Ida Peters

Next up: #IMakeaLiving is coming back to New York City. We’d love to meet you there! How people make a living today is very different from 10 years ago. And that’s the motivation behind the #IMakeALiving events sponsored by FreshBooks. Last month, the #IMakeaLiving 2018 team made a hometown stop in Toronto. New York City […] The post Calling All New York City Small Business Owners! You’re Invited to the #IMakeaLiving Event appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners .

1099-MISC, cash flow, in the black… what does it all *really* mean? If you aren’t fluent in accounting or finance talk, you’re not alone. Truth is more than 40% of small business owners call themselves financially illiterat—even though a significant number are handling their finances all on their own. Yikes. Now, you don’t have to […] The post Accounting and Financial Jargon You Need to Know [Free eBook] appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners .

The number one mistake that untrained users make in QuickBooks has to do with the Undeposited Funds account. In fact, you may have this problem and not even know it. Just the name “undeposited” sounds like something bad – like you made a mistake. In this post, I’ll be unraveling the mysteries of the QuickBooks Online Undeposited Funds account. What are Undeposited Funds? The Undeposited Funds account is used to track checks received from customers until a deposit is made at the bank and entered in QuickBooks . I happen to love the Undeposited Funds account because, when used correctly, the amount of the deposit entered in QuickBooks should match up to the deposit amount on the bank statement. This makes the monthly bank reconciliation process super easy. If the Undeposited Funds account is not used, deposits in QuickBooks must be added together manually to reconcile them to deposits on the bank statement. Since I am a fan of 5MinuteBookkeeping tips, I don’t recommend spending time

The April 17th tax deadline has come and gone. You can now rest easy, right? Or can you? What about data security? You’ve filled out the necessary tax forms and completed your return after reconciling your income and expenses for the year. The headache of the dreaded tax season is now over and you can […] The post Data Security: Are Your Business Records Safe in Case of Disaster? appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners .

Tax season just wrapped up—is now the right time to get rid of old paperwork? But how long do you really need to keep your business records? In fact, you can be downright inundated with records… from tax returns and expense receipts, to invoices, cancelled checks, payroll records, bank statements, meeting minutes—the list goes on. […] The post How Long Should You Actually Keep Your Business Records?  appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners .

Eric is busy these days. He’s running a business and does his best to keep track of his numbers. Despite his best intentions, Eric is a bit disorganized and still hasn’t quite figured out how to use QuickBooks Online. While reviewing his numbers, Eric sees an unusually large balance in Undeposited Funds. He’s really confused and he doesn’t know what to do. Eric is now worried that all these undeposited customer payments will distort his financials and affect his taxes. Eric’s dilemma is something many untrained QBO users experience. So today, I’m going to show you how to clean up Undeposited Funds in QuickBooks Online. Wait! What are Undeposited Funds? If you’re new to QBO, you may be unfamiliar with what we are referencing when we say the ‘Undeposited Funds account’. If so, check out this blog post – Unraveling the mysteries of the QuickBooks Online undeposited funds account . It will help you to better understand the Undeposited Funds account in QBO. Money-in transactions in QBO