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Quickbooks payroll service fee9/7/2023 Merchant Fees - Homer takes Visa/MC/American Express and codes the fees as charge by his merchant processor to this account.Yes, there will be some grey areas (expenses that don't particularly fit into any one category) but at the end of the day all you can do is ask yourself if the expense was necessary to the well being of the business, if it was, then great, find an account for it and keep on moving.Ĭost of Goods Sold - These are costs associated with the creation of your product, without these purchases you would not be able to create the product you offer. If Homer can figure it out then I sure hope you guys can make sense of it. Plow again to make sense of all of these. To make things easier and relatable we're going to use Homer's business Mr. For this article I'll list out each category, explain what the category is comprised of, then give you common account names I use for a majority of my clients. The expense list (which I'll include as Cost of Goods Sold, Expenses, and Other Expenses) give you a true outlook as to where your business is currently spending its money. Is the balance sheet correct, have credit cards been properly booked, are the payroll liabilities $0 at the end of every pay period, if they have an organized expense list that is meaningful, or are Every time I open up a new company file a lot of thoughts are going through my head.
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