By Philip B. Goodman CPA
Addressing a standard challenge for small-business vendors, this obtainable instruction manual is the most important to knowing the bits and bobs of accounting. Demonstrating how you can properly keep documents and follow bookkeeping principles, this consultant demonstrates tips to preserve music of all monetary concerns and display screen the final wellbeing and fitness of any enterprise. averting advanced and burdensome accounting jargon, this transparent and concise evaluate interprets the necessities into functional enterprise language, answering the main commonly asked questions provided to accountants through small-business proprietors this day. themes lined comprise accounting components such as revenues, costs, resources, liabilities, and vendors' earnings.
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Additional resources for Accounting Savvy for Business Owners: A Guide to the Bare Essentials
Out of state customers whose addresses are not in a state that has a reciprocal agreement for sales tax with your state. • Customers who resell the products they buy from you and who have provided their sales tax license numbers to you. ) Remember that a customer deemed “taxable” doesn’t always owe tax on a sales transaction. The goods or services you’re selling a taxable customer must also have a status of 33 Accounting Savvy For Business Owners “taxable” for sales tax to be added to the sales transaction.
All accounting software does this automatically. The cash receipts journal does not send anything to the general ledger except the amount of money received. 00 (plus any other unpaid invoices). All of that detailed information is kept in the customer’s record. More information about Accounts Receivable is in Chapter 5 (Managing Assets) and Chapter 11 (Important Reports). Cash Sales Journals A cash sale is a transaction in which the customer’s money is received at the time the goods or services are received.
If your location rate is not the same as the rate for the location of your customer (whose business may be in the next county), 34 Chapter 3 • Tracking Income you still have to charge the customer your rate. If this is the rule in your state, then setting up your customers’ tax rate is an easy task. Some states base the tax rate on the location of the customer’s billing address (or main business address). This too, is easy to determine and enter into the customer’s record as the customer’s tax rate.