Source: Entrepreneur | Repost QBScott 5/21/2020 – For most people, personal-finance mistakes affect only themselves. For entrepreneurs, a personal-finance slip-up can have far-reaching consequences. People who get into tight financial spots while running their businesses must make difficult choices about which bills to pay, which opportunities to let go and which partners to leave. Founders…

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Source: Worth Newsletter | Repost QBScott 5/7/2020 – There is opportunity in every crisis, and the COVID-19 pandemic has created a crisis for many small business owners that is unlike any other before. The coronavirus has forced governments into enacting what some are calling “the Great Lockdown.” The lockdown consists of closing all non-essential businesses,…

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Source: ProductivityLand.com | Repost 10/24/2019 – Running a business is rewarding, but also insanely time-consuming. According to a 2015 Constant Contact survey, over 40% of small business owners say they don’t take vacations, while another 40% say they don’t have enough time to spend with their friends and family. Despite this, an overwhelming 84% of…

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Accountants and other tax professionals can be worth their weight in gold during tax time, especially when it comes to legal and compliance issues. With the Income Tax Act numbering more than 3,000 pages, the amount of information often proves too much for the average business owner to stay on top of on their own.…

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Here’s what I’ve been up to… The next video training course is still in the works.  It’s about Accounting fundamentals; Debits, Credits, Journal Entries, T-Accounts, the Basic Accounting Formula, etc.  I’m really excited about this course as it will help a variety of folks.  The intended audience is anyone new to Accounting or anyone that…

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Here’s what happened in July and some plans for August. In July, nearly 100 students enrolled in my new video training course 7 Ways to Improve your QuickBooks® Workflow!   This is a great course if you’re new to QuickBooks® Online or want to learn some time-saving tips.  Click the link below for more details.   Students are…

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Just wanted to share some news about what happened in June and plans for July. At the end of June my new video training course 7 Ways to Improve your QuickBooks® Workflow was completed and published!  It’s nearly an hour in length and covers seven changes/techniques to improve your workflow in QuickBooks® Online Essentials or QuickBooks® Online…

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QBScott-Accounting (24)

For the image below, total Debits less total Credits equal the Account Balance. So, in the example in the image, total Debits of 2,675 less total Credits of 275 equal 2,400. This is a Debit amount since, in this example, Debits are greater than Credits.

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