Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 0285, And It Will Be About Contractor Bookkeeping Issues With Accounts Payable It is easy to put transactions in Accounts Payable (A/P) Aging Summary, and them forget about them. When writing a check from the checking QuickBooks does not automatically go look to see if you put something in Accounts Payable. Sometimes Accounts Payable will have transactions in Accounts Payable that do not belong there. For Example: Credit card balances or monthly payments. Credit cards like checking and savings accounts need to have all their transactions entered in and reconciled. Short-cutting and putting in a bill will distort the financial statements and will not have a clear understanding of details. Taxes due to the Internal Revenue Service, State, and Local Payroll taxes or Sales tax-related obligations. Employee or owners child support payments do not belong in Accounts Payable. Payments to and from the company and between owners is Owners Draw, Loan to Members or Loan To Shareholder and