OBI BLOG

Accounting Information Systems 11-30-15

Accounting Information Systems The method of tracking and analyzing accounting data has changed throughout history: the use of an abacus to count evolved into handwritten records, and made easier by the introduction of simple technology advancements, such as the calculator. Accounting information systems are the result of the accumulation of knowledge between technology, accounting and […]

Five Types of Balance Sheet Reports in QuickBooks 11-23-15

Five Types of Balance Sheet Reports in QuickBooks Balance sheet reports have always been prepared in varying formats, depending primarily on how and by whom the reports are to be used. With the advent and progress of computerized accounting systems, the formats have multiplied and have been utilized with greater efficiency. Computerized accounting systems, such […]

QB: What is in the balance of your Undeposited Funds account?

You can also see this video at https://www.youtube.com/watch?v=OQ_w49YQCYQ What is the Undeposited Funds Account in QuickBooks? The Undeposited Funds account in QuickBooks is a holding account. It represents the step in between when you receive payment from your customer and when it is actually deposited in your bank. It can be in form of cash, check, […]

What is Cost Accounting? 11-09-15

What is Cost Accounting? In the context of management, the accounting function is central to providing the cost information needed by the personnel, research and development, production, marketing, inventory, administration and other functions of any organization. Cost information is a significantly high proportion of management information; it is the foundation on which plans are made […]

Modern Accounting Systems 11-02-15

Modern Accounting Systems According to the available literature, modern accounting began in Italy in the thirteenth century. Since then, accounting principles have essentially remained unchanged but the procedures and purview of accounting have continued to evolve inexorably. This evolution has generated an extensive array of modern accounting systems. However, many of these systems are no […]

What is a Bookkeeper? 10-26-15

What is a Bookkeeper? Many times when working with small businesses, I wish the owner would ask, “What is a bookkeeper?” The answer might really surprise many small business owners. The typical business from the 1950’s through the 1980’s blended many duties into the role of bookkeeper. Sometimes they would call them the office manager […]

How to Set up Your Initial Balance Sheet in QuickBooks 10-19-15

How to Set up Your Initial Balance Sheet in QuickBooks To set up your initial balance sheet in QuickBooks, you previously would have set up your organization as a new company in QuickBooks – with its peculiar chart of accounts (COA). The COA includes balance sheet accounts that are prerequisites for setting up the initial […]

Four Common Accounting Mistakes 10-12-15

Four Common Accounting Mistakes Accounting mistakes are unintentional errors that occur during the accounting process. Such mistakes include clerical and mathematical errors in accounting data used for preparing financial statements, errors in applying accounting principles and misinterpretation or omission of transactions whilst preparing financial statements. On account of their randomness, accounting mistakes affect all classifications […]

Internal Controls in QuickBooks 10-5-15

Internal Controls in QuickBooks Simplicity, speed, and accuracy are some of the basic features of QuickBooks, and why it is now one of the leading software in accounting. But just like all other business oriented software, several users have been able to find a way around QuickBooks, or better still, found some loopholes. As such, […]

Annual Budgets in QuickBooks 9-28-15

Annual Budgets in QuickBooks Planning the creation and allocation of cash to meet financial liabilities as they come due is a unique art for each business, requiring a basic grasp of basic accounting principles and terms, an understanding of the yearly rhythm of income and expenses, and insight into predicting the impact of upcoming events […]