Let me apologize to you right up front—this article isn’t the typical “dream big” stuff I enjoy writing about. But the truth is, if you don’t understand these concepts, your big dreams could turn into big nightmares. Many sales-minded people are not interested in accounting and finance. My guess is that it’s a right brain/left…
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Question: How can I find out if I have to collect sales taxes on additional charges, such as screen charges and freight? Answer: Contact your CPA or the department of revenue for your state, because sales tax varies by state—and sometimes by county. It is most likely that these extra charges are subject to sales…
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Question: Is there some way in QuickBooks to run a report showing the amount of sales from a particular group of customers? Answer: Yes. QuickBooks allows you to define “Types of Customers.” When you open a customer in the Customer Center, click on “Additional Info” on the left side of the screen. There you can…
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Answer: The safe and easy answer is “nothing.” Some states prohibit surcharges for credit card use, period. Some states permit it but with some complicated qualifiers, like no surcharge on debit cards, surcharge limited to what you actually paid and other such language buried in your merchant service agreement. The regulations are too many, making…
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Question: I am starting out as an ad specialty distributor. Is it better to set up my books on a cash or accrual basis for tax purposes?
Question: When I’m not sure how to make an entry in QuickBooks, should I make a general journal entry?
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The answer is yes! It is important that you have separate business bank accounts—be it checking, savings, money market or any other kind. You should also keep a credit card just for business use.
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My husband, Steve, consults with small businesses that he calls “underdogs”—businesses that rely primarily on the skills and efforts of their owner/operators. He helps them identify their “super powers” that they bring to their businesses.
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The ad specialty distributor business, regardless of its size, is unique. It does not fit a “business mold.”
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