Month: October 2015

A suspense account is an accounting or nominal account transaction amounts temporarily recorded. It is used to record the transactions that can not be classified properly at the time of entry, based on the information available and needs further research with an accountant or bookkeeper. Once the transaction has been classified and status of the connection has been identified, the transaction amount is transferred from the suspense account and back into the right place.

main advantage of this is that it allows bookkeepers somewhere to allocate points as they are unsure of. They can then research and identify the items and assign them to the right place. Any company that uses accounting software to move their accounts and files should use a suspense account if they are in any doubt about the individual transactions on their time of arrival.

Certain receipts or invoices, for example, could have been assigned to an invalid number, or account number could be missing from the bill of sale. When a number is correct, or bank account is obtained, then these objects can be transferred from the suspense account and posted to the right place. In the case of payments, for example, the same logic applies if there is a dispute about the division payment should be paid for, or payment can not distinguish a bank statement, it must be temporarily held in a suspense account.

It not only helps in tracking all “uncertain business’ accounting needs to beat, but also to maintain the accuracy of management or financial statements are prepared. It helps to ensure that no items are overlooked in the posting process and trial balance is right for a particular trading period

Sometimes the suspense account is used if there are slight differences that need to be written off. for example, it is not uncommon for a bank or cash account to have some reconciliation differences. This could be due to reduced errors or bookkeeper may have made a little mistake when entering data. For these types of different can be posted to the suspense account and consequently written off in another area under the advice of the auditor. Indeed, spending a lot of time and effort looking for the reasons for this small difference may not be realistic.

The result is a suspense account is very useful if accounting is uncertain where to send individual transactions. This transaction can be held in “uncertainty” the accountant finds the appropriate accounting treatment for them, or it can be used for certain receipts and payments and other small differences are not worth further investigation.

Technology

Most graphic designers are geeks when it comes to equipment and tools to get the job done. You may wonder, “Do I need a new iPad or iMac?” “Can I design just as well with CS3 and CS4?” As creative junkies we get easily mesmerized by new and shiny toys and we always want to be up to date with technology – which can prove to be a disadvantage as a freelancer because all these new toys can hog your profits

Francis Mala Banan , freelance designer based in Sydney Australia said: “There have been times when I’ve invested in over powered hardware and software, but it did work easier, which certainly was not justified by the revenue at that point. The money invested would have been better to grow company instead “

agreements

Always put something down in black and white -. advance! “Use a written agreement to define the scope of work to be provided, fees and methods of payments. Do this upfront to avoid disputes later when you complete the project. With contract in hand define what products will be of from you to the customer and it gives you get “(Bill Gekas Professor Westwood College). Protect yourself and be careful with potential liabilities as due or failing to deliver on time. You need to maintain good open communication with your customers.

Organization

You have finished work and you should get paid for it. But many graphic designers forget to account. Many graphic designers demand at least one payment up front before the project. Use Excel and Google docs to keep track of tasks you need to organize like a pro.

Be versatile! Learn HTML, CSS, print design, financial discipline and keen organizational skills to manage multiple projects. This skill makes you more marketable. Remember – never forget to have a contract, and be careful where you put your money when it comes to hardware and software upgrades. And above all else, to keep learning, adapting, and do not be afraid to make mistakes!

Microsoft Dynamics GP, or as this ERP is now known and popular among the IT community – Great Plains Dynamics is at this time Microsoft SQL Server-based applications. SQL means tables, their names, fields, data flow that reflects business processes, such as sales account, posting, customer payments against these accounts, termination, etc. As you can imagine, Great Plains MRP is not just a collection of tables has software logic, which is realized in Microsoft Dexterity (or as it was formerly known Great Plains Dexterity). If you have intentions to customize Great Plains, you can do it either on the SQL level or dexterity, as well as new tools are now available, such as eConnect, which is actually the replication of Dex logic in encrypted SQL stored procedures with rich interface stack: COM +, BizTalk, Web Services. Dexterity has also such extensions as Extender (or full version of eone extender, available from eone). Let’s get technical highlights:

1. GP tables structure. The best and most appropriate way to get the core of GP tables and their interactions, is to set up and review GP SDK, available from CD 2. However, the more practical is quick access tables structure in GP workstation interface, simple go to Microsoft Dynamics gp > tools> Resource Descriptions-> Tables, then select a series: finance, production, project, system, economy, trade accounts payable, payroll, HR

2. Data in and send workflow. GP is mid-market ERP and business processes are not trivial. In order to get them compared through SQL stored procedures, you need to enter simulate trading in testing business environment. A good example – if you want to simulate Sales Order Processing cycle: a bill of sale, then after that and take customer payment – monitor every step in SQL to verify the unit’s record and at any level

3. handcrafted . Great Plains Dex is the source of the current GP version, 10.0 and March 2008. Dex business logic in Dynamics.dic and related third-party dictionaries. Handcrafted in-house programming is not recommended due to the complexity and long learning for Dexterity programmers

4. eConnect. This SDK is a new GP welcomed tool, but Dex. We recommend that if you try to make GP changes, mergers, DB business internally

5. GP Ecommerce Shopping Carts and catalogs. The best approach is first to explore Microsoft Great Plains Dynamics GP Business Portal Order Management module, which is seamlessly integrated with GP SOP and Inventory Control modules native

Microsoft Dynamics project was first known as Microsoft Project Green, and got its current name in September 2005. Currently Microsoft Dynamics combines family of former Microsoft Business Solutions ERP and CRM products, Great Plains, Microsoft CRM, Axapta, Navision, Solomon . The idea of ​​former Project Green was to create several Microsoft Suites: Financial, HR, Production, Supply Chain (SCM) at the base of ERP products, where they would presumably take the best core for each suite from one of MBS ERPs. Microsoft Dynamics seems to emphasize interfaces unification and merge, so you should not be confused if all of a sudden instead of GP database you must switch to say Axapta database for SCM. Obviously the first phase of Microsoft Dynamics each product: GP, NAV, AX, CRM, SL has its own integration methods and tools. Let’s consider Microsoft Dynamics GP 9.0 integration tools in this small article

o Microsoft Dynamics GP Integration Manager. It is an end-user tool and as a user you should feel free to experiment. You should understand that Integration Manager is redesigning phase when instead of using GP workstation or so-called fat client as OLE server and used behind the scenes forms data entry and update food – it will be used more eConnect, which is repeated data entry logic in SQL stored procedure level and this is definitely way faster and more efficient. Some glitches – the Integration Manager is switching from OLE to eConnect – VBA scripting will not be available, too, so you should redesign the old merger if you use a lot of custom integration logic of VBA scripting

o Microsoft Dexterity. We want to say dexterity Avoid integration logic, you can use custom Dex forms initialize integration parameters and then pass them to SQL stored procedures, eConnect, etc. The reason for avoicing dexterity – complex to create Dex integration is similar to the above complex to create a stored procedure. Meanwhile, Dex is cursor-driven language and SQL can use aggregation and more efficiency

o eConnect. It was initially designed for eCommerce web developers to enable them to use Microsoft Great Plains as support for ecommerce applications. So – the answer is normal – it is a good tool to create GP objects, such as Customer, Product, Sales Order or invoice. Later eConnect logic took over almost every item in Microsoft Dynamics GP. eConnect has some limitations, however – it was designed to take care of creation and were updating the so-called work, such as the Sales Order, the sales order transfer to the account and invoice posted to the duty GP operators – in case if you need to send it automatically, eConnect extensions

o SQL stored procedures. We do not recommend that you use DTS directly, for data validation is pretty sensitive and you have to simulate it in the code more flexible stored procedure. Also stored procedure may be the way to go, when the integration is very simple and straightforward and it is not feasible to pay for eConnect or Integration Manager. As developers / programmers what you need to do is enter the trade you expect to integrate the GP test environment and see how they go to SQL tables. In GP you Dynamics (or system) database and many companies databases, you integration is generally hits its database only. The typical tables for integrations: SOP10100 – Sales Haus, SOP10200 – Sales Lines, RM00101 – customer master, RM00102 – Customer Address Master, PM00200 – Vendor Master etc.

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There is a simple principle in business and making money that many marketers seem to forget: If you want a million dollars, you need to move one million dollars worth of product. Many people who run their own online business will be excited at the prospect of not having to ship physical items because they are selling software or any other type of intangible goods by electronic delivery. While it is possible to earn a living working only with these types of products, you can also use the Internet to reach new customers to purchase existing physical products, and import the products will be the main subject of the company in order to keep costs low and keep customer satisfaction high.

Of course, you can buy shipping materials at the local office supply store, and if you only have a small amount of physical products you need to ship this might be a good idea for you. Most online businesses will see a larger number of transactions and a lot of products that need to be moved, so it might not be cost effective to buy the shipping material from the supply store. A better solution is to buy shipping materials in bulk from a wholesale supplier, which means you make a large purchase of hundreds of boxes or envelopes instead of buying them one at a time which would obviously mean that you pay less for each one separately .

If you are only to operate a small business then you might feel daunted by the idea of ​​buying hundreds or thousands of boxes for shipping all in one. Where will you put them all? And what happens if you have too many extras left over? You do not want to rack up a disproportionately high costs for shipping products, so if you would pay $ 1.50 at the box office supply stores or $ 0.20 on the box if you buy 500 at a time, obviously it makes sense to buy more even if this is all the shipping materials you would need for the whole year.

It is also important to consider whether the seller should pay for shipping or if the buyer pays all shipping costs. If you decide it is better to pay for the shipping of your part you will need to reflect the cost price of the product, but also make sure to show the “shipping” pronounced so that the customer knows that the price they see is not any other extraneous additions to it. Many companies prefer to have the buyer cover shipping costs as these costs can vary greatly depending on location. If this is the situation then you may not need to buy any shipping materials at all, because if you allow your customers to select the method of delivery and they will then some shipping companies, such as UPS or FedEx will provide you with free materials shipping when you set up an account with them and prove that you will invoice shipping costs to customers.

If you are shipping products within the continental United States, you can also choose to ship by US Postal Service. Post Office will provide you with shipping material for free if you choose Overnight Express Mail or Priority Mail, and where these two options are more expensive than traditional organization it makes sense for the post office to provide these materials to you for free.

If you’re like many small businesses, even a few late payments on your accounts receivable can seriously crimp cash flows. It is extremely important that you take immediate and systematic measures to limit the number of default claims you at any time. The number one strategy is to have a system in place that limit the number of bills passed because in the first place. There are numerous tools and techniques to do just that. However, today, we will concentrate on how to deal with past dues when they appear

Here are some tips that will help you to reduce the outstanding requirements :.

· mountain immediately. Never wait more than 3 working days past the due date to contact customers. This allows for mail delays, but early enough to reach the position before it becomes worse.

· When you contact a customer, do not give them an excuse to use (“Did you receive the invoice?”). Rather, ask them, “When did you send your payment?” If they tell you that there has not been sent, ask them if they will send it today. If they say “no,” ask when they expect to send it. Get commitment from them and follow if the commitment is not honored.

· Ask your customers why they have not paid the bill. Remember, if they are honest with you, you should be treated with utmost respect. All have cash flow issues from time to time and their treatment will be remembered long after their problems are over and they are looking to purchase products or services you offer again. As a matter of fact, the right etiquette when gathering could not only lead to get paid faster, but can also allow you to keep them as customers for life. You see, if they are indeed in trouble, chances are that there will be many who will not treat them very well and this will sour their relationship going forward.

• If you get an excuse, remove emotions from the equation and deal with situations logically. Getting definitive commitment on the date or time when you can expect to receive payment from them. Make sure that you are in agreement, so that there can be no claims of misunderstanding later. Find out how (mail, credit card, etc.) and when. Then note in our conversation so that you can follow immediately if the commitment is not honored.

· If they give you a good reason (“My product was faulty”), try to remedy the situation, if it is within your control. For example, if you find that the product was indeed defective, ensure that new, blemish product is delivered immediately.

· If the client is a larger company, understand that they will usually pay their bills on schedule. You need to know when your accounts must be received by them in order to be included in a weekly, bi-weekly, or monthly payment cycle. If you find yourself with a default of one of these companies, be sure to call or contact them for a few days for the time to make sure they have all the documents they need to include an account of their payments.

These are just some of the many proven steps you can take to collect requirements when they are in arrears. To limit future past fees, you will need to review the entire procedure. To compete in business today, you will almost certainly have some level of credit for your customers. The key is to limit it to those who will pay you! If the process needs an overhaul, it is important to address these issues immediately. But sales are important, it is still cash is king!

As part of your financial arrangements with your chosen contractor, please make sure you remember to agree on the cost of the materials. Please also make sure That you agree up front on the level of detail That you will receive from the contractor When They present you with Their periodic invoice.

In an earlier post, we talked about how contractors Can Obtainment preferred pricing on materials from Many (not all) building materials’ Suppliers.

Well, WHO pockets the difference between what you and I would pay, That is’ retail ‘price, and what the contractor would pay, That is the lower ‘contractor’ price?

If you do not spell this out right at the beginning then WHO do you think the contractor Will assume to pocket the difference between These two prices? Right.

Many, to most, contractors Will advise you to have them purchase all of the materials. And why not? What are you going to do Every Time That more drywall sheets, 2 X 4’s, paint, caulking, duct work, and so on is needed ….. leave the office and go with the contractor to the store? Of course not. Your boss would not like that too much, Will she?

So, agree ahead of time That Will you pay only for the contractor pricing. Fine. But, what if the contractor presents you with what I call a ‘summary’ type of invoice-which shows only one number for labor and materials combined, Including Applicable taxes? What are you paying for?

What if the contractor shows you one number for labor, another number for materials and a third number for sales taxes? Are you Any better off?

My suggestion is to agree beforehand the project starts not only That you will receive the benefit of contractor pricing, but That you will receive all of the invoices for money spent on all materials Prior to payment by you. In this way, you have a chance to …… careful, here is an accounting term …….. reconciler or Compare the total of the materials Amount on the invoice to the total of the receipts for the materials purchases.

We were lucky. We knew our primary contractor. Heck, his wife was the maid of honor at our wedding and ….. That was 22 years ago this April. But, how many of you have this type of relationship with your primary contractor?

Every type of business will have its own set of challenges. A restaurant may face a shortage of officers, which can obviously create issues with regard to customer service. A document management company may have problems with file security.

An Appliance store may deal with substandard products delivered with a solid manufacturing brands. There are different ways in which businessmen have to keep putting up a fight against different factors, from virtual to physical, especially given the tough competition. One thing that can be debilitating, however, a transaction that limits cash flow. Regardless of the circumstances, when the cash flow is limited, it can be very serious financial consequences.

One of the very common ways that cash flow can be compromised in any type of business already accounts receivables are not paid on time, if at all, they are paid. Account payables are amounts that customers owe company by manipulating the products or services without having paid the cost. There are customers that let customers make purchases without direct cash payment. This payment is simply promised through check, credit card or any agreement. This has been the practice in many industries for the longest time, and while it works for some companies, it is not for others.

And what makes a man Business Stay in control of their account payables, while the other gets in trouble? There is no standard or hard and fast approach to this, but one thing is certain – the way the accounts department is managed makes the difference. The issues may be different, depending on the nature of the business. Therefore, it takes a lot of knowledge and experience for the accounts receivable manager to be able to collect payments before the company cash flow starts to suffer.

The days, managing account payables has also become way easier than how they did it in the past. Back then, what these people had were piles upon piles of receipts, invoices and other documents they handled manually. Just imagine the time it would take to clear the account, starting with the data itself. However, current technology made this task more convenient and efficient. With the right software, project management account fee deadline can now be done with a lot less room for error and faster. When managing account payables, the time factor is important because it determines how bad the impact will be when the bills remain unpaid. The longer it remains unpaid, the higher limit cash flow and more damaging chain reaction might be.

Very few companies are financing companies in the construction industry today that risk is still too great. Many general contractors and subcontractors are reeling from the impact of the construction bubble.

And to add insult to injury, many construction companies obtained a business loan is likely or already have found themselves out of the Treaty. This is due to falling sales. Simply put, the banks do not want to let them tap into their lines of credit to their sales are back on track.

What’s more, even in the factoring industry, few companies dare to offer construction elements since the risk of default remains high. However, in many cases the factoring company will be able to help. There are quite a few companies specializing in construction elements.

monument factors have been used in construction for many years. The latest developments indicate that the recent economic downturn and the contraction in credit markets has been particularly hard on the construction industry. contractors are experiencing cash flow problems and need to focus on new sustainable building standards code. The availability of commercial financing has been chaotic for the team, so the situation is particularly evident when looking construction financing commercial.

Invoice Factoring allows businesses to obtain funds based on the current accounts of their claims. construction subcontractors to wait as long as thirty (30) to ninety (90) days to get paid for outstanding bills. Construction factoring advances money accounts and provides enough money to pay the bills.

The following are a few things you can do to begin with, to prepare better if you’re in the construction business. Before calling the company’s finances, be sure to have your house in order, especially

1. Make sure you have a current, up-to-date financial statements. This includes balance sheet, income / Profit & Loss, A / R aging report and AP aging reports

2. Seeing the unpaid taxes as well as you can,

3. Try to clean up your requirements -. And quickly see any accounts that are in arrears for more than 70 days

Although there are no guarantees in this economy, these three steps should help you better position the company for a grant.

Also remember that the construction industry is one of the few sectors that can benefit tremendously from invoice factoring. The subcontractor or the workplace is no longer a need to wait for payment before the next phase of the project, or start building a new project.

Factoring enables sub-contractors or construction companies can quickly realize the turnaround of 48 hours of receivables due to completed stages of construction. With the construction invoice factoring, workplace, or subcontractors, you can pay almost overnight for these charges (Trade) thus speeding up cash flow and improve the company’s ability to immediately begin the next phase of construction.

Handling employee reimbursement for business-related expenses, including mileage, should not be run through the payroll in QuickBooks.

When an employee uses his / her own money to pay for business-related expense is the money they have lent the company and the company should account for the expenditure in the same way as they would if the company had made spending itself – in other words – those refunds should be properly allocated to the appropriate expense or cost of goods sold accounts in QuickBooks

As a bookkeeper handling refund requests, not only do you need to make sure that expenses are properly registered. you also need to make sure that whatever the expense reimbursement requests from employees meet the accounting standards of the IRS.

Every business should take responsibly Plan for reimbursement. An accountable plan allows refunds not taxable and is not reported on a W-2, as long as the plan meets the following three conditions IRS

1. There will be a business purpose, which means that the cost would be deductible if the company actually made the initial outlay of cash.
2. amount, time use and purpose of business of the money spent must be justified within a “reasonable time”; which means that the employee should submit a written account detailing the cost of money, the purpose of the expenditure, what job or client expenses related to and receipts to prove expenses.
3. employee must return unsubstantiated amount within a reasonable time; which means that if the employee was given a $ 1,000.00 but granted only to registered receipts for $ 900.00, $ 100.00 for the remainder would have to come back to the club.

If these conditions are not specifically state the number 3 when the employee does not return $ 100.00, you would then take that $ 100.00 and only then add it to the payroll and keep the appropriate taxes.

recordings of refunds in Quick Books can be accomplished using either write control window or the Bills window, however, it is important to note that John Doe employee should also have John Doe (rebate) record dealer list; John Doe record in the Employee List of issuing payroll and John Doe (repayment) from the vendor list when the costs for reimbursement.

Recording Refunds for indirect costs, such as telephone, gas, mileage, Purchases of small tools, postage, etc.

When the cost report is presented containing any of the indirect cost items above, when you write a check or enter an account, you will want to use cost-Tab to record amounts, if you will be among any of these costs on the customer account, click (check) billable option) and when you create an account, click on the Time & Cost to reduce these costs into account. If these costs will not be charged to the customer, do not check the billable column.

Recording Fees for work days Material or other Direct employment related costs

When the cost report is presented containing any of the Direct costs above, when you write a check or enter into account, you should use the items Tab to the amounts, if you include any of these costs on the customer account, click (check) billable option) and when you create an account, click on the Time & Cost draw these costs into account. If these costs will not be charged to the customer, do not check the billable column.

This article provides you with basic guidelines for the treatment of some types of refunds, though it does not mention the treatment of reimbursements for travel, lodging or meal reimbursements as they have stricter requirements. Contact your local accounting professional to get additional help.