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 , …
What is Depreciation? When you buy a capital asset, such as a service station, you expect to use that item for several years. A capital asset is a piece of equipment, a building, or a vehicle for use in your business. The cost of these capital assets should be written off over the same period …
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 …
Introduction This section applies only to those of you have been using another accounting system AND want to enter your old historical data and information into Total Office Manager. Not everyone does this. Many companies simply “start fresh” with their new accounting software. This important topic covers entering beginning or ending balances and historical transactions …
Introduction With Cash Basis Accounting, income is recorded when cash (checks, money orders, or currency) is received, and expenses are recorded when paid. However, unpaid credit sales and purchases do not show on ledgers, which can present a misleading picture of income and expenses. Accrual Basis Accounting is where revenue and expenses are recorded in …
Introduction to Employee Direct Deposits Direct deposit is a process where you create electronic files rather than paper payroll checks. These files are sent to your bank and money is moved around by your bank as needed. Here is how it works. You perform your basic accounting functions as usual. You prepare checks and payroll …
Important Monthly Bookkeeping Tasks You May Have Missed There are certainly other tasks that may need to be performed. These are the ones our support technicians and trainers commonly see missed. Software Updates Keep your software updated Set permissions to update. Put someone in charge of updating on the last Friday of each month (for …
Introduction Have you ever recorded a customer payment or deposit in Total Office Manager and later found you’ve made a mistake? Often, you will not catch a payment or deposit error in Total Office Manager until you are reconciling your monthly bank statement. General Advice They key to correcting information is to start with the …
Introduction 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 get IRS approval. No …
Introduction This topic explains the differences between the two deposit options Group With Undeposited Funds and Deposit To. Usage These options are used in various forms throughout Total Office Manager including Receive Payments, Sales, etc. Group With Other Undeposited Funds If you choose this option, Total Office Manager will hold all of the payments you …
By entering your information above and clicking the “Agree and Get Started” button, you agree to our Terms of Use and Privacy Policy that we may contact you, by SMS, at the phone number and email address you provide in this form in accordance with our Terms of Use. Promotion Terms & Conditions apply.
