Questions
What you'd ask a bookkeeper if you had one sitting next to you.
How to File Taxes if I Haven’t Done Bookkeeping in Two Years?
You'll need to reconstruct your records before filing. Pull bank statements, credit card statements, and any receipts you have. Categorize everything by income and expense type, then use those totals for your return.
Read answerWhy Doesn't My Bank Balance Match QuickBooks?
This usually means unrecorded transactions, duplicates, or reconciliation that hasn't been completed. The bank is right. Your job is to find what QuickBooks is missing or showing incorrectly.
Read answerHow Do I Categorize Business Expenses on a Personal Credit Card?
Record only the business transactions in your books, categorized by expense type. The payment comes from owner funds, not a business account. In QuickBooks, use an equity account or owner contribution to balance the entry.
Read answerWhy Is My Profit & Loss Showing a Profit When I Have No Cash in the Bank?
Profit and cash are different things. Your P&L shows revenue earned minus expenses incurred, regardless of when money actually moves. Cash disappears into receivables, inventory, loan payments, equipment, and owner draws that don't appear on the P&L.
Read answerWhat Is the Penalty for Filing Ohio Sales Tax Late?
Ohio charges a late filing penalty of the greater of $50 or 10% of the tax due, plus interest. Penalties start immediately after the due date with no grace period.
Read answerCan I Write Off Expenses If I Lost the Receipts?
Usually, yes. The IRS requires documentation, but receipts aren't the only form. Bank statements, credit card statements, and other records can support your deductions if the original receipts are gone.
Read answerHow Do I Close the Books for a Dissolved LLC in Ohio?
Record final transactions, pay remaining liabilities, distribute remaining assets to members, file final tax returns, and cancel your Ohio registration. The books should show zero balances when you're done.
Read answerHow Do I Calculate the True Labor Burden for Construction Crews in Ohio?
Add payroll taxes, Ohio BWC premiums, benefits, and indirect costs to base wages. Construction labor burden in Ohio typically runs 25% to 45% on top of hourly wages, with workers comp being the largest variable.
Read answerWhat's the Best Way to Track Job Costs for Custom Home Builders?
Break each home into phases and cost codes, then track every labor hour, material purchase, and subcontractor invoice against them. Compare budget to actual weekly so you catch overruns while there's still time to react.
Read answerWhat happens if I ignore an Ohio Commercial Activity Tax (CAT) letter?
Ignoring CAT letters leads to escalating penalties, interest charges, and eventually collections actions. Ohio can file tax liens, levy bank accounts, and revoke your vendor's license. The problem gets worse the longer you wait.
Read answerCan I be audited for Venmo or CashApp business transactions?
Yes, payment apps report business transactions to the IRS, making those payments visible during audits. The reporting threshold dropped significantly, so nearly all business income flowing through these apps is now tracked.
Read answerHow to reconstruct financial records from just bank statements?
Download all bank and credit card statements for the period, import them into accounting software, then categorize each transaction. The process is time-consuming but straightforward. Bank records can rebuild most of what you need, though some detail will be lost without original receipts.
Read answerMy previous bookkeeper ghosted me, how do I get my QuickBooks data back?
Your QuickBooks data belongs to you. If you're locked out, contact Intuit with proof of business ownership to regain access. Going forward, always make sure you're the primary admin on your own account.
Read answerIs it too late to file S-Corp election for last year?
Usually not. The IRS allows late S-Corp elections through Form 2553 if you're within 3 years and 75 days of the intended effective date and meet certain requirements. You'll need a CPA to help file the election properly.
Read answerHow to fix negative inventory numbers in QuickBooks Online?
Negative inventory happens when sales are recorded before purchases. Fix it by running an Inventory Valuation Detail report, finding missing purchase transactions, and entering them with correct dates so they post before the related sales.
Read answerHow to record a personal loan I made to my own business?
Record personal loans to your business as a liability, not income. Create a Due to Owner or Member Loan Payable account and deposit the funds there. Keep documentation even for informal loans between you and your business.
Read answerWhat to do if I mixed personal and business funds for a year?
Pull all your bank and credit card statements, review each transaction, and code personal expenses as owner's draw. It's tedious but fixable, and getting it cleaned up matters for taxes and protecting your business entity.
Read answerAm I losing money on time and materials contracts?
Many contractors lose money on T&M work without realizing it. Unbilled labor hours, missing material markups, and not accounting for true labor burden are the usual culprits.
Read answerHow to track retainer payments from clients in QuickBooks?
Record retainers to a liability account when received, then draw down the balance as you invoice for completed work. This keeps your revenue accurate and prevents overstating income before you've earned it.
Read answerWhy are my material costs higher than my estimates?
Common causes include outdated pricing in your templates, missing waste factors, forgotten ancillary materials, scope changes without price adjustments, and rush orders. The fix starts with tracking actual costs per job so you can see where the gap is.
Read answerDo I have to charge sales tax on handyman labor in Ohio?
It depends on the type of work. Labor for improvements to real property like installing fixtures or painting walls is generally not taxable. Labor for repairing tangible personal property like appliances or furniture is taxable.
Read answerHow to handle work in progress accounting for general contractors?
Work in progress accounting tracks revenue and costs on jobs that span multiple months. It requires accurate job cost estimates, consistent cost tracking, and regular WIP schedule calculations to show your true financial position.
Read answerBest mobile app for construction workers to scan receipts in the field?
QuickBooks Mobile works well for simple needs and integrates directly with your books. Dext is better for higher volume and handles faded thermal receipts that other apps struggle with. Both work offline, which matters on job sites.
Read answerHow do I separate profit from overhead on a plumbing job?
Track direct costs like labor and materials by job, then calculate your overhead rate and allocate it to each project. True profit is what remains after covering both direct costs and your share of overhead.
Read answerQuickBooks Online vs. Desktop for electrical contractors?
QuickBooks Online works better for most electrical contractors because of mobile access and easier collaboration with bookkeepers. Desktop still makes sense for larger operations with complex job costing needs.
Read answerHow to manage subcontractor 1099s for roofing crews?
Get W-9s from every subcontractor before the first payment and track all payments by vendor throughout the year. Anyone you pay $600 or more gets a 1099-NEC, and both contractor copies and IRS filing are due January 31.
Read answerWhen should a contractor switch from cash basis to accrual basis?
The IRS requires the switch once average gross receipts exceed $29 million, but many contractors benefit from switching earlier. Long projects, progress billing, and retainage often make accrual accounting more useful before you hit that threshold.
Read answerHow to track heavy equipment depreciation?
Create a fixed asset schedule listing every piece of equipment with its purchase date, full cost, useful life, and depreciation method. Update it monthly so your books reflect true equipment costs.
Read answerAccounting for customer deposits on large remodel projects?
Customer deposits are liabilities, not revenue. Record them in a Customer Deposits liability account when received, then apply them against invoices as you complete work and earn the money.
Read answerHow to stop scope creep from killing my profit margins?
Define scope clearly upfront, require formal change orders for anything beyond that scope, and track actual costs against budget in real time. Most margin erosion happens because extra work gets done without documentation or compensation.
Read answerHow to calculate cost per mile for my trucking fleet?
Divide your total operating costs by total miles driven. Include both fixed costs like insurance and truck payments plus variable costs like fuel and maintenance. Track deadhead miles too since they cost money without generating revenue.
Read answerBest software for tracking IFTA fuel tax reports?
The best IFTA software depends on your fleet size and what systems you already use. What matters most is integration with your ELD and fuel cards, plus the discipline to capture data consistently.
Read answerHow to reconcile factoring company fees in QuickBooks?
Record the factoring advance against accounts receivable, track the reserve in a separate asset account, and book the fee as an expense when the reserve is released. The key is setting up the right accounts before your first factored invoice.
Read answerIs driver per-diem taxable in Ohio?
Driver per-diem is not taxable in Ohio if paid under an accountable plan that follows IRS guidelines. If the per-diem exceeds federal rates or lacks proper documentation, the excess becomes taxable wages.
Read answerBookkeeping for owner-operators vs. fleet owners?
The core bookkeeping tasks are similar but scale differently. Owner-operators track one truck's revenue and expenses with simpler reporting needs. Fleet owners need per-truck profitability tracking, driver payroll or settlements, and systems that handle higher transaction volume.
Read answerHow to track vehicle maintenance expenses separately for each truck?
Create sub-accounts under vehicle maintenance for each truck in your accounting software. Every repair, oil change, and tire purchase gets coded to that truck's specific account so you can see exactly what each vehicle costs to maintain.
Read answerDo I need to pay Ohio CAT tax if I only drive through Ohio?
Probably not. The CAT is based on where your business receipts are sitused, not where your trucks travel. Driving through Ohio without picking up or delivering freight doesn't create Ohio-sitused receipts.
Read answerHow to manage cash flow while waiting on 60-day invoices?
Build a cash reserve, match your vendor payment terms to your collection cycle, and consider deposits or progress billing on new work. A line of credit can bridge gaps but shouldn't become your primary funding source.
Read answerBest way to track detention pay and lumper fees?
Set up separate accounts for each in your books. Detention pay is revenue and needs its own income category. Lumper fees are expenses or pass-through costs that should be tracked against specific loads for reimbursement.
Read answerLeasing vs. buying trucks: how does it affect my taxes?
Lease payments are fully deductible as operating expenses. Buying lets you use Section 179 or depreciation to deduct the cost. The right choice depends on mileage, cash flow, and how long you keep vehicles.
Read answerHow to record fuel card transactions efficiently?
Connect your fuel card to QuickBooks or your accounting software so transactions import automatically. Set up categorization rules, track by vehicle if helpful, and reconcile monthly to catch errors.
Read answerHow to calculate Cost of Goods Sold for a machine shop?
Machine shop COGS includes direct materials, direct labor, and allocated manufacturing overhead for completed jobs. Track costs by job, then sum the costs of all jobs shipped or delivered during the period.
Read answerWhy doesn't my physical inventory match my computer inventory?
The discrepancy always has an explanation. Common causes include receiving errors, data entry mistakes, unrecorded damage, timing differences, and theft. Finding the source requires investigating each area systematically.
Read answerBest inventory management add-on for QuickBooks Online?
It depends on your business complexity. SOS Inventory works well for light manufacturing. Cin7 handles multi-channel e-commerce. The integration quality and your actual setup matter more than which software you pick.
Read answerHow to account for raw materials vs. finished goods?
Raw materials are assets until used in production. Finished goods represent completed products ready for sale. The difference matters because proper tracking affects your COGS, profit margins, and tax liability.
Read answerTracking scrap metal revenue for fabricators?
Record scrap metal sales as either other income or as a credit to cost of goods sold. Track it in a dedicated account so you can monitor material efficiency and spot waste patterns over time.
Read answerHow to handle backorders in bookkeeping?
Don't record inventory or revenue until items actually ship. Track backorders separately from completed transactions, and reconcile open orders weekly to catch discrepancies before they become problems.
Read answerWhat is Landed Cost and why does it matter for distributors?
Landed cost is the total cost of getting a product into your inventory, including freight, handling, and duties on top of the purchase price. Distributors who price based only on invoice cost often discover their margins are lower than expected.
Read answerHow to spot dead stock before it ruins my cash flow?
Dead stock shows up in your inventory aging report and turnover ratios long before it becomes obvious on the shelf. Run these reports monthly, flag items sitting over 90 days, and watch for declining sales velocity on individual SKUs.
Read answerWhat should be included in manufacturing overhead for product cost?
Manufacturing overhead includes indirect materials, indirect labor, facility costs, and equipment depreciation. These costs should be allocated to products while selling and administrative expenses stay separate as period costs.
Read answerHow to manage purchase orders that are partially received?
Only record what actually arrives and keep the purchase order open for the remaining balance. Match invoices carefully to avoid paying for items you haven't received yet.
Read answerHow to bill for travel and per diem on field service contracts?
Define your travel and per diem terms in the contract before work begins, then track every expense by job and crew member. Bill these costs as separate line items with supporting documentation so clients can verify charges and you get paid without disputes.
Read answerHow do safety consultants track billable vs. non-billable hours?
Define clear categories for billable work like site audits, training delivery, and report writing. Track daily using a spreadsheet or app with client codes for each entry, then review monthly to calculate your utilization rate and true effective hourly rate.
Read answerHow to reconcile invoices with the Marathon Track system?
Download the transaction detail from the Marathon Track portal and compare totals to your bank statement. Match each card's transactions, account for timing differences, and watch for IFTA tax rebates that appear separately on invoices.
Read answerAccounting for equipment rental on long-term job sites?
Equipment rental on long-term jobs should be coded directly to the project as a job cost, not dumped into general overhead. Allocate monthly rental charges to the periods when the equipment is actually on site so your job profitability numbers stay accurate.
Read answerHow to manage Not-To-Exceed purchase orders?
Track each NTE purchase order with its ceiling amount, match every vendor invoice against it, and monitor the remaining balance. Set up alerts at 75% and 90% of the limit so you can request amendments before the vendor exceeds the cap.
Read answerBest expense tracking for crews working in remote locations?
Use mobile apps with offline mode so crews can capture receipts without cell service. Train them to photograph receipts immediately, assign job codes at time of purchase, and reconcile weekly while the work is still fresh.
Read answerHow to handle retainage on industrial contracts?
Track retainage separately from regular accounts receivable using a dedicated retainage receivable account. Record the withheld amount when you bill each progress payment, then move it to regular A/R when the project closes and retainage releases.
Read answerRequirements for getting paid through C2FO early payment programs?
You need an invitation from a buyer who uses C2FO, approved invoices in their system, and a verified bank account. The platform connects you to customers offering early payment in exchange for a small discount on your invoice.
Read answer
