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Linda Saltz, CPA, QBalance.com

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QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

Bernie Akporiaye

U.S.
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Questions relating to budgeting and planning software and other Enterprise Performance Management questions in general.

Recent Answers

2017-02-17 Opening Balance:

So when the check was written to petty cash to reimburse it,  what expense category did you use  to code that check?   Whatever that expense account was,  that is the one you need to use.   You should

2017-02-17 Opening Balance:

First, You have to determine where $550 came from.   Last year what was the policy of the company to replenish petty cash   Did they write a check and cash it? or did they NOT Deposit Revenue?   If neither

2017-02-16 Opening Balance:

Hi FA     The petty cash fund was created by   1. not depositing cash sales transactions  or   2. writing a check to cash and posting that check to an expense account     If the fund was created from not

2017-02-14 shareholder distribution:

Hi FA,     Sorry for the delay    You are not required to payout 100% of net income as distributions.  In fact net income does not mean the money is sitting in the bank available for distribution.   Some

2017-01-16 Working Capital:

In regards to "Debit checking"  I was referring to your operating bank account on your chart of accounts.  This is a loan which is NOT considered income. It should not appear   on your profit and loss

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