Handling a Down Payment on a Job This article assumes you wish to receive a down payment on a sold job, deposit the money, and you do not wish to recognize the money as income until later. Create an item called “Customer Down Payment”. Put “Customer Down Payment” in the item’s description field. Use the …
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 …
Introduction This topic offers additional details on how the Opening Balance feature works. This feature is only found in the customer and vendor forms. This topic was designed for bookkeepers and accountants. Usage This feature is not a required part of entering customers or vendors into Total Office Manager. The opening Balance feature was designed …
Opening Balances for Customers and Vendors (As Of Fields) Read More »
Credits and Debits and how They Affect Financial Reports Understanding what credits and debits are, what they do, and the rules for which they add or subtract is vital to figuring out why accounting data is what it is and how it got that way. Please learn the rules of credits and debits. Total Office …
How to use Sales Discounts in Accounting This article offers an overview of discounts and terms (financial terms of the sale). We don’t explain the details of how to setup discounts or terms. There are links at the bottom of this article for that. Terms and Discounts There are mainly three types of discounts to …
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 …
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 …
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 …
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 …
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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