Accounting & Banking

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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Accrual Versus Cash Basis Accounting

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 …

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Direct Deposit Setup for Employees

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 …

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Month-End Bookkeeping Procedures

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 …

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Accounting Methods

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 …

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Deposit Types Explained

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 …

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