Ask the Accountant… Question: Is there a way to know if my sales tax report is correct? Answer: I always suggest reviewing the information on your sales tax report before filing. The report is only as correct as the data you enter into QB. To begin, are you up to date with your bank and…
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Continuing to ask respected industry leaders to share their thoughts on success, I reached out to Paul Bellantone, president and chief executive officer of PPAI, to share his advice. Thank you, Paul Bellantone, for sharing your advice about financial success with me. Question for Paul: In your years of experience in our industry, what do…
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Ask the Accountant… Question: I use two item numbers for my distributorship—one is the item number I assign internally and show the customer, and the other is the supplier’s number. Can I use both in QuickBooks? Answer: Yes, QB Premier and Enterprise allow for two different fields of item numbers. When you set up an…
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For the new year, I have decided to ask some of the most respected industry leaders to share their thoughts on success. Thank you to Norm Hullinger, the CEO of alphabroder, for sharing his valuable advice. First question: In your years of experience in our industry, what do you think the most financially successful people…
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Ask the Accountant… Question: I have sales in several states. Do I have to collect sales tax in states other than my own? Answer: Sales tax has always been a complicated issue, and it was made infinitely more complicated by the Supreme Court ruling in South Dakota v. Wayfair in 2018. The decision means that…
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If you want to achieve more wealth, just write yourself a check and post-date it. The law of attraction is a very real thing. The truth is that everything in our universe is about vibrations. I know that most things look solid, but the truth is that all things are made from atoms and all…
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It’s curious to me that we are in the “branding business,” yet so many companies seem to have a brand that does not contribute to their success. Here’s a rule I learned many years ago: If you sell products, you will be asked to quote prices. If you sell solutions, you can name your price. Pick…
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Ask the Accountant… Question: Do You Know Where Your Order History Is? Answer: I have been working with OrderMaster users recently, because this software system is no longer supported by the manufacturer and the software is crashing. Hundreds of distributors have been using OM for as long as 20 years. It is now failing because…
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Ask the Accountant… Question: How can I find out which invoices are open and when they are due? Answer: In QuickBooks Premier, go to: “Reports” > “Customers and Receivables” > “A/R Aging Detail” This report will list all of your open invoices and their due dates. It will also “age” the invoices, showing how long…
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No matter what your faith, these words from John Lennon’s song “Happy Xmas (War Is Over)” are an awesome reflection for all of us at this time of the year. Take a few moments and reflect on these words: So this is Christmas And what have you done Another year over And a new one…
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