So, you bought a new truck that had a retail sticker price of $44,000.00 for your small business from your local dealer and financed it for 84-months thru the manufacturer’s finance company. To buy the truck, you had to dip into your savings account and take out $4000.00 as part of your down payment, and also write a check from your checking account for another $800.00. You also traded off your 7-year old truck that was 3-years used at the time you bought it for $12,000 from a bank loan which was now paid off, and you have fully depreciated that truck on your taxes. The dealer gave you a $4,000.00 trade-in value on your used truck.
While this sounds like an accounting nightmare of ‘fixed assets’, and perhaps ‘depreciation recovery’, as well as long-term loans, and cash asset credit transactions, it is the exact kind of ‘everyday transaction’ that you could be faced with as a Bookkeeper or QuickBooks user. You say, “this type of thing is so rare that I can probably just wait to talk to my accountant at the end of the year so long as I book the cash out including the loan payments…”!
Well, let me tell you, I happen to have one client that averages three or four of these exact type of transactions every single month, so how is that client’s bookkeeper going to wait around when the boss expects QuickBooks to reflect every truck purchase and trade by the end of every month? You might be lucky and not have that many, on the other hand, if you are working for 30 or 40 different clients on a contract basis you might just get two or three of these a month yourself.
Alicia Katz Pollock with Royalwise
Alicia Pollock (Intuit-source)
That’s why you need to understand ‘tricky situations’ like this that involve a complexity of accounting transactions with multiple debits and credits involving different ‘QuickBooks forms’ to properly post them. And that’s why you want to register for Alicia Katz Pollock’s upcoming webinar titled, “Bookkeeping Tricky Situations” at 2 PM Eastern (1 PM Central) on Thursday, October 22, 2020.
There are all kinds of these accounting complexities that are not routinely taught in bookkeeping classes or even accounting courses. These are the kinds of transactions that people use to learn when they ‘apprenticed’ or ‘clerked’ under a tradesman, a Master Bookkeeper or Accountant. Do you remember Bob Cratchit who worked as a ‘clerk’ for Ebenezer Scrooge?
Today it takes an expert with a lot of experience to teach these tricky situations, and every so often you find the chance to gain the wisdom from someone willing to share them in a webinar. Insightful Accountant is offering such a webinar, so you had best take advantage of this opportunity because at $49.00 you will learn more in an hour then Bob Cratchit learned in years from Scrooge.
Register here for our “Bookkeeping Tricky Situations” webinar on Thursday, October 22, 2020 at 2 PM Eastern (1 PM Central). You really don't want to miss this opportunity to learn a lifetime of tricks of the trade in an hour. (Murph)