OBI BLOG

Chart of Accounts 4.25.16

Chart of Accounts In any organization that maintains a formal accounting system, the chart of accounts (COA) is a document that itemizes the accounts used for recording financial transactions in the organization’s general ledger. Before computerized accounting systems became commonplace, many organizations utilized manual accounting systems with the related general and subsidiary ledgers. The evolution […]

Expense Billing in QuickBooks® 4-18-16

Expense Billing in QuickBooks® The ability to track and bill expenses by customers is a useful function in accounting software, applicable for many industries and business sectors. Billable expenses often incur during the course of providing services, and require the business to pay the expense and subsequently bill the appropriate customer at a later time. […]

Fixed Assets: What are they and why are they important? 4-11-16

Fixed Assets: What are they and why are they important in modern accounting practice? Fixed assets are long-lived assets that enable production of the goods and services that generate income for enterprises. “Fixed”, as an epithet for these assets, connotes the assets’ relative permanence; it does not express any notion that the assets are immovable. […]

Property Management Using QuickBooks® 4-4-16

Property Management Using QuickBooks® In using QuickBooks® for their purposes, providers of property management services will be very interested in accounting for cash flows relating to their clients’ commercial and residential properties. To account for these funds, property managers will maintain accounting records for their management fees or commissions receivable, rent received from tenants, disbursements […]

What is Expense? 3-28-16

WHAT IS EXPENSE? Those involved in the business industry are often challenged by the complexities associated with understanding accounting records. Without a reference of value to numbers printed within a report, a lack of communication between operations and decision makers exists. QuickBooks simplifies the accounting structure with user-friendly interfaces and familiar documents, such as checks […]

Introduction to QuickBooks® Online 3.21.16

Introduction to QuickBooks® Online The evolving growth of cloud-based software and applications has been an inspiring opportunity for multiple industries, and particularly those connected to business and the availability of financial information. The last decade, in particular, has brought interested parties to develop and present business owners with options to backup, store and sync their business’s […]

QuickBooks® Year End Tips 3-14-16

QuickBooks® Year End Tips Conventionally, the end of a financial year is characterized by intensified accounting activity for providers and users of accounting services. This intensification occurs because organizations and individuals engage in closing their accounting records for the ended financial year and in recording transactions for the succeeding financial year; both procedures often are […]

QuickBooks® Features You May Have Forgotten 3-7-16

QuickBooks® Features You May Have Forgotten Did you know that more than 4.5 million companies currently use QuickBooks®? With its ever expanding abilities and enhancements along with the online version and the “cloud” it will soon become the most widely used accounting software around the globe. But for those of you who have been using […]

Partnerships and Corporations 2-29-16

Partnerships and Corporations Partnerships and corporations are among the commonest formal organizations in the United States of America (USA). In the process of selecting these entities as their preferred organizational types, owners of the entities usually take professional advice regarding the legal, tax and other pertinent matters associated with particular organizational types. This advice is […]

Fixed Asset Management in QuickBooks® 2-22-16

Fixed Asset Management in QuickBooks® The value and costs associated with fixed assets are simplified by keeping accurate records of capitalization, depreciation and major repairs and maintenance. Tracking changes to property, plant and/or equipment also decreases time and energy spent in calculating these amounts for tax returns, and may benefit the company as it reflects current data regarding […]