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Your bank account is the ultimate truth in your business, so it’s important that your books are reconciled to the statements. Any number of things can happen throughout the course of the month: [...]

A debit card transaction is just that – an immediate debit from your bank account. But a credit card represents not-yet-paid expenses, and therefore, it is actually a liability account. The data [...]

There are several ways to record sales in QuickBooks. Sometimes it’s best to make invoices, sometimes it’s not. What it really depends on is if you are looking to track individual customers or [...]

In a previous post, we addressed the P&L. The other important financial statement is the Balance Sheet. One way to think of it is a report of what you own and what you owe. It has three major [...]

Put simply, a Profit & Loss Statement (also called P&L or Income Statement) is the report that summarizes your business income and expenses.  There are three types of accounts that go on [...]