Carrie Poppelaars 144 CEO of Local Ledgers LLC & Community Manager
Champion for small businesses and on a mission to help female business owners understand their business numbers. Knowledge is the key to clarity and my goal is to empower women to no longer fear their "numbers".
By learning to manage their business finances and what they represent, these fierce women can be the bosses that they were meant to be!
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or another piece of equipment
for your business it needs to be
classified as an asset as opposed
to an expense. An asset needs to be
"expensed" over a period of time,
in this case 3 years. This asset will sit on your
Balance sheet for 3 years until it is fully
Looking at a couple similar scenarios, may help:
Scenario 1: You buy a computer for $3000. You will record the computer as an asset and record an expense of $1000 per year for 3 years.
Scenario 2: You buy a computer for $2100, you will record the entire $2100 as "Computer Expense" at the time of purchase.
For example: you are a service provider and you bill all your clients on the same day for the same amount. If you just start "accepting" those deposits the way qbo 'guesses', you will have a big mess. You won't know for certain who paid and who didn't. Yikes!
books or bookkeeping may not accurately
represent your business
1. Does the bank balance in the bank match what is shown in your bank account on your books
2. Do the recorded sales or income match the money that you deposited in your bank account-if not can you explain why (could be fees or sales tax or maybe you are duplicating sales 🙄)
3. You have negative expense account balances
4. You show open invoices that have been paid
5. You have ignored your bookkeeping all year
---what they mean,
---what to do with them
---how they can help you grow your Amazing Business!
Knowledge is the key to clarity! Let's do this together!
Please introduce yourself:
Where you live
What business are you in
What stage of your business: Planning, starting, building, trying to keep up with the growth
What you would like to gain from this community
Any other fun facts about yourself ❤️
Drop your links so that we can follow you, check out your offerings and support you!!
Please take a brief minute to introduce yourself by telling us things like where you are from, what stage of bookkeeping you are in for your business or if you do it for others, what you would like to get out of this community and any other fun facts that would get us to know you better. We are all about community here!
- if using qbo, open it up and accept transactions
-if using a spreadsheet, record them down
-even if you dig receipts out of your purse or car, gather them
Have a great weekend!!!
Bookkeeping Clarity Community is a Free community that helps small business owners take control of their finances through knowledge, support & clarity.