bookkeeping

I recently took a new client who is a Shopify seller, he is using multiple gateways including Shopify payments and Paypal. currently, his Paypal is connected with qbo and creating a mess due to duplicated transactions, I would like to ...
  1. Hi there, when you have a client with a large number of transactions running through Paypal I would not advise you to use the QBO to PayPal sync. As you stated ... Read more

I had questions regarding capital losses for taxes. So this year, I have made money from stocks and also lost money from stocks. Overall, I am down around 20,000 dollars in stocks. So then can I deduct $3,000 from ordinary ...

I have taken a client who is an eCommerce seller and he uses PayPal for his payments from the store, so there are few payments in his Paypal which are on hold and those are not part of the ...
  1. If you prepare your clients books using accrual accounting, you can treat these payments (reconciling items) as deposits in transit on QBO and record the sale. ... Read more

One of my clients recently purchased computers for $ 5200 and he is estimating the useful life of computers for 5 years. I have calculated and recorded an accounting depreciation for him for the first quarter by dividing the cost ...
  1. This will be a book (GAAP) to Tax (IRS filing) difference. For GAAP reporting purposes, the computer can be depreciated of a 5 year period. For tax purposes, si ... Read more

Hi, I have a huge issue with the way payrolls have been recorded in QB. I noticed the secretary who has been issuing payroll checks has only recorded the checks net amounts plus the total payroll taxes (employee plus employer) in ...
  1. Thanks a lot. It was very helpful. ... Read more

One of my client has 40 SKU's and he usually import his products from China or Pakistan and in One Container he usually receive more than one product / SKU, He asked me to allocate the total cost to all ...
  1. usually, we don't get the cost on the packing slip, I think I need to research more on this. I don't think quantity or weight can always be suitable measures fo ... Read more

One of my clients who is an Amazon Seller recently bought an Amazon Seller Account / New business for approx $11,000. In this case what would be the best practice to record this purchase? 1) As an Asset in current ...
  1. Hi because the business is now under the same LLC you can record the $11K as an "other asset". There is no need to maintain separate books. Hope this helps, hav ... Read more