Accounting Terminology and Concepts
Typical Accounting Transactions
Recording Estimates and Sales Orders
2 Selecting Your Business Structure
Separating Business from Personal
3 Choosing Accounting Software
The Importance of Accounting Software
Desktop Versus Cloud-Based Software
Common Desktop Accounting Packages
Mid-Range to Enterprise Accounting Software
Common Cloud Accounting Programs
Getting Help with Your Accounting Software
The Importance of Tracking and Valuing Inventory
Inventory Item Types and Setup
Physical Inventory Valuation Methods
Taxes, Accounting, and Inventory
Physical Inventory List Report
Customer Retainers and Deposits
Other Invoicing-Related Transactions
Finding Misplaced Transactions
When Not to Use Journal Entries
8 Reconciling Bank and Credit Card Statements
Tips for Successful Reconciliations
Reconciling Credit Card Statements
Part 3: Employee-Related Accounting
The Difference Between Employees and Independent Contractors
Rules for Hourly and Salaried Employees
Directors’ and Officers’ Liability Insurance
Professional Liability Insurance
Boiler and Machinery Insurance
Business Interruption Insurance
Health Insurance for the Self-Employed
Health Insurance Paid by Individuals
Recording Insurance Costs and Reimbursements
11 Other Benefits and Reimbursements
Simple Employee Pensions (SEPs)
Remitting Retirement Contributions
Temporary Disability Insurance
13 Tracking Receivables and Payables
Aged Accounts Receivable Report
Eliminating Zero Balances on Aging Reports
14 The Big Three Financial Statements
The Profit and Loss, or Income, Statement
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Reviewing Your Financial Statements
Reviewing Your Income Statement
15 Internal Control and Minimizing Fraud Risk
Securing Your Accounting Records
Updating Your Accounting Software
Backing Up Your Accounting Records
Backing Up and Restoring Desktop-Based Data
Using Magnetic Swipe Card Readers
16 Financial Reports and Stakeholders
How the IRS Reviews Your Financials
Minimal Revenue Concentrations
Discretionary and Owner Expenses
Performance and Probability Ratios
Accounts Receivable Turnover Ratio
Accounts Payable Turnover Ratio
Part 5: Monthly, Quarterly, and Annual Activities
17 Closing Your Books and Other Accounts
Bank and Credit Card Reconciliation
Understanding the Trial Balance
Checking and Correcting Balances
Duplicate and Mistaken Transactions
18 Remitting and Reporting Taxes
19 Filing Business and Personal Tax Returns
Business State Income Tax Returns
Getting Help Versus Filing on Your Own
Maintaining Your Accounting Records
Part 6: Data Analysis and Forecasting
Entering Formulas and Filling Entries
Finishing the Amortization Table Formulas
22 More Spreadsheet Tools and Techniques
Developing the Foundation of a Budget
Exporting from QuickBooks Desktop
Maintaining a Shadow Accounting System