My home currency is USD I record my first expense for paying my supplier 200 euro with account selected "inventory" (and also mention the exchange rate) as it goes through my USD bank account. i then get refunded by the supplier end of the month so i record a deposit as a refund, and mention the new exchange rate at this date once again selecting the supplier and the inventory account when all is said and done i am left with 2 USD in inventory balance because the exchange rate/gain is not recognized from the steps i done above do i need to be making a manual entry for this? i am using quickbo ..read more

Hey. I haven’t really seen anything about this so I thought I’d share. We all known that Intuit is pushing QBO. There are some dates to keep in mind. The annual sunset of previous versions (2021) is May 31. However - all should be aware that as of July 31, 2024 there will be NO RETAIL SALES of QuickBooks desktop. All user must be on a subscription for desktop prior to July 31. These user will continue to get support and updates of desktop until its end of life (which I was told could be 2026). In all of this, QuickBooks Desktop Enterprise will continue to exist, and can be purchased. My guess ..read more

Hi Everyone, I will be potentially taking over someone’s books, I had a look at them on QBO and went to reconciliations and it looks like they’ve never done any before. This person has been in business for 8 years. She called her current bookkeeper and asked her if she’s ever done one and she just didn’t have an answer so I’m assuming not. Is this a style of bookkeeping I’m unaware of? Do bank and credit cards not need to be reconciled with the statements? They are almost at year end. Should I tell my potential client to finish off the next month with the previous bookkeeper? I feel like I’d ..read more

I have a client who only wants me to do their bank reconciliations. No tax help, no invoicing, no payroll, etc. I will do it—no problem—but has this happened to any of you? It almost seems too easy that it’s fishy. submitted by /u/xxorangeonatoothpick [visit reddit] [comments ..read more

Hi! I'm currently in the corporate world (HR) and want to do bookkeeping as a side hustle, until I make enough to leave my 9-5. I just have a couple of questions. I am so excited to begin! 1. Can I have a full time job with a w2 and also have a 1099 with my side hustle? 2. Also — how do you get paid? Do they wire you, Venmo, etc. 3. Did you have an attorney write a contract for you to hand to clients with an invoice? Thank you so much in advance! submitted by /u/Revolutionary_Cut681 [visit reddit] [comments ..read more

They are a small nonprofit and were under the impression they were exempt if there were less than $50,000 in sales. That wasn't correct and regardless they make over 200k in sales last year. They are a wildly broke nonprofit and I will have to tell them. I truly don't know how to break the news.... Please wish me luck! And if you have advice on how to explain this to them please share! submitted by /u/ZealousidealTaro7191 [visit reddit] [comments ..read more

Hello Does anyone have current experience processing payroll for a business using Focus as POS? submitted by /u/Substantial_Rise6021 [visit reddit] [comments ..read more

We have a client who was taking care of her own sales tax return and payment for a convenience store then had a stroke and went into a nursing home. Her son took over and didn't do sales tax returns he would just send the state department of revenue random amounts like 6K, then 10K etc after about 8-9 months he came to us to straighten it out and he had over paid by 30K. At this point we had done all the reconciliations and late sales tax returns etc everything is caught up and there's a 30K credit on the department of revenue account. We do the bookkeeping monthly and obviously normally the ..read more

Would love to hear if you’ve had a positive experience with an ERP accounting software for a multi-entity company? We want to transition away from QBO into something more integrated for a nonprofit with two entities - one operating/parent entity and an investment/lending entity. Thanks everyone!! submitted by /u/Aggravating_Click435 [visit reddit] [comments ..read more

Hi all, I want to share a win today. Insightful Accountants named me one of the top 50 International Proadvisors of 2024. https://insightfulaccountant.com/in-the-news/top-100-proadvisors/insightful-accountants-top-international-proadvisors-for-2024/ I am # 24. submitted by /u/walkinwild [visit reddit] [comments ..read more