I recently discovered that Xero is displaying incorrect values for three key ratios in the Executive Summary report. The issue does not appear to be affecting all Xero accounts. To be safe, I recommend that all Xero advisors double-check the ratios in the Executive Summary report by exporting to Excel first before publishing PDF reports.
How to collect and track customer deposits in FreshBooks
One problem for FreshBooks users is that customers are unable to make partial payments when paying invoices online. This can make it difficult to keep track of deposits or advance payments from customers. Fortunately there are a few workarounds that make it relatively simple to bill for and keep track of these advance payments.
How to set up the QuickBooks customer list for parents and children
As a tutor, occupational therapist, or any service provider who works with children, your customer is the whole family. You need to be able to keep track of a parent or two, plus one or more children. The problem is that QuickBooks only gives you room for one first and last name per customer. Luckily, you don't have to choose. You can use sub-customers to create linked accounts for each member of the family.
Keeping business and personal finances separate in QuickBooks
Keeping business and personal financials separate is essential for any freelancer or small business owner. The usual advice is to keep two separate QuickBooks company files--one for business and one for personal finances. While ideal from an accounting perspective, this method isn't the most practical solution for a busy professional. Here's how to keep your finances separate while also being able to see the whole picture in a single report.
Cash vs. accrual basis for bookkeeping
Cash or accrual--how do you choose? Each method has its pros and cons, and picking one really depends on your needs and the needs of your business. The most important question to ask yourself is, what do I need to know from my accounting system? The answer to this question will determine whether you should go with the cash method or opt for the generally more expensive and time-consuming accrual method.