investment account balances can grow with the magic of compound interest. Compound interest causes investments to grow faster, but also causes debt to grow faster. It’s important…

You batch these payments into one deposit totaling $1,250. However, you need to properly credit each customer for their payment. Posting each payment to the Undeposited Funds account and then recording the deposit in QuickBooks Online allows you to do this. Another common mistake that people make in accounting and bookkeeping is wrong data entry.…

WIP reports make it easier to get an overview of each project’s budget, percent complete, actual costs to date, and more, so you can see if it’s overbilled or underbilled. With this information in your accounting system, tracking things like retainage and change orders, issuing purchase orders or subcontracts, and keeping client billings on schedule…