Ask MetaFilter questions tagged with bookkeeping

Help me gain better administrative skills at my nonprofit -- audits, accounting, and taxes

johnasdf — Wed, 05 Aug 2009 12:59:31 -0800

Help me with my nonprofit's accounting and audit practices. Just looking for some general tips on (1) learning the basics on accounting; (2) learning how to prepare audits most efficiently; and (3) bonus points for help on the more stringent 2008 IRS filing requirements for nonprofits. I run an arts nonprofit and in a month, my part-time administrative director is leaving. While she is not a bookkeeper or an accountant, she does a variety of related services, such as preparing our files for our audit, paying our bills, doing bank deposits, entering invoices and deposits into Quickbooks, etc.

She and I are planning to put together a new system that will probably involve hiring a part-time bookkeeper, but I will probably have to take on more administrative responsibilities, including the 2008 returns (we got an extension) and the 2008 audit. While we do employ an accountant to help prepare our books for the audit (as well as, of course, our auditing firm), I'd appreciate any advice on the following:

1. How to get a general knowledge of accounting and related business practices. I currently do the budgets (and took a college accounting class), but I'd like to be less intimidated by bookkeeping practices, software, and general administrative process involved with running a small business.

2. Best practices on how to do an audit.

3. Tips on the new more stringent 2008 IRS filing requirements for nonprofits.

I'm generally looking for links to websites or pdfs that might be educational, as well as general tips & suggestions based on your best practices. Thanks!

Raw materials into scrap for later use in Quickbooks?

daniboi1977 — Wed, 11 Feb 2009 15:43:04 -0800

How do I transfer raw materials into scrap to use later in Quickbooks Premier 2009? Hey everyone, I searched the archives, but didn't see anything that was similar to this. I apologize if it has been asked before and I missed it. I own a small jewelry making/selling business, and have recently started using Quickbooks Premier 2009. I have all my raw materials listed as inventory items, which I then combine into a "build" for a finished product. When I'm working, I often generate "waste" silver, which can't be used in a project, but which I can later melt down and cast into something else. Does anyone have any idea what the best way to handle this in quickbooks would be? Would I just make another inventory assembly item called "scrap silver" and transfer amounts from the original form (i.e. 14 gauge wire) into it? Or should I treat it as some type of account?

I'm extremely new to quickbooks, but have figured out the majority of what I need to know to be up and running, I'm just somewhat stumped with this. Any help would be great. Thanks!

Executive Director + Bookkeeping = Conflict of Interest?

jildelicious — Mon, 26 Jan 2009 15:10:00 -0800

Should the Executive Director of a non-profit organization also be doing its bookkeeping? I am a Board Member for a non-profit organization. We recently relocated, giving us much more exposure, hence more revenue, but also more work in the bookkeeping department. Our annual budget is around $250,000.

For the last 5 years, our Executive Director has handled all the bookkeeping. She is now feeling overwhelmed, and feels that she needs a salary increase to make it worth her while. The Board is thinking that her workweek would then be too long, and that we might be better off hiring it out to a bookkeeper.

Can anyone give me some pros and/or cons of allowing the Exec Director to do the bookkeeping? Is there a conflict of interest? Would we be denied any grants because of this?

(We are an educational/family fun facility in Washington state, if it matters.)

Thanks for your help!

Help me find my first bookkeeping job in Edinburgh!

pyotrstolypin — Tue, 16 Sep 2008 05:42:19 -0800

Help me get a job in bookkeeping in Edinburgh, UK! I'm part-qualified in bookkeeping through the ICB, but don't have any actual experience. What's the best first step for me, considering that I really need to be working full-time hours? Are there any particularly good recruitment agencies in Edinburgh in this area, or, for that matter, are there any to avoid? What sort of work should I be shooting for given that I'm a newbie? What are the ground-level jobs in this field?

Specifically, I've the basic manual bookkeeping diploma, plus Sage Instant Accounts skills alongside extensive other IT skills. I've experience of running my own company, and years of general office experience including supervisory level work.

Any words from the wise would be much appreciated!

Thanks, btw, for the advice on parking in Edinburgh a few weeks back - absolutely saved my life!

Quick! I need a Quickbooks Wizard!

jeanmari — Tue, 27 May 2008 07:04:20 -0800

Feh. I'm straightening out the accounts of a not-for-profit as a volunteer and putting them onto Quickbooks. Before I got my hands on their books, someone paid the same bill twice. How do I enter two checks for one bill and still take the credit on a future bill? One bill paid with two checks. This was done before they had Quickbooks. I'm entering the data since 1/1/2008 so that they can have a clean set of numbers for their annual reporting this year.

I entered the bill into Quickbooks. Applied the first check to that bill. Now I have a second check to enter and no bill to apply it to.

I could enter it as a credit but that wouldn't supply an entry that could be used in the account reconciliation. Frustrating.

Any ideas, oh Quickbook wizards?

What is bookkeeping and how can I learn it?

DMan — Tue, 20 May 2008 15:55:51 -0800

What is bookkeeping as it relates to office/secretarial work, and how can I learn more about it? In job listings for secretaries and other office staff, one listed skill requirement is that of bookkeeping. What exactly does this entail in an office environment, and how can I learn more about it? I'd really prefer online sources but if you know of a great book on the topic, that'd be great too.

Thanks!

What's the perfect app to track expenses?

mathowie — Thu, 31 Jan 2008 14:04:39 -0800

Is there an expense reporting app that's flexible, handy, and will help me finish next year's taxes quickly and easily? I know about excel, quicken, and various financial transaction apps, but what if I drive 100 miles to a tech conference and want to note my mileage? And what if I'm out entertaining clients and I want to pop onto my iPhone to note the total bill for the evening (before I forget the next day to open excel). Are there any web-based flexible apps for doing all the expense reporting you might need for a small business' bookkeeping needs?

I'm walking out to be a bookkeeper. Or am I?

iguanapolitico — Thu, 27 Dec 2007 21:37:36 -0800

You know all the boring, tedious stuff that you have to do to keep your business running? The stuff that you think is a waste of your creative genius time that you'd like to just pay somebody else to do? The bookkeeping, invoicing, budgeting ... everything having to do with spreadsheets, numbers, QuickBooks and filing cabinets? Well, what careers might that describe? I run my own business and I've lost all interest in what I do. I've been agonizing over whether to keep working from home or to go get a full time job doing what I do, because I need a change. But the fact is, I just don't want to do what I do.

The only part of my work that I enjoy is, well, bookkeeping. I absolutely can not WAIT to get my paperwork in the mail so I can start on my taxes. I love tracking my expenses in Quicken. At the end of the week I can't wait to invoice all my clients. And, needless to say, I pay my bills the moment they arrive in the mail.

I could also spend ALL DAY LONG on Scottrade (where I have my brokerage account). And sometimes I do. I love crunching numbers and creating my own investment strategies, even though I know nothing about this stuff other than what other small potatoes retail investors know. No economics courses or anything remotely related.

(What I really want to be is a day trader, but I don't have enough money to start and I don't know enough yet to take that kind of risk.)

So. What do I want to go back to school to study? What are the available degrees here? I never thought I had any interest in "business," per se ... I don't want to run or build businesses; I only care about the numbers. I imagine it's "finance" I'm interested in. Or is "accounting" enough? I know that's what's required to start down the path to the CPA exam. Are there any careers that involve numbers but that do not involve paperwork? Because I'd like to avoid those. I love paperwork. I love having a desk job. This is counterintuitive to everything that everybody bitches about, but it's time I faced the facts. I want a desk job and I want to do your lousy paperwork. And it must be lucrative. Which direction should I go? Is there anything that doesn't require another degree? (I want to study, but the thought of going through another degree program kind of makes my belly ache. Except in this case, I imagine I'd be working with a lot of numbers, so I might enjoy it.)

I'm looking for people who have experience in these fields and who could throw some ideas my way. Be my career counselor for 30 seconds.

Is it okay to quit keeping track of my finances?

Anonymous — Sun, 20 May 2007 05:48:02 -0800

Should I bother keeping track of my money? I've been using Quicken for years. I'm sick of it. I'm keeping track of more than 15 accounts (retirement accounts for me and my spouse, our kids' college funds, checking, savings, investments, etc.). We have a mortgage, and a large amount of money in investments. Over half of the accounts cannot be downloaded, and have to be entered by hand.

I'm several months behind, and don't have the time to catch up. Even if I were magically caught up, I wouldn't have the time to stay caught up. My spouse is an excellent person, but would be no help in this matter. I'm not having fun.

I'd like to just forget about Quicken, toss the statements in a shoe box when they come in the mail, and not bother with all this any more. Will I regret this? Any advice?

Bookkeeping rates?

cowmix — Wed, 25 Apr 2007 18:08:36 -0800

What should my wife charge for bookkeeping services? My wife has a degree in accountancy (but is not a CPA yet). She has been performing small business accounting for friends and family for years and now she is getting referrals from people she doesn't know. The rates she has been charging are from very low to free.. so she has no idea what is a good price for these services.

We are based in Phoenix, Arizona.. and she has been doing stuff like A/R, A/P, etc..

Anyone know what she should be charging for either per hour or flat rate?

How can I get this interview?

iurodivii — Thu, 21 Dec 2006 08:52:03 -0800

Specific questions about work at a library... as an accountant.

I have applied to this job. I understand it is a position overseen by the county, and I see that my direct report would be 'an administrative supervisor.' I see there is an email address; and the website link doesn't really help.

My question is: what is the fiscal/budgetary/financial structure of a library system like? How can I best contact the people who would be in charge of hiring for this positon and help myself get an interview? Should I send something to that email address listed? What kind of letters can I write, or whose hands should I shake?

I've filled out all the requisite forms and government applications. But I want to get myself out of the pack and be seen. I am quite well qualified, bordering on overqualified, for this job; so I am certain if I can get in for the interview (and nobody's brother-in-law is applying) the job will be mine. I know a few of you folks work in libraries and I am hoping that you can shed some light on the hierarchy. Thanks a million!

Home-based bean counting for maximum profit.

Potloaf — Fri, 03 Nov 2006 00:55:35 -0800

Jaded cubicle monkey seeks internet advice on self-employment in bookkeeping. Can I make a living as a low-end bean counter at home? BACKSTORY: On November 10th, I'll be leaving my current admin clerical job. The separation was quite mutual, as the position I was in formerly belonged to a woman who did in 40 hours what I could do in 5. The boss and I both agreed that this job isn't a good fit, and I gave her my notice.

My original plan was to take on two part time jobs; morning admin clerical for the wake-up call, evening pizza delivery for tip money. I need to make a net income of 76 dollars per day to stay afloat. I then have free time in the middle of the day to focus on my writing or my music, both of which are my true passion.

However, one of my best friends suggested that I start a bookkeeping service. Money math is one of the things that I am most comfortable with, and tax season is like a month-long nerdgasm for me (doing a typical 1040-A/EZ usually requires compensation equal to a case of beer). I am also toying with the idea of going back to school for a degree in accounting.

According to my friend, his father worked with a woman who does nothing but collect invoices/receipts from her clients (mostly construction-based), plug all of the costs into Quickbooks, and generate weekly/monthly expense reports. She charges each company a flat fee of $500/mo for her services, and apparently makes near 10k a month.

This seems like my dream business. I can work out of my home crunching numbers and get paid well for it. Unfortunately, this also seems way too easy to be true, but it's given me the required ounce of excitement to push me into serious research. Another good friend has a father (construction business owner) who is in need of a competent bookkeeper, and I'm planning on giving him a call over the weekend to see what he needs and what he's willing to pay. His wife is currently doing the books, and from all reports, she's fucking them up something fierce.

MAIN QUESTIONS:

- Is this way too good to be true? A mere six clients would give me $3,000 a month, which is great because my only goal here is to make the equivalent of a full-time job at $12/hr, while working at home.

- Do I need any sort of liability insurance for collecting and documenting business receipts?

- Are there certain things that I -cannot- offer to do until I am a CPA?

- Is there even a need for this sort of thing? I'm assuming that professional accountants do this exact same work, only with other tasks on top of it.

- There's a Bookkeeping certificate path at the local community college, for 29 semester units. Almost 10 of those units are a joke, including "Intro to keyboarding", "Intro to 10-key" and "People Skills", all of which I feel extremely comfortable with. Will this certificate, which I can easily get in two semesters, make a huge difference in the quality/profitability of the business?

- All else failing, is there anything similar that I can do from home?

I feel like I'm missing something. I'll add more commentary as I go, I suppose. Thanks so much for any help you can offer. :)

COURTESY PAY FEE: $25

Squid Voltaire — Wed, 12 Apr 2006 15:16:08 -0800

What are your strategies for avoiding overdraft fees? Another month, another $75 in over draft fees. Here's my situation:
I earn enough money to pay all my bills and eat out a bit--it's the most comfortable I've been (financially) in four years. I do not earn enough to have any buffer between paychecks, however. I try to avoid cash and pay for as much as I can with a debit card, via the web if at all possible. Every month it seems that I have miscalculated yet again and the overdraft pile-on ensues. At my previous bank, I was able to get a credit card, and they were nice enough to apply excess charges to that instead, but this bank (actually a credit union) has nothing like that.

Two months ago I began taking meticulous notes in my pocketpc, detailing every transaction. The problem is that
a) many transactions (such as personal checks) don't show up in my bank account for weeks and
b) a few transactions (my automatic payment for my gas bill) only show up on the bank statement and, thus, don't get entered into my personal accounting.
This makes it really difficult to balance my books on a daily (nay, hourly) basis, which is what I would really like to do.

My partner had the same problem, and just switched to an entirely cash-based lifestyle. I really like paying for things online, however.

Someone else suggested telling the bank to start refusing excess charges, but that seems a little foolhardy.

Quick note: I know that there are plenty of ways that I could save money (stop eating out, for one) but that's not really my question. I'm just looking for useful systems that you have all set up so that you know _accurately_ how much cash you have at any given point.

Best program or website for simple small business bookkeeping

rabbus — Sat, 22 Oct 2005 13:48:26 -0800

Best ideas for small business bookkeepingI run a home business where I usually have one part time employee, and sometimes a second. I need to do something better than I’m doing on bookkeeping. Quickbooks Pro seems a bit of overkill, in that I don’t do invoices, or many of the other things it purports to do. And I’ve never even used plain Quickbooks. I need some advice on the best, simplest bookkeeping system that would really do only a few things – (1) allow me to put in the rates, hours, etc. of my employees and translate this into my I.R.S. quarterly reports, etc., (2) Work with my business charge card account on line to categorize charges for Schedule C purposes, (3) Do the same with my business checking account. I have Mac OS X. I’d appreciate any thoughts on what program or online service I should use to get this done. Thanks