Many accounting systems can be quite complicated at year-end, requiring that you manually close the income and expense accounts into your balance sheet. This zeroes out the income and expense accounts to be ready to start another year. This is how your income and expenses go to zero at the start of a new year…
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We are all busy. Busy with lot of activities every day. Busy with a long to-do list. Busy trying to catch up on emails. Busy with lots of activities. But are those activities driving you closer to the goals for your life? Or are they driving you crazy? The key is to look at your to-do list and your calendar and ask yourself three questions…
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Question: I just entered a whole bunch of entries for last year. Is there a way to avoid that? Answer: Yes, it’s easy to avoid too many entries in QuickBooks. In QB Premier and Enterprise. Go to Company > Set Closing Date > Set Date/Password. You can designate a specific date as a closing date—typically at year end…
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I just hung up on a sales rep. Originally, I reached out to his firm to learn more about their services. We had to reschedule a few times over the last few weeks. Finally, we were about to connect. He starts out asking lots of questions about Proforma and the project on which I was working. I asked him what he knew about Proforma, to which he replied, “not a ton.” That’s when I hung up…
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Question: I see that QuickBooks integrates with SAGE Online. What are the benefits of doing this? Answer: SAGE Online does integrate with the QB desktop products, Pro, Premier and Enterprise, and QuickBooks Online (QBO). It allows you to write orders in SAGE and export them into QB…
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One of the biggest barriers to high performance is annualized thinking. Annualized thinking is the unspoken belief that there is plenty of time in the year to make things happen. If we have a slow start in January, we may be disappointed, but we think, “I’ve got 11 more months to make my goal.”…
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Most of us sales and business development types don’t like to hear the word “no.” I get it. But sometimes, us management types need to hear “no.” Let me explain. I recently asked our administrative assistant if she would help with a new project. She replied with an emphatic but polite “no.” The truth is that she was correct…
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The truth is that in most selling situations, the prospect isn’t always ready to buy when you are ready to sell. You know this. There are two kinds of sales types: the pit bull and the pitiful. If you go on a sales call and the prospect tells you they will call you the next…
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Over the years, I have met many people, many of whom are very successful, who lack self-confidence and self-esteem because they do not have a college degree. I call this the Scarecrow Effect. You remember the Scarecrow in “The Wizard of Oz.” He felt he was not smart. He even sang a song called “If I Only Had a Brain.”…
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Ask the Accountant… Question: Do I need account numbers in addition to account names? If so, are there particular numbers? Answer: I like using account numbers with account names for accounts in the chart of accounts (COA) because it makes it easier to distinguish one account from another more readily, as some account names are…
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