Tip Category: Accounting & Banking

Other Methods Inventory Costing Methods

Other Methods Inventory Costing Methods Although Total Office Manager uses the Perpetual Average Cost and Specific Identification Method, the following methods are explained in detail for reference purposes. Weighted Average Cost Weighted average measures the total cost of items in inventory that are available for sale divided by the total number of units available for …

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Debits and Credits

Introduction Total Office Manager does not use the terms Credit and Debit very often.  We have provided this topic as a reference for those of you who need to know more about this subject. When you deposit money in the bank, the cashier will tell you “I’ll credit your account.” From that experience, most people …

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Accounting Methods

What is an Accounting Method? An accounting method is a set of rules used to determine when and how to report income and expenses in your books and on your income tax returns. You choose an accounting method when you file your first tax return. If you want to change your accounting method, you must …

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Filing Taxes

This is a general reference indicating who, what, when, and where to send your tax forms. Type Of Business Entity Forms Required Purpose When To File Where To File INCOME TAXES – Federal Only Sole Proprietor Form 1040 Schedule C Report taxable income: Schedule included in individual income tax return 15th day of the fourth …

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Selecting A Business Year

Overview For those that aren’t familiar with the world of tax years, here’s a quick lesson.  Adopting a calendar year means you must maintain your books and records , and report income and expenses from Jan. 1 through Dec. 31 each year. A taxpayer who files a first tax return based on the calendar year …

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Setup and Maintain Petty Cash

Almost all businesses use petty cash. I have discovered that many clients do not correctly record petty cash transactions in Total Office Manager. First, your petty cash account should be set up in Total Office Manager under the “Chart of Accounts” by selecting “Bank” as the type of account. There are a couple of ways …

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General Journal

Introduction Many owners and managers are familiar with the General Journal . However, there still may be some of you that haven’t yet fully grasped the concept, so the following definition is for review. A journal is a page that is divided down the middle by a line. Depending on the type of transaction , …

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Entering Historical Accounts Payable

Introduction This topic was written to help you understand how to enter outstanding bills and other A/P transactions into Total Office Manager. This work will help assure that Total Office Manager’s balance sheet is up-to-date and current as of your company’s start date. Usage After you’ve entered the historical bills and bill payments from your …

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