![]() The following course covers the basics of financial management for your small business clients, and normally takes less than an hour to complete. ![]() Mark’s Atomic Graphic Design: General Ledger General ledger (GL) shows all activity by account type.Mark’s Atomic Graphic Design: Journal Journal entries capture all cash in and all cash out activity.Appendix: Additional Terms and Concepts A Simple Start to Managing Your Business Finances.Chart of Accounts: Your Master List of Accounts and Sub-Accounts NAME TYPE NAME TYPE INCOME ASSET Sales Income Checking Bank Other income Other income Accounts Receivable Accounts Receivable EXPENSE Undeposited funds Other Current Asset Advertising Expense Equipment Asset Car and Truck Expenses Expense LIABILITY Contract labor / payroll Expense Loans Liability Cost of goods sold Expense Sales Tax Payable Other Current Liability Entertainment / meals Expense EQUITY Office expenses Expense Contributed Capital Equity Repairs and maintenance Expense (Owner’s invested funds) Supplies Expense Retained Earnings Equity Taxes and licenses Expense (Business’ profits) Utilities Expense Other expenses Other expenses.Cash Flow: Money In and Money Out YOUR BUSINESS Money In Money Out CUSTOMERS Sales Services / Products Out VENDORS Expenses Services / Products In.Apply for and establish credit with your vendors. Know and understand your customers through consolidated records. Track the money going in and out of your business. To be considered for a loan or investment, you’ll need complete financial statements. Make informed decisions – and price your product or service for profitability – with financial reports 6. Report your company’s incomes, expenses, and payroll accurately to the IRS. Six Ways Financial Management Helps Your Business Succeed 4.A Simple Start to Managing Your Business Finances A Guide to the Essentials QB_10/2004_01.You’ll then be able to choose this customized balance sheet from the Reports tab in the future. Save customization: Click this button and name your report if you want to save your Balance Sheet settings. We’ll explore this section in more detail in Step 3. Customize: Select this option to customize your balance sheet further. Run report: Hit this button to apply your changes. I recommend using an accrual-basis Balance Sheet for management purposes, even though most small businesses will have to print a cash-basis balance sheet for tax purposes.į. Accrual accounting includes accounts payable and accounts receivable. Accounting method: Choose whether the Balance Sheet should be prepared on the cash or accrual basis of accounting. You can also add a column with the difference between the current and prior periods as either a dollar or percentage change.Į. Compare another period: For comparison purposes, you can include an additional column that shows the balances of the prior period’s Balance Sheet. This is a good setting as it’ll eradicate unnecessary clutter in your balance sheet.ĭ. Show non-zero or active only: The default is to show just rows and columns that have activity during the period. You can also display additional columns to separate the balances by customer, vendors, classes, locations, or other categories.Ĭ. You can choose to display additional columns for interim balances, such as quarterly, by clicking the drop-down box. Display columns by: By default, the balance sheet will have a single column for the balances at the end of the reporting period. Since the net income in the equity section of your balance sheet should agree with the net income on your Profit and Loss statement, be sure to prepare both statements using the same reporting period.ī. ![]() How to Manage Credit Card Sales With a Third-party Credit Card Processor How to Manage Credit Card Sales With QuickBooks Payments ![]() How to Reconcile Business Credit Card Accounts How to Manage Downloaded Business Credit Card Transactions How to Enter Business Credit Card Transactions Manually Part 5: Managing Business Credit Card Transactions How to Handle Bounced Checks From Customers How to Transfer Funds Between Bank Accounts How to Manage Downloaded Banking Transactions How to Enter Banking Transactions Manually How to Set Up the Products and Services List How to Set Up Invoices, Sales Receipts & Estimates How to Customize Invoices, Sales Receipts & Estimates
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