Book Yoda. Business & Investing.

Im using quick books, and Im not sure if they belong under cleaning supplies or office supplies? does someone know where a object code list is? This is for a small office.

I would choose cleaning supplies. Office supplies are stuff like staplers, paper clips, etc.

2009-04-10 07:26:28 by j13p

Eighth in series of 17 videos describing the essential ideas typically covered in early weeks of a university-level accounting principles course ...

If a person is doing accounts payable and accounts receivables for years what would be the next step career wise......financial analysis or general ledger? Also which is harder?

The system is fast changing. You should be able to concentrate on financial analysis as general ledger can be handled by any computer literate !!

2007-10-02 01:14:07 by annunaki1234

Say for instance I have a cash account and the final balance is 45,000 for the month of January. Do I start the month of February off with 45,000 or start at 0?

Cash, being a balance sheet account, carries its balance forward. Therefore you should start February with 45,000.

2009-03-05 07:47:56 by Guest

The questions I have for you accountants are:
1) What type of equipment and tools qualify as and asset and should therefore be added into an asset account (Vehicles I know do, but what about power tools, computers, office equipment, tractors, trailers, etc.) How can I distinguish?
2) Do equipment purchases that appear in an asset account also need to appear in an expense account?

Basically I have been given the task of accounting for this company and I'm not an accountant. The equipment thing is boggling my mind. Please help.

Generally, if the equipment is going to be used for more than one year, it is placed on the balance sheet as an asset and depreciated over its useful life. Say the company buys a computer for $2000 and its expected useful life is 5 years. Put it on the balance sheet as an asset and for each of the 5 years, you reduce the balance of the asset account using the contra-asset account 'Accumulated Depreciation - Office Equipment' and allocate $400 to the expense account 'Depreciation Expense - Office Equipment'.

2009-01-15 11:12:41 by Ryjasu

As best as I can understand your question here is what I think that the answer is.

By notes I am assuming that you are referring to amounts that are due, that are formalized into notes payable. This can be similar to amounts due to creditors, but not all amounts due to creditors are stated in notes payable. You could owe a creditor for purchases made in the normal course of business, for example when you purchase computer paper. You would normally write a check or use a credit card for this. Notes are formal documents that set forth terms and conditions for repayment. For example, the total amount is due in 10 years and you are expected to make payments once per month. The note will also carry a certain interest rate that you pay for the use of someone's money - the money you owe the other person.

I hope that this helps.

2007-01-30 16:34:09 by acchick