If you have non-taxable clients, you can ensure that their invoices are always non-taxable. Choose My > Clients. Find the client and click on the Billing Info button. Remove any sales tax percentages and associated G/L accounts you find listed. Now any newly-added A/R invoices will not have sales tax. (If you have existing, unposted [...]
Get a head start on costing jobs for billable credit card charges. Don’t wait 30 days for the statement. Enter individual receipts as they come in. Add an ‘in-house’ expense charging the job (choose Accounting > Expenses then click on the Edit menu and select Add New Expense). Expense entries have no effect on the [...]
Clients & Profits can track multiple bank accounts and their checks at the same time. Just make sure that each account has its own distinct check numbering sequence. The starting check number for an account is added to the corresponding G/L account. From that point on, each time you add a new check for that [...]
Even though you can add a job number to a journal entry, it does not affect that job ticket. Use journal entries only when you need to adjust something in your General Ledger and financials. For JEs, job number is completely optional, and used only for reference in the G/L. If you need to affect [...]
Enter tax deductible donations charged to credit cards like any other overhead purchase. To keep track of such charges, a specific GL account can be set up and debited when adding A/P invoices. To review those donations at any time, print an account history. (Choose Setup > Chart of Accounts. Find the account and highlight [...]
You don’t have to wait for a credit card statement to add (and bill) its charges. Have AEs turn in their receipts as they happen. Immediately cost those charges to jobs as Expenses. (Choose Accounting > Expenses. From the Edit menu, choose Add Expenses.) Once posted, they are ready for billing. When the credit card [...]
When a journal entry made directly to the GL is unposted, the JE actually remains posted along with a reversing entry, zeroing out the JE. This preserves the audit trail. Automatically, an unposted journal entry is added that copies the original JE. To edit its amounts, choose Edit > Edit Amounts. Then proof and post. [...]
When you close your accounting year in C&P, your G/L disappears–kind of. C&P calculates the agency’s net income by subtracting job costs and overhead expenses from total income. The amount of your profit is then posted to retained earnings, an equity (or net worth) account. Also, a beginning balance journal entry is posted based upon [...]
Last week, I walked you through the process of preparing to close your agency’s fiscal year. This week, we’ll actually do it. The Clients & Profits Close Year utility is very easy to use and does all of the work of resetting the General Ledger for you. As long as you’ve checked your balance sheets, [...]
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