Greetings!
In this month's issue of It All Add$ Up, you'll learn the importance of reconciling bank and credit card statements, and get QuickBooks tips and shortcuts to make your bookkeeping easier. This month's issue also includes a testimonial from a client who has benefited from our services.
We put the AX to your TAX worries!
Lauri
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IMPORTANCE OF BANK
STATEMENT AND CREDIT CARD RECONCILIATION
Cash is King...or can also be the downfall of your company if improperly managed. Small business owners are tasked with wearing many hats in the day-to-day operation of their business and often can't find the time to reconcile these accounts.
By reconciling monthly statements and reviewing general ledger accounts, business owners are able to make sound financial decisions about the growth of their company and identify particular product lines that may be non-profitable.
In QuickBooks, the bank and credit card reconciliation feature is accessed by going to the "Banking" drop-down menu at the top of your screen and selecting the "Reconcile" option. And, as with the bank register, your credit card accounts also have registers available where all charges and payments can be entered. Read on to see how business owners can benefit from regular reconciliations.
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QUICKBOOKS TIPS AND SHORTCUTS
- Tip: Set up a "credit card" account, and enter all charges from the statement using the "Enter credit card charges" screen.
- Shortcut: In the date field, click 'K' for the last day of the week.
- Shortcut: CTRL-T to create a new transaction from a memorized transaction. This opens the memorized transaction list.
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CLIENT TESTIMONIAL
Lauri Paxton of Paxton Bookkeeping and Tax Services has been providing virtual bookkeeping services for Green Seven Technologies for the past year.
I can't say enough about the service! Lauri 's attention to detail, efficiency, and accuracy in the delivery of virtual bookkeeping services is top notch. I always have a solid understanding of my company's financial picture.
Paxton Bookkeeping and Tax Services is a must have for a small business owner. There is a significant cost savings that positively impact my bottom line by outsourcing this service. I would highly recommend them for virtual bookkeeping services.
Jay Markey, President
Green Seven Technologies, LLC
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