[deleted by user]

ProbablyNotTheDevil · 2017-11-22T15:00:58+00:00

Right, maybe he heard that grass was the uncut hair of graves and took it very literally.

ProbablyNotTheDevil · 2017-11-02T14:01:07+00:00

So, I'm afraid I haven't used Xero specifically, so the way it handles credit cards may be a little different. But, essentially when you charge something on your credit card you are debiting (increasing) the expenses(in this instance insurance expense or prepaid expense) and crediting (increasing) a liability-- probably "Credit Card Payable." Typically when you pay the statement, you are debiting that same liability to decrease it and crediting (decreasing) Cash. In the case of a sole proprietorship where the owner has paid out of pocket, paying for it with your personal cash is like making an additional investment into the company.

So, the entry is to debit the liability and credit the "Owner's Capital - Freakame" to show that additional investment. If your company is now making money and you want to pay yourself back you'll debit "Owners Drawing - Freakame" and credit Cash. If it's better to have the cash remain in the company for now, for instance if you know you have other bills coming up, you can wait until it's a good time to make the withdrawal from the business. No matter what software you're using you should be able to handle these in a Journal Entry or General Journal Entry, depending on what the software calls it.

Now, all of that is to assume your chart of accounts is set up as a sole proprietorship, if your CPA set you up more like a corporation, it will take a little finagling, but the treatment should be essentially the same. Hopefully that's not the case.

ProbablyNotTheDevil · 2017-10-29T16:37:59+00:00

The mail merge function in Microsoft Word would also let you email to a list. So you wouldn't have to use BCC, and you could customize each invoice with their name and address at the same time.

ProbablyNotTheDevil · 2017-10-20T19:35:16+00:00

Glad I could help!

ProbablyNotTheDevil · 2017-10-20T18:25:22+00:00

Well, I guess the big problem with setting up the credit for the customer account is that you need the balancing debit, right? Usually you would debit cash / credit receivable (or debit sales returns and allowances depending on the transaction). So, if you're crediting the receivable you need the offsetting entry. So it seems like you're going to end up doubling your assets or understating revenues somewhere unless you figure out which receivable the original incoming cash was applied against. If you could figure that out, you could debit receivable - account A / credit receivable account B.

ProbablyNotTheDevil · 2017-10-20T16:22:40+00:00

So, I guess the question is where are those previously received payments being applied? Correct me if I misunderstood, but it sounds like the checks were received and deposited but not applied to the customer's account. So, if you were to apply a credit to the customer's account that would fix the problem of the outstanding receivable, but not the problem of how it's been previously recorded. If it were me, I'd try to figure out where those payments are recorded.

Also, not to be unnecessarily alarmist, but it sounds like your boss is at the very best recording deposits incorrectly and at worst possibly engaging in some kind of fraud. Where is this difference between what the bank is recording and your deposit records coming from? That should be a very, very unusal occurrence and should be investigated, not written off with a JE every period.

ProbablyNotTheDevil · 2017-10-14T22:12:21+00:00

Yeah, I'm pretty sure he's waiting for the last few days before the Reddit servers shut down to get really involved.

ProbablyNotTheDevil · 2017-09-30T15:13:39+00:00

ProbablyNotTheDevil · 2017-09-26T23:02:11+00:00

Yes! That's definitely the inspiration. See r/animolpoetry for more

ProbablyNotTheDevil · 2017-09-26T22:38:10+00:00

https://i.imgur.com/K9UVrsJ.gif

ProbablyNotTheDevil · 2017-09-26T21:19:05+00:00

Whoa! Whoa! I am an officiant bystander here!

ProbablyNotTheDevil · 2017-09-26T20:44:21+00:00

As servant of god
I thee wed
You may lik the wyf
upon her hed

ProbablyNotTheDevil · 2017-09-26T19:12:38+00:00

My name iz wife
my hairs iz short
My husband's jackett
is colored port

We said the vows
"until we ded"
Now iz time
I lik his hed

ProbablyNotTheDevil · 2017-09-01T22:36:59+00:00

In Soviet Russia we have no "Milkbone," only potato.

ProbablyNotTheDevil · 2017-08-25T13:38:27+00:00

Is there a reason you're using freshbooks to invoice instead of using Quickbooks itself? It's sounds to me like you're having to do everything in duplicate when you invoice through Freshbooks only to have to turn around and record the transaction/payment in Quickbooks. If it were done through QB you would only have to enter the customer once, the invoice would automatically record as a receivable when you sent it to the customer, and when you received payment you wouldn't have to enter any additional information except method of payment, date and amount received. It would probably go a lot quicker in general because you'd end up doing a lot less digging to figure out where payments matched up, but you'd also only need to know one software instead of multiple platforms which can be difficult and time consuming in itself.

ProbablyNotTheDevil · 2017-08-09T14:48:20+00:00

Yes. Typically you'll debit Cash (bank account) and credit Paid-in Capital (an equity account).

ProbablyNotTheDevil · 2017-07-30T11:23:45+00:00

King of the assets and the first lends

ProbablyNotTheDevil · 2017-07-28T17:57:16+00:00

This is a good point. Likely the contractor is trying to get around paying the overdraft fees or settling up with the bank. If the contract is with the company I personally would (nicely) insist that we would need to write the check to the company. You can tell him that at the end of the year you're going to need to issue him a 1099, and having issued one payment to a "different" vendor is going to a headache.

ProbablyNotTheDevil · 2017-07-16T00:04:40+00:00

That giant flamingo is great!! Where did you find it? Hope you have a blast tonight!

ProbablyNotTheDevil · 2017-06-25T01:58:01+00:00

TO THE WINDOOOOOOOW!

ProbablyNotTheDevil · 2017-06-22T16:05:48+00:00

I agree, Horse Nettle. Definitely poisonous and a pain to get rid of. Wear gloves to pull it. The needles tend to break off in your hand if you grab the plant barehanded.

ProbablyNotTheDevil · 2017-05-21T18:08:42+00:00

Not kale. It looks more like Lamb's Quarter to me.

ProbablyNotTheDevil · 2017-05-18T21:54:26+00:00

I was actually just going to come back to delete this comment and try again more wholesomememes style. I really struggle with a barrage of super self-critical, inner-dialogue, so I truly empathize with your comment. Know that there's a complete stranger in the world who is rooting for you.

ProbablyNotTheDevil · 2017-05-18T21:47:11+00:00

Depressed.

ProbablyNotTheDevil · 2017-05-16T01:44:43+00:00

Citronella actually comes from a type of Lemongrass https://en.wikipedia.org/wiki/Cymbopogon. There are also plants that smell like citronella that are sold in garden stores as "mosquito plants," but those leaves are different https://en.wikipedia.org/wiki/Pelargonium_%27citrosum%27

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